TORONTO, ON, January 19, 2010 - ROMARCO MINERALS INC. (TSXV: R) (the "Company") is pleased to announce the acquisition of additional property along the mineralized trend at the Haile Gold Mine in South Carolina. The new property increases Romarco's land position by 53%. The Company now controls 7 kilometers of strike length along the Haile mineralization corridor (not including Buzzard).
The Company has also increased its land ownership in the Buzzard area by an additional 396 acres. The total land package now owned 100% by Romarco is 3,217 acres. All land is private land and there are no royalties on any of the land parcels. The Company currently has US$40 million in cash (after land purchases) and no debt. All land purchases were arms length transactions with private land owners independent of Romarco and the Haile Gold Mine.
Including the original acquisition of the Haile Gold Mine in October 2007, Romarco has spent a total of US$10 million on land. The average price paid per acre is US$3,145.
Land was purchased from David Tucker Timber Co., Harold F. Gardner and Margaret P. Hinson in the Buzzard area and from Jim Lineberger, Frederick & Rebecca Faulkenberry, Theron C. Hegler and James W. Mahaffey in the Haile Gold Mine area.
