St. Augustine Gold and Copper Limited Receives Clarification on Management from Its Partner, NADECOR
June 29 2012 - 2:02PM
Marketwired
St. Augustine Gold and Copper Limited (TSX:SAU) ("St Augustine" or
the "Company") has received communication from its partner,
Nationwide Development Corporation ("NADECOR") clarifying
management at NADECOR and confirming NADECOR's desire to continue
working with the Company on the basis of the current agreements for
the continued development of the King-King Project (the
"Project").
The Company disclosed to the market on June 8, 2012 and May 14,
2012 that internal issues within NADECOR have resulted in
complications that required St. Augustine's management to step up
communication and clarify the situation with our partner. "This
communication along with a NADECOR press release
(www.sagcmining.com/en/news_2011.htm) reaffirms the partnership
between St. Augustine and NADECOR and provides clarity as to the
current management of our partner, NADECOR." stated Andrew J.
Russell, CEO.
St. Augustine's management also welcomed NADECOR's confirmation
that the Company is in full compliance and good standing under the
current agreements and agrees with the sentiments of NADECOR's
President, Mr. Conrado Calalang, as stated in the Philippine press
on June 18, 2012 regarding the state of NADECOR management and
development of the Project; "We are pleased that the Court of
Appeals writ of preliminary injunction has upheld our position.
This decision will enable us, together with our partner St.
Augustine, to accelerate the development of our flagship King-king
mining project, which will bring many benefits to the Philippines,
particularly the Pantukan community in Mindanao."
The Company and its partner, NADECOR are working to advance the
project as quickly as possible through feasibility as the
declaration of mine plan feasibility ("DMPF") and environmental
impact study ("EIS") were previously submitted by the partners to
the Department of Environment and Natural Resources and the Mines
and Geosciences Bureau for review and approval. The approval of
these documents will be processed pending the finality of the
Presidential Executive Order to amend The Philippine Mining Act of
1995 expected in the next 30 days.
The Company is working through studies and optimization to
complete a bankable feasibility study ("BFS") to coincide with the
expected receipt of approved permits and the Environmental
Compliance Certificate ("ECC"). With regards to the pre-feasibility
study report originally scheduled for completion in Q2 2012, the
publication date has been delayed so as to take account of recent
events which include any potential financial impact of the
abovementioned Presidential Executive Order and the latest
optimisation exercises and studies in relation to the Project mine
plan.
ABOUT THE KING-KING PROJECT
King-king is one of the largest undeveloped copper-gold deposits
in the world. As released in the October 2010 Technical Report and
the updated resource released August 15, 2011, Measured and
Indicated mineral resource is 962.3 million tonnes at 0.254% total
copper, 0.062% soluble copper, and 0.334 g/t gold. Inferred mineral
resource is an additional 188.8 million tonnes at 0.215% total
copper, 0.048% soluble copper, and 0.265 g/t gold. The Measured and
Indicated mineral resource consists of 5.4 billion pounds of
contained copper and 10.3 million troy ounces of contained
gold.
The King-king deposit is a gold rich copper-gold porphyry
deposit located in the southeast of the Philippine Island of
Mindanao, 35km east of Davao City and 13 km from the coast. The
project is listed as one of the top priority projects by the
Philippine Mines and Geosciences Bureau. The project has a low
strip ratio and is in advanced stage with 95,651 meters of drilling
composed of 291 core and reverse circulation holes, including 6,052
meters of new drilling composed of 14 core holes (and 1 RC) in
2011. King-king has entered into the feasibility stage of
development (social, environmental and engineering phases).
NATIONAL INSTRUMENT 43-101 COMPLIANCE
Mr. James J. Moore, P.E., St. Augustine Gold and Copper Limited,
a qualified person under NI 43-101, has reviewed the resource
contents of this news release.
A NI 43-101 compliant technical report entitled "King-king
Copper-Gold Project Mindanao, Philippines" dated October 12, 2010,
and prepared by Michael G. Hester, FAusiMM of Independent Mining
Consultants, Inc., Donald F. Earnest, P.G., of Resource Evaluation,
Inc. and John G. Aronson of AATA International, Inc. has been filed
by the Company on www.sedar.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This announcement includes certain "forward-looking statements"
within the meaning of Canadian securities legislation. All
statements, other than statements of historical fact, included
herein, without limitation, the use of net proceeds are
forward-looking statements. Forward-looking statements involve
various risks and uncertainties and are based on certain factors
and assumptions. There can be no assurance that such statements
will prove to be accurate, and actual results and future events
could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations include uncertainties
related to fluctuations in gold, copper and other commodity prices
and currency exchange rates; uncertainties relating to
interpretation of drill results and the geology, continuity and
grade of mineral deposits; uncertainties relating to the completion
of a bankable feasibility study; uncertainty of estimates of
capital and operating costs, recovery rates production estimates
and estimated economic return; the need for cooperation of
government agencies in the development of the Company's mineral
projects; the need to obtain additional financing to develop the
Company's mineral projects; the possibility of delay in development
programs or in construction projects and uncertainty of meeting
anticipated program milestones for the Company's mineral projects;
and other risks and uncertainties disclosed under the heading "Risk
Factors" in the Annual Information Form dated March 21, 2012, and
filed with Canadian securities regulatory authorities on the SEDAR
website at www.sedar.com.
Contacts: St. Augustine Gold and Copper Ltd. Kristi Harvie
Manager Investor and Corporate Affairs
509-343-3193kharvie@sagcmining.com CHF Investor Relations Jeremy
Hill Associate Account Manager (416) 868-1079 ext.
238jeremy@chfir.com CHF Investor Relations Jeanny So Director of
Operations (416) 868-1079 ext. 225jeanny@chfir.com
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