Announces Director Resignation
HONG KONG, Feb. 21, 2017 /CNW/ - St. Augustine Gold and Copper Limited (TSX: SAU)
("St. Augustine" or the "Company"), a development-stage company
advancing the King-king Copper-Gold Project ("King-king" or the
"Project") in Mindanao, Philippines, was informed that the Philippine
Department of Environment and Natural Resources (DENR) held a news
conference on February 14, 2017
wherein the DENR Secretary announced that Mineral Production
Sharing Agreement (MPSA) No. 009-92-XI which covers the Project is
one of the 75 MPSAs recommended for cancellation. To date, neither
St. Augustine nor its joint-venture partner, NADECOR, have
received any formal notification from the DENR. Per Secretary
Lopez, companies will have seven (7) days to respond from receipt
of said notice.
St. Augustine is certain in its position that the Project's MPSA
is valid and will hold up to legal scrutiny, having obtained all
the necessary area clearances from the relevant national and local
government agencies as well as certification from the Mines and
Geosciences Bureau (MGB) and various local government units that
the Project is not within the No Go Zones nor within a critical or
proclaimed watershed. The MPSA was awarded on May 27, 1992 and was subsequently amended on
11 December 2002.
"Despite this unwarranted inclusion in the list of MPSAs
recommended for cancellation, King-king Mining Corporation, as
assignee of the MPSA, continues to commit to the upholding of the
highest environmental and safety standards and to cooperating with
the DENR to ensure that the environment is safeguarded at all
times," stated Conrado Calalang,
President of KMC.
"We are ready to address any issues that may be raised by the
DENR in its notice and rest assured, the Project is not within the
restricted watershed areas as initially assessed by the DENR," said
Paolo Villar, President and CEO of
St. Augustine Gold and Copper Limited.
Resignation of Company Director
The Company announces
the resignation of Marcelino Mendoza
as director effective January 15,
2017 in view of his increased responsibilities with his
current employer.
"Mr. Mendoza has been a valued member of the Board and his
expertise and insights proved to be beneficial in the Company's
operations. The Company wishes him well in his future endeavors and
thanks him for his service and contributions during his time as a
director of St. Augustine," added Mr. Villar.
The King-king Copper-Gold Project
The King-king
Copper-Gold Project is located in Compostela Valley in the Philippines, and is expected to recover
3.16 billion pounds (1.43 million tonnes) of copper and 5.43
million troy ounces (169,000 kilograms) of gold over its 25 year
mine and process life. According to the Preliminary Feasibility
Study that was released on September 18,
2013, and then filed on www.sedar.com on November 1, 2013, the Project has a pre-tax NPV
of $2.0 billion with an IRR of 24.8%.
The estimated mineral reserves amount to 617.9 million tonnes at
0.300% total copper and 0.395 g/t gold.
About St. Augustine
St. Augustine (SAU.T) is a
TSX-listed mining company focused on the development of the
King-king Copper-Gold Project. The Project is one of the largest
undeveloped copper-gold deposits in the world, and is listed as a
top three-priority mining project by the Philippine government.
NATIONAL INSTRUMENT 43-101 COMPLIANCE
Mr. James J.
Moore, P.E., a qualified person under National Instrument 43-101
("NI 43-101") has reviewed and approved the scientific, technical
and economic information contained in this news release.
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 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 the Company's joint venture partner and
government agencies in the development of the Company's mineral
projects; the need to obtain further permits and 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 30,
2016, and filed with Canadian securities regulatory
authorities on the SEDAR website at
www.sedar.com.
SOURCE St. Augustine Gold and Copper Limited