Romarco provides EIS update And Will Host Conference Call
TORONTO, Oct. 25, 2012 /PRNewswire/ – ROMARCO MINERALS INC. (TSX: R) (the “Company”) wishes to provide an update pertaining to the
Environmental Impact Statement (“EIS”) for its 100% owned Haile Gold
Mine project in South Carolina, USA.
The Company regularly exchanges information and holds weekly meetings
with the US Army Corps of Engineers (“Corps”), the lead agency
responsible for the EIS, its third-party contractor, cooperating
agencies and other interested parties, and significant progress has
been made. In a recent meeting, the Corps indicated that the scheduled
date of December 14, 2012 for publishing the Draft EIS (“DEIS”) would
not be met. The primary reasons stated were the need to edit
previously drafted chapters of the EIS to reflect the Company’s new
mine layout and the need to accurately characterize the potential
effect of mining on surface and groundwater. This is a normal part of
the process for developing an EIS. The Corps and its third party
contractor have been actively meeting and working with the Company and
cooperating agencies to evaluate actions for efficiently completing the
Currently, the Company’s hydrogeology consultant, AMEC, and the Corps’
third party contractor are reviewing the hydrological model and the
data on which the model is based. The Corps has requested that, as
cooperating agencies for development of the EIS, the Environmental
Protection Agency and South Carolina Department of Health and
Environmental Control also review the hydrology model and data. Once
the discussions have been concluded, the Corps has indicated it will
make adjustments to the schedule, as appropriate, on its hailegoldmineeis.com website.
Diane Garrett, President & CEO commented: “We continue to work closely
with the Corps, the third party contractor, cooperating agencies, and
interested parties with the goal of moving through the EIS process as
quickly as possible without compromising the accuracy and thoroughness
of the analysis and documentation required by NEPA. With a third
quarter cash burn of less than $10 million and a current cash position
of $71 million, we continue to conserve cash and to take the actions
necessary to advance through the permitting process and position the
Company to finance, build and operate the Haile Gold Mine.”
The new mine layout resulted from the Company’s redesign that reduced
wetlands impact by 25% and stream impacts by 32%. The Company’s
original 4,231 acre permit area and mine layout submitted to the Corps
in its Federal 404 Wetlands permit application showed direct impacts to
approximately 161 acres of wetlands and 38,775 linear feet of streams.
The Company, through acquisition of additional lands and increasing its
permit area to approximately 4,552 acres, has been able to redesign
several of its overburden stockpiles and facilities and shift the
proposed mill layout slightly to avoid direct impacts to approximately
40 acres of wetlands (a 25% reduction) and 12,314 linear feet of
streams (a 32% reduction).
To date, the Company has received and responded to over 300 formal
information requests from the Corps and its third party contractor and
many other supplementary questions in the context of numerous meetings
and calls. During the regularly held meetings with the Corps, its third
party contractor and cooperating agencies, it is routine for the
Company’s consultants to walk through models or studies, answer
additional requests for information, and provide further data. The
third party contractor indicated that a significant portion of the DEIS
is substantially complete and has briefed the Company on the status of
chapters including soils and geology, groundwater hydrology, surface
water, water supply, groundwater quality, wetlands and other waters of
the United States, aquatic resources, wildlife, socioeconomics and
environmental justice, land use, transportation, traffic studies,
cultural resources, visual resources, recreation, air quality, noise
and vibration, hazardous and toxic waste, health and safety, and
monitoring and mitigation.
The Company will hold a conference call on October 25, 2012 at 8:30 am
ET where senior management will provide an update on the EIS and Haile
Gold Mine project. Senior management will also respond to questions
from analysts and investors.
To join the call:
-- In Canada and the United States - 1-888-231-8191 -- International - 647-427-7450
The conference call will be recorded and playback will be available
after the event by dialing toll free in Canada and the United States
1-855-859-2056 or locally 416-849-0833, passcode 56405539# (available
up to November 1, 2012).
About Romarco Minerals Inc.
Romarco Minerals Inc. is an exploration and 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 drilling and permitting for its
flagship project, the Haile Gold Mine in South Carolina.
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
SOURCE ROMARCO MINERALS INC.