RTG Increases Its Interest in the Panguna Landowners Joint Venture Partner
Subiaco, Western Australia (FSCwire) - The Board of RTG Mining Inc. (“RTG”, “the Company”) (TSX Code: RTG, ASX Code: RTG) is pleased to announce that through a further direct investment and conversion of loans in Central Exploration Pty Ltd (“Central”), RTG has increased its interest in Central to 24%. Michael Carrick is now Chairman of Central and Justine Magee has also been appointed a director of Central. In addition one of RTG’s major shareholders (interests represented by Mr. Richard Hains, who also independently provided early stage funding to Central), has a 32% interest in Central.
As announced previously, Central is the joint venture partner of the Special Mining Lease Osikaiyang Landowners Association (“SMLOLA”), being the owners of the minerals at the old Panguna Mine. The joint venture is held through Central Me’ekamui Exploration Limited who has applied for an exploration licence over the customary land of the SMLOLA members, being the old Panguna Mine. The SMLOLA has nominated RTG as their development partner for Panguna.
The Autonomous Bougainville Government (“ABG”) is currently considering all exploration licence (“EL”) applications, including the purported EL renewal application of Bougainville Copper Ltd.. Both the SMLOLA and RTG are committed to working with the ABG to ensure both the ABG itself, and all Bougainvilleans benefit from any redevelopment of Panguna.
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 Ltd., 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.
President & CEO – Justine Magee
Investor Relations – Jaime Wells
Tel: +61 8 6489 2900
+1 970 640 0611
Fax: +61 8 6489 2920
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 uncertainties 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.
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Source: RTG Mining Inc. (TSX:RTG)
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