Romarco Options Hog Ranch Gold Project in Nevada.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 7, 2003

ROMARCO MINERALS INC. (TSXV: R.T) (the "Company") announces today that it has entered into an option agreement with Seabridge Gold Inc. on the Hog Ranch Project located in northern Nevada. Romarco has the option to earn a 60% interest (65% under certain conditions) in the Project by (i) spending US$2.5 million in exploration and project holding costs and (ii) issuing to Seabridge a total of 1.5 million shares of Romarco prior to December 31,2007 (see detailed terms below). Romarco will be the operator of the project during the term of the Agreement.

Commenting on the transaction, Diane Garrett, President and CEO of Romarco stated "We believe the Hog Ranch project has significant potential to create value for our shareholders and we are excited about the opportunity to advance the project and partner with Seabridge. Romarco has worked diligently over the past eight months reviewing approximately 70 projects in 5 countries looking for quality assets. The Hog Ranch Project meets our criteria of a quality asset with good potential to create value for Romarco and its shareholders. Romarco is continuing it's acquisition strategy and plans to have several projects at various stages of development in its portfolio to provide our shareholders the maximum exposure and leverage to the gold market. Romarco is in the process of putting together a technical team to advance the Hog Ranch Project as well as additional assets that Romarco is currently evaluating."

Hog Ranch is a large volcanic-hosted gold/silver district that contains high-grade gold mineralization within quartz-adularia banded veins similar in age, texture and mineralogy to the veins at the Sleeper, Midas and Ivanhoe gold projects in northern Nevada. Previous exploration and mining activities focused on open-pit deposits amenable to heap leaching. Romarco believes the geological characteristics evident at Hog Ranch indicate the potential for high-grade quartz-adularia veins occurring at greater depth than the previously mined low grade, near surface deposits. This assessment is supported by several holes that were previously drilled beneath two of the six known deposits (Geib and 139) which demonstrated that high grade gold concentrations exist below the level of exploitation beneath and along strike of the developed pits (see table below). Data generated within the Hog Ranch Project area since 1980 suggests that the discovery history at Midas, which is a geologically analogous district, may be repeated at Hog Ranch. At Midas historical prospecting and mining of near-surface deposits failed to reveal the extraordinary bonanza deposit later found at depth.

Property Description and Exploration History

The Hog Ranch Project is located in northern Washoe County, Nevada, approximately 185 kilometres (115 miles) north of Reno. The Project consists of 238 contiguous unpatented claims controlled by Seabridge through a lease agreement with Platoro West, a private company.

Hog Ranch is a Mid-Miocene, rhyolite hosted epithermal gold system encompassing over 20 square miles of alteration and mineralization. Lithologic units include rhyolitic ash flow tuffs, bedded tuffs, probable flow domes and linear eruptive vents, and lacustrine sediments. Strong enrichments of gold, arsenic and antimony occur throughout this extremely large altered area. Previously mined open-pit deposits, along with the existing low-grade resource areas, consisted of near-surface, low-grade disseminated deposits in flat-lying tabular bodies hosted largely by bedded tuff and sediments. Local higher grades zones were found in areas of quartz-adularia veins and breccias. Available data indicates that deeper high-grade veins are hosted in structures within flow banded rhyolite rather than the porous, near-surface, bedded tuff and sediments.

Gold was first discovered at Hog Ranch in 1980 by Noranda Exploration while conducting exploration for volcanic-hosted uranium. Ferret Exploration Company, Inc. acquired control of the project in 1982 and then subsequently sold the property to Western Goldfields who commenced mining activities in 1986. In 1988 Western Mining Corporation, USA purchased Hog Ranch and continued mining until 1993. From 1986 through 1993 approximately 200,000 ounces of gold was recovered from 8.5 million tons of ore mined from six separate near-surface deposits with an average grade of 0.036 ounces of gold per ton. In 1996 Western Mining reported a remaining unclassified gold resource of approximately 100,000 ounces of gold. This is a historical resource and not in compliance with NI 43-101, the Company has not verified the resource and therefore, this information should not be relied upon.

Several holes drilled by Western Mining beneath and along strike of open pit mineralization intersected high-grade quartz-adularia veins. However, exploration activities in Nevada prior to the major bonanza vein discoveries at Midas (Ken Snyder Mine) in 1994 were focused largely on near surface, open pit, heap leach targets, and the exploration activities at Hog Ranch reflected that focus.

Select high-grade drill intersections from the Geib and 139 zones completed by Western Mining, which have not been mined and are not included in the unclassified resource, are as follows:

GEIB ZONE

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Drill Hole        From             To    Interval        Au Grade
                   (ft)           (ft)        (ft)           (opt)
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6-069              275            280           5          0.9246
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6-155              260            265           5           1.026
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7-019              220            225           5           0.773
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7-120              205            215          10           1.735
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7-126              255            260           5           1.457
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7-215              145            155          10           0.733
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7-238              200            205           5           2.711
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8-025              265            270           5           1.293
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9-042              165            180          15           0.750
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9-044              240            245           5           2.123
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139 ZONE

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Drill Hole        From             To    Interval        Au Grade
                   (ft)           (ft)        (ft)           (opt)
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8-199              300            305           5           5.662
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9-375              240            245           5           1.296
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8-255              345            355          10           0.502
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9-240              105            110           5           0.763
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In addition to these assay intervals, drilling at each of the other four past-producing deposits, as well as at two additional exploration targets, have intersected a number of 5 foot intervals in excess of 0.5 ounces of gold per ton. All of these vein systems are open along strike and depth.

During early 2001, Seabridge completed an eight hole drill program designed to begin testing for the indicated high-grade vein mineralization. Highlights from this limited program included 2.5 feet assaying 0.58 oz/ton gold and 1.5 feet assaying 0.48 oz/ton gold. A further program was recommended to test for the higher grade 'boiling' zone mineralization which evidence suggests should be below the intercepts from the current program. However, due to poor market conditions at the time, Seabridge decided not to continue testing the numerous targets in the project area.

Romarco's Program of Work

Romarco intends to immediately initiate a staged exploration program consisting of data compilation, geological mapping, geophysical techniques, and geochemistry with the purpose of identifying high-quality bonanza vein drill targets. The program will focus both on following up on previously drilled high grade intercepts, and on major structures and volcanic intrusive centres that have never been properly explored for concealed high grade vein systems. Depending on timing of permitting and weather, Romarco may be able to begin drill testing some of the targets in late 2003 or early 2004.

Romarco's Qualified Person is William W. Walker, Professional Geologist. Mr. Walker will be preparing a NI 43-101 report in connection with the transaction.

Terms of the Option Agreement

The Agreement entered into between Romarco and Seabridge Gold provides an option for Romarco to earn a 60% interest in the Hog Ranch Project by completing cumulative US$ 2.5 million in exploration and project holding costs and distributing a total of 1.5 million shares of Romarco as per the following schedules:

1. Work Expenditures:

   Cumulative Amount        Date
   -----------------        ----

   $  500,000               By December 31, 2004  (firm commitment)
   $1,000,000               By December 31, 2005
   $1,650,000               By December 31, 2006
   $2,500,000               By December 31, 2007

In addition, in order to earn it's interest, Romarco must pay all advance royalty payments to Platoro West (through the lease agreement with Seabridge) and commit to keeping the property in good standing. All advance royalty payments and property payments will be credited toward the work expenditures set out above.

The advance royalty payments to Platoro West provides for annual royalty payments of US$10,000 on or before November 15, 2004 and escalating by US$2,500 per annum to a maximum of US$20,000.

2. Share Distributions:

   Share Distribution Amount      Date
   -------------------------      ----

   200,000 common shares          By December 31, 2003
   200,000 common shares          By December 31, 2004
   300,000 common shares          By December 31, 2005
   300,000 common shares          By December 31, 2006
   500,000 common shares          By December 31, 2007

Romarco may at its discretion accelerate such expenditures and share distributions in order to earn its interest at an earlier date. Additionally, Romarco may terminate its option by providing notice to Seabridge. Once Romarco has completed the above schedules of work expenditures and share distributions it shall have earned its 60% interest and Romarco and Seabridge shall form a Joint Venture. Romarco shall have a 90 day period after earn-in to exercise an option for an additional 5% (total 65%) by committing to take the Project to final feasibility within three years.

This transaction is subject to regulatory approval.

ON BEHALF OF ROMARCO MINERALS INC.

Diane R. Garrett, President and C.E.O.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release, which has been prepared by management.