(MENAFN - ProactiveInvestors - UK) Romarco Minerals (TSE:R) said on Wednesday it received a schedule for completing an environmental impact statement for its Haile gold project in South Carolina, which will take longer than initially expected.
The U.S. Army Corps of Engineers gave a schedule for completing the environmental impact statement (EIS) for the Wetlands permit.
However, a decision regarding the permit won't be made until August 16, 2013, the exploration-stage company said.
The Federal 404 Wetlands permit is the only Federal permit Romarco requires for the Haile project. The Corps is the federal agency regulating 404 permits.
"While the Corps' schedule for completing the EIS and issuing its record of decision is longer than we have been targeting, that schedule provides clarity for our planning," president Diane Garrett said in Wednesday's statement.
"We will continue to advance detailed design and engineering for the project, adjust equipment orders to align with the Corps' schedule, and diligently manage our cash as we advance one of the best undeveloped gold deposits in the world."
Other pending permits include, but are not limited to, the State 401 Water Quality Certification and the State Mine Operating permit. The regulating agency for these permits is the South Carolina Department of Health and Environmental Control (DHEC).
The DHEC has indicated that it will schedule its public hearing for the State permits following the filing of the draft EIS by the Corps.
The Haile mine is located within the Carolina Slate Belt, which has been host to many gold deposits spanning over five states.
The gold mine has an estimated measured and indicated gold resource of 71.2 million tons at a grade of 1.77 grams per ton (g/t) for four million ounces.
In the inferred category, the gold resource stands at 20.1 million tons with a grade of 1.24 g/t for 800,000 ounces.
Shares took a nosedive of nearly 21 percent descending to 64 cents apiece in trade on the Toronto Stock Exchange Wednesday.