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Romarco announces 2012 third quarter results

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 30, 2012.

  • 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.

    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.

    TRADING SYMBOL: TSX: R

    SOURCE ROMARCO MINERALS INC.