Indicated Resources. RTG is not aware of any material change to this historical estimate. If the SMLOLA proposal is successful, a compliant NI 43 -101 report needs to be completed by the Company to upgrade
1 Refer to BCL’s JORC 2012 Statement released to ASX on 7 February 2013, available at
http://www.asx.com.au/asxpdf/20130207/pdf/42cx2byq5n5lkg.pdf. This historical estimate only refers to
Indicated Resources. RTG is not aware of any material change to this historical estimate. If the SMLOLA
proposal is successful, a compliant NI 43 -101 report needs to be completed by the Company to upgrade
and or verify the historical estimate as a current Mineral Resource.
Page 1 of 3
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
MR PHILIP MIRIORI CONFIRMED AS CHAIRMAN OF THE SMLOLA WITH
FORMAL RECONCILIATION SIGNED
ANNOUNCEMENT TO THE TORONTO STOCK EXCHANGE
AND AUSTRALIAN STOCK EXCHANGE
5 DECEMBER 2017
The Board of RTG Mining Inc. (“RTG”, “the Company”) (TSX Code: RTG, ASX Code:
RTG) is pleased to announce that Mr Philip Miriori has been confirmed as the Chairman
of the Special Mining Lease Osikaiyang Landowners Association (“SMLOLA”) and all
Court actions will now be withdrawn and come to an end. Mr Miriori has entered into
and signe d a formal written reconciliation agreement with Mr Lawrence Daveona,
following a customary reconciliation process.
Both men have agreed to work together co -operatively, to progress the plans for the
proposed redevelopment of the old 1.5Bt¹ Copper-Gold Project at Panguna . Both the
Chairman and Mr Daveona have also pledged support for RTG as the preferred
development partner. Attached is a copy of the Press Release by the SMLOLA.
This is an historic and important step for the landowners, with RTG being the first mining
company that has been endorsed by the SMLOLA in 30 years. RTG is pleased to have
been afforded the opportunity to play a constructive role in this important reconciliation
process.
As previously announced, the SMLOLA members are the owners of the minerals at the
old Panguna Mine, being the owners of the customary land under which the minerals
lie. The SMLOLA are the only landowner association whose consent is required for the
issue of an exploration licence. The SMLOLA has entered into a joint venture
agreement, under which they have nominated RTG as the preferred developer for any
reopening of the Panguna Mine. Once again, RTG would like to thank the SMLOLA for
the unwavering support they have shown to RTG and we look forward to working with
the team, including Mr Daveona, to progress the Exploration Licence application
currently before the Autonomous Bougainville Government (“ABG”). W e fully
understand and respect the importance of both a social licence and world’s best
practices on all environmental programs and believe that those matters can be handled
sensitively and professionally, so that all Bougainvilleans are both protected and
treated fairly in any redevelopment of Panguna.
Page 2 of 3
As many would be aware, Bougainville Co pper Limited (“BCL”) was the holder of the
previous exploration licence, EL1, which was to expire in September last year, subject
to any valid renewal application by the company. Our legal advice confirms that BCL
does not have a first right of refusal ove r the Project or the grant of an exploration
licence, but it is recognis ed that the ABG must first determine its position on any
apparent renewal application of BCL, before considering the application of the SMLOLA
consortium.
Despite legal advice that the renewal application by BCL did not satisfy the requirements
of the Mining Act, should the ABG choose to continue with the planned Warden’s
Hearing on 11 December 2017, both Mr Miriori and Mr Daveona have indicated they will
recommend strongly to their members to deny their consent. In line with this position,
there has been a petition with 2,000 supporters and at least 112 formal written objections
lodged with the Warden, including one by the SMLOLA setting out extensive conce rns
with any consideration of an extension of BCL’s previous exploration licence. In
Bougainville, a Mining Warden’ s H earing is required in the issue of an exploration
licence to assess whether it has the necessary support of the landowners in the
exploration licence boundary area i.e. the SMLOLA members.
The SMLOLA consortium has been advised that they were the first and to date, only
new application for an exploration licence over the old EL1 ground.
We believe the proposal presented by the SMLOLA consort ium represents a unique
and once in a generational opportunity to responsibly re -open the Panguna Mine for
the benefit of all Bougainvilleans. RTG has always suggested that this is best achieved
by discussion and negotiation with all relevant parties, including the ABG.
ABOUT RTG MINING INC
RTG Mining Inc. is a mining and exploration company listed on the main board of the
Toronto Stock Exchange and Australian Securities Exchange Limited. RTG is focused
on a proposal with a landowner lead consortium to secure an exploration licence at the
high tonnage copper -gold Panguna Project in Bougainville PNG and the high grade
copper/gold/magnetite Mabilo Project in the Philippines, while also identifying major new
projects which will allow the Company to move quickly and safely to production.
RTG has an experienced management team which has to date developed seven mines
in five different countries, including being responsible for the development of the
Masbate Gold Mine in the Philippines through CGA Mining Limited, and has B2Gold as
one of its major shareholders in the Company. B2Gold is a member of both the S&P/TSX
Global Gold and Global Mining Indices.
ENQUIRIES
Australian Contact US Contact
President & CEO – Justine Magee Investor Relations – Jaime Wells
Tel: +61 8 6489 2900 +1 970 640 0611
Fax: +61 8 6489 2920
Email: [email protected] [email protected]
Page 3 of 3
CAUTIONARY NOTE STATEMENT
This announcement includes certain “forward-looking statements” within the meaning of
Canadian and applicable securities legislation. Statement regarding interpretation of
exploration results, plans for further exploration and accuracy of mineral resource and
mineral reserve estimates and related assumptions and inherent operating risks, are
forward-looking statements. Forward -looking statements involve various risks and
uncertainties and are based on certain factors and assumptions. There can be no
assurance that such statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from RTG’s expectations
include unc ertainties related to fluctuations in gold and other commodity prices and
currency exchange rates; uncertainties relating to interpretation of drill results and the
geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and
operating costs, recovery rates, production estimates and estimated economic return;
the need for cooperation of government agencies in the development of RTG’s mineral
projects; the need to obtain additional financing to develop RTG’s mineral projects; the
possibility of delay in development programs or in construction projects and uncertainty
of meeting anticipated program milestones for RTG’s mineral projects and other risks
and uncertainties disclosed under the heading “Risk Factors” in RTG’s Annual
Information Form for the year ended 31 December 2016 filed with the Canadian
securities regulatory authorities on the SEDAR website at sedar.com. The forward ‐
looking statements made in this announcement relate only to events as of the date on
which the statements are made. RTG will not release publicly any revisions or updates
to these forward ‐looking statements to reflect events, circumstances or unanticipated
events occurring after the date of this announcement except as required by law or by
any appropriate regulatory authority.