Romarco Announces Significant Resource Increase at Haile Gold Mine
26 March 2009 - 11:30PM
Marketwired
ROMARCO MINERALS INC. (TSX VENTURE: R) (the "Company") is pleased
to announce that it has received an updated resource and reserve
study for the Haile Gold Mine Project, in South Carolina. The study
includes drilling up to February 2, 2009 and an updated ore body
model with refined mineralization controls. Gustavson Associates,
LLC of Lakewood, CO was responsible for completing the resource
study, as well as the recently announced Feasibility Study and
updated NI 43-101 technical report (see press releases dated
February 3 and March 19, 2009).
The total gold resource (at 0.01 cutoff) stands at 3.26 million
ounces of gold. This resource includes a measured and indicated
resource of 1.62 million ounces of gold with an additional 1.64
million ounces in the inferred category (see details in the table
below). The new resource represents a 65% increase from the
previously announced resource estimate. The significant increase in
the inferred category is a result of step-out drilling activities
designed to expand the known gold mineralization which continues to
remain open to the north, east, west and at depth.
In addition, the effect of the new resource estimate (based on
additional drilling, updated ore body model and refined
mineralization controls) resulted in an increase in grade from 2.24
g/t gold to 2.7 g/t gold in the existing reserves.
Details of the updated resource are:
- The new mineralization model incorporates geologic control
combined with a 0.20 ppm (0.0058 oz/ton) mineralized envelope to
bound mineralized domains.
- The resource was estimated by kriging, the same methodology as
the Technical Report (NI 43-101) of March 19, 2009, with the
additional constraint of the mineralized envelope.
- The use of the improved mineralization controls in modeling
resulted in an increase in grade (2.7 g/t) within the reserve
model, with 5% fewer tons.
- The inferred resource has doubled.
- The resources detailed below are inclusive of the proven
probable reserve estimates.
"We are extremely encouraged by the continued drilling success
at Haile and the expansion of the mineralized zone. It is important
to note that both new drill intercepts and improved understanding
of the ore body contribute to a higher average grade. Romarco
believes that the new mineralization model will aid the on going
drill program which is focused on converting the inferred resources
especially those internal to the pit design to measured and
indicated categories, as well as serving as an exploration tool for
continued resource expansion" stated Diane Garrett, President and
CEO.
Haile Gold Mine Project
Measured Resource
----------------------------------------------------------------
Cutoff Short tons Metric Tons Gold
oz/t (000's) Gold oz/t (000's) g/t Cont oz
----------------------------------------------------------------
0.01 15,196 0.052 13,786 1.78 790,000
----------------------------------------------------------------
0.015 12,315 0.061 11,172 2.10 755,000
----------------------------------------------------------------
0.02 10,132 0.071 9,192 2.43 717,000
----------------------------------------------------------------
Indicated Resource
----------------------------------------------------------------
Cutoff Short tons Metric Tons Gold
oz/t (000's) Gold oz/t (000's) g/t Cont oz
----------------------------------------------------------------
0.01 15,431 0.054 13,999 1.84 827,000
----------------------------------------------------------------
0.015 12,955 0.062 11,753 2.10 795,000
----------------------------------------------------------------
0.02 10,930 0.070 9,916 2.39 761,000
----------------------------------------------------------------
Measured + Indicated Resource
----------------------------------------------------------------
Cutoff Short tons Metric Tons Gold
oz/t (000's) Gold oz/t (000's) g/t Cont oz
----------------------------------------------------------------
0.01 30,627 0.053 27,785 1.81 1,617,000
----------------------------------------------------------------
0.015 25,270 0.061 22,925 2.10 1,550,000
----------------------------------------------------------------
0.02 21,062 0.070 19,108 2.41 1,478,000
----------------------------------------------------------------
Inferred Resource
----------------------------------------------------------------
Cutoff Short tons Metric Tons Gold
oz/t (000's) Gold oz/t (000's) g/t Cont oz
----------------------------------------------------------------
0.01 63,329 0.026 57,452 0.89 1,643,000
----------------------------------------------------------------
0.015 37,554 0.035 34,069 1.21 1,326,000
----------------------------------------------------------------
0.02 25,424 0.044 23,065 1.51 1,117,000
----------------------------------------------------------------
The resource estimates herein were prepared by Donald E. Hulse,
P.E. an independent qualified person. Mr. Ken Brunk and Mr. Tom
Kilbey of Romarco Minerals are also Q.P. individuals as defined by
NI 43-101. All Q.P. individuals have reviewed and approved this
press release.
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
exploration drilling, development planning and permitting. The
Pinos Gold District in Mexico is a high grade epithermal vein
district in the advanced exploration stage.
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.
Contacts: Romarco Minerals Inc. Diane Garrett President and
C.E.O. (210) 621-4200 Email: dgarrett@romarco.com Romarco Minerals
Inc. Shirene Urton Executive Assistant (775) 355-1900 (775)
355-1907 (FAX) Email: surton@romarco.com Website:
www.romarco.com
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