Romarco Announces First Quarter Results

ROMARCO MINERALS INC. ("TSXV: R" - the "Company") reports its first quarter financial results. All figures are in Canadian dollars unless otherwise noted. Complete quarterly results are available on SEDAR and on the Company's website at www.romarco.com.

Selected Financial Data (unaudited)
		Three Months Ended March 31, 2007				Three Months Ended March 31, 2006
Net income (loss)	$	(797,318	)		$	1,034,671
Income (loss) per share
- basic		(0.01	)			0.02
- diluted		n/a				0.01
Cash flows from (used in) operating activities Cash flows from financing activities Cash flows used in investing activities		(721,481 67,830 (735,976	) )			1,689,655 -    (289,176	)
Increase (decrease) in cash and cash equivalents	$	(1,389,627	)		$	1,400,479
		March 31, 2007				December 31, 2006
Current assets:
Cash	$	5,822,576			$	7,212,203
Other		273,191				181,821
Total current assets		6,095,767				7,394,024
Mineral properties interests		4,254,744				3,423,709
Equipment		171,124				101,982
Reclamation bonds		113,535				114,597
Other		4,330				-
Total assets	$	10,639,500			$	11,034,312
Current liabilities:
Accounts payable and accrued liabilities	$	154,697			$	174,519
Long-term liabilities:
Asset retirement obligations		56,689				56,689
Total liabilities		211,386				231,208
Shareholders' equity:
Share capital		40,582,275				40,343,097
Warrants		2,717,564				2,717,564
Stock options		723,250				540,100
Contributed surplus		672,446				672,446
Deficit		(34,267,421	)			(33,470,103	)
Total shareholders' equity		10,428,114				10,803,104
Total liabilities and shareholders' equity	$	10,639,500			$	11,034,312

The loss from operations of the Company primarily reflects the overhead costs incurred by the Company as it oversees exploration at its projects and evaluates precious metals properties for acquisition. The exploration and development costs incurred at the Company's projects have been capitalized to mineral property interests.

Audit and accounting fees are greater in the first quarter of 2007 than in the first quarter of 2006 as the Company began the practice of having its quarterly statements reviewed by its auditors, starting with the third quarter of 2006.

Consulting fees for the first quarter of 2007 increased as the Company increased its use of outside service providers to evaluate potential mineral property acquisitions.

Office, rent and communication costs increased in the first quarter of 2007 as the Company opened an office in Reno, Nevada. The Company expects to consolidate its operations in this new office and will phase out operations at its Vancouver, British Columbia location.

Salaries increased from 2006 due to increased staffing levels. Bonuses were also paid to certain officers of the Company during the first quarter of 2007 while bonuses paid in 2006 were paid in the second quarter.

Increased participated in the first quarter of 2007 by Romarco at a greater number of industry trade shows than in the first quarter of 2006 resulted in an increase in shareholder relations expenses as well as travel expenses.

The non-cash expense of stock-based compensation for the first quarter of 2007 is considerably higher than it was for the first quarter of 2006. During the first quarter of 2007 the Company issued 2,175,000 options to staff, directors and consultants, but did not issue any options in the first quarter of 2006. The Company recognized $183,150 of stock-based compensation in 2007 (2006 - $17,400) with a corresponding increase in the stock options component of shareholders' equity.

Interest income earned in the first quarter of 2007 is higher than in the first quarter of 2006 due to increased cash levels. During the first quarter of 2007, the Canadian dollar strengthened versus the US dollar, resulting in the foreign exchange loss recognized in the first quarter of 2007. The first quarter of 2006 saw the reverse situation where the Canadian dollar weakened versus the US dollar, and the Company recognized a foreign exchange gain of $23,045 in the first quarter of 2006.

During the first quarter of 2007, Romarco spent $659,687 and issued 677,600 common shares valued at $171,348 for its mineral property interests while in the first quarter of 2006, the Company spent $289,179 and issued 300,000 common shares valued at $48,000 for its mineral property interests.

At March 31, 2007, the Company had cash and cash equivalents totaling $5,822,576 as compared to $7,212,203 at March 31, 2006.

In May 2007, the Company executed a Letter of Intent with Kinross Gold Corporation to purchase the Haile Gold Mine property located in Lancaster County, South Carolina. Romarco has also entered into agreements with other parties to secure additional land around the Haile Gold Mine Property. Romarco's immediate plans are to complete a pre-feasibility study and begin the work necessary to reclassify the resources as reserves.

The terms of the agreement with Kinross, which is subject to final approval by both parties, include: (1) the issuance of 5 million common shares to Kinross Gold; (2) Romarco's assumption of the financial assurance bonding (US$4.6 million); and (3) a per ounce payment to Kinross on new reserve ounces delineated on it's property only (US$3 per ounce on reserves identified between 1 and 3 million ounces and US$5 per ounce on reserves identified between 3 and 5 million ounces). The aforementioned payments shall be paid once the project reaches commercial production and shall be paid from net cash flow.

Drill programs at three of Romarco's properties are planned for the remainder of 2007: Pine Grove and Red Canyon in Nevada; and the Pinos Gold District in Mexico.

For further information, please contact Diane Garrett, President and C.E.O. at (830) 634-7489 or by e-mail at dgarrett@romarco.com or Mr. Ralf Langner, V.P. Finance at (604) 688-9271 or by e-mail at rlangner@romarco.com  

ON BEHALF OF ROMARCO MINERALS INC.

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