Subiaco, Western Australia (FSCwire) - The Board of RTG Mining Inc. (“RTG”, the “Company”) (TSX Code: RTG, ASX Code: RTG) is pleased to announce, following continued strong progress by the landowners at the old Panguna Mine, uniting behind the redevelopment proposal for Panguna with RTG Mining Inc., the Company has acquired a further interest in Central Exploration Pty Ltd (“Central”) and converted further loans to increase its interest to just under 70% of Central.

 

As announced previously, Central is the joint venture partner of the Special Mining Lease Osikaiyang Landowners Association Inc. (“SMLOLA”), being the association incorporated to represent 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.

 

RTG has acquired an additional indirect interest in Central through the acquisition of all the shares in A2V Mining Inc. (“A2V”) from APAC Gold (UK) Holdings Limited (interests represented by Mr. Richard Hains, one of RTG’s major shareholders) for a cash consideration of US$500,000. The acquisition of A2V entitles RTG to take on both the assets and liabilities of A2V, which provided funding for the activities of Central in the past, to earn its 32% interest (prior to conversion of the RTG loans), being the largest shareholder in Central.    

 

RTG has also provided further loan funding of US$2.5m to Central which has been converted into additional Central shares taking RTG’s current combined interest in Central to just under 70% of the total issued capital of Central.

 

The SMLOLA members have made significant progress delivering the unity amongst members requested by The Autonomous Bougainville President Honourable Chief Dr John Momis, with the most recent written petition demonstrating around 90% of the available titleholders (as prepared by Bougainville Copper Limited (“BCL”), which will be reviewed under an extensive social mapping program if the landowner consortium is successful in securing an exploration licence) supporting both the leadership of the SMLOLA and the Landowner led redevelopment proposal with RTG.

 

The SMLOLA continue to work closely with the Autonomous Bougainville Government to develop a proposal for the redevelopment of Panguna, free of all legacy-issues,  that will have broad support of not only its members but importantly all Bougainvilleans,  and which will deliver a strong and successful future for Bougainville.

 

The degree of unity achieved by the Panguna Landowners has exceeded expectations and provides a good foundation to build upon for the delivery of a social licence for the successful development 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 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:              jmagee@rtgmining.com                     jwells@rtgmining.com

 

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 2017 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.

 

US SECURITIES LAWS

 

This news release shall not constitute an offer to sell or a solicitation of an offer to buy any of the Company’s securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom.

 

To view the original release, please click here

Source: RTG Mining Inc. (TSX:RTG)

To follow RTG Mining Inc. on your favorite social media platform or financial websites, please click on the icons below.

 

Maximum News Dissemination by FSCwire. https://www.fscwire.com

Copyright © 2018 FSCwire