Romarco Minerals Inc.
TSX VENTURE : R

Romarco Minerals Inc.

November 29, 2006 17:15 ET

Romarco Announces Third Quarter Results

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 29, 2006) - ROMARCO MINERALS INC. (the "Company") (TSX VENTURE:R) reports its third quarter financial results. All figures are in Canadian dollars unless otherwise noted. Complete quarterly results are available on SEDAR and on the Company's website at www.romarco.com.



Selected Financial Data
(unaudited)
Three months ended Nine months ended
September 30, September 30,
2006 2005 2006 2005

Net loss $ (431,074) $ (708,908) $ (53,151)$ (1,725,117)
Loss per share (0.01) (0.03) - (0.07)

Cash flows from (used in)
operating activities (395,740) (425,603) 923,322 1,256,699
Cash flows from financing
activities 7,737,128 3,621,516 7,737,128 3,621,516
Cash flows from (used in)
investing activities (1,136,860) (709,651) (1,426,036) (1,022,289)
----------- ----------- ----------- ------------
Increase in cash
and cash equivalents $ 6,204,528 $ 2,486,262 $ 7,234,414 $ (1,342,258)
----------- ----------- ----------- ------------
----------- ----------- ----------- ------------

September 30, December 31,
2006 2005
Current assets:
Cash and cash
equivalents $ 8,164,852 $ 930,438
Amounts receivable 57,492 901,842
Prepaid expenses 111,750 14,195
------------ -----------
Total current assets 8,334,094 1,846,475
Mineral property
interests 3,531,997 2,062,334
Equipment 27,946 29,798
------------ -----------

Total assets $ 11,894,037 $ 3,938,607
------------ -----------
------------ -----------

Current liabilities:
Accounts payable and
accrued liabilities $ 295,077 $ 163,424
------------ -----------
Shareholders' equity:
Share capital 43,060,661 35,275,533
Contributed surplus 672,446 672,446
Stock Options 512,000 420,200
Deficit (32,646,147) (32,592,996)
------------ -----------
Total shareholders'
equity 11,598,960 3,775,183
------------ -----------

Total liabilities and
shareholders' equity $ 11,894,037 $ 3,938,607
------------ -----------
------------ -----------


Romarco had a net loss of $431,074 for the third quarter of 2006 compared to a net loss of $708,908 for the third quarter of 2005. Higher interest income, together with lower merger and financing fees amortization costs were offset by higher general and administrative expenses in the third quarter of 2006 resulting in a lower net loss as compared to the third quarter of 2005.

The Company had a net loss of $53,151 for the nine months ended September 30, 2006 versus a net loss of $1,725,117 for the nine months ended September 30, 2005. Romarco's lower net loss for the first nine months of 2006 is due to the break fees received from Western Goldfields upon the mutually agreed to termination of the proposed merger. The receipt of the $1.4 million in fees partially offset the overhead costs incurred by Romarco as it oversees exploration at its projects and evaluates precious metals properties for acquisition. The exploration and development costs incurred at the Company's projects have been capitalized to mineral property interests.

In February 2006, the Company and Western Goldfields terminated the definitive merger agreement. In consideration for agreeing to such termination, Western Goldfields paid the Company US$1,953,000 for a break fee, expense compensation and the repayment of all outstanding loans and accrued interest.

During the third quarter of 2006, Romarco spent $1,132,487 for its mineral property interests while in the third quarter of 2005, the Company spent $1,421,663 for its mineral property interests.

During the first nine months of 2006, Romarco spent $1,421,663 and issued 300,000 common shares valued at $48,000 for its mineral property interests while in the first nine months of 2005, the Company spent $1,011,669 and issued 300,000 common shares valued at $66,000 for its mineral property interests.

During the third quarter of 2006, Romarco issued a total of 44,910,263 units for total gross proceeds of C$8,532,950. Romarco paid a commission of $483,458, a finder's fee of $113,177 and $199,186 for other costs in connection with this private placement.

At September 30, 2006, the Company had cash and cash equivalents totaling $8,164,852 as compared to $930,438 at December 31, 2005. The Company had no debt at September 30, 2006.

Romarco began the fourth quarter of 2006 with $8,164,852 in cash and no debt. An underground sampling program is underway at the Pinos Gold District in Mexico, and Romarco is waiting for a drill rig to become available in order to begin an eleven hole,8,000 foot drill program. Results from the summer drill programs at Buckskin-National and Roberts Mountains are still pending, but once received, will be evaluated and used to plan exploration programs for 2007. At Pine Grove, Romarco is continuing the permitting process and hopes to have drill permits in place in early 2007 to drill in and around the historic high grade Rockland Mine area of the project. A mapping and sampling program is scheduled for the fourth quarter of 2006 at the Red Canyon project.

Romarco raised approximately $8.5 million by means of a private placement of its shares in the third quarter of 2006. The proceeds from this private placement will be used to fund the exploration and development work on Romarco's Pinos Gold District in Mexico, drilling at Romarco's Nevada projects, holding costs relating to Romarco's mineral properties and for general working capital purposes. After completing the private placement, Romarco believes it will have sufficient resources in order to carry out its planned exploration programs and meet its contractual obligations for the remainder of 2006 and 2007.

ON BEHALF OF ROMARCO MINERALS INC.

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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