RTG Announces Philippines Lifts the Open Pit Mining Ban
RTG Mining Inc. (RTGGF) announced the lifting of a four-year ban on open-pit mining by the Philippines' Department of Environment and Natural Resources (DENR) through Department Administrative Order No. 2021-40, signed on December 23, 2021. This move is aimed at revitalizing the mining industry, promising economic benefits and job opportunities. RTG's Mabilo Project aligns with the DENR's standards for sustainable mining, expected to stimulate local economic growth. The company also indicates a focus on advancing this project while exploring other opportunities like the Panguna Project in Bougainville.
- Lifting of the open-pit mining ban allows for the advancement of the Mabilo Project, increasing revenue potential.
- The DENR's order is expected to create jobs and stimulate local economic growth in the mining regions.
- RTG has received a mining permit for the Mabilo Project, signaling strong project progress.
- None.
Not for release to US wire services or distribution in the United States
Announcement to the Toronto Stock Exchange and Australian Securities Exchange
SUBIACO, WESTERN AUSTRALIA / ACCESSWIRE / January 5, 2022 / The Board of RTG Mining Inc. (" RTG ", the " Company ") (TSX:RTG)(ASX:RTG) is pleased to announce that Secretary Roy Cimatu of the Department of Environment and Natural Resources (" DENR ") signed Department Administrative Order No. 2021-40 on 23 December 2021, lifting the four-year-old ban on the open-pit method of mining for copper, gold, silver, and complex ores in the country.
The DENR order covers all mining tenement holders that will adopt a surface mining method and sets strict conditions and requirements for those that would use the open-pit method to ensure all mining is undertaken to world's best practices. We are pleased with the DENR's continued efforts to encourage the mining industry. The Mabilo Project developed in line with the DENR's directives, has the capacity to stimulate economic growth in the local communities, the Province in which the project is located and the Philippines more broadly.
The lifting of the ban, according to the DENR order, is meant to "revitalize the mining industry and usher in significant economic benefits to the country by providing raw materials for the construction and development of other industries and by increasing employment opportunities in rural areas."
ABOUT RTG MINING INC
RTG Mining Inc. is a mining and exploration company listed on the main board of the Toronto Stock Exchange and the Australian Securities Exchange. RTG is currently focused primarily on progressing the Mabilo Project to start-up having recently received a mining permit for the Project, with a view to moving quickly and safely to a producing gold and copper company.
RTG also has a number of exciting new opportunities including the Panguna Project in Bougainville, which it remains committed to but during these uncertain times the primary focus is on advancing the Mabilo Project.
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. RTG has some of the most respected international investors as shareholders including Franklin Templeton, Equinox Partners and Sun Valley.
ENQUIRIES
Australian Contact Tel: +61 8 6489 2900 | US Contact +1 970 640 0611 |
COMPLIANCE STATEMENT
Date: 5 January 2022
Authorised for release by: By the Board of Directors
CAUTIONARY NOTE STATEMENT
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the accuracy or adequacy of this press release, which has been prepared by management.
This announcement includes certain "forward-looking statements" within the meaning of Canadian securities legislation. All statements in this announcement, other than statements of historical facts are forward-looking statements, including statements made or implied relating to the anticipated timing, closing, size, structure of and exemptions utilized under the Private Placement, the use of the net proceeds from the Private Placement, the timing of the shareholder meeting to approve Tranche 2 of the Private Placement, the Company's opportunities to diversify its Philippine interests and to participate in the redevelopment of the Panguna Mine in Bougainville, the Company's objectives, strategies to achieve those objectives, the Company's beliefs, plans, estimates and intentions, and similar statements concerning anticipated future events, plans for further exploration. 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 market conditions and demand for the Private Placement, the receipt of requisite shareholder and regulatory approvals, 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 as discussed in RTG's annual report for the year ended December 31, 2020 and detailed from time to time in our other filings with the Canadian securities regulatory authorities available at www.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.
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES
This announcement has been prepared for publication in Canada and Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933, as amended (the "US Securities Act"), or any state securities laws, and may not be offered or sold in the United States except in transactions exempt from, or not subject to, registration under the US Securities Act and applicable US state securities laws.
SOURCE: RTG Mining Inc.
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FAQ
What does the lifting of the open-pit mining ban mean for RTG Mining Inc.?
When was the ban on open-pit mining lifted in the Philippines?
What is the focus of RTG Mining Inc. after the lifting of the mining ban?
How does the DENR's decision impact the mining industry in the Philippines?
