TRADING SYMBOL: TSX: R
TORONTO, July 30, 2014 /CNW/ - ROMARCO MINERALS INC.
(TSX: R) (the "Company") is pleased to announce that it has
released its results for the second quarter ended June 30, 2014. The Company's 2014 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
All dollar amounts in this news release are
expressed in U.S. dollars, unless otherwise noted.
Highlights from the second quarter and recent
events include:
- On July 28, 2014, the Company
announced that following the posting of the Final Environmental
Impact Statement ("EIS") for the Haile Gold Mine project on
July 24, 2014, the US Army Corps of
Engineers ("Corps") informed the Company that it will issue its
Record of Decision ("ROD") on the Federal 404 Wetlands permit
application (the only required environmental Federal permit) in
November 2014.
- On July 24, 2014, the Corps
posted its Final EIS for the Haile Gold Mine project on its
www.hailegoldmineeis.com project website. The Notice of
Availability for the Final EIS will be published in the Federal
Register which is usually within seven days of the posting
date. There is a minimum 30-day period after the Notice of
Availability for the Final EIS is published in the Federal Register
before the ROD on the Federal 404 Wetlands permit can be
issued.
- On July 15, 2014, the Company
announced it had executed a project financing mandate letter with a
syndicate of three international financial institutions,
Caterpillar Financial Services, Macquarie Bank Limited, and Societe
Generale Corporate & Investment Banking to arrange a
$200 million senior project finance
facility, for its 100%-owned Haile Gold Mine project in
South Carolina. The mandate
contemplates a commitment letter during the third quarter of 2014
and no requirement for mandatory gold hedging.
- Detailed design and engineering was restarted during the second
quarter of 2014 and at June 30, 2014
was more than 80% complete.
- On May 12, 2014, the Company
announced the comment period for the Draft EIS and the State Mining
permit for the Haile Gold Mine project had officially closed.
The Corps' Final EIS states that 83 individuals, organizations or
agencies submitted written or oral comments on the Draft EIS.
- Cash balance at June 30, 2014 was
$32.2 million and approximately
$30.5 million at July 30, 2014.
- Net cash spend (before foreign exchange effects) during the
three-month period ended June 30,
2014 was $5.9 million compared
with $9.0 million during the same
period in 2013.
- Net loss of $3.6 million
($0.01 per share) for the three-month
period ended June 30, 2014 compared
with a $4.0 million ($0.01 per share) net loss during the same period
in 2013.
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 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.