Romarco announces 2012 second quarter results

TORONTO, July 31, 2012 /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, 2012.  The Company's 2012 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 results include:

• Cash balance at June 30, 2012 was $83.6 million.
  
  
• Received Environmental Impact Statement ("EIS") schedule from the US Army Corps of Engineers ("Corps") pertaining to the Federal 404 Wetlands permit.
  • Extended key contracts to re-align equipment deliveries and payments for the development of Haile Gold Mine.
    
    
  • Extended Financial Adviser mandate with Barclay Bank PLC with the aim of securing project debt financing for a significant portion of the funds to construct and commission Haile Gold Mine's future mining and processing operations.

• The Company modified its mine facilities layout to avoid direct impacts to a significant amount of wetlands and streams.
  
  
• Reduced 2012 exploration drilling in an on-going effort to conserve cash.
  
  
• Increased controlled land position to 11,258 acres (4,556 hectares).
  
  
• Detailed project engineering was approximately 51% complete at June 30, 2012.
  
  
• Reported $3.1 million ($0.01 per share) net loss for the three months ended June 30, 2012.

About Romarco Minerals Inc.

Romarco Minerals Inc. is a gold 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 and permitting for its flagship project, the Haile Gold Mine in South Carolina.

TRADING SYMBOL: TSX: R

SOURCE ROMARCO MINERALS INC.