ROMARCO ANNOUNCES 2010 THIRD QUARTER RESULTS

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ROMARCO MINERALS INC.

Nov 08, 2010, 04:30 ET

TRADING SYMBOL: TSX-V: R

TORONTO, Nov. 8 /PRNewswire-FirstCall/ - ROMARCO MINERALS INC. (TSX-V: R) (the "Company") is pleased to announce its results for the third quarter ended September 30, 2010.  All dollar amounts in this news release are expressed in U.S. dollars, unless otherwise noted.

Highlights from the third quarter include:

  • Cash balance as at September 30, 2010 is $142.4 million.
  • The Company reported a net loss of $3.5 million for the three months ended September 30, with non-cash stock based compensation expense accounting for $2.2 million of the loss.
  • Increased land position by 1,294 acres or 33% to 5,234 acres during the quarter and the Company now controls 5,615 acres as of November 5, 2010.
  • On July 13, 2010, the Company announced the purchase of three rigs to increase the drill rig fleet at Haile from six to nine (5 RC and 4 Core).  To date, the Company has taken delivery of two of the rigs and expects to receive the last rig by the end of November.
  • On July 21, 2010, the Company identified mineralization beyond the currently proposed Ledbetter zone (RC-1784 intersected 38.1 meters @ 11.8 g/t).
  • On August 5, 2010, the Company expanded mineralization west and down dip of the currently proposed South Pit zone (RC-1779 intersected 21.3 meters @ 7.2 g/t).
  • On August 18, 2010, the Company expanded the known Horseshoe mineralized zone (DDH-370 intersected 25.5 meters @ 6.3 g/t).
  • On September 7, 2010, the Company expanded the Ledbetter zone to the west and increased potential for continuity of the mineralized zone between Snake and Horseshoe (RC-1816 intersected 77.7 meters @ 8.0 g/t and RCT-025 intersected 148.3 meters @ 3.6 g/t).
  • On September 20, 2010 the Company expanded the mineralized zone above and to the west of Horseshoe (DDH-378 intersected 19.2 meters @ 46.5 g/t and DDH-379 intersected 16.8 meters @ 25.3 g/t).
  • The Company completed approximately 26,000 meters of drilling during the third quarter with 54% being exploration and 46% being condemnation. The condemnation drilling is a necessary part of the feasibility study in order to identify suitable tailings locations.

The full documents of the Company's third quarter financial statements and MD&A are available on SEDAR at www.sedar.com. 

About Romarco Minerals Inc.

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 in the process of a feasibility study and continued exploration drilling. The Pinos Gold District in Mexico is a high grade epithermal vein district in the advanced exploration stage.

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.

"Neither the TSX Venture nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release"

SOURCE ROMARCO MINERALS INC.

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