Board of Directors of Bosai Minerals Group meet with Government to update on plans to advance new Manganese Project in Matthews Ridge, Region 1

PRESS RELEASE

GEORGETOWN, Guyana – March 21, 2017

Members of the Board of Directors of  Bosai Minerals Group including Mr. Steven Ma Assistant General Manager and Manager of Overseas Business Department, Mr. George Zhao Deputy Manager of Overseas Business Department Mr. Eric Yu, General Manager, Bosai Minerals Group (Guyana) Inc. and Major General Retd. Norman McLean, Company Secretary recently met with Minister of Natural Resources, Hon. Raphael G.C. Trotman M.P., and Minister of Public Infrastructure, Hon. David Patterson M.P., to provide an update on plans to establish a Manganese Mine and Processing Facility at Matthews Ridge in Region 1 -Barima Waini.

During the meeting representatives from Bosai Minerals Group discussed a number of matters related to the start of the project. These works include the rehabilitation of the road leading to the mine, wharf facilities and power generation. Bosai’s executives also shared that preparatory works have commenced and will continue in 2017 with mining expected to begin in 2018. The company also expects to employ approximately 1,200 workers during the peak of construction and then stabilize at 300 to 400 during normal operations. The mine will have a life of 15 to 35 years and it is expected that with the commencement of the mining operation neighbouring communities will benefit from vertical and horizontal integration through the project. Once production begins, the company intends to ship 350,000 tonnes of manganese per year.

Minister Trotman took the opportunity to express Government’s full support and cooperation to have the project fully operational and to reiterate the requirements that respect for local laws and local participation were expected.

The update was preceded by the transfer of four (4) prospecting licenses from Reunion Gold to Bosai Minerals Group in 2016 followed by Minister Trotman giving his consent to the agreement reached between Bosai Minerals Group and Reunion Gold Corporation on January 25, 2017.  The investment by Bosai Minerals Group into the manganese operation is estimated to be around US$400 million.

The Ministry of Natural Resources and the Guyana Geology and Mines Commission (GGMC) commit to supporting Bosai’s manganese exploration and extraction activities and likewise expects it to conduct its operations in a manner that is respectful to the rights of workers, to the country’s laws and to the environment.

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