TORONTO, July 1, 2011 /PRNewswire/ - ROMARCO MINERALS INC. (TSX: R) (the "Company") reports that the US Army Corps of Engineers ("USACE") has today requested the Company complete an Environmental Impact Statement ("EIS") for impacts to a portion of the low-functioning and impaired wetlands and streams onsite. The EIS decision is expected to add approximately 12 months to the schedule proposed in the Company's feasibility study (dated February 10, 2011), primarily as a result of the extended technical review period and the public comment and review periods dictated by the EIS schedule.
Diane Garrett, President and CEO commented: "We will continue to deliver shareholder value as we take full advantage of the additional time necessary to complete the EIS process by optimizing the mine plan, increasing resources, and reducing strip ratio through additional drilling. Completing an EIS removes uncertainty about any future potential challenges to an Environmental Assessment. The EIS will only address the Wetlands (404) aspect of the mining operation".
While the EIS is being completed, the Company will increase its focus on exploration drilling, continue metallurgical test work at the Company-owned laboratory with the goal of improving upon current gold recoveries (83.7%), and optimize design and mine planning through additional trade-off studies. The Company will also continue to define underground targets and conduct economic studies on potential underground mining.
The Company has invested over $4 million in qualified studies that clearly demonstrate the project will have minimal environmental impact which will be more than offset by a precedent setting mitigation plan. The Company will be building a state-of-the-art mining facility, which goes above and beyond current regulations. The Company's commitment to the environment is further demonstrated by our plan to preserve and restore wetlands and by creating new wetlands under the current proposed reclamation and closure plan. We are committed to South Carolina and our economic contribution to the area.
The Federal 404 Wetlands permit is the only Federal permit Romarco requires for the Haile project. Other pending permits include, but are not limited to, the State 401 Water Quality Certification and the State Mine Operating permit; the regulating agency for these permits is the South Carolina Department of Health and Environmental Control, which is currently completing a technical review of the applications for these permits.
Conference Call
Romarco will hold a conference call on July 4, 2011 at 9:00 am EDT where
senior management will discuss the EIS decision and respond to
questions from analysts and investors. To join the call:
| In Canada and the United States - International - | 1-800-731-5319 416-644-3426 |
The conference call will be recorded and playback will be available after the event by dialing toll free in Canada and the United States1-877-289-8525 or locally 416-640-1917, passcode 4454207# (available up to July 11, 2011.)
About Romarco Minerals Inc.
Romarco Minerals Inc. is a gold development company focused on production primarily in the US. The Company has completed a positive Feasibility study and is continuing exploration and permitting for its flagship project, the Haile Gold Mine in South Carolina.
Please note:
This entire press release may be accessed via fax, e-mail, Romarco's
website at www.Romarco.com and through CNW Group's website at www.newswire.ca. All material information on Romarco Minerals Inc. can be found at www.sedar.com.
SOURCE ROMARCO MINERALS INC.
