Metals

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SC: Romarco Minerals to Invest $353M, Create 270 Jobs in Lancaster County

7 Nov, 2014


An exploration and development company engaged in the acquisition, exploration and development of precious metals mineral properties is entering into the construction and production phase of its Lancaster County operations. Registered in Canada, but headquartered in Fort Mill, S.C., Romarco Minerals, Inc., through its wholly-owned subsidiary, Haile Gold Mine, Inc.,is investing $353 million to develop the Haile Gold Mine in Kershaw, S.C., creating an expected 270 new jobs.

In addition to this $353 million investment to enter into the construction and development phase, Haile Gold Mine, Inc. has already invested $91 million in its Lancaster County operations and currently employs approximately 86 workers, a majority of which are from the local area. The rule of thumb in mining is that for every one direct job on site, an additional three or four indirect  jobs will be created to support the activity in the local and regional community.

Prior to selecting Kershaw County and Haile, Romarco completed a competitive assessment of multiple sites in both North and South America. In 2007, the company selected the Haile site and began purchasing land. Today, Haile Gold Mine Inc. owns approximately 12,000 acres of land in the vicinity of the mining project. Haile Gold Mine, Inc. is Romarco's primary asset.

Located at 7283 Haile Gold Mine Road in Kershaw, S.C., the Haile Gold Mine has been operated off and on since 1827 and is part of a much larger gold district. As of today, Romarco has delineated four million ounces of measured and indicated mineral resource with an additional 800,000 ounces in the inferred mineral resource category.

As Haile Gold Mine prepares to develop its operations, the company has acquired nearly all necessary approvals needed to commence construction. On October 27, 2014, the U.S. Army Corps of Engineers granted the Federal 404 permit, completing the Environmental Impact Statement (EIS) process. Following nearly seven years of exploration, land acquisition and permitting, Romarco is prepared to enter the construction and production phase.

The company is hopeful that hiring will begin prior to year-end 2014, but it will be dependent on market conditions. To join the Haile Gold Mine, Inc. team, please register with the South Carolina Department of Employment and Workforce at www.dew.sc.gov. For more information on Romarco Minerals, Inc. or the Haile Gold Mine, please visit www.romarco.com or www.hailegoldmine.com, respectively.

QUOTES

"We are delighted to be a part of the community of Kershaw and Lancaster County. Since arriving in this area seven years ago, we have demonstrated our commitment to hire locally and buy locally. Part of our contribution and sustaining legacy to the community was the construction of a $5 million, state-of-the-art assay lab in Kershaw in 2011, the only certified lab on the East Coast of the U.S. We are pleased with the permitting achievements which allow us to move forward to develop this truly world-class asset. The project will generate an economic benefit to the county in excess of $68 million annually over life of the mine, which currently stands at 13.5 years." -Haile Gold Mine, Inc. President and CEO Diane R. Garrett

"It's no secret that South Carolina is blessed with natural resources, and Romarco Minerals' decision to expand their operations at the old Haile Gold Mine is an example of the positive impact those resources can have on our economy. We congratulate them on their decision to invest over $350 million and create 270 jobs in Lancaster County, and look forward to seeing them succeed in the Palmetto State." -Gov. Nikki Haley

"Congratulations to Haile Gold Mine, a wholly owned subsidiary of Romarco Minerals, Inc. on reaching this milestone as they prepare for the development of Haile Gold Mine project. I appreciate their community-first approach and desire to be a productive partner in the Lancaster County community and in the state of South Carolina." -Secretary of Commerce Bobby Hitt

"Lancaster County has worked with Haile Gold Mine for nearly eight years in support of this project, and this announcement today is exciting for the Town of Kershaw as well as for the entire County. We know that HGM will be good stewards of the environment and will continue to operate a world-class facility in Kershaw at the Haile Gold Mine site. The HGM facility will utilize modern mining technology and will set the standard for future facilities to follow around the globe. The job creation, investment, and payroll from this company will spur additional economic growth in the Town and County, and we are excited about the opportunities to come with this project." -Lancaster County Council Chairman Larry McCullough

"Haile Gold Mine has been a strong supporter of the Town of Kershaw and our residents for nearly a decade, and we're excited about the decision by the Corps of Engineers and the State of South Carolina to approve permits so the mine can begin operations. We've worked closely with HGM to develop a plan and program that will protect the environment while creating economic growth in the Town of Kershaw and surrounding communities. The facility to be constructed at the site and the mining operations to come will be world class and operated by world class people. I also want to thank Secretary of Commerce Bobby Hitt and Governor Nikki Haley for their assistance on this project as well as Lancaster County and the LCEDC." -Town of Kershaw Mayor Wayne Rhodes

FIVE FAST FACTS

·         Romarco Minerals, Inc. is developing Lancaster County operations at Haile Gold Mine.

·         $353 million investment creating an expected 270 new jobs.

·         Romarco Minerals, Inc. is registered in Toronto, Ontario and headquartered in Fort Mill, S.C.

·         Haile Gold Mine Inc. has acquired 12,000 acres of mine land in the vicinity of the Haile Gold Mine.

·         To join the Haile Gold Mine, Inc. team, please register with the South Carolina Department of Employment and Workforce at www.dew.sc.gov.

 

About Romarco Minerals, Inc.

Romarco Minerals Inc. is an exploration and development company engaged in the acquisition, exploration and development of precious metals mineral properties. The Company is formed under the laws of British Columbia with its head office in Toronto, Ontario. The Company's primary asset is the Haile Gold Mine ("Haile") located in Lancaster County, South Carolina, USA. The Company owned or leased approximately 11,751 acres (4,756 hectares) of land at December 31, 2013, including approximately 6,164 acres (2,495 hectares) of regional and other properties. The Company's interest in the fee simple properties includes surface, water and mineral rights with no associated royalties and is free of all claims and access restrictions. At December 31, 2013, there were 232 acres (94 hectares) for $1.8 million under contractually committed land purchase contracts. In addition, the Goodwill Plantation property with 2,560 acres (1,036 hectares) is under contract for $20.0 million and included in the submitted mitigation plan but is contingent upon receipt of all Federal and State permits and expiration of all applicable appeals. The Company is a reporting issuer in all of the provinces and territories of Canada, except Québec and trades on the TSX under the symbol "R". For more information, visit www.romarco.com.

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