Romarco Announces Major Resource Increase at Haile, Mining Plan Nearly Doubles in Sizeadmin
ROMARCO MINERALS INC. announces a major increase in the mineral resources at its wholly-owned Haile Gold Mine in South Carolina. The new measured and indicated resource stands at 1.5 million ounces of gold with an additional 678,000 inferred resource ounces. The new resource represents a 92% increase from the previously announced historic measured and indicated resource of 780,000 ounces. This resource does not include several exploration-drill results, which the assay laboratory is currently completing. See table below for various tonnage, grade and cut-off grade calculations.
Commenting on the news, Diane Garrett, President and CEO of Romarco, said; “We are extremely pleased with this significant increase to over 2 million ounces of gold at the Haile Gold Mine. Our technical team has always believed Haile to be a multi-million ounce gold district and the addition of these ounces in the first eight months of drilling demonstrates the rich potential of this area. We will continue an aggressive exploration program focused on adding gold ounces and are working to secure two reverse circulation drill rigs for an increased drilling discovery rate. The mineralized zone continues to remain open in three directions. The resource will periodically be updated with additional exploration drilling results.”
Ken Brunk, COO of Romarco, commented; “The measured and indicated resources of 1.5 million ounces of gold is being used for the mine plan in the feasibility study. With the growth of the resource base and the potential we are seeing along strike and at depth, we have changed the design of the mine plan from 4,000 to 7,000 tons per day with the ability to add a second 7,000 ton per day circuit. Due to this change in the mine plan, the feasibility is expected to be finalized in October 2008.”
The resource calculations were completed by Gustavson Associates, LLC of Boulder, Colorado under the direction of Mr. Donald E. Hulse, PE, an independent Qualified Person. Romarco’s Qualified Person for the Haile Gold Mine is Tom Kilbey, the Company’s Senior Geologist.