Ann: Preliminary Final Report 2011 , page-2

Very nice :)

"The past year has given Bougainville Copper more reason for optimism about the future of the
company than any year out of the previous twenty.

There are several activities underway that can positively assist the company in making a return to
profitable operations.

The most beneficial change has been the momentum developing from the Panguna landowners and
other Bougainvilleans’ focus on re-development agenda. The relationship between President John
Momis, his government, and Bougainville Copper’s board and management remains cordial and
engaged, including the invitation for company representatives to make further visits.
The PNG National government has publicly acknowledged the company’s ongoing rights under the
Bougainville Copper Agreement (BCA). Bougainville Copper’s major shareholder, Rio Tinto, has
confirmed its commitment to exploration and investment in Papua New Guinea, a commitment to the
development of PNG that has been ongoing for half a century.
Several studies have been initiated that will underpin both the re-negotiation of the Bougainville
Copper Agreement, and the feasibility modelling planned by the company."

Regards ......