Romarco announces 2013 second quarter results

TORONTO, ON, July 31, 2013 /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, 2013. The Company's 2013 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:

• On June 26, 2013, the Company announced the US Army Corps of Engineers ("Corps") schedule for the completion of the Haile Gold Mine Environmental Impact Statement ("EIS"), and on July 22, 2013, the Corps issued a public notice for a community meeting and released the date of the alternatives evaluation report publication. The Corps' EIS schedule is as follows:
• Alternatives Development and Evaluation Report publication - August 5, 2013
• Community meeting - August 20, 2013
• Draft EIS publication - March 2014
• Draft EIS public hearing - April 2014
• Final EIS publication - July 2014

• On July 10, 2013, the Company submitted a revised wetlands and stream mitigation plan ("mitigation plan") that supersedes the previously submitted conceptual mitigation plan and is built on protection of outstanding aquatic, cultural and historic resources on three parcels of property that the Company controls.
  
  
• Cash balance at June 30, 2013 was $40.1 million.
  
  
• Cash spend (before foreign exchange effects) was $9.0 million during the three-month period ended June 30, 2013 compared with $14.7 million during the same period in 2012.
  
  
• Reported $4.0 million ($0.01 per share) net loss for the three-month period ended June 30, 2013 compared with a $3.1 million ($0.01 per share) net loss during the same period in 2012.
  
  
• Effective April 15, 2013, the Company suspended all exploration drilling activity for its three remaining Company-owned operating drill rigs. Resumption of drilling will be predicated on future funding. The Company continues to engage strict cash conservation measures as it undergoes permitting for the Haile project.

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 exploration drilling and permitting for its flagship project, the Haile Gold Mine in South Carolina.

SOURCE Romarco Minerals Inc.