2. Cau,onary
Statement
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
aother 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.
2
All figures are US$ unless otherwise indicated
3. Introduc,on
to
the
Haile
Project
§ Manageable
Capital
Cost
-‐
US$275
million
§ Low
Cash
Cost
–
US$379/oz
(US$347/oz
first
5
years)
§ High
grade
for
open
pit
–
2.06
g/t
3
4. Romarco
–
Company
Overview
Company
Descrip,on
§ Romarco
is
a
gold
development
company
focused
on
produc,on
primarily
in
the
U.S.
§ The
Company’s
flagship
project
is
the
Haile
Gold
Mine
in
South
Carolina
ê Recently
completed
posiMve
feasibility
study
Project
Loca,on
- PotenMal
to
increase
scale
of
operaMon
NORTH
Charlotte
CAROLINA
ê Focused
on
conMnued
exploraMon
success
Haile Mine
- Numerous
untested
zones,
district
potenMal
Myrtle
SOUTH Beach
§ Experienced
board,
management
&
technical
team
CAROLINA
Columbia
Capitaliza,on
Summary
Exchange/
Symbol
TSX:R
Share
Price(1)
C$2.41
GEORGIA Atlantic Ocean
Shares
Outstanding
(Basic)(2)
483.5M
FD
Shares
Outstanding
(TSM)(2)
516.5M
Market
CapitalizaMon(1)
C$1.16B
Cash
Balance
(January
31,
2011)
C$99.6M
(1)
As
at
close
on
February
8,
2011
(2)
Calculated
using
treasury
stock
method.
Includes
18.1
mm
warrants
and
15.0
mm
opCons
at
average
strike
price
of
C$0.60
and
C$1.04
respecCvely
as
of
January
31,
2011
4
181
Bay
St.
Suite
3630,
Toronto,
ON,
M5J
2T3
│Email:
info@romarco.com
│Office:
416.367.5500
│Fax:
416.367.5505
│Website:
www.romarco.com
5. Mining
Friendly
Jurisdic,on
with
Excellent
Infrastructure
Haile
Project
Loca,on
§ South
Carolina
is
a
mining
friendly
state
Kentucky
with
a
history
of
gold
mining
West
Virginia
ê LocaMon
of
1st
gold
rush
(before
California)
Tennessee
ê Carolinas
led
U.S.
gold
producMon
unMl
1848
ê 2nd
U.S.
Mint
in
Charlo^e,
North
Carolina
Russell
Mine
ê Original
49ers
came
from
east
coast
Reed
Mine
Howie
Mine
North
Carolina
ê Significant
gold
producMon
in
80s
–
90s
Haile
Mine
Brewer
Mine
ê Mining
part
of
local
history/community
Dorn
Mine
Ridgeway
Mine
ê 500
acMve
mines
in
South
Carolina
Magruder
Mine
Bante
Mine
Tathom
Mine
South
Carolina
§ Romarco
controls
8,000
acres
of
100%
Columbia
Mine
private
land
Georgia
ê Surface,
mineral
and
water
rights
5
6. Investment
Highlights
§ Near
term,
low
cost
gold
producer
with
strong
project
economics
§ Located
in
a
mining
friendly
jurisdicMon
with
excellent
infrastructure
§ Large
resource
with
significant
remaining
exploraMon
upside
potenMal
§ Strong
board,
management
and
technical
team
§ Clear
plan
to
bring
Haile
into
producMon
§ Solid
cash
posiMon
(~US$100
million),
no
debt
§ 11
drill
rigs
-‐
172,000
meters
drilling
scheduled
for
2011
(~US$30
million)
6
7. Resource
Summary
In-‐Shell
Resource
/
Reserve
Project
Resource
Gold
Name
Category
Tonnes
Grade
Contained
000 s
Mt
g/t
M
oz
Haile
P&P(1)
30.509
2.06
2.018
M&I(2)(3)
53.378
1.82
3.123
Inferred(2)
24.944
1.34
1.072
(1)
As
per
press
release
dated
February
9,
2011;
at
US$950
gold
(2)
As
per
Technical
Report
dated
December
14,
2010;
at
US$1200
gold
(3)
Includes
Proven
&
Probable
Reserve
$950
Pit
$1200
Resource
Shell
N
$950
Pit
area
accounts
for
less
than
10%
of
the
Haile
property.
7
8. US$950
Gold
-‐
Reserve
Pits
Champion
601
Small
Chase
Hill
Ledbeger
South
Horseshoe
Snake
8
9. Near
Term,
Low
Cost
Gold
Producer
§ Posi,ve
feasibility
study
on
Haile
Summary
of
Haile
Feasibility
Study
(US$950
Gold)
announced
on
Feb.
9,
2011
2
P
Gold
Reserves
( 000
oz)
2,018
§ Strong
project
economics
with
robust
Recovery
Rate
(%)
83.7
IRR
and
NPV
at
conserva,ve
gold
Net
Recoverable
Gold
( 000
oz)
1,681
prices
Annual
Mill
Throughput
( 000
t)
2,555
ê Low
cash
cost
operaMon
Daily
Mill
Throughput
(tpd)
7,000
ê Manageable,
low
cost
capital
requirements
Mine
Life
(years)
13.25
§ Posi,ve
feasibility
study
does
not
Overall
Strip
RaMo
(waste:ore)
7.2:1
include
Average
Feed
Grade
to
Mill
(LOM)
(g/t)
2.06
ê Horseshoe
zone
Average
ProducMon
(year
1)
( 000
oz)
172
ê Snake
Deep
Average
ProducMon
(years
1
-‐
5)
( 000
150
oz)
ê West
Ledbe^er
Cash
Costs
(year
1-‐5)
(US$/oz)
347
ê West
South
Pit
Cash
Costs
(LOM)
(US$/oz)
379
ê 601
IniMal
Capital
Expenditures
(US$M)
275.5
ê Inferred
resources
within
US
$950
Pit
Sustaining
Capital
Expenditures
(US$M)
119.2
§ Open
all
direc,ons
and
at
depth
Net
Present
Value
(5%
discount)
§ 2011
economic
studies
Pre-‐Tax
(US$M)
279
ê Underground
Studies
at
Horseshoe
Internal
Rate
of
Return
ê Expansion
Studies
Pre-‐Tax
(%)
19.6
9
ê Trade
off
Studies
11. Favourable
Posi,on
on
the
Cash
Cost
Curve
Average Cash Cost
lowest quartile Q3 2010 (1)
§ Haile
life
of
mine
cash
costs
of
US$379/oz
§ Compares
favourably
with
industry
average
cash
costs
of
US$572/oz
in
Q3
2010(1)
§ Posi,ons
Romarco
within
the
lowest
quar,le
on
the
cash
cost
curve
Industry
ROMARCO
Lowest
QuarMle
Average
LOM
Average
(2)
Average
Q3
2010
(1)
Q3
2010
(1)
(1) Source: GFMS presentation, Gold Survey 2010 Update
(2) Announced February 9, 2011
11
12. Clear
Plan
to
Bring
Haile
Into
Produc,on
Design
Overflow
&
Process
Descrip,on
§ Conven,onal
opera,on
Design
Overflow
Process
Descrip,on
§ Simple
flowsheet
§ Robust
“Simple”
§ Off-‐the-‐shelf
Crush
Æ
Grind
Æ
Flota,on
Flowsheet
technology
§ Proven
Technologies
Regrind
Flot
Con
Æ
Leach
Con
§ Ability
to
expand
project
scale
to
include
§ Flexible,
Expandable
Leach
Flot
Tail
Æ
Recover
both
addi,onal
resource
discoveries
§ Non-‐Refractory
CN
Detox
Æ
Tail
Storage
Facility
§ Off-‐The-‐Shelf
Standard
Carbon
Elu,ons,
EW
Technology
§ No
Long
Lead
Time
Units
12
13. Site
Layout
US$950
Pits
Overburden
Tailings
Facility
Mill
Site
13
15. Located
in
Mining
Friendly
Jurisdic,on
§ Strong
State
and
local
support
for
Haile
Strong
Community
Rela,ons
(July
4,
2010
Parade)
ê Drill
permits
received
in
<2
weeks
(650
holes)
ê No
Federal,
State
or
local
opposiMon
to
date
ê State
offered
tax
incenMves
- $3M
in
annual
savings
- Tax
reducMon
from
10%
to
4%
§ Permitng
ê Federal
(404)
-‐
SUBMITTED
- Wetlands
ê State
(South
Carolina)
- Mining
/
operaMng
permit
–
SUBMITTED
- Water
treatment
permit
- Storm
water
permit
- Air
permit
- Water
(401)
–
SUBMITTED
From
leW
to
right:
Diane
GarreZ
(CEO,
Romarco),
John
SpraZ
(South
Carolina
Congressman),
Mick
Mulvaney
(South
Carolina
State
Senator),
Jack
Estridge
(City
Counsel)
15
16. Located
in
Mining
Friendly
Jurisdic,on
§ Romarco
con,nues
to
build
strong
local
rela,onships
and
support
ê High
local
unemployment
ê Romarco
hires
locally
- 94
employees
+
50
contractors
ê $1million/month
spent
locally
§ Outstanding
Business
Award
(2010)
Ongoing
Community
Involvement
Strong
Community
Support
16
17. Resource
/
Reserve
Growth
§ Track
record
of
con,nuing
to
grow
resource
base,
con,nuity,
and
quality
of
ounces
§ 2010
Explora,on
Highlights
ê Discovered
Horseshoe,
conMnuity
between
Snake
&
Horseshoe,
high-‐grade
Snake
Deep,
high-‐grade
West
Ledbe^er,
high-‐grade
Mill
Zone
–
extension
of
South
Pit
§ Haile
remains
open
in
all
direc,ons
and
at
depth
§ 2011
–
largest
drill
program
to
date
* 2010 Resources are within a US$1200 Shell
(1)
Note: All ounces stated in the table 3 above are contained ounces
(1) Non 43-101 Historical Reserve in technical report filed July 17, 2007
17
18. Poten,al
Mineral
Deposits
Poten,al
Mineral
Deposits
(1)
Scenario
A
Scenario
B
Case
A
Case
B
Zone
Tonnes
x
1000
Tonnes
x
1000
g/t
g/t
Horseshoe
16,511
13,956
3.39
2.09
Ledbe^er
21,772
17,582
2.37
0.86
Snake
3,966
3,426
1.99
1.17
Chase
Hill
1,633
1,515
1.06
0.93
Mill
Zone
1,814
1,573
1.47
1.30
Small
5,039
4,149
0.65
0.62
601
Area
6,666
5,416
0.89
0.82
Champion
6,654
4,968
0.96
0.82
TOTAL
64,056
52,585
2.11
1.18
(1) The resulting potential ranges of quantities and grades listed below are conceptual in nature based on geologic knowledge, interpretation and wireframes.
There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in any of the targeted areas being delineated
18
as a mineral resource. The Company currently plans to focus on further exploration drilling within these potential mineral deposits during 2011 and beyond.
19. Poten,al
Mineral
Deposits
601
PotenMal
Mineral
Deposits
(PMD)
PMD
Small
Surface
MineralizaMon
based
on
drilling
PMD
South
Snake
PMD
Champion
Chase
Hill
PMD
PMD
PMD
Horseshoe
Ledbeger
PMD
PMD
19
20. Significant
Remaining
Explora,on
Upside
Poten,al
§ Large
district
land
package
with
numerous
untested
zones
along
Haile
gold
trend
601
Champion
Small
South
Ledbeger
Snake
Horseshoe
Haile
Long
Sec,on
–
Mineraliza,on
based
on
drill
data
through
September
30th
2010
US$950
GOLD
20
21. Significant
Remaining
Explora,on
Upside
Poten,al
§ Large
district
land
package
with
numerous
untested
zones
along
Haile
gold
trend
US$950
PIT
Snake
Horseshoe
Resource
within
US$1200
Shell
Horseshoe
Measured
&
Indicated
380Koz
Inferred
180Koz
US$1200
SHELL
Snake
/
Horseshoe
Long
Sec,on
21
22. Significant
Remaining
Explora,on
Upside
Poten,al
§ 2010
drill
program
of
108,000m
confirmed
resource
at
Haile
remains
open
along
strike
and
at
depth
ê 43,094m
of
2010
drilling
focused
on
condemnaMon
drilling
to
locate
suitable
tailings
site
§ M&I resources increased 44%
§ M&I grade increased 21% (to 1.82 g/t)
§ M&I tonnes increased 20%
2010
§ Inferred resources declined 46%
Highlights
ê Conversion to indicated
§ Inferred grade increased 33% (to 1.34 g/t)
§ 2P reserves increased 54%
2008
2009
2010
2011
22
23. Significant
Remaining
Explora,on
Upside
Poten,al
§ Increasing
Resources
and
Reserves
ê The
resource
/
reserve
summary
table
below
illustrates
the
tonnage,
grade,
and
contained
gold
ounces
at
a
US$1,200/oz
and
$950/oz
respecMvely
2010
Explora,on
Findings
Upside
From
Mineraliza,on
Not
Captured
§ Confirms underground potential § Zone not yet drill defined along strike and
Horseshoe Deep down dip
§ Highest grade Horseshoe
Discovery § Potential new zone may exist south of
§ Underground scoping study (2011) Zone
main Horseshoe/Snake trend
§ Extending to west and south § Mineralization encountered in down dip
South Pit
§ Higher grades encountered Snake extensions of Snake deposit
Deep
§ Areas lie beneath the resource shell
Zone
§ Additional drilling is planned
§ Extending to west and at depth
Ledbetter
§ Higher grades
§ Drill hole intercepts lie below the resource
West shell
Ledbetter
§ Extending at depth § Additional drilling is planned
Snake
§ Higher grades
Haile § Remains open West South § Strike extends beyond the resource shell
Corridor Pit § Step-out drilling is planned to test extent
§ Connecting Horseshoe
23
24. Strong
Board,
Management
and
Technical
Team
§ Proven
gold
mine
development,
finance,
permitng
and
opera,ons
experience
ê Romarco
has
the
team
in
place
to
bring
Haile
into
producMon
Experienced
Board
of
Directors
Strong
Management
&
Technical
Team
Edward
A.
van
Ginkel,
Chairman
Diane
R.
Garreg,
Ph.D.,
President
&
CEO
§ Consultant,
former
Noranda,
Dayton
Mining
§ Former
Dayton
Mining,
US
Global
Investors
Diane
R.
Garreg
James
R.
Arnold,
Sr.
VP,
COO
§ Former
Dayton
Mining,
US
Global
Investors
§ Former
Freeport,
Gold
Fields
–
Richards
Award
Winner
James
R.
Arnold
Stan
Rideout,
Sr.
VP,
CFO
§ Former
Freeport,
Gold
Fields
–
Richards
Award
Winner
§ Former
Phelps
Dodge
Leendert
Krol
James
Berry,
Chief
Geologist
§ Former
Brazuro,
Newmont
§ Former
Barrick
Don
MacDonald
Brent
Anderson,
Mine
Manager
§ CFO
QuadraFNX,
former
NovaGold,
DeBeers,
Dayton
Mining
§ Former
Quadra,
Freeport
John
Marsden
Kevin
Russel,
Regional
Geologist
§ Consultant,
former
Freeport
–
Richards
Award
Winner
§ Former
Barrick
Patrick
Michaels
Jim
Wickens,
Mill
Manager
§ Porqolio
Manager
–
Zuri-‐invest,
Switzerland
§ Former
Barrick
Robert
van
Doorn
Og
Jackson,
Health
&
Safety
§ Former
Mundoro,
Rio
Narcea,
Morgan
Stanley
§ Former
Freeport
Johnny
Pappas,
Environmental
Manager
§ Former
Freeport
Ramona
Schneider,
Environmental
Manager
§ Former
Kinross
Dan
Symons,
Manager
Investor
Rela,ons
§ Former
Renmark
Financial
24
25. Track
Record
of
Achieving
Milestones
§ Strong
track
record
of
achieving
milestones
and
delivering
shareholder
returns
02-Nov-10: 15-Dec-10:
Announces Appoints financial
updated in-shell advisor for debt
01-Dec-09: resource estimate financing for Haile
Announces at Haile
initiation of 13-Apr-10:
feasibility study at Completes public
Haile offering (61M
shares @ C$1.97/
28-Sep-09: share); proceeds
Announces of C$120M
acquisition of 662
acres of land
03-Mar-09: adjacent to Haile
Completes
private
placement
(72.1M units @ 13-Aug-09:
C$0.37/unit); Completes private
proceeds of C placement (52.3M
$27M shares @ C$0.88/
share); proceeds
11-Jan-11:
of $46M
19-Mar-09: Announces drill
Files 43-101 results of
feasibility 30.7m of 16.1
03-Feb-09: study for Haile g/t Au at Haile
Completes
bankable
feasibility
study on 09-Nov-10:
Haile Announces
11-Jan-10: 19-Jan-10: conditional
Announces Acquisition of approval for TSX
expansion of 2010 additional property listing
drill program at at Haile increasing
Haile land position by
53%
25
26. Clear
Plan
to
Bring
Haile
Into
Produc,on
§ Strong
balance
sheet
with
approximately
$100M
in
cash
and
no
debt(1)
§ Well
defined
project
schedule
and
clear
development
milestones
Project
Schedule
Haile
Milestones
and
Status
Report
2010
2011
2012
2013
Milestone
/
AcMvity
Status
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Finish
feasibility
study
Feasibility
Study
Final
state
permit
submi^ed
OpMmizaMon
401/404
permit
submi^ed
Permirng
Resource
/
reserve
report
ConstrucMon
Complete
Haile
financials
Expand
Haile
&
Horseshoe
2011
ProducMon
Acquire
other
properMes
2011
ExploraMon
Explore
regional
targets
2011
26
(1)
As
at
January
31,
2011
27. Well-‐Posi,oned
in
Peer
Group
§ Romarco
trades
at
a
discount
to
its
developer
peers
on
a
P/NAV
basis(1)
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7.8-6,5 94+.745: ;<6<=4 >.62?1>6+,- >4@.-A4 B,-<,C< D,34C- E23"1F4G,- 7C?.2. *2:62. 7-,?<3.-
H655
Market
Cap
$1,195
$3,097
$4,112
$5,532
$1,165
$1165
$1,320
$2,727
$891
$716
$184
$305
(US$M)
Rosia
Donlin
Canadian
Rainy
Central
Detour
Angos-‐
Key
Project
Çöpler
Haile
Livengood
Aurora
Volcan
Montana
Creek
MalarMc
River
AshanM
Lake
tura
Reserves
2.2
10.1
33.5
8.9
-‐
2.0
3.4
11.4
-‐
-‐
-‐
9.0
(Au
Moz)
M&I
3.7
4.8
4.3
2.2
2.4
3.1
1.0
7.5
6.9
3.2
9.2
0.8
(Au
Moz)
Inferred
0.1
1.2
4.4
0.5
2.7
1.1
1.7
3.7
1.4
1.4
2.3
1.3
(Au
Moz)
Mine
Life
8
16
25
12
-‐
13
10
16
21
17
-‐
15
LOM
Prod.
175
511
1,600
630
-‐
140
192
649
504
250
295
511
(Au
Koz)
LOM
Cash
$260
$373
$467
$381
-‐
$379
$498
$441
$560
$364
-‐
$391
Costs(3)
Source:
Metals
Economics
Group,
Company
filings
(1)
Price
to
NAV
based
on
consensus
analyst
esCmates
(2)
Excludes
Schemes
of
Arrangement
with
Avoca
Resources
which
is
expected
to
be
implemented
on
February
18,
2011
and
to
begin
trading
as
Alacer
on
February
21,
2011
27
(3)
LOM
cash
costs
excluding
by-‐product
credits
28. Well-‐Posi,oned
in
Peer
Group
$300 Osisko
Romarco
§ Romarco
trades
at
a
strong
AMC(1)/oz
mul,ple
reflec,ng
$300 Osisko
ê Large
resource
base
at
higher
t$250 verage
grade
han
a Luna Romarco
ê RelaMvely
advanced
stage
of
development
with
conMnued
evidence
of
upside
potenMal
US Gold Corp
$250 Luna Total
Resources
Gold
Explorers
Compe,,ve
Landscape
$200
Premier
$300 US Gold Corp Queenston
Weighted
Average
Gold
Grade:
1.38
g/t
Rainy River 25
Mozs
$250
EV / Oz (US$/oz)
$200 US
Gold
Corp Romarco
Rainy River 15
Mozs
EV / Oz (US$/oz)
$150
Osisko
Rainy
River
5
Mozs
$200
$150 Detour 1
Mozs
AMC
/
oz
(US$/oz)
Torex
Weighted
Average:
US$167/oz
Keegan
Geography
Guyana
GF
$150 Fr
Detour
$100 Goldstone Keegan
Volta Detour
Keegan
Int. Tower Hill West
AFronteer
frica,
Australia,
$100 Orezone Mexico
$100 Goldstone Orezone Goldstone Victoria
Klondex
Amarillo
Int. Tower Hill
PMI
Grayd Belo
Sun
Orezone Victoria North
America,
Exeter Riverstone
$50 Grayd Chile,
Brazil
$50
Northern
Gold Victoria
Midway Volta Resources Belo Sun
Rye
Patch Andina Northern
Freegold
Temex Amarillo Peers
Vior
Cassidy
Grayd Riverstone Resources
Coral $50 Rye Patch Resources
Volta
Exeter
Belo Sun
Amarillo
$0 Pediment Midway
Riverstone Resources
0.0 0.5 1.0 Rye Patch 1.5 2.0 2.0 6.0 10.0 Cassidy
Exeter Northern Freegold Vior Selected
Peers
Gold
Grade
(g/t) Pediment Midway
Temex
Vior Cassidy
Source:
RBC
Equity
Research,
as
of
February
8,
2011
Northern Freegold Northern Gold
28
(1) Represents
Adjusted
Market
CapitalizaCon
(“AMC”)
=
Market
CapitalizaCon
plus
Long-‐term
Debt
minus
Working
Capital
$0 Northern Gold
Temex
200
150
$0 Coral
0.3 Coral Andina 0.8 1.3 1.8
0.3 Andina 0.8 1.3 1.8 2.3
Gold G
29. Analyst
Coverage
§ 6
Analysts
Covering
Romarco
ANALYSTS
12
Month
Target
Price
Paradigm
Capital
$3.40
BMO
Capital
Markets
$3.25
GMP
SecuriMes
$3.15
RBC
Capital
Markets
$3.00
Wellington
West
Capital
Markets
$2.90
CIBC
World
Markets
$2.50
29
30. Opportuni,es
–
Strip
Ra,o
§ Current
strip
ra,o
is
7.2:1
§ Including
5mt
(1.1
g/t)
inferred
within
US$950
Pit
reduces
strip
ra,o
to
6:1
§ Further
reduc,ons
are
possible
through:
ê Remaining
saddles
between
deposits
through
addiMonal
drilling
ê ConnecMng
mineralizaMon
at
depth
Wheel
Loader
between
deposits
Haultruck
Hydraulic
Front
Shovel
30
31. Opportuni,es
–
Expansion
§ 7000
tpd
is
PHASE
1
of
Developing
Haile
§ Expansion
can
come
from:
ê Expansion
of
current
reserves
ê Underground
ê Open-‐pit
and
underground
ê New
deposit
ê One
of
our
other
properMes
§ Tailings
&
Plant
Site
are
designed
to
scale
20,000
tpd
opera,ons
from
7,000
to
20,000
tpd
mirror
design
of
10,000
tpd
14,000
tpd
opera,on
mirror
design
of
7,000
tpd
10,000
tpd
opera,on
requires
minimal
modifica,ons
7,000
tpd
§
§
addi,onal
crusher
flota,on
cells
PHASE
1
SCALED
FOR
EXPANSION
31
32. Summary
§ Near
term,
low
cost
gold
producer
with
strong
project
economics
§ Located
in
a
mining
friendly
jurisdicMon
with
excellent
infrastructure
§ Large
resource
with
significant
remaining
exploraMon
upside
potenMal
§ Strong
board,
management
and
technical
team
§ Clear
plan
to
bring
Haile
into
producMon
§ Solid
cash
posiMon
(~
US$100
million),
no
debt
§ 11
drill
rigs
–
172,000
meters
drilling
scheduled
for
2011
(~US$30
million)
§ Drill
permits
submi^ed
and
pending
32
33. Contact
Informa,on
Head
Office
Informa,on
Dan
Symons
Romarco
Minerals
Inc.
Manager,
Investor
RelaMons
Brookfield
Place
dsymons@romarco.com
181
Bay
Street,
Suite
3630
Toronto,
Ontario
M5J
2T3
Tel:
416.367.5500
Fax:
416.367.5505
Email:
info@romarco.com
Website:
www.romarco.com
33
