Romarco Announces Significant Resource Increase at Haile Gold Mine
Thu Mar 26, 8:31 AM
ca.news.finance.yahoo.com
Sparks Nevada , 3/26/2009 / FSC / - Romarco Minerals Inc. ( TSX-V: R.V ), (the "Company") is pleased to announce that it has received an updated resource and reserve study for the Haile Gold Mine Project, in South Carolina. The study includes drilling up to February 2, 2009 and an updated ore body model with refined mineralization controls. Gustavson Associates, LLC of Lakewood, CO was responsible for completing the resource study, as well as the recently announced Feasibility Study and updated NI 43-101 technical report (see press releases dated February 3 and March 19, 2009).
The total gold resource (at 0.01 cutoff) stands at 3.26 million ounces of gold. This resource includes a measured and indicated resource of 1.62 million ounces of gold with an additional 1.64 million ounces in the inferred category (see details in the table below). The new resource represents a 65% increase from the previously announced resource estimate. The significant increase in the inferred category is a result of step-out drilling activities designed to expand the known gold mineralization which continues to remain open to the north, east, west and at depth.
In addition, the effect of the new resource estimate (based on additional drilling, updated ore body model and refined mineralization controls) resulted in an increase in grade from 2.24 g/t gold to 2.7 g/t gold in the existing reserves.
Details of the updated resource are:
* The new mineralization model incorporates geologic control combined with a 0.20 ppm (0.0058 oz/ton) mineralized envelope to bound mineralized domains. * The resource was estimated by kriging, the same methodology as the Technical Report (NI 43-101) of March 19, 2009, with the additional constraint of the mineralized envelope. * The use of the improved mineralization controls in modeling resulted in an increase in grade (2.7 g/t) within the reserve model, with 5% fewer tons. * The inferred resource has doubled. * The resources detailed below are inclusive of the proven probable reserve estimates.
"We are extremely encouraged by the continued drilling success at Haile and the expansion of the mineralized zone. It is important to note that both new drill intercepts and improved understanding of the ore body contribute to a higher average grade. Romarco believes that the new mineralization model will aid the on going drill program which is focused on converting the inferred resources especially those internal to the pit design to measured and indicated categories, as well as serving as an exploration tool for continued resource expansion," stated Diane Garrett, President and CEO.
Haile Gold Mine Project
Measured Resource
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Cutoff Short tons Gold Metric Tons Gold Cont
oz/t (000's) oz/t (000's) g/t oz
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0.01 15,196 0.052 13,786 1.78 790,000
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0.015 12,315 0.061 11,172 2.10 755,000
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0.02 10,132 0.071 9,192 2.43 717,000
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Indicated Resource
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Cutoff Short tons Gold Metric Tons Gold Cont
oz/t (000's) oz/t (000's) g/t oz
-------------------------------------------------------------
0.01 15,431 0.054 13,999 1.84 827,000
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0.015 12,955 0.062 11,753 2.10 795,000
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0.02 10,930 0.070 9,916 2.39 761,000
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Measured + Indicated Resource
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Cutoff Short tons Gold Metric Tons Gold Cont
oz/t (000's) oz/t (000's) g/t oz
-------------------------------------------------------------
0.01 30,627 0.053 27,785 1.81 1,617,000
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0.015 25,270 0.061 22,925 2.10 1,550,000
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0.02 21,062 0.070 19,108 2.41 1,478,000
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Inferred Resource
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Cutoff Short tons Gold Metric Tons Gold Cont
oz/t (000's) oz/t (000's) g/t oz
-------------------------------------------------------------
0.01 63,329 0.026 57,452 0.89 1,643,000
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0.015 37,554 0.035 34,069 1.21 1,326,000
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0.02 25,424 0.044 23,065 1.51 1,117,000
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The resource estimates herein were prepared by Donald E. Hulse, P.E. an independent qualified person. Mr. Ken Brunk and Mr. Tom Kilbey of Romarco Minerals are also Q.P. individuals as defined by NI 43-101. All Q.P. individuals have reviewed and approved this press release.
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 undergoing exploration drilling, development planning and permitting. The Pinos Gold District in Mexico is a high grade epithermal vein district in the advanced exploration stage.
For further information, please contact Diane Garrett, President and C.E.O. at (210) 621-4200 or by e-mail at dgarrett@romarco.com or Shirene Urton, Executive Assistant at (775) 355-1900 or by e-mail at surton@romarco.com.
ON BEHALF OF ROMARCO MINERALS INC.
"Diane R. Garrett" Diane R. Garrett, President and C.E.O.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
ROMARCO MINERALS INC. 997 Greg Street Sparks, Nevada USA 89431 info@romarco.com
Source: Romarco Minerals Inc., TSX-V: R.V, www.romarco.com
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