Romarco Minerals Inc.

Romarco Minerals Inc.

August 23, 2006 09:24 ET

Romarco Increases Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 23, 2006) - ROMARCO MINERALS INC. (TSX VENTURE:R) is pleased to announce that it is increasing its brokered private placement to up to $8 million in units. This private placement previously announced on July 13, 2006 is being increased due to being significantly over-subscribed.

The issue is being led by M Partners who will receive a cash commission equal to 7% of the gross proceeds of units sold and broker's warrants to acquire units equal to 7% of the number of units sold pursuant to the private placement. A President's list has been established in connection with this arrangement, which separates funds brought in by management of Romarco; such subscriptions are not subject to the commission being paid to M Partners.

The terms of the private placement are C$0.19 per unit with each unit consisting of one full common share and one full purchase warrant. Each full warrant is exercisable at C$0.30 per share for a two year term. If the shares of the Company trade at C$0.40 or higher for 20 consecutive days, the warrants will expire 30 days following notice to warrant holders. All of the securities will be subject to the customary four month hold period in Canada following the closing.

Closing of the private placement, which is currently expected on or about August 25, 2006, 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 exploration and development work on Romarco's Pinos Gold District in Mexico, drilling of Romarco's Nevada projects, and for general working capital purposes.

This press release is not an offer 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.


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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