St. Augustine Announces Appointment to NADECOR's Board of Directors and Affirmation of Relationship
21 Agosto 2013 - 12:37PM
Marketwired
St. Augustine Gold and Copper Limited (TSX:SAU) ("St. Augustine" or
the "Company") announced today that subsequent to shareholder
approval at Nationwide Development Corp.'s ("NADECOR") annual
general meeting, held on August 19, 2013 (the "AGM"), Tom
Henderson, Chief Operating Officer, and Kee Ming Chi, General
Counsel, of St. Augustine, have been appointed to NADECOR's board
of directors. NADECOR is St. Augustine's joint venture partner at
its King-king copper-gold project in the Philippines. The
appointment follows St. Augustine's acquisition, in June 2013, of a
25% interest in NADECOR. For full details, refer to St. Augustine's
press release dated June 28, 2013.
During the AGM, which the Company attended as a shareholder in
NADECOR, NADECOR President Conrado T. Calalang in his President's
Report stated that NADECOR's relationship with St. Augustine is
"strong and continues to deliver clear benefits for the project."
Mr. Calalang further noted that there have been recent misleading
press reports, including some which have mentioned rescission by
NADECOR of agreements between the partners, particularly the
Memorandum of Understanding signed in April 2010. This affirmation
of the relationship between NADECOR and the Company is in line with
the Company's previous press releases, particularly that of June
29, 2012 and August 14, 2013. The Company also welcomes recent
local media reporting on the AGM which has clarified the confusion
previously caused by dissident shareholder Jose Ricafort and the
legal basis upon which the current board of NADECOR, led by Mr.
Calalang as President and Ambassador Roberto R. Romulo as Chairman,
derives its authority.
"The appointment of St. Augustine representatives to NADECOR's
Board signifies our ongoing commitment to working with our partner,
and the development of the King-king Project," St. Augustine's CEO
Andrew J. Russell stated. "It will further align our efforts to
accelerate project development and allow us to focus on maximizing
shareholder value for both companies and other King-king
stakeholders."
NADECOR Chairman, Ambassador Romulo, said at the AGM that he was
"delighted that NADECOR has been able to attract significant
foreign direct investment into the Philippine mining sector, and
pleased that we and our partner St. Augustine are making steady
progress in the development of this major project, which will
generate thousands of new jobs in Compostela Valley."
For more information regarding NADECOR, please visit the
official NADECOR website: www.nadecor.com.ph.
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 report released August 15, 2011, Measured
mineral resources are 120.3 million tonnes at 0.315% total copper,
0.112 soluble copper and 0.816 grams per tonne (g/t) gold,
Indicated mineral resources are 841.9 million tonnes at 0.245%
total copper, 0.054% soluble copper, and 0.316 grams per tonne
(g/t) gold. Inferred mineral resources are 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 copper-gold porphyry deposit located
in the southeast of the Philippine Island of Mindanao, 35km east of
Davao City and 11 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 an
advanced stage with 95,651 meters of drilling comprised of 291 core
and reverse circulation ("RC") holes, including 6,052 meters of new
drilling composed of 14 core holes (and 1 RC) in 2011. King-king
has entered 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 National Instrument 43-101 ("NI 43-101"),
has reviewed and approved the scientific and technical information
contained in 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 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 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 22, 2013, 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 TMX Equicom Marina Proskurovsky
Account Manager 416-815-0700 ext.
288mproskurovsky@tmxequicom.com
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