Romarco Reports On The Haile Gold Mine

TORONTO - The Company’s flagship development project is the 100%-owned Haile Gold Mine, located in Lancaster County, South Carolina at approximately 3 miles northeast of the town of Kershaw, an area already equipped with extensive existing infrastructure.

Gold resources as of today stand at 71.2 million tonnes at 1.77 g/t for 4.01 million ounces (includes proven and probable reserves) of measured and indicated and an additional 20.1 million tonnes at 1.24 g/t for 800,000 ounces of inferred resources. The 2010 proven and probable gold reserve was 30.5 million tonnes at 2.06 g/t for 2.0 million ounces.  Exploration was significantly reduced in 2013 as the Company conserved cash while undergoing permitting.

The Company completed a bought deal equity financing of C$300 million for the equity portion of the requisite funding for its 100%-owned Haile Gold Mine project. On April 10, 2015, the Company signed a $200 million secured project finance credit agreement (the "Project Debt") with Caterpillar Financial Services Corporation, ING Capital LLC, Macquarie Bank Limited and Societe Generale Corporate & Investment Banking. This facility combined with the equity financing fully funds the construction of Haile.

On January 8, 2015, the Company resolved an appeal of the State Mine Operating Permit after which, all permits for construction and operations became effective to construct and operate Haile.

Cash balance at March 31, 2015 was $207.3 million and approximately $197 million at April 29, 2015. Cash spend on operating and investing activities during the three-month period ended March 31, 2015 was $52.2 million (including $22.0 million for purchase of the remaining balance of CAT equipment under contract and $20.0 million for purchase of mitigation property, Goodwill Plantation) compared with $9.2 million during the same period in 2014. Reported $3.7 million ($0.00 loss per share) net loss for the three-month period ended March 31, 2015 compared with a $2.9 million ($0.00 loss per share) net loss during the same period in 2014.

Romarco Minerals is a gold development company focused on production primarily in the US. The Company has completed a positive Feasibility Study, received all major permits and secured financing for its flagship project, the Haile Gold Mine in South Carolina. The Company's current construction schedule contemplates first production during the fourth quarter of 2016.