Romarco announces 2012 third quarter results
TORONTO, Oct. 31, 2012
TORONTO, Oct. 31, 2012 /PRNewswire/ - ROMARCO MINERALS INC. (TSX: R) (the
"Company") is pleased to announce that it has released its results for the
third quarter ended September 30, 2012. The Company's 2012 third quarter
financial statements and MD&A are available on SEDAR at www.sedar.com and on
the Company's website at www.romarco.com. All dollar amounts in this news
release are expressed in U.S. dollars, unless otherwise noted.
Highlights from the results include:
*Cash balance at September 30, 2012 was $74.2 million
*Cash spend (before foreign exchange effects) during the three-month period
ended September 30, 2012 was $9.7 million compared with $17.8 million
during the same period in 2011.
*Reported $2.0 million ($0.00 per share) net loss for the three months
ended September 30, 2012 compared with a $3.9 million ($ 0.01 per share)
net loss during the same period in 2011.
*Reduced 2012 exploration drilling in an on-going effort to conserve cash.
*The Company modified its mine layout to avoid direct impacts to wetlands
(25% reduction) and to streams (32% reduction).
*Detailed project engineering was approximately 61% complete at September
*On October 19, 2012, the Company was notified by the Standards Council of
Canada ("SCC") that the Company's wholly owned Kershaw Mineral
Laboratories ("KML") was approved for accreditation.
*On October 25, 2012, the Company announced the Corps had indicated that
the scheduled date of December 14, 2012 for publishing the Draft
Environmental Impact Study ("EIS") would not be met.
About Romarco Minerals Inc.
Romarco Minerals Inc. is an exploration and development company engaged in the
acquisition, exploration and development of precious metals mineral
properties. The Company has completed a positive Feasibility study and is
continuing exploration drilling and permitting for its flagship project, the
Haile Gold Mine in South Carolina.
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.
TRADING SYMBOL: TSX: R
SOURCE ROMARCO MINERALS INC.
Romarco Minerals Inc.
Dan Symons, Vice President, Investor Relations
Renmark Financial Communications Inc.
Maurice Dagenais 514-939-3989 or via e-mail firstname.lastname@example.org
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