St. Augustine GOLD & Copper Provides Update ON Mpsa Announces Director Resignation
ST. AUGUSTINE GOLD & COPPER PROVIDES UPDATE ON MPSA
ANNOUNCES DIRECTOR RESIGNATION
Hong Kong, February 21, 2017, – 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,
P h i l i p p i n e s , w a s i n f o r m e d t h a t t h e P h i l i p p i n e D e p a r t m e n t o f E n vironment and
Natural Resources (DENR) held a news conference on February 14, 2017 wherein the
DENR Secretary announced that Mineral Production Sharing Agreem ent (MPSA) No.
009-92-XI which covers the Project is one of the 75 MPSAs recom mended for
cancellation. To date, neither St. Augustine nor its joint-ven ture partner, NADECOR,
have received any formal notification from the DENR. Per Secre tary 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 recomm ended 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 watershe d 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 d irector 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 Compan y wishes him well
in his future endeavors and thanks him for his service and cont ributions 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 to nnes) of copper and
5.43 million troy ounces (169,000 kilograms) of gold over its 2 5 year mine and
p r o c e s s l i f e . A c c o r d i n g t o t h e P r e l i m i n a r y F e a s i b i l i t y S t u d y t hat 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
t h e K i n g - k i n g C o p p e r - G o l d P r o j e c t . T h e P r o j e c t i s o n e o f t h e l argest 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 Ins trument 43-101 ("NI
43-101") has reviewed and approved the scientific, technical an d 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.
For Further Information, Please Contact:
Joe Racanelli, Vice President ST. AUGUSTINE CORPORATE
HEADQUARTERS
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#1600 - 320 Front Street West
Toronto, Ontario, M5V 3B6
T: (416) 586 - 1943
C: (416) 528-4320
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Centre
1 Harbour View Street, Central
Hong Kong
+852 3960 6498