- Cash balance at June 30, 2011 was $63 million.
- During the first six months of 2011 directed drilling on areas that were most likely to benefit the mine plan, primarily infill and condemnation drilling. Second quarter exploration drilling continued to define significant mineralization inside the planned permit area within and beyond the current reserve pit boundaries.
- The drill program returned positive infill and step-out results at Horseshoe and Mill Zone, continuity between South Pit and Ledbetter in a zone now designated as Mustang, step-out mineralization north of Ledbetter and continuity between Snake and Horseshoe.
- The Company’s exploration drilling program is on schedule and budget achieving 49,000 meters of drilling for the three months ended June 30, 2011, and the year-to-date 92,000 meters of drilling represents an increase of 77% over the same period in 2010.
- Hired Michael F. Gleason as Construction Manager and advanced design and engineering for the Haile project.
- Completed construction of Company-owned analytical and metallurgical laboratory on schedule and budget.
- During the second quarter, the Company increased its land position by approximately 10% (986 acres) to 11,011 acres (4,456 hectares) at June 30, 2011.
- Reported $3.6 million net loss for the three months ended June 30, 2011 and $8.3 million for the six months ended June 30, 2011.
- On July 1, 2011, the US Army Corps of Engineers requested the Company complete an Environmental Impact Statement (“EIS”) for its Haile Gold Mine project in South Carolina. The EIS is expected to add approximately 12 months to the project schedule proposed in the Company’s feasibility study (dated February 10, 2011), primarily as a result of the extended technical review period and the review periods dictated by the EIS schedule. The Company will utilize the additional time to increase exploration drilling and further optimize the project.
The Company’s 2011 second quarter financial statements and MD&A are available on SEDAR at www.sedar.com and on the Company’s website at www.romarco.com
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.
