SOURCE: Romarco Minerals Inc.

October 29, 2007 12:12 ET

Romarco's Haile Scoping Study: 100,000 Oz of Gold/Yr NPV

$72.9 Million at Current Gold Price

SPARKS, NV--(Marketwire - October 29, 2007) - Romarco Minerals Inc. (TSX-V: R) is pleased to announce that Behre Dolbear & Company, Inc. of Denver, Co. has completed the scoping study for the Haile Gold Mine. The report has been SEDAR filed as a NI 43-101 report. The scoping study outlines a mining operation that will produce an average of 100,000 ounces of gold production per annum after the initiation start-up year of operation at a gold cash cost of $350 per ounce. Romarco has solicited engineering firms to prepare a definitive project feasibility study, is in the process of evaluating those proposals and intends to award the contract shortly. All amounts in this news release are in US dollars.

The study indicates a 6 year mine life based on current measured and indicated mineral resources (7.8 million tonnes @ 2.8 g/t gold). The study used Geostatistical and Lerchs-Grossman methods of evaluating the current resource based on over 1800 drill holes in 453,000 feet of core and reverse circulation drilling (138,000 meters). The drilling was completed on 50 foot spacing (15 meter spacing).

In addition, there exists inferred resources of 7.4 million tonnes grading 3.1 g/t gold.

Financial Analysis:

The NPV and IRR of the Haile Gold Mine at various gold prices are provided in the table below:

------------------------------------------------
Gold Price   NPV at 0%       NPV at 5%      IRR
------------------------------------------------
650        $55.6 million   $25.5 million   11.7%
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700        $78.4 million   $42.6 million   15.6%
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750        $97.1 million   $57.2 million   19.0%
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800       $117.6 million   $72.9 million   22.4%
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850       $138.0 million   $88.5 million   25.6%

Operation Summary:

Flowsheet: Open-pit mining, jaw crushing, SAG mill grinding, flotation, re-grind, CIL, electrolytic gold refining

-----------------------------------------------------------
Throughput rate                           4000 tons per day
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Recovery                                         73%
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Capital Expenditure                          $94 million
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Cash Costs (Yrs. 2-5)                      $350 per ounce
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Average annual gold production (Yrs. 2-5)  105,000 ounces

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

For further information, please contact Diane Garrett, President and C.E.O. or Shirene Urton. at (775) 355-1900.

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, WHICH HAS BEEN PREPARED BY MANAGEMENT.

Contact Information

  • ROMARCO MINERALS INC.
    997 Greg Street
    Sparks, Nevada
    89431
    Tel: (775) 355-1900
    Fax: (775) 355-1907
    Email Contact