ENP Newswire - 04 August 2014
Release date- 31072014 - TORONTO - Romarco Minerals Inc. (TSX: R) is pleased to announce that it has released its results for the second quarter ended June 30, 2014.
The Company's 2014 second quarter financial statements and MD&A are available on SEDAR at www.sedar.comand 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 second quarter and recent events include:
On July 28, 2014, the Company announced that following the posting of the Final Environmental Impact Statement ('EIS') for the Haile Gold Mine project on July 24, 2014, the US Army Corps of Engineers ('Corps') informed the Company that it will issue its Record of Decision ('ROD') on the Federal 404 Wetlands permit application (the only required environmental Federal permit) in November 2014.
On July 24, 2014, the Corps posted its Final EIS for the Haile Gold Mine project on its www.hailegoldmineeis.com project website. The Notice of Availability for the Final EIS will be published in the Federal Register which is usually within seven days of the posting date. There is a minimum 30-day period after the Notice of Availability for the Final EIS is published in the Federal Register before the ROD on the Federal 404 Wetlands permit can be issued.
On July 15, 2014, the Company announced it had executed a project financing mandate letter with a syndicate of three international financial institutions, Caterpillar Financial Services, Macquarie Bank Limited, and Societe Generale Corporate & Investment Banking to arrange a $200 million senior project finance facility, for its 100%-owned Haile Gold Mine project in South Carolina. The mandate contemplates a commitment letter during the third quarter of 2014 and no requirement for mandatory gold hedging.
Detailed design and engineering was restarted during the second quarter of 2014 and at June 30, 2014 was more than 80% complete.
On May 12, 2014, the Company announced the comment period for the Draft EIS and the State Mining permit for the Haile Gold Mine project had officially closed. The Corps' Final EIS states that 83 individuals, organizations or agencies submitted written or oral comments on the Draft EIS.
Cash balance at June 30, 2014 was $32.2 million and approximately $30.5 million at July 30, 2014.
Net cash spend (before foreign exchange effects) during the three-month period ended June 30, 2014 was $5.9 million compared with $9.0 million during the same period in 2013.
Net loss of $3.6 million ($0.01 per share) for the three-month period ended June 30, 2014 compared with a $4.0 million ($0.01 per share) net loss during the same period in 2013.
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 permitting for its flagship project, the Haile Gold Mine in South Carolina.