ROMARCO ANNOUNCES 2010 THIRD QUARTER RESULTS
November 08 2010 - 3:30PM
PR Newswire (Canada)
TORONTO, Nov. 8 /CNW/ -- TRADING SYMBOL: TSX-V: R TORONTO, Nov. 8
/CNW Telbec/ - ROMARCO MINERALS INC. (TSX-V: R) (the "Company") is
pleased to announce its results for the third quarter ended
September 30, 2010. All dollar amounts in this news release
are expressed in U.S. dollars, unless otherwise noted. Highlights
from the third quarter include: -- Cash balance as at September 30,
2010 is $142.4 million. -- The Company reported a net loss of $3.5
million for the three months ended September 30, with non-cash
stock based compensation expense accounting for $2.2 million of the
loss. -- Increased land position by 1,294 acres or 33% to 5,234
acres during the quarter and the Company now controls 5,615 acres
as of November 5, 2010. -- On July 13, 2010, the Company announced
the purchase of three rigs to increase the drill rig fleet at Haile
from six to nine (5 RC and 4 Core). To date, the Company has taken
delivery of two of the rigs and expects to receive the last rig by
the end of November. -- On July 21, 2010, the Company identified
mineralization beyond the currently proposed Ledbetter zone
(RC-1784 intersected 38.1 meters @ 11.8 g/t). -- On August 5, 2010,
the Company expanded mineralization west and down dip of the
currently proposed South Pit zone (RC-1779 intersected 21.3 meters
@ 7.2 g/t). -- On August 18, 2010, the Company expanded the known
Horseshoe mineralized zone (DDH-370 intersected 25.5 meters @ 6.3
g/t). -- On September 7, 2010, the Company expanded the Ledbetter
zone to the west and increased potential for continuity of the
mineralized zone between Snake and Horseshoe (RC-1816 intersected
77.7 meters @ 8.0 g/t and RCT-025 intersected 148.3 meters @ 3.6
g/t). -- On September 20, 2010 the Company expanded the mineralized
zone above and to the west of Horseshoe (DDH-378 intersected 19.2
meters @ 46.5 g/t and DDH-379 intersected 16.8 meters @ 25.3 g/t).
-- The Company completed approximately 26,000 meters of drilling
during the third quarter with 54% being exploration and 46% being
condemnation. The condemnation drilling is a necessary part of the
feasibility study in order to identify suitable tailings locations.
The full documents of the Company's third quarter financial
statements and MD&A are available on SEDAR at
www.sedar.com. About Romarco Minerals Inc. Romarco Minerals
Inc. is a gold development company focused on production in the US
and Mexico. The Company's flagship project is the Haile Gold
Mine in South Carolina which is currently in the process of a
feasibility study and continued exploration drilling. The Pinos
Gold District in Mexico is a high grade epithermal vein district in
the advanced exploration stage. 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. "Neither the TSX Venture nor its regulation services
provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release" table border="0" valign="top"trtd
colspan="11" valign="top" align="left"bRomarco Minerals
Inc./b/td/tr trtd colspan="13" valign="top"
align="left" /td/tr tr valign="top"td nowrap="nowrap"
colspan="4" valign="top" align="left"Diane Garrett, President and
CEObr/ Phone: 210-621-4200br/ E-mail: a
href="mailto:dgarrett@romarco.com"dgarrett@romarco.com/a/td td
align="left" /td td align="left" /td td
align="left" /td td align="left" /td td
align="left" /td td valign="top" align="left"Dan Symons,
Manager, Investor Relationsbr/ Phone: 416-367-5500br/ Email: a
href="mailto:dsymons@romarco.com"dsymons@romarco.com/a/td/tr trtd
colspan="10" valign="top" align="left" /td/tr trtd
nowrap="nowrap" colspan="10" valign="top" align="left"bRenmark
Financial Communications Inc./bbr/ Maurice Dagenais 514-939-3989 or
via email at a href="mailto:mdagenais@renmarkfinancial.com"
cr="true"mdagenais@renmarkfinancial.com/a/td/tr/table
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