Romarco Minerals Inc.

Romarco Minerals Inc.

February 21, 2008 09:30 ET

Romarco Announces Non-Brokered Private Placement

SPARKS, NEVADA--(Marketwire - Feb. 21, 2008) -


ROMARCO MINERALS INC. (TSX VENTURE:R) (the "Company") today announced that it will not be proceeding with the brokered private placement (the "Brokered Offering") that it announced on January 29, 2008, due to the fact that existing shareholders of the Company have agreed to purchase the same number of units on a non-brokered basis (the "Non-brokered Offering"). The board of directors of the Company has determined that it is in the best interests of the Company to proceed with the Non-brokered Offering, rather than the Brokered Offering, at this time. The Non-brokered Offering will consist of up to 30 million units (the "Units") at $0.17 per Unit, for aggregate gross proceeds of up to $5.1 million. Each Unit is comprised of one common share in the capital of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share for a period of two years from the closing date of the Non-brokered Offering at an exercise price of $0.21 per Common Share.

Diane Garrett, President and C.E.O. of the Company, commented "We are pleased that our existing shareholders have agreed to purchase the Units and we would like to thank MGI Securities Inc. for all of its efforts in connection with the initial stages of the Brokered Offering".

Closing of the Non-brokered Offering is scheduled to take place on or before March 21, 2008, and is subject to the satisfaction of customary closing conditions including the receipt of necessary regulatory approvals.

The net proceeds from the Non-brokered Offering will be used, together with the Company's existing cash resources, to fund exploration and a bankable Feasibility Study for the Haile Gold Mine, for exploration at the Company's Pinos District in Mexico and for general working capital purposes.

All securities issued pursuant to the Offering will be subject to a four month hold period.

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 feasibility and exploration. The Pinos Gold District in Mexico is a high grade epithermal vein district in the advanced exploration stage. The Company also has three gold exploration projects in Nevada.


Diane R. Garrett, President and C.E.O.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

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