Romarco Closes Non-Brokered Private Placement

Romarco Closes Non-Brokered Private Placement

Romarco Minerals Inc. announces that it has closed its non-brokered private placement previously announced in its press releases dated June 11, 2008, July 23, 2008 and July 24, 2008 (the “Offering”). The Offering consisted of 51,625,284 units (the “Units”) at C$0.20 per Unit, for aggregate gross proceeds of C$10,325,057. Each Unit is comprised of one common share in the capital of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder thereof to purchase one Common Share for a period of one year from the closing date of the Offering at an exercise price of C$0.25 per Common Share.

As a result of the Offering, Sun Valley Gold Master Fund (“Sun Valley”) increased its non-diluted share position in the Company from 15% to 29.6%. On a diluted basis, Sun Valley now owns 34.28% of the shares of the Company. The increase in Sun Valley’s share position was approved by the disinterested shareholders of the Company. US Global Investors also subscribed in the Offering to maintain its share holding of approximately 11% on a non-diluted basis. Sun Valley’s portion of the Offering is being held in trust pending receipt of the final approval of the TSX Venture Exchange.

The net proceeds from the Offering will be used, together with the Company’s existing cash resources, to fund exploration drilling and permitting at the Haile Gold Mine, for exploration at the Company’s Pinos District in Mexico and for general working capital purposes.

All securities issued pursuant to the Offering will be subject to a four month hold period.


Diane R. Garrett,
President and C.E.O.

For further information, please contact:

Diane Garrett President and C.E.O.

(830) 634-7489

Shirene Urton Executive Assistant

(775) 355-1900

Romarco Minerals Inc. 997 Greg Street Tel: (775) 355-1900 Sparks, Nevada Fax: (775) 355-1907

USA 89431 Email Contact

Source: Romarco Minerals Inc.

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