Romarco Announces First Quarter Results.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--May 31, 2004 ROMARCO MINERALS INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:R)(the "Company") is pleased to report its first quarter financial results. All figures are in Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents unless otherwise noted. Complete quarterly results are available on SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review and on the Company's website at www.romarco.com.
Selected Financial Data (unaudited)
Three Months Three Months
Ended Ended
March 31, March 31,
2004 2003
Net loss $ (140,741) $ (113,977)
Loss per share (0.01) (0.01)
Cash flows used in operating
activities (219,882) (337,916)
Cash flows used in investing
activities (128,754) -
Cash flows (used in) from
financing activities 6,500 -
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Decrease in cash and cash
equivalents $ (342,136) $ (337,916)
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March 31, December 31,
2004 2003
Current assets:
Cash and cash equivalents $ 1,286,959 $ 1,629,095
Short-term deposits 1,745,506 1,745,506
Other 106,941 45,981
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Total current assets 3,139,406 3,420,582
Mineral property interests 403,073 271,019
Equipment 9,840 10,581
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Total assets $ 3,552,319 $ 3,702,182
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Current liabilities:
Accounts payable and accrued
liabilities $ 79,513 $ 128,135
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Shareholders' equity:
Share capital 31,202,047 31,195,547
Contributed surplus 672,446 672,446
Stock Options 179,500 146,500
Deficit (28,581,187) (28,440,446)
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Total shareholders' equity 3,472,806 3,574,047
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Total liabilities and
shareholders' equity $ 3,552,319 $ 3,702,182
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For the quarter ended March 31, 2004 the Company incurred a net loss of $140,741 compared to a loss of $113,977 for the same quarter of the previous year. By excluding stock-based compensation of $29,700 (2003 - $5,500), the loss for the first quarter of 2004 would be $111,041 compared to $108,477 for the first quarter of 2003. The loss from operations of the Company primarily reflects the overhead costs overhead costs see fixed costs. incurred by the Company as it evaluates precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. properties for acquisition. The exploration and development costs incurred at the Company's Hog hog: see swine. hog Heavy, fat-producing domesticated pig developed in the U.S. in the late 19th and early 20th century. As the growing use of cheaper vegetable oils decreased the importance of lard as a source of fat, meatpackers sought hogs Ranch ranch, large farm devoted chiefly to raising and breeding cattle, horses, sheep, and goats. The cattle ranch was introduced from Latin America to Texas and the plains of the W United States and Canada. and Buckskin buckskin body coat color in horses, varies from yellow to almost brown; the points, including mane, tail, lower limbs are brown to black. National projects in Nevada have been capitalized to mineral property interests. At March 31, 2004, the Company had cash and short-term deposits totalling $3,032,465 as compared to $3,374,601 at December 31, 2003. The primary uses of cash in the first quarter of 2004 were to fund: the loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the ; the exploration program at Hog Ranch; and the initial property payments due on the acquisition of the Buckskin-National project. At Hog Ranch, Romarco has spent $85,000 in the first quarter of 2004, and plans to spend an additional $715,000 in 2004, to continue its exploration program. Phase I drilling in early 2004 consisted of 2380 feet (725m) in three rotary-reverse circulation drill holes. Phase II drilling will consist of 4500 feet (1372m) of diamond core drilling Diamond core drill bits are used to bore large holes in brick, concrete and stone. They are not generally used in other materials. The bit consists of a metal cylinder, usually relatively soft steel mounted on an arbor. and is designed to extend the mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. penetrated in Phase I and begin testing other high priority targets on the property. At Buckskin-National, Romarco has spent $4,600 in the first quarter of 2004, and plans to spend an additional $710,400 in 2004, as it begins a comprehensive exploration program, including mapping the surface and underground geology, logging all available existing drill cores, conducting a widespread systematic soil sampling program, and initiating diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral of bonanza Bonanza saga of the Cartwright family. [TV: Terrace, I, 111–112] See : Wild West vein targets. Romarco begins the second quarter of 2004 with $3 million in cash and short-term deposits and no debt. With the Hog Ranch Project and the Buckskin National Project, Romarco will have two drill projects underway this coming field season. Romarco will continue its acquisition strategy with the objective of having several projects at various stages of development in its portfolio to provide shareholders the maximum exposure and leverage to the gold market. ON BEHALF OF ROMARCO MINERALS INC. Diane R. Garrett, President and C.E.O. THE TSX VENTURE EXCHANGE TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE, WHICH HAS BEEN PREPARED BY MANAGEMENT. |
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