Romarco completes sale of Midas property

Having sold the Midas project in Nevada, Romarco Minerals (R-T) intends to continue exploring its remaining 10 properties in the mineral-rich state.

The Toronto-based junior sold its interest in Midas to the Midas joint venture — owned equally by subsidiaries of Franco-Nevada Mining (FN-T) and Euro-Nevada Mining (EN-T) — for 480,000 free-trading shares of the Franco-Nevada and 620,000 shares of Euro-Nevada.

Romarco previously had outlined a gold resource on the Belnap, Dixie and Bill Vest claims, as well as the Unger Fee land, which together made up the Midas project. The land package adjoins the Ken Snyder gold-silver mine, which is being developed by Franco- and Euro-Nevada. Commercial production is expected early next year.

The completion of the transaction leaves Romarco debt-free, with working capital of about $43 million and 25.9 million shares outstanding. The company is already planning a drill program to test gold targets at its Jake Creek, Red Rock and Goldfield projects in Nevada.