Ms. Diane Garrett reports

ROMARCO EXECUTES PROJECT FINANCING MANDATE LETTER

Romarco Minerals Inc. has executed a project financing mandate letter with a syndicate of three international financial institutions -- Caterpillar Financial Services Corp., Macquarie Bank Ltd. and Societe Generale Corporate & Investment Banking -- to arrange a $200-million (U.S.) senior secured project finance facility for its 100-per-cent-owned Haile gold mine project in South Carolina.

The mandate letter specifies the roles and responsibilities of each syndicate member, includes customary project finance terms and conditions, and sets forth the steps necessary to arrange the debt facility. There is no requirement for mandatory gold hedging in the mandate letter. Closing of the debt facility is subject to the company's internal approvals, completion of due diligence, lender credit approvals, permit approvals and documentation. The mandate letter contemplates a commitment letter during the third quarter of 2014. The company is also reviewing various other sources of financing to provide the balance of the funds for construction. These may include equity, debt or other capital market transactions.

The lenders were chosen following completion of initial due diligence and a competitive solicitation process during which the company received proposals from a number of project finance banks and alternative lenders.

The company is being advised by Cutfield Freeman & Co. Ltd. (financial adviser) and Shearman & Sterling LLP (project finance counsel). The lenders are being advised by Allen & Overy LLP (lenders' counsel).

At June 30, 2014, the company's cash position was approximately $32.2-million (U.S.).

Diane Garrett, president and chief executive officer, stated, "We are pleased with the significant progress in Haile's permitting process, which allows us to further advance the various forms of financing alternatives we have been pursuing."