* Costs for Haile project expected to be $275 mln
* Average initial production costs pegged at $347/oz (In U.S. dollars unless noted)
TORONTO, Feb 9 (Reuters) - Gold exploration company Romarco Minerals (R.TO) said on Wednesday it has completed a feasibility study on its Haile gold project in South Carolina.
The study found that it will cost about $275 million to construct the mine, with average production costs estimated at about $347 an ounce over the first five years.
Romarco said the mine could likely produce 150,000 ounces of gold annually over its first five years of operation. The project, which has proven and probable reserves of more than 2 million ounces, has a projected mine life in excess of 13 years.
The Toronto-based company said it intends to proceed with construction and commissioning of the project as soon as the necessary financing and permits are in place.
Romarco acquired the Haile mine from Kinross Gold (K.TO) in 2007. The mine was closed during the low gold price environment of the late 1990s.
Shares of Romarco closed 4 Canadian cents lower at C$2.37 on the Toronto Stock Exchange on Wednesday. It made its statement after the market close.
$1=$0.99 Canadian Reporting by Euan Rocha; editing by Peter Galloway