Monday 24th October 2016

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Romarco issues feasibility study of Haile Gold Mine

Romarco Minerals Inc TSX:R announced the results of a feasibility study for its Haile Gold Mine in Lancaster County in South Carolina. Highlights of the study reveal that Haile will have capital costs of $275 million, with an average cash cost of $347 per ounce for the first five years, and a reserve grade of 2.06 g/t. Haile has proven and probable reserves of 2 million ounces gold contained. Project economics—at $950 gold, pre-tax net present value at 5% discount—are $279 million and an internal rate of return of 19.6%. Haile will have a mine life of 13 years at a mill throughput of 7,000 tons per day with 83.7% average gold recovery.

The feasibility study does not include the inferred resources in the $950 pit, Horseshoe, Snake Deep, West Ledbetter and some portions of the Mill Zone, the Small and Champion deposits. These zones are the target of the 2011 exploration program.

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Diane Garrett

or Dan Symons
Manager, Investor Relations

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by Ted Niles

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