Morumbi Resources Inc.
TSX VENTURE : MOC

Morumbi Resources Inc.

June 14, 2013 08:30 ET

Morumbi Resources Inc. Reports on Positive Developments on Bougainville Regarding Mining Policy

TORONTO, ONTARIO--(Marketwired - June 14, 2013) -

  • Bougainville Executive Council affirms that mineral rights on Bougainville belong to the customary landowners in line with the requirements of Section 23 of the Bougainville Constitution and that the role of the Government is limited to that of a custodian

Morumbi Resources Inc. (TSX VENTURE:MOC) ("Morumbi" or the "Company") is pleased to report positive developments on Bougainville with respect to the formulation of mining policy. A Bougainville mining policy is a condition precedent under the 2004 Bougainville Constitution in order to demonstrate Administrative Capacity for the drawdown of full powers over mining to the Autonomous Bougainville Government ("ABG") from Papua New Guinea. This process is a prelude to lifting the moratorium over mining on the island and the issuing of exploration licences.

After months of stalemate on the island with respect to the core issue of mineral ownership, the Bougainville Executive Council (ABG Cabinet) ("BEC") on June 11, 2013 accepted and formally endorsed the recommendations of the joint ABG and Bougainville Resource Owners Representative Committee ("BRORC") technical teams in a briefing to the BEC - that the true intentions and meaning of Section 23, is to be implemented - to return the ownership of minerals to the customary landowners as required under the Bougainville Constitution.

The BEC has fully endorsed the work in progress between the stakeholders, and has subsequently given drafting instructions for the new Mining Act to be formulated. The President is insistent that the process be expedited and that the September sitting of the House be targeted for a Bill to be ready. In the event that the Bill is ready beforehand, the President indicated that a Special Sitting of the House could be called.

Reproduced is a report by News Content © Radio New Zealand International:

Bougainville's Momis says talks with former army leader going well

Posted at 19:01 on 10 June, 2013 UTC

The President of the autonomous Papua New Guinea province of Bougainville, John Momis, says good progress is being made in talks with the former leader of the Bougainville Revolutionary Army, Sam Kauona.

Earlier this year Mr. Kauona was strongly critical of the government's planned mining legislation, suggesting it was being written by an Australian academic, and local Bougainvilleans had no input.

Mr. Momis has stressed Bougainvilleans will have a say and will play leading roles in the sector.

He says both men have since been meeting to talk and discuss the issues.

"And in a spirit of collaboration and spirit of reaching an agreement that will get Bougainville on its feet again we have come a long way, in fact, we met again today (Monday [June 10]) and tomorrow (Tues [June 11]) we will continue. I am very happy with the progress we are making."

In a subsequent statement Sam Kauona said; 'I and other stakeholders salute the President for showing great leadership by listening to the concerns of the resource owners and Bougainvilleans generally, and for directing that resource owners, ex-combatants and Bougainvilleans be represented to provide direct input and participation in the drafting of the Mining Policy and Mining Act. We are fortunate to have Ezekiel Masatt to head up our technical team."

About Morumbi Resources Inc.

Morumbi is a public company with early stage mineral exploration licences in PNG. Morumbi is also currently evaluating resource opportunities on the Autonomous Island of Bougainville, PNG by forming strategic relationships with local landowner companies with the view to securing mineral exploration licences on their traditional lands, if and when the current moratorium is lifted and licences may be granted. It also has a legacy light oil property in northwest Alberta. The Company trades on the TSX Venture Exchange under the symbol "MOC". For more information about Morumbi and the Company's plans visit our website at www.morumbi.ca.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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