Romarco Minerals Inc
Emerging Gold producer - South Carolina, Nevada & Mexico
Message: Increases Land Position at Haile
| January 26, 2009 |
| Romarco Increases Land Position at Haile |
| SPARKS, NEVADA--(Marketwire - Jan. 26, 2009) - ROMARCO MINERALS INC. (TSX VENTURE:R) (the "Company") is pleased to announce that it has acquired approximately 240 acres of land (the "Property") adjacent to its other land holdings at the Haile Gold Mine in South Carolina. The Property was part of the land package controlled by Amax Gold in the 1990s. Historic drilling by Amax has shown the Property contains approximately 2.25 million tons of ore in the inferred resource category (1.3 g/t average grade) containing approximately 94,000 ounces of gold. The historic drilling was completed prior to NI 43-101 and therefore, is being treated as a historical resource by the Company. Gold mineralization on this property is along trend and hosts the same rock units that host the gold ore on the adjacent Haile Gold Mine property. Romarco's technical team believes this parcel, which has not been sufficiently explored, contains a significant extension of the Haile trend that is currently being developed by Romarco. The Company believes the Property has significant upside potential along strike and at depth. The terms of the purchase agreement include 100,000 shares of common stock of the Company and additional cash considerations over a twelve month period to the sellers, Jimmy and Sherry Johnson. Cautionary note: A qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon. Romarco Minerals Inc. is a gold development company focused on production in the US and Mexico. In January 2009, the Company terminated the Exploration and Option agreement on its Golden Zebra project in Nevada. The Company is focusing on its flagship project - the Haile Gold Mine in South Carolina which is currently undergoing exploration drilling, bankable feasibility study and permitting. Romarco also controls most of the Pinos District in Mexico, which is a high grade epithermal gold vein district. ON BEHALF OF ROMARCO MINERALS INC. Diane R. Garrett, President and C.E.O. |
6 Recommendations
Loading...
Loading...
New Message
Please
login
to post a reply