Romarco Minerals loses $14.2-million (U.S.) in 2013

Romarco Minerals Inc

Emerging Gold producer - South Carolina, Nevada & Mexico

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Romarco Minerals loses $14.2-million (U.S.) in 2013

posted on Mar 13, 2014 09:20PM

Not unexpected.

Romarco Minerals loses $14.2-million (U.S.) in 2013

2014-02-24 09:12 ET - News Release

Mr. Dan Symons reports

ROMARCO ANNOUNCES 2013 FOURTH QUARTER AND YEAR END RESULTS

Romarco Minerals Inc. has released its results for the fourth quarter and year ended Dec. 31, 2013. The company's 2013 fourth quarter and year-end financial statements, and management's discussion and analysis are available on SEDAR and on the company's website. All dollar amounts in this news release are expressed in United States dollars, unless otherwise noted. Highlights from the results include:

$9.3-million during the three-month periods ended Dec. 31, 2013, and 2012, respectively;
$41.4-million during the year ended Dec. 31, 2013, compared with $51.1-million during the same period in 2012;

Net loss was:

Alternatives development and evaluation report publication -- completed: Aug. 5, 2013;
Community meeting -- completed: Aug. 20, 2013;
Draft EIS publication -- March, 2014;
Draft EIS public hearing -- April, 2014;
Final EIS publication -- July, 2014;

During the fourth quarter of 2013, the company extended the delivery schedule of its Caterpillar (CAT) mobile mine equipment and final payment of approximately $29-million by nine months to Dec. 31, 2014. During January, 2014, the company extended the delivery schedule of its Hitachi shovel and final payment of approximately $2-million by 11 months to Dec. 31, 2014;

During October, 2013, the company received the Bureau of Air Quality state construction permit, the national pollutant discharge elimination system permit, and the dams and reservoirs safety permit and authorization for coverage under the general permit for stormwater discharges from construction activities. All four decisions are now final and each appeal period has closed with no appeal;

During October, 2013, the company entered into an agreement with Cutfield Freeman & Co. Ltd. as its financial adviser with the aim of securing financing for a significant portion of the funds required to construct the Haile gold mine project;

Effective April 15, 2013, the company suspended all exploration drilling activity for its three remaining company owned then-operating drill rigs. Resumption of drilling will be predicated on future funding. The company continues to engage strict cash conservation measures as it undergoes permitting for the Haile project.

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