Aspen Group Resources (ASRPF)

[Amaunet]

Romarco To Add Two Independent Directors To Board And Corporate Update

Our expertise is in identifying acquisition opportunities in the resource sector that will enhance shareholder value. Based on our preliminary due diligence, we believe that our proposed acquisition of Romarco meets this objective," stated Jack Wheeler, Aspen's Chairman and CEO.

I still have not picked up any resources that Romarco holds that can be enhanced, but I could have missed something. Romarco is refocusing on precious metals. Wonder if this thing is still on? Am



Thursday June 13, 10:42 am Eastern Time
Press Release
SOURCE: Romarco Minerals Inc.

Romarco To Add Two Independent Directors To Board And Corporate Update
TORONTO, ONTARIO--ROMARCO MINERALS INC. (TSXV: "R") is pleased to announce that two new independent board members, Robert van Doorn and Leendert Krol, will stand for election at the Company's upcoming annual and special shareholders' meeting. Both Mr. van Doorn and Mr. Leendert Krol have extensive experience in the precious metals sector and would serve the Romarco Board as independent unrelated directors together with Ms. Diane Thomas Garrett, who joined the Board in 1999. Management of Romarco is excited about the prospect of their future contributions in the refocus of Romarco in the precious metals sector.

Robert van Doorn (M.Sc. Mining Engineering, MBA) is a senior mining consultant and was a mining specialist at Loewen, Ondaatje, McCutcheon ("LOM") from 1993-1995 and from 1997 to 2002. From 1995 to 1997, Mr. van Doorn was the global gold analyst at Morgan Stanley & Co. in New York. He has more than 20 years of experience in the mining industry, including 31/2 years in the business development group of Billiton International Metals.

Leendert G. Krol (M.Sc. Geology) is an independent mining consultant and has 34 years of diversified experience in the mining industry, including 15 years with Newmont Mining Corporation, where Mr. Krol was in charge of international exploration. Prior thereto, Mr. Krol was with Anglo American Corporation of South Africa Ltd., De Beers and Anaconda Minerals Company and worked as an independent consultant for The Dow Chemical Company.

Diane Thomas Garrett (M.A., Ph.D. Mineral Economics) will stand for re-election at the Company's upcoming annual and special meeting. Ms. Garrett has more than 10 years of senior management and financial expertise in the field of natural resources. Ms. Garrett is currently Vice President, Corporate Development of Idaho Consolidated Metals Corp., a platinum exploration company. Prior thereto, Ms. Garrett was Vice President Corporate Development of Dayton Mining Corp. and held the position of Senior Mining Analyst with U.S. Global Investors.

In addition to Messrs. van Doorn and Krol and Ms. Garrett, Mr. Joseph van Bastelaar, C.E.O. and President of Romarco and Mr. Gary Nobrega, C.F.O. of Romarco will stand for re-election at the upcoming meeting. Ms. Judith Robinson will not be standing for re-election. The professionalism, skills and expertise that this new board possesses will be extremely valuable to the Company in its future growth.

Corporate Update

On May 16 and 22, 2002 Romarco announced, among other things, that it would not be proceeding with the share exchange agreement in connection with the acquisition of Pocketop shares. In these press releases, Romarco announced a restructuring plan pursuant to a statutory plan of arrangement (the "Arrangement"). The Arrangement will consist of (i) the unwinding of Romarco's agreement with GMS Worldwide Inc. ("GMS") and the subsequent cancellation of 5 million common shares of Romarco currently held in escrow for the benefit of the former GMS shareholders; (ii) the distribution of the Tullaree shares held by Romarco to its shareholders; and (iii) Romarco's intention to exclusively focus on the precious metals industry.

As a result of the proposed restructuring, the annual and special meeting of shareholders (the "Meeting") has been postponed to the end of July 2002. A new meeting date will be scheduled and announced at a later date. Romarco has submitted to the Toronto Stock Exchange and the TSX Venture Exchange its management information circular in connection with the Meeting (at which shareholders will be asked to vote on the proposed restructuring and other matters) for their review and approval. Following receipt of regulatory approval, Romarco will be making application to the Court for an interim order in connection with the statutory plan of arrangement which forms part of its restructuring plan.

Romarco will have approximately CDN$2.4 million in cash and no debt following the restructuring and is presently actively pursuing precious metals opportunities.


ON BEHALF OF ROMARCO MINERALS INC.


"Joseph van Bastelaar"


Joseph H.G. van Bastelaar,
President and C.E.O.



--------------------------------------------------------------------------------
Contact:
Romarco Minerals Inc.
Joseph van Bastelaar
President and C.E.O.
Phone: [phone]
Fax: [phone]
or
Romarco Minerals Inc.
Judith Robinson
Executive Vice-President and Treasurer
Phone: [phone]
Fax: [phone]
[e-mail]
www.romarco.com

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE, WHICH HAS BEEN PREPARED BY MANAGEMENT.