Embed Size (px)
Citation preview
W W W . R O M A R C O . C O M
FEBRUARY 2012
CORPORATE PRESENTATION
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
2
The information in this document has been prepared as of February 9, 2011. Certain statements contained in this document constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward looking information under the provisions of Canadian provincial securities laws. When used in this document, the words “anticipate”, “expect”, “estimate”, “forecast”, “will”, “planned”, and similar expressions are intended to identify forward-looking statements or information. Specifically, this presentation contains forward looking statements regarding the results and projections contained in the February 2011 technical report of the Haile Gold project, including the expected mine life, recovery, capital costs, cash operating costs and other costs and anticipated production of the described open pit mine, the projected internal rate of return, the projected payback period, the availability of capital for development, sensitivity to metal prices, ore grade, the reserve and resource estimates on the project, the financial analysis, the timing for completion of the revised feasibility study on the Haile Gold project, the timing and amount of future production, the timing of construction of the proposed mine and process facilities, capital and operating expenditures, the timing of the receipt of permits, rights and authorizations, communications with local stakeholders and community relations, availability of financing and any and all other timing, development, operational, financial, economic, legal, regulatory and political factors that may influence future events or conditions and expected drilling activities. In addition, this presentation also contains updated resource estimates contained in the February 2011 technical reports. Scientific and technical information referred herein has been extracted from and are hereby qualified in their entirety by reference to the aforementioned technical reports (“Technical Reports”). Joshua Snider, P.E., Thomas L. Drielick, P.E., Lee “Pat” Gochnour, M.M.S.A., John Marek, P.E. and Derek Wittwer, P.E. are responsible for preparing the Technical Reports. Each of the above referenced persons is a “qualified person” as defined in National Instrument 43-101 — Standards of Disclosure for Mineral Projects. Such forward‐looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any another of Romarco’s public filings, and include the ultimate determination of mineral reserves and resources, availability and final receipt of required approvals, licenses and permits, sufficient working capital to develop and operate the proposed mine, access to adequate services and supplies, economic conditions, commodity prices, foreign currency exchange rates, interest rates, access to capital and debt markets and associated cost of funds, availability of a qualified work force, lack of social opposition and legal challenges, and the ultimate ability to mine, process and sell mineral products on economically favorable terms. While Romarco considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Actual results may vary from such forward‐looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other Romarco filings at www.sedar.com. Forward‐looking statements are based upon management’s beliefs, estimate and opinions on the date the statements are made and, other than as required by law, Romarco does not intend, and undertakes no obligation to update any forward‐looking information to reflect, among other things, new information or future events Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: Certain tables may use the terms “Measured”, “Indicated” and “Inferred” Resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, however, the United States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of a Mineral Resource is economically or legally mineable. All figures are US$ unless otherwise indicated
Cautionary Statement
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
Why own ROMARCO?
3
Near term, low cost gold producer with strong project economics
Located in a mining friendly jurisdiction with excellent infrastructure
Private Land – No Royalties
Significant Exploration Upside – open pit & underground
Solid cash position (~ US$115 million), no debt – as of December 31, 2011
70% Institutionally Held
Permits Pending – targeted by year end 2012
Extremely undervalued in today’s Market vs. Peers
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
§ First Gold rush before California § Carolinas led US Gold production until
1848
§ Second US Mint in Charlotte, NC § Original 49’ers came from East Coast
§ Significant gold production in 80’s-90’s § Mining part of local history/community
§ 500 active mines in South Carolina today
CAROLINA SLATE BELT
Tennessee
Kentucky West Virginia
North Carolina
Georgia
South Carolina
Buzzard
Elm
Hickory Ironwood
Bayberry
Locust
Russell Mine
Reed Mine Howie Mine
Brewer Mine
Ridgeway Mine Dorn Mine
Bante Mine Tathom Mine
Columbia Mine
Magruder Mine
Haile Mine
4
HAILE GOLD MINE MINING HISTORY
4
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
5
LOCAL COMMUNITY TOWN OF KERSHAW
5
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
2011 HIGHLIGHTS
6
u Completed Feasibility Study • Economically robust • Low cost gold producer (< $380/oz) • Low capital cost gold mine (< US $300mm) • High grade open pit mine (2.06 g/t)
u Filed for all State & Federal permits u Completed 172,000 meters drill program
• Discovered 2 mineralized zones - Mustang & Palomino
u Ordered long lead-time equipment u Permitted & built assay lab on time &
under budget • Successfully passed 2 of 3 requirements for
accreditation • Final test to achieve accreditation
expected in 2012
u Acquired 5 regional targets, drilled 3
u Romarco added to following indices: • Morgan Stanley Small Cap Index • S&P / TSX Composite Index • S&P / TSX Global Gold Index • S&P / TSX Gold Mining Index • Dow Jones Junior Precious Metals Index
u Completed C$92 million bought-deal financing October 2012
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
2012 OBJECTIVES
7
NEW RESOURCE – Q1 2012
UNDERGROUND STUDY NI 43-101 Technical Report pending
COMPLETE DETAILED ENGINEERING
AGGRESSIVE DRILL PROGRAM
ADVANCE PERMITS targeting approvals by year-end
þ
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
FEBRUARY 2011 § Feasibility completed
$292 million (1) § One of lowest capital cost projects in industry
$379/oz ($347/oz first 5 years) § One of lowest operating cost projects in industry
2.06 g/t § One of highest grade open-pit projects in industry
* NOTE: As per February 9, 2011 Feasibility Study (1) As reported in Q3 MD&A November 7, 2011
INTRODUCTION TO THE
HAILE GOLD MINE PROJECT
8
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
* All figures are in millions of dollars (1) Source: Company Disclosure���
Peers include direct and indirect costs, contingency funding and previously sunk development capital (sustaining capital not included) (2) As reported in Q3 MD&A November 7, 2011
Development Capex for Primary Open Pit Asset (US$mm) (1)
$3,365!$3,160!
$2,240!
$1,709!
$1,076!$922!
$789!
$444! $292! $262!
$0!
$500!
$1,000!
$1,500!
$2,000!
$2,500!
$3,000!
$3,500!
$4,000!
Seabridge! Chesapeake! Nova Gold! International Tower Hill!
Detour! Gabriel Resources!
Osisko! Banro! ROMARCO! Guyana!
(2)
LOW CAPITAL COST
9
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
(1) Source: Brook Hunt estimates (2) Announced February 9, 2011
$617!
$379! $428!
$0!
$100!
$200!
$300!
$400!
$500!
$600!
$700!
LOWEST QUARTILE AVERAGE CASH COST IN Q4 2011 (1)
Industry Average (1) ROMARCO ��� LOM Average (2)
Lowest Quartile (1)
LOW CASH COST
10
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
Reserve Grade for Primary Open Pit Asset (g/t Au) (1)
(1) Source: BMO Capital Markets
HIGH GRADE FOR OPEN PIT
11
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
HAILE GOLD MINE FEASIBILITY STUDY HIGHLIGHTS
12
u 7,000 tpd throughput u Designed for 14,000 tpd u CRUSH > GRIND > FLOTATION u Recovery: 83.7 % u Avg. annual production: 150k oz/yr u Strip Ratio: 7.2:1 (LOM)
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
HAILE GOLD MINE FEASIBILITY STUDY HIGHLIGHTS
13
u Feasibility Study does not include Horseshoe, Mustang, Palomino, Snake, Deep, Small & Champion deposits
u Opportunities for reducing strip ratio by removing saddles between pits
u Opportunities to expand operation through open pit & underground
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
Gold Price
Per oz. NPV @0% NPV @ 5% NPV @ 10% IRR %
PAYBACK YEARS
$1500 $1,426 $930 $621 47.0% 2.0
$1400 $1,259 $811 $534 42.3% 2.2
$1300 $1,092 $693 $447 37.6% 2.4
$1200 $925 $575 $359 32.7% 2.7
$1100 $758 $457 $272 27.6% 3.1
$1000 $591 $339 $185 22.3% 3.8
$950 $507 $279 $141 19.6% 4.2
$800 $257 $102 $10 10.7% 7.6
$700 $90 ($16) ($77) 4.0% 9.4
Pre-tax NPV and IRR Sensitivity to Gold Price (1)
($ Millions, except gold price)
(1) As per parameters used in February 9, 2011 Feasibility Technical Report
NPR & IRR SENSITIVITY���TO GOLD PRICE
14
BASE CASE
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
RESOURCES & RESERVES
15
OPEN PIT & UNDERGROUND MEASURED + INDICATED RESOURCES AT US$1200 GOLD (1)
METRIC TONNES (000’S)
g/t CONTAINED oz Au (000’s)
MEASURED 36,894 1.79 2,125
INDICATED 34,277 1.74 1,914
MEASURED + INDICATED 71,171 1.77 4,039
INFERRED 20,125 1.24 801
RESERVES AT US$950 GOLD (2)
METRIC TONNES (000’S)
g/t CONTAINED oz Au (000’s)
PROVEN RESERVE 19,592 2.19 1,382
PROBABLE RESERVE 10,917 1.82 636
PROVEN & PROBABLE RESERVE
30,509 2.06 2,018
(1) From February 7, 2012 News Release (2) From February 10, 2011 Feasibility Study
2011
2010
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
AERIAL OF HAILE
16
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
PROPOSED HAILE PROCESSING PLANT
17
Chemical Storage &���Ore Processing
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
PROPOSED HAILE PROCESSING PLANT
18
Ore Processing, ���Process Water Recycling & NPDES Water Treatment
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
2 0 1 1
19
RESOURCE GROWTH At year end 2011
HORSESHOE
PALOMINO
MUSTANG
2010 GOLD MINERALIZATION
2011 GOLD MINERALIZATION GROWTH
HAILE LONG SECTION
PLAN VIEW
CHAMPION SMALL SOUTH PIT LEDBETTER SNAKE
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
3.5 KM
CHAMPION SMALL SOUTH PIT LEDBETTER SNAKE
PLAN VIEW
HAILE LONG SECTION
2 0 1 1
20
RESOURCE GROWTH At year end 2011
HORSESHOE
PALOMINO
MUSTANG
US$950 RESERVE PIT LIMITS
CHAMPION
SMALL
MUSTANG
LEDBETTER
HORSESHOE
SNAKE
PALOMINO SOUTH PIT
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
CHAMPION SMALL SOUTH PIT LEDBETTER SNAKE
PLAN VIEW
HAILE LONG SECTION
2 0 1 1
21
RESOURCE GROWTH At year end 2011
HORSESHOE
PALOMINO
MUSTANG
US$1200 RESOURCE SHELL
CHAMPION
SMALL
MUSTANG
LEDBETTER
HORSESHOE
SNAKE
PALOMINO SOUTH PIT
21
US$950 RESERVE PIT LIMITS
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
LONG SECTION
CLOSEUP
22
UNDERGROUND STOPES BELOW US$1200 RESOURCE SHELL
2011 UNDERGROUND STOPES AT US$1200 GOLD 22
HORSESHOE PALOMINO
SNAKE
HORSESHOE PALOMINO SNAKE
MUSTANG
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
DRILLING SCHEDULE – COST/FT
($ thousands, except per foot date) Total Footage Total Cost Total Cost per foot
CONTRACTOR RC 208,853 $9,076 $43.46
HGM RC 73,082 $3,781 $51.74
23
CONTRACTOR CORE 165,044 $9,118 $55.24
HGM CORE 140,838 $3,762 $26.71
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
• 404 Wetlands Permit only • USACE is sole deciding
regulatory body
• All other agencies commenting agencies only – EPA, US Fish and Wildlife, etc.
• 401 Water Quality Certification • Mining Permit
• Operating Permit • Air Quality Permit
• Others
Federal – USACE* State – DHEC**
* US Army Corps of Engineers���** South Carolina Department of Health and Environmental Control
HGM PERMITTING
24
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
HAILE GOLD MINE PERMITTING
25
ALL
BA
SELI
NE
STU
DIE
S R
EVEA
L No endangered species
No historical sites
No fish or protected wildlife
No impact on local water supplies
No impact on recreation areas
No impact on traffic patterns
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
Typical Palustrine Emergent Wetland
WETLANDS AT HAILE PROPERTY
26
Typical Palustrine���Forested Wetland (inundated)
Non-Relatively���Permanent Waters���
(intermittent stream channel)
Duckwood���(location of Tailings Facility)
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
Record of Decision (ROD)
30 day minimum comment period
Final EIS includes comments, amendments if necessary
Prepare Final EIS and Response to Comments
45 day Review Period
DraN EIS filed
PreparaPon of DraN EIS
Scoping Comment Period Closes – Nov. 28, 2011
Public Scoping MeePng – Oct. 27, 2011
30 day noPce period
NoPce of Intent Federal Register – Sept. 23, 2011
Contractor (3rd Party) SelecPon – Sept. 2, 2011 (announced Sept. 26, 2011) þ
þ
þ
þ
þ
ENVIRONMENTAL IMPACT STATEMENT PROCESS
27
CURRENT STAGE
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R § Equipment has been ordered
§ Pricing is locked in
HAILE EQUIPMENT BEING ASSEMBLED
28
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
• Strong balance sheet with approximately $115M in cash and no debt(1)
• Well defined project schedules and clear development milestones
Haile Milestones and Status Report
Milestone / Activity Status
Complete feasibility study P
State operating permit submitted P
401/404 permit submitted P
Resource / reserve report P
Expand Haile & Horseshoe P
Identify new targets P
Acquire other properties P
Explore regional targets P Update Resource 2012 – Q1
Draft EIS 2012
(1) As at December 31, 2011
Project Schedule for EIS
2011 2012 2013 2014
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Feasibility Study
Optimization
Permitting
Construction
Production
Exploration
CLEAR PLAN TO BRING HAILE INTO PRODUCTION
29
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
CAPEX CREEP ? – INDUSTRY VS. ROMARCO
According to Engineering News-Record December 2011, the prior year construction cost increases by major category were:
§ LABOUR + 1.9% § CONCRETE + 5.0%
§ REBAR + 10.5%
§ PLATE STEEL + 5.8%
§ STEEL SHAPES (avg) + 7.4%
INDUSTRY
30
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
CAPEX CREEP ? – INDUSTRY VS. ROMARCO
Based on HGM’s exposure, assuming an overall inflation of 5% per year, the project could increase by ~$11 million during 2012 and ~$4 million in 2013 (~$15 million combined)
ROMARCO
The current project estimate of $292 million includes ~$30 million in contingency:
§ PROJECT CONTINGENCY $27.6 million § OWNERS COST CONTINGENCY 2.3 million
31
Locked in firm pricing on mobile fleet, mills, shovels ���(~ $80 million) ���Exposure to cost increases - diesel & construction contract
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
BlackRock
Sun Valley Gold
Franklin Templeton Investments
Oppenheimer Funds
Van Eck
Colonial First State
Norges Bank
Tocqueville
JP Morgan
US Global Investors
Baker Steel Capital Managers
Wellington Management
Investec
URAM
Fidelity Investments
70% Institutional Ownership
32
TOP
15 S
HA
REH
OLD
ERS
OF OUR SHARES ARE INSTITUTIONALLY
OWNED
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
TARGET PRICE Paradigm $2.75
BMO $2.50
GMP $2.50
NBF $2.10
RBC $1.50
ANALYST COVERAGE
33
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
P/NAV vs PEER GROUP
34
§ Romarco trades at a discount to its developer peers on a P/NAV basis(1)
Source: BMO Capital Markets, as at February 2, 2012
1.03x
0.90x 0.89x
0.81x 0.78x
0.74x 0.73x 0.72x
0.61x
0.8x
Rubicon Minerals
Rainy River International Tower Hill
Extorre Gold Mines
Detour Gold Torex Gabriel Resources
Guyana Goldfields
Romarco Junior Median
Median = 0.78x
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
EV/RESOURCE
35 Source: BMO Capital Markets, as at February 2, 2012
$349
$258
$220
$155 $146
$132
$89 $87
$19
$351
Rubicon Minerals
Extorre Gold Mines
Torex Romarco Gabriel Resources
Detour Gold Guyana Goldfields
Rainy River International Tower Hill
Junior Median
Median = $146
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
PEER COMPARISON 52 Week LOW vs. Stock Prices as per Feb. 2, 2012 close
36
!""#$%&'!(#)*&+$,$*-./0$!12/3$!314.1567/3$89:$;330$<&;$=>?$*-./0$!12/3>$6>$@31$A3B?$:C$:DE:$/F.>3G$$
HIJ$
IKJ$
!"#$
!%#$
&!#$
""#$
"%#$
"'#$
"(#$
%)#$
%)#$
%*#$
%*#$
9HJ$
(%#$
)#$ *)#$ !)#$ &)#$ ")#$ %)#$ ')#$ +)#$ ,)#$ ()#$ *))#$
GOLD!PRICE"
PEER!MEDIAN"
PERSEUS"
QUEENSTON"
GUYANA"
LAKE!SHORE!GOLD"
INTERNATIONAL!TOWER!HILL"
RUBICON"
RAINY!RIVER"
PREMIER"
TRELAWNY"
NEVSUN"
SABINA"
ROMARCO"
TOREX"
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
Exchange/ Symbol TSX:R
Share Price(1) C$1.17
Shares Outstanding (Basic) 583.8M
FD Shares Outstanding (TSM)(2) 588.9M
Market Capitalization(1) C$683M
52 Week High / Low(1) C$2.60 / C$0.87
Cash Balance (December 31, 2011) US$115M
(1) As at close on February 7, 2012 (2) Includes 5.1 mm “in-the-money” options at an average strike price of C$0.48 as of February 7, 2012
Capitalization Summary
CAPITAL STRUCTURE
37
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
§ 2 in North Carolina ê Hickory – currently drilling
ê Historical production during 1800s
ê Historical drilling consists of 11 core holes and 130 RC holes
ê Completed 5 of 16 holes from phase one program
ê H KDH-11-002 encountered 10.7m of 4.5 g/t
ê Have budgeted for phase two program
ê Ironwood – currently drilling ê The highest grade encountered in the trenching was
9.1 g/t ê Twelve shallow RC holes and two core holes have
been drilled ê Currently drilling 6-hole phase one program
ê Results pending
Tennessee
Kentucky West Virginia
North Carolina
Georgia
South Carolina
Haile Mine Buzzard
Elm
Hickory Ironwood
Bayberry
Locust
NEW REGIONAL EXPLORATION TARGETS
38
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
§ 3 in South Carolina ê Bayberry – currently drilling
ê Similar host rocks, alteration and mineralization as observed at Haile
ê 74 shallow rotary holes, 8 RC holes, and 8 core holes previously drilled on the property
ê Completed 15-hole phase one program ê RC-2033 encountered 13.7m of 2.3 g/t,
including 4.6m of 5.5 g/t
ê Initiated phase two program
ê Locust – drill ready ê Small historical oxide resource (pre 43-101)
ê 34 RC and 27 core holes have been drilled on the property
ê Historical Reported, highlighted intercepts include: ê 71.5 meters of 2.9 g/t ê 5.1 meters of 1.5 g/t ê 74.6 meters of 1.5 g/t ê 65.0 meters of 1.9 g/t
ê Elm – drill ready ê Soil and rock chip sampling completed
ê Rock chip sampling has yielded 8.6 g/t
Tennessee
Kentucky West Virginia
North Carolina
Georgia
South Carolina
Haile Mine Buzzard
Elm
Hickory Ironwood
Bayberry
Locust
NEW REGIONAL EXPLORATION TARGETS
39
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
Proven gold mine development, finance, permitting and operations experience
Romarco has the team in place to bring Haile into production
Experienced Board of Directors Strong Management & Technical Team
Leendert Krol, acting Chairman § Former Brazauro, Newmont
Diane R. Garrett § Former Dayton Mining, US Global Investors
James R. Arnold § Former Freeport, Gold Fields – Richards Award Winner
Don MacDonald § CFO QuadraFNX, former NovaGold, DeBeers, Dayton Mining
John Marsden § Consultant, former Freeport – Richards Award Winner
Patrick Michaels § Portfolio Manager – Zuri-invest, Switzerland
Robert van Doorn § Former Mundoro, Rio Narcea, Morgan Stanley
Diane R. Garrett, Ph.D., President & CEO § Former Dayton Mining, US Global Investors
James R. Arnold, Sr. VP, COO § Former Freeport, Gold Fields – Richards Award Winner
Stan Rideout, Sr. VP, CFO § Former Phelps Dodge
David Thomas, VP, General Manager
James Berry, Chief Geologist & Regional Exploration Manager § Former Barrick
Brent Anderson, Mine Manager § Former Quadra, Freeport
Mike Gleason, Construction Manager § Former Freeport
Jim Wickens, Process Manager § Former Barrick
Johnny Pappas, Director of Environmental Affairs § Former Freeport
Ramona Schneider, Environmental Manager § Former Kinross
Dan Symons, Vice President, Investor Relations § Former Renmark Financial
STRONG BOARD, MANAGEMENT���& TECHNICAL TEAM
40
W W
W .
R O
M A
R C
O .
C O
M
T
S X
: R
SUMMARY
41
Near term, low cost gold producer with strong project economics
Located in a mining friendly jurisdiction with excellent infrastructure
Private Land – No Royalties
Significant Exploration Upside – open pit & underground
Solid cash position (~ US$115 million), no debt – as of December 31, 2011
70% Institutionally Held
Permits Pending – targeted by year end 2012
Extremely undervalued in today’s Market vs. Peers
W W W . R O M A R C O . C O M
Brookfield Place 181 Bay Street, Suite 3630 Toronto, Ontario M5J 2T3 Tel: 416.367.5500 Fax: 416.367.5505 Email: [email protected]
Dan Symons Vice President, Investor Relations [email protected]
CONTACT INFORMATION
