Local, state officials rooting for gold mining’s return to South Carolina - Romarco

21 September 2009 | 05:14 Code : 19522 Geoscience events
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After two decades in Nevada mining, Romarco Minerals (TSXV: R) Senior Vice...

After two decades in Nevada mining, Romarco Minerals (TSXV: R) Senior Vice President and COO Jim Arnold thought no one could be more supportive of gold mining than rural Nevada communities.But, during a presentation to the Denver Gold Forum Monday, Arnold said the pride of South Carolinians in their gold mining history and pro-mining attitudes exceeds that of the residents of top U.S. gold producer, Nevada.Reno-based Romarco’s Haile Gold mine is the second oldest significant gold discovery in the United States, and also the oldest actively managed gold mine in the country. The last commercial gold production in the region was Kennecott Mining’s Ridgeway Mine which ceased production in 1999.Arnold noted that 500 mines are active in South Carolina today, and that the mining interest of the state is now only second to the farming interest.The Carolinas’s gold rush was the first in the United States preceding California gold’s famed 49ers. Carolina provided the only native U.S. gold to the nation’s mint for years.A feasibility study released In February highlighted 1.5 million of proven and probable gold reserves. "It is important to note that such resources are not centuries-old, over-explored qualities of the property, but more recent developments that underscore the area’s ongoing potential," Romarco Minerals stresses.The mine could produce 150,000 ounces gold, along with 250,000 silver ounces annually, Arnold said.Among the most enthusiastic supporters of gold mining in South Carolina are a former governor, a current state senator, state representatives, South Carolina mayors, the State Economic Development Agency and county commissioners who have approved tax credits, a reduction in property tax from 10% to 4%, allow certain equipment to be purchased tax free by Romarco and a total package of incentives which now saves Romarco $3 million annually, Arnold noted.Romarco anticipates a few resources update this fall, as well as a new reserve and feasibility update in February 2010, he said.


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