Royal Canadian Mint Secures Contract to Produce Currency Coins for Papua New Guinea

Royal Canadian Mint Secures Contract to Produce Currency Coins for Papua New Guinea

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Ottawa, Ontario, November 3, 2005 - The Royal Canadian Mint (RCM) is pleased to announce that it has been awarded a contract valued at US $1.2 million to produce 50 million Toea coins for Papua New Guinea. The circulation coins will be produced in denominations of 5 Toea, 10 Toea and 20 Toea, and will be manufactured at the RCM's facility in Winnipeg, Manitoba, Canada.

“Expanding our foreign circulation business is a priority for the Royal Canadian Mint. This contract win not only supports our plans for continued growth, but it will also assist us in maintaining our profitability,” said interim President and CEO, Marguerite Nadeau. “The Mint is known around the world for its high standards and quality and we are proud of our reputation.”

Papua New Guinea has contracted the RCM in the past to produce its coins. This announcement follows the RCM's recent awarding of several other foreign contracts: a $10 million contract to produce 400 million 2 Baht Thailand coins; a contract valued at $3.5 million to produce 50 million El Peso de la República Dominicana (Pesos) for the Dominican Republic; and the selection of the RCM to mint New Zealand's new low-value coins.

The RCM produces over 1 billion Canadian circulation coins annually. The Crown Corporation competes against other Mints for international contracts and has produced coins and coin blanks for over 60 countries in the last 25 years.

The RCM's Winnipeg coin plating facility is the most modern and innovative in the world. Through a unique and patented electroplating process, the facility and skilled Mint technicians offer domestic and world markets superior plating for coins, and for blanks used by coin manufacturing. In 2004, the Mint added 96 new employees in Winnipeg to support the facility's growth.

The Royal Canadian Mint, an ISO 9001-2000 certified company, is the Crown Corporation responsible for the minting and distribution of Canada's circulation coins. In operation since 1908, the Royal Canadian Mint is recognized as one of the largest and most versatile mints in the world, offering a wide range of specialized, high quality coinage products and related services on an international scale. For more information on the Royal Canadian Mint, its products and services, visit www.mint.ca.

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For more information, please contact:
Christine Aquino
Senior Manager of Corporate Communications
Tel: (613) 993-9999
Tel: (613) 991-5342
aquino@mint.ca