SOURCE: Romarco Minerals Inc.

September 25, 2007 14:32 ET

Romarco's Shareholders Exercise Warrants, Corporate Update

SPARKS, NV--(Marketwire - September 25, 2007) - Romarco Minerals Inc. (TSX-V: R) is pleased to report that US Global Investors, Sprott Asset Management and RMB Resources have exercised their $0.21 warrants. A total of 20.5 million warrants have been exercised for total proceeds of $4.3 million. The Company currently has cash of $7.88 million and no debt.

The Company is also pleased to update its corporate activities:

Haile Gold Mine:

Closing on the Haile Gold Mine from Haile Mining Company (a subsidiary of Kinross Gold Corporation) is on track and expected to occur on or before Oct. 30, 2007. The definitive agreements have been executed and the parties are in the process of transferring all permits and title to Romarco. Romarco has established a wholly owned Delaware Corporation subsidiary, Haile Gold Mine Inc., which will hold the Haile Gold Mine asset. A core drill rig has been reserved and is on standby to begin the confirmation drill program soon after closing. This program will occur over a three-month period and is designed to convert the historic resource to a current NI 43-101 reserve. Following the drill program, the Company will initiate permitting and feasibility by utilizing a contracted engineering firm.

Pinos Gold District:

To date, Romarco has focused its drilling and sampling on the Cinco Estrellas vein system which extends for 4 kilometers and is open to the south. Cinco Estrellas is one of the 4 vein systems in the main Pinos District. Initial focus on this vein was the requirement pursuant to a JV option on the northern extension of the Cinco Estrellas (representing 4% of the land holdings). Romarco has satisfied that work requirement and is continuing to explore and define the rest of the property by sampling and drilling on the three other veins -- San Ramon, Candelaria and La Paz. The San Ramon and Candelaria veins were the host of the majority of the past production by the Spanish and Cornish. Romarco has gained access to the underground at San Ramon and will continue to test its potential. It is the Company's goal to drill and sample each of the three primary veins in order to select the best target areas to begin test mining.

Nevada Exploration:

Final drill results are pending on the Pine Grove Gold Project and drill permits have been received for the Red Canyon Gold Project. Romarco has an option agreement with Miranda Gold on Red Canyon and drilling is expected to occur prior to year-end, pending drill rig availability. The Company has divested of its Roberts Mountains Project in Nevada.

In a press release dated August 8, 2007, the Company announced its annual stock option grant to directors and officers in the amount of 1,625,000. The number of options granted to officers and directors was 1,525,000 at an exercise price of $0.285 and an expiry date of August 7, 2012.

ON BEHALF OF ROMARCO MINERALS INC.

"Diane R. Garrett"
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

  • For further information, please contact:

    Diane Garrett
    President and C.E.O.

    Shirene Urton
    (775) 355-1900

    ROMARCO MINERALS INC.
    997 Greg Street
    Sparks, Nevada
    89431
    Tel: (775) 355-1900
    Fax: (775) 355-1907
    Email Contact