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9/27/17

Tahoe Resources (TAHO) (THO.to) tonight

They just came out with this:

VANCOUVER, British Columbia - September 26, 2017 - Tahoe Resources Inc. ("Tahoe" or the "Company") (TSX: THO, NYSE: TAHO) announced today that the Guatemalan Supreme Court issued a ruling in response to the Company's request for clarification regarding the specific geographical areas to be included in the Ministry of Energy and Mines ("MEM") consultation process under ILO Convention 169.  The Court clarified its decision to limit consultation to the Xinca communities in the four municipalities in the region of the Escobal mine including: Casillas, Nueva Santa Rosa, Mataquescuintla and San Rafael Las Flores. 
 
In addition, the Supreme Court declined to review the Company's request to order MEM to issue the annual renewal of Escobal's export credential.  The Company is evaluating its legal and administrative options. The Constitutional Court is expected to rule on all appeals of the Supreme Court's decision on the definitive amparo by the end of the year.
 
Tahoe continues to focus on reaching a peaceful and expeditious conclusion to the roadblock at Casillas, which is approximately 16 kilometers away from the Escobal Mine in San Rafael Las Flores.  The Company is making progress with engaging stakeholders at the Casillas roadblock.

Things you need to know:

1) They may be trying to spin this as "limited", but TAHO must be severely worried about the Guatemala Supreme Court (CSJ) decision to admit Casillas, Nueva Santa Rosa and Mataquescuintla into the region covered by the prior consultation and social licence process. Casillas is where the current roadblock is located, Mataquescuintla is the municipality that voted 96% against mining projects in a local referendum in 2012, a result that was finally recognized in 2015. Nueva Santa Rosa is the place where four mining projects were chased out of town. Want it in simple terms? They may have a 50/50 pro/contra in San Rafael, but with these districts included TAHO doesn't have a hope in hell of getting a positive result. Bye bye permit.

2) That second paragraph means "no exports", even if TAHO can get its mine running. This is a prime example of the IKN First Law of Mining News Releases.

3) On that subject, though TAHO claims in its NR tonight that it's "making progress", today the protesters stopped trucks from going through to supply the mine and smashed their windscreens. TAHO's local manager stated that there were two locations for road blocks and the trucks had to turn back, else have their vehicles set on fire. Yup, everything looks calm.

Kevin McArthur, resign.