Romarco Minerals Inc.
TSX VENTURE : R

Romarco Minerals Inc.

September 09, 2005 15:30 ET

Romarco Arranges Private Placement with Large Shareholders of Romarco and Western Goldfields

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 9, 2005) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

ROMARCO MINERALS INC. (TSX VENTURE:R) (the "Company") Romarco is pleased to announce that it has arranged an up to C$4 million private placement in anticipation of its planned merger with Western Goldfields, Inc. (OTCBB:WGDF). The largest shareholders of both companies have demonstrated their support of the merger by participating in the private placement.

Investors include US Global Investors, Latitude Resources PLC (LSE:LTR), and RMB Australia Holdings Limited, a member of the FirstRand Group. Latitude was the lead arranger on the private placement. Management of Romarco is participating in the private placement as well.

The terms of the private placement are C$0.17 per unit with each unit consisting of one common share and one full share purchase warrant. Each full warrant is priced at C$0.21 with a two-year term. Closing of the private placement, which is currently expected for on or about September 14, 2005, is subject to certain customary conditions, including, but not limited to, the approval of the TSX Venture Exchange.

The proceeds of the private placement will be used to fund the transaction costs associated with the merger between Romarco and Western (see press release dated August 2, 2005), for holding costs relating to Romarco's mineral properties and drilling at its Buckskin-National Project and for general working capital purposes.

The previously announced private placement (see press release dated August 4, 2005) of up to C$10 million in units and subscription receipts is not being pursued at the present time.

This press release is not an offer of securities for sale in the United States. The securities will not be registered under the U.S. Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration under the U.S. Securities Act.

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.

Contact Information