UPDATE: Romarco Announces 2012 Drill Program; Price Off 4%

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Romarco Minerals Inc. (R.TO) went down to $1.20, off 4% from yesterday's close, after providing an outline of its planned 2012 drill campaign based on the positive results from the 2011 exploration program.

The company's 2012 exploration and development drilling plan will be conducted with five company-owned rigs (four core and one reverse circulation). This program will yield a cash savings of approximately US$17 million over the 2011 drill plan and deliver 85,000 meters of exploration drilling in highly prospective areas. The proposed budget for the 2012 drill program is approximately US$12 million. The company believes that contractor drills can be re-mobilized and additional company rigs can be acquired if warranted by exploration success. The structural information gained from core versus reverse circulation drilling should lead to improved step-out targeting.

By mid-morning, more than 110,000 Romarco shares have already changed hands.

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This article appears in: Investing , Commodities

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