Romarco Minerals Inc.

Romarco Minerals Inc.

October 12, 2006 08:00 ET

Romarco and Miranda Gold Corp. Sign Red Canyon Option Agreement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 12, 2006) - ROMARCO MINERALS INC. (TSX VENTURE:R) - Romarco is pleased to announce that it has signed the Exploration and Option to Enter Joint Venture Agreement ("Option Agreement") with Miranda Gold Corp. ("Miranda") (TSX VENTURE:MAD) whereby Romarco may earn a joint venture interest in the Red Canyon property, located in the Cortez Trend of Nevada. This agreement and the associated Red Canyon Operating Agreement replace the Letter of Intent that the two companies signed in July, 2006.

Under the terms of the Option Agreement, Romarco can earn a 60% interest by spending US$3,000,000 over five years. A work expenditure of US$400,000 is obligated in the first year and escalates in following years. In addition to the work obligation, pending Exchange approval, Romarco will issue 250,000 shares to Miranda. Following completion of the initial earn in, Romarco may then elect to earn an additional 10% interest (for a total of 70%) by funding a feasibility study.

Romarco's Vice President of Exploration, Dr. Tommy Thompson, will begin geologic investigations in order to submit permits for drilling in 2007.

The Red Canyon project area covers 7.7 square miles (19.8 square kilometers) consisting of 237 unpatented lode mining claims. The property adjoins U.S. Gold's Tonkin Springs property on the south and covers an erosional "window" that exposes altered, brecciated and silicified lower plate carbonate rocks that are age equivalent to the host rocks at the Cortez Hills discovery. Recent drilling in 2005 by Newmont identified an extensive hydrothermal system that lies between the Ice Zone and Gexa Knob target areas. These holes encountered deep oxidation and associated hematitic alteration, moderate to strong decalcification and silicification, and select intervals with fluidized breccias. These alteration features combined with elevated gold confirm the presence of a deeper, previously unrecognized gold system that will be drill tested by the partnership.

Romarco is an advanced stage exploration company engaged in the acquisition and exploration of precious metals mineral properties. Romarco's strategic objective is to focus on geologically known areas of gold mineralization that exhibit excellent potential for discovery. 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. The Company 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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