Romarco-More Drilling Planned at Haile
February 05 2009 - 9:42AM
Marketwired
ROMARCO MINERALS INC. (TSX VENTURE: R) (the "Company") is pleased
to announce its 2009 exploration plans and project development
schedule for the Haile Gold Mine in South Carolina.
Exploration Plans
Romarco's initial plan was to drill 22,000 meters in 2009,
nearly three times the drilling completed in 2008. However, now the
Company is making plans to increase this year's program to 85,000
meters through the addition of a second rig and double shifts on
each rig. Two-thirds of the drilling this year will be step-out
exploration holes in known mineralized areas adjacent to the
deposits. The balance of the drilling will be in-fill to convert
measured and indicated resources into reserves.
To date, the Company has focused its exploration in the highly
prospective North Resource Area which remains open in three
directions and at depth. Feasibility study related mine design has
also shown substantial potential targets exist on other areas of
the property. These targets are adjacent to the South Pit (to the
north and west of the current reserve), the Snake Pit on the east
side of the property, mineralized potential at depth, as well as
targets identified on the newly acquired land parcels along strike.
The current land package hosts 3.2 kilometers of strike length.
A total of 52 holes were drilled in 2008 with assays received
and reported for 45 holes to date. Of those 45 holes:
87% returned more than 3 g/t gold over the mineralized
interval
94% returned more than 1 g/t gold over the mineralized
interval
60% returned more than 30 meters of 2.5 g/t gold
25% returned more than 30 meters of 4.0 g/t gold
Development Plans
Romarco's recently announced Feasibility Study (see press
release dated February 3, 2009) demonstrated the robust economics
of Haile. Optimization of the project will occur over the next
quarter after which detailed engineering of Phase 1 (7000 tons per
day) shall commence. The success of last years drilling combined
with the team's optimism about future exploration at Haile has
prompted the consideration of a Phase 2 (additional 7,000 tons per
day) process facility.
The development plan is to commence detailed engineering
concurrently with securing the remaining permits. Coincident with
obtaining permits, plant construction will start early in the
second quarter of 2010 with project completion targeted for
mid-year 2011. Even after gold production begins at Haile, the
Company anticipates exploration drilling to continue for several
years.
The Feasibility Study was based on a proven reserve of 7.3
million tonnes averaging 2.52 g/t gold and a probable reserve of
10.5 million tonnes averaging 2.05 g/t gold. The combined proven
and probable reserve as of October 2008 is 1.3 million ounces of
gold at 2.24 g/t. The corresponding gold resource that formed the
basis for the reserve and feasibility study is detailed in the
table below. A cutoff grade of 0.514 g/t gold was used for
resource. The measured and indicated resource increased by 2.22
million tonnes from the last reported estimate (see press release
dated Sept. 4, 2008) due to inclusion of assays from six additional
drill holes. This resulted in an increase in the proven and
probable reserve as well as an increase in grade from 1.97 g/t to
2.24 g/t.
A revised reserve and resource estimate will be available in
March 2009 - this update will include drill results received from
October 2008 through January 2009.
Haile Gold Mine Project
Lancaster County S.C.
Estimated Minable Reserve
------------------------------------------------------------------------
Contained
Tonnes Gold Grade Gold
Proven Reserve (000s) (g/t) (000 oz)
------------------------------------------------------------------------
0.015 oz/t (0.343 g/t) 8,331 2.28 610
------------------------------------------------------------------------
0.020 oz/t (0.514 g/t) 7,282 2.52 590
------------------------------------------------------------------------
Probable Reserve
------------------------------------------------------------------------
0.015 oz/t (0.343 g/t) 12,290 1.84 729
------------------------------------------------------------------------
0.020 oz/t (0.514 g/t) 10,529 2.05 695
------------------------------------------------------------------------
Proven and Probable Reserve
------------------------------------------------------------------------
0.015 oz/t (0.343 g/t) 20,621 2.02 1,338
------------------------------------------------------------------------
0.020 oz/t (0.514 g/t) 17,811 2.24 1,285
------------------------------------------------------------------------
Inferred Resource within Designed Pit
------------------------------------------------------------------------
0.015 oz/t (0.343 g/t) 4,883 1.36 214
------------------------------------------------------------------------
0.020 oz/t (0.514 g/t) 3,912 1.55 195
------------------------------------------------------------------------
Haile Gold Mine Project
Lancaster County S.C.
Estimated Mineral Resource
------------------------------------------------------------
Measured Tonnes Gold Grade Contained
Cutoff (oz/ton) (000's) (gm/t) Gold (000 oz)
------------------------------------------------------------
0.010 12,588 1.737 703
------------------------------------------------------------
0.015 9,973 2.082 668
------------------------------------------------------------
0.020 8,376 2.367 637
------------------------------------------------------------
Indicated
Cutoff (oz/ton)
------------------------------------------------------------
0.010 26,158 1.216 1,022
------------------------------------------------------------
0.015 18,616 1.537 920
------------------------------------------------------------
0.020 13,814 1.866 829
------------------------------------------------------------
Meas + Indic
Cutoff (oz/ton)
------------------------------------------------------------
0.010 38,746 1.385 1,725
------------------------------------------------------------
0.015 28,588 1.727 1,588
------------------------------------------------------------
0.020 22,191 2.055 1,466
------------------------------------------------------------
Inferred
Cutoff (oz/ton)
------------------------------------------------------------
0.010 27,547 0.858 760
------------------------------------------------------------
0.015 16,877 1.136 616
------------------------------------------------------------
0.020 11,232 1.409 509
------------------------------------------------------------
The Company will be filing an NI 43-101 technical report
covering the Feasibility Study on SEDAR in the very near future.
Please visit the Company's website for the latest information.
This press release has been reviewed and approved for release by
Ken Brunk, P.E. (COO for Romarco), and Tom Kilbey, Professional
Geologist (Sr. Geologist for Romarco) each being a designated
"Qualified Person" under NI 43-101.
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 undergoing
exploration drilling, bankable feasibility study and permitting.
The Pinos Gold District in Mexico is a high grade epithermal vein
district that is in the advanced exploration stage.
ON BEHALF OF ROMARCO MINERALS INC.
Diane R. Garrett, President & CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press
release.
Contacts: Romarco Minerals Inc. Diane Garrett President and
C.E.O. (830) 624-6249 Romarco Minerals Inc. Shirene Urton Executive
Assistant (775) 355-1900 Email: info@romarco.com Website:
www.romarco.com
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