Mr. Dan Symons reports

ROMARCO FILES UPDATED 43-101 TECHNICAL REPORT TO REFLECT UPDATED ECONOMICS

Romarco Minerals Inc. has filed an updated technical report. The new report is based on the company's previously filed technical report, but updates the economics of the project, including initial and sustaining capital, operating, reclamation and mitigation costs, and gold price. (All dollar amounts are expressed in U.S. dollars unless otherwise indicated.) Following the recent issuance of all material permits, and given the passage of time from the original economic analysis, the company took this opportunity to undertake confirmatory work on the project economics using the permitted mine plan set out in the original feasibility study reflected in the company's February, 2011, technical report. The feasibility study was also incorporated in the company's most recent technical report filed in March, 2012. The company engaged Independent Mining Consultants of Tucson, Ariz., and M3 Engineering and Technology Corp. of Tucson, Ariz., as well as Gochnour & Associates of Parker, Colo., and NewFields Mining Design and Technical Services of Lone Tree, Colo., as its independent qualified professionals for this update.

The National Instrument 43-101-compliant technical report retains the pit geometry and all drill data from the feasibility study; therefore, mineral resources and mineral reserves remain unchanged in the new report. All-in sustaining costs per ounce of gold produced for the Haile project based on the updated technical report is $624 per ounce of gold produced.

All-in sustaining costs per ounce of gold produced are a non-generally accepted accounting principles financial measure consisting of all on-site operating costs, such as mining, processing, refining and site administration, concurrent reclamation and closure costs, sustaining capital expenditures, and mitigation costs, net of silver byproduct sales divided by gold ounces produced.

Key features of the technical report include:

• Mineral reserves and mineral resources remain unchanged from prior technical report. See attached resources and reserves tables.
• Cut-off grades for the mineral resource calculation were unchanged at 0.41 gram per tonne (0.012 ounce per ton) for the open pit and 2.74 grams per tonne (0.08 ounce per ton) for underground.
• Mineral reserve cut-off grade was unchanged at 0.48 gram per tonne (0.014 ounce per ton).
• Average grade for the mineral reserves also remains unchanged at 2.06 grams per tonne (0.060 ounce per ton).
• Gold recovery was unchanged while silver recovery was increased from 50 per cent to 70 per cent based on recent testwork.
• There were no changes in the processing capabilities (7,000 tons per day).
• Gold price increased from $950 per ounce to $1,250 per ounce.
• After-tax net present value at a 5-per-cent discount rate increased from $191-million to $329-million.
• After-tax internal rate of return increased from 15.7 per cent to 20.1 per cent.
• Capital costs are now projected to be $333-million (including $17-million for contingency), of which approximately $31-million has already been paid.
• The increase in capital is primarily due to bringing forward some work that was previously projected to be sustaining capital, increased insurance amounts, refinements in the detailed engineering (which is now 85 per cent complete), additional capital affiliated with permit requirements and increases in materials costs.
• Compared with capital costs of $275-million in the prior technical report (including $30-million for contingency), the company's subsequently updated estimate was $320-million (including $30-million for contingency and $17-million for inflation).
• Sustaining capital is currently projected to be $139-million versus $119-million in the feasibility study.
• The bulk of the sustaining capital costs are for earthworks associated with tailings and overburden stockpile construction, in respect of which unit rates for material moved have increased.
• Updated operating costs are $23.79 per ton of ore processed and $476.94 per ounce produced (including refining costs and net of silver byproduct credit). These costs represent a 26-per-cent increase from the feasibility study due to increased costs for labour and consumables and an increase in power (initial rate of five cents per kilowatt hour).

Information regarding mineral resources and mineral reserves and sensitivities is set out in the attached tables. The full technical report can be accessed on SEDAR and from the company's website. For a full discussion of the company's sampling, analysis, quality assurance, quality control and other technical disclosure, please see the technical report.

The mineral resource and mineral reserve calculations in the technical report were completed by Independent Mining Consultants of Tucson, Ariz., under the direction of John Marek, an independent qualified person pursuant to NI 43-101. M3 Engineering and Technology completed, among other things, the NI 43-101 technical report under the direction of Joshua Snider, PE, and Erin Patterson, PE, each an independent qualified person pursuant to NI 43-101. Pat Gochnour of Gochnour & Associates, an independent qualified person pursuant to NI 43-101, completed the environmental work reported in the technical report. Geotechnical analyses and earthworks designs were completed by NewFields Mining Design and Technical Services under the direction of Carl Burkhalter, PE, an independent qualified person pursuant to NI 43-101. All qualified persons have reviewed and approved the technical report.

The mineral reserve estimate and mineral resource estimate were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum definitions standards for mineral resources in accordance with NI 43-101 (standards of disclosure for mineral projects).

             TOTAL MINERAL RESOURCES AT $1,200 PER OUNCE GOLD

                          Measured Indicated Measured plus indicated Inferred

Metric tonnes (000s)        36,894    34,277                  71,171   20,125  
Grade (g/t)                   1.79      1.74                    1.77     1.24    
Contained gold ounces (000s) 2,125     1,914                   4,039      801     

  PROVEN AND PROBABLE MINERAL RESERVES AT $950 PER OUNCE GOLD

                            Proven Probable Proven plus probable

Metric tonnes (000s)        19,592   10,917               30,509          
Grade (g/t)                   2.19     1.82                 2.06            
Contained gold ounces (000s) 1,382      636                2,018           

             AFTER-TAX NET PRESENT VALUE AND 
           INTERNAL RATE OF RETURN SENSITIVITIES 
                                                                        
                 NPV at 0%         NPV at 5%  IRR % Payback years
                (millions)        (millions)

Base case            $597              $329   20.1%           3.9         
                                                                        
Gold price     +20%  $935              $573   30.0%           2.7         
               -20%  $243               $75    8.7%           7.7         
                                                                        
Operating cost +20%  $457              $231   16.1%           4.6         
               -20%  $729              $422   23.7%           3.3         
                                                                        
Gold recovery   +5%  $699              $403   23.2%           3.4         
                -5%  $493              $255   17.0%           4.5         
                                                                        
Gold grade     +20%  $961              $591   30.7%           2.6         
               -20%  $219               $58    7.9%           8.1         
                                                                        
Silver price   +20%  $603              $334   20.3%           3.8         
               -20%  $590              $324   19.9%           3.9         
                                                                        
Capital cost   +20%  $541              $274   16.1%           4.7         
               -20%  $651              $383   25.7%           3.0         
                                                                        
Silver grade  +100%  $628              $352   21.1%           3.7         
              -100%  $565              $306   19.2%           4.1