Romarco loses $2.9-million (U.S.) in Q1

2014-04-30 17:30 ET - News Release

Mr. Dan Symons reports

ROMARCO ANNOUNCES 2014 FIRST QUARTER RESULTS

Romarco Minerals Inc. has released its results for the first quarter ended March 31, 2014. The company's first quarter 2014 financial statements and management's discussion and analysis are available on SEDAR and on the company's website. (All dollar amounts in this news release are expressed in U.S. dollars, unless otherwise noted.)

Highlights from the first quarter and recent events include:

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• Cash balance at March 31, 2014, was $38.0-million.
• On March 13, 2014, the company announced that the U.S. Army Corps of Engineers published the draft environmental impact statement for the federal 404 wetlands permit application (the only required environmental federal permit) for the Haile gold mine project. The Corps will accept written comments until the close of the comment period on May 9, 2014.
• On March 14, 2014, the company announced the public hearing scheduled on April 24, 2014, would be a co-ordinated, joint federal and state hearing by the Corps and the South Carolina Department of Health and Environmental Control. SCDHEC will also accept written comments on the request for a mine permit modification through May 9, 2014. The joint public hearing took place as scheduled, and no new issues were identified.
• Cash spend (before foreign exchange effects) during the three-month period ended March 31, 2014, was $9.0-million compared with $15.4-million during the same period in 2013.
• The company reported $2.9-million (nil per share) net loss for the three-month period ended March 31, 2014, compared with a $3.6-million (one cent per share) net loss during the same period in 2013.
• During January, 2014, the company extended the delivery schedule of its Hitachi shovel and final payment of approximately $2-million by 11 months to Dec. 31, 2014.