Subiaco, Western Australia (FSCwire) - 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the Chairman of the Special Mining Lease Osikaiyang Landowners Association (“SMLOLA”) and all Court actions will now be withdrawn and come to an end.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 signed 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”). We 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.
As many would be aware, Bougainville Copper 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 over the Project or the grant of an exploration licence, but it is recognised 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 concerns with any consideration of an extension of BCL’s previous exploration licence. In Bougainville, a Mining Warden’s Hearing 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 consortium 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.
