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Gold/Mining/Energy : MIRANDOR-MIQ ON MONTREAL -- Ignore unavailable to you. Want to Upgrade?

To: ChrisW who wrote (1830)	4/17/1998 10:36:00 AM
From: Mike Paulin	Read Replies (1) \| Respond to of 2635

In the mean time in The Carlin, News. Full story Romarco Minerals Inc.: Midas Project, Nevada The First Mineral Resource Estimate 09:20 a.m. Apr 17, 1998 Eastern TORONTO--(BUSINESS WIRE)--April 17, 1998--Romarco Minerals Inc(TSE:R.) Romarco Minerals Inc. is pleased to announce the preliminary results of a first resource estimate prepared by Mine Development Associates (MDA) of Reno, Nevada for the Belnap claims located on the Company's 100 percent-owned Midas Project in Nevada. The Midas Project is located in the Northern Carlin Trend adjacent to Franco and Euro-Nevada's Ken Snyder Mine (mineable reserves of 2.75 million ounces gold equivalent). At a cut-off grade of 0.15 ounces per ton gold equivalent, the Belnap claims are estimated to contain 743,000 tons grading 0.511 ounces of gold per ton and 5.92 ounces of silver per ton for a total of 379,400 ounces of gold and 4,399,000 ounces of silver or 467,000 ounces of gold equivalent. The gold equivalent grade for silver was calculated using metal prices of US$300 per ounce gold and US$6 per ounce silver. The resource estimate is based on the results of 51 drill holes and includes portions of the Gold Crown Vein, the Footwall Vein No.1, the Footwall Vein No. 2 and the Hanging Wall Veins. The Gold Crown Vein drilled on a 200 by 300 foot grid has excellent continuity and remains open at depth. Mineralization is open along strike and at depth on both the Hanging Wall Veins and the Footwall Veins. Three out of four holes drilled on the Hanging Wall Veins returned high-grade gold intercepts (10 feet of 3.49 oz/t gold in hole RM-71, 4.5 feet of 4.22 oz/t gold in hole RMC-80 and 7.5 feet of 0.844 oz/t gold in hole RMC-78). The fourth hole intercept occurred well above the favourable high-grade horizon found on the property. The potential to increase this resource significantly remains excellent. It is anticipated that additional ounces will be located by testing the lateral and vertical extensions of the Footwall and Hanging Wall Veins. Furthermore, the northern part of the Belnap claims, on which exploration activity has been limited, has become highly prospective ground with the discovery of the high-grade Hanging Wall Veins. The main focus of the 1998 drilling program scheduled to commence in May is to explore the Hanging Wall Veins to significantly add to the current resource. This year's exploration program will also include preliminary metallurgical studies. Romarco is presently evaluating the cost effectiveness of developing the project underground versus continuing exploration drilling from the surface. The Company also plans to evaluate the continuity of the high-grade zone identified in last year's drilling on the Dixie claims (15 foot interval returning 6.0 oz/t gold in hole RM-44). The Old Judge claim located 1,300 feet north of the Belnap claims has received limited exploration attention and the Bill Vest claims have not yet been drilled. Romarco believes in the significant upside potential of the Midas Project and is confident of the probability of discovering additional high-grade veins. With the development of the Ken Snyder Mine at a projected cash cost of $US78 per ounce, the Midas District is developing into a major high-grade, low cost producing area which at today's gold prices make the future of Romarco's project very attractive. Romarco is well financed and committed to advancing this project to the pre-feasibility stage by late 1998. The resource is located on patented land which will facilitate future production decisions and permitting processes. There are no royalty interests attached to the Belnap claims. The Midas Project, totalling 325 acres, consists of four property positions: the Belnap claims, the Dixie claims, the Bill Vest claims and the Unger fee land. The Ken Snyder mining operation will disturb only 79 acres. Romarco Minerals Inc. is an exploration company focused on gold in Nevada. The Company has 12 strategically located property positions situated within the main gold producing belts of this state. For a complete property position map, please contact Romarco Minerals Inc. at the above numbers or access CCN's Internet Website at cdn-news.com. Copyright 1998, Business Wire