Romarco Minerals Inc.

Romarco Minerals Inc.

January 09, 2007 12:52 ET

Romarco and Carlin Gold Amend Terms at Pine Grove

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 9, 2007) - ROMARCO MINERALS INC. (TSX VENTURE:R) announces that the Company and Carlin Gold Corporation (TSX VENTURE:CGD) have entered into a binding Letter of Intent to amend the terms of the Option Agreement on the Pine Grove Project located in the Walker Lane Mineral Belt of Nevada.

During 2006 Romarco spent a total of approximately US$418,000 on the project for the Phase I drilling program. Due to delays in permitting, Romarco has not been able to spend the balance of the 2006 work expenditure requirement totalling approximately US$182,000.

The parties have agreed to continue the Option Agreement and grant an extension of the shortfall expenditures into 2007. For consideration of this extension, Romarco will issue to Carlin Gold US$25,000 in the capital stock of Romarco subject to approval by the TSX Venture Exchange and has agreed to make up to US$40,000 in payments required by underlying agreements.

Additionally, Romarco will have a firm work commitment of 7500 feet of drilling on the east side of the property to follow up on the results from Phase I drilling and 3500 feet of drilling in the Rockland Mine area - where historic production is estimated between 18,000 to 35,000 ounces of gold grading 2.6 opt gold and 50.1 opt silver from banded epithermal veins, a geologic setting for gold mineralization comparable to the Sleeper and Midas bonanza vein districts in Nevada.

The Pine Grove property consists of 142 unpatented lode mining claims covering approximately 2,840 acres, and is situated in the Walker Lane Mineral Belt, approximately 23 miles south of the town of Yerington. Romarco has an Option Agreement with Carlin Gold Corp. to earn a 60% (70% under certain conditions) interest in the Pine Grove Project by spending US$ 2 million in exploration and project holding costs prior to December 31, 2009. Romarco may at its discretion accelerate such expenditures in order to earn its interest at an earlier date. Upon the completion of its earn-in, Romarco shall have, for a period of 90 days, the option to elect to earn an additional 10% interest (total 70%) by committing to take the project to final feasibility within three years.

Romarco is the Operator of the Project during the term of the Agreement. Romarco's Qualified Person at Pine Grove is Mr. Mark Reischman. Dr. Tommy Thompson, Romarco's V.P. Exploration, is overseeing the exploration program.

Romarco is an advanced stage exploration company engaged in the acquisition, exploration and development of precious metals mineral properties. Romarco's management and Board of Directors are comprised of senior mining executives who have extensive experience identifying, developing, financing and operating precious metals deposits in the Americas. It is Romarco's goal to become a producer through development of its own projects as well as through the acquisition of advanced stage projects. Romarco currently has five exploration projects in Nevada, one in Mexico and one in Peru.


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.

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