HONG KONG, Aug. 27, 2015 /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, announces the resignation of Ms.
Anacordita McGee as a director as a result of increased
responsibilities with her current employer.
"Ms. McGee was a valuable member of our Board, and her financial
and regulatory contributions will be missed. The Company
extends our thanks and best wishes for her continued success in the
business banking world," said Paolo
Villar, Chairman and CEO of St. Augustine.
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., Vice President Technical of St. Augustine and 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 19,
2015, and filed with Canadian securities regulatory
authorities on the SEDAR website at
www.sedar.com.
SOURCE St. Augustine Gold and Copper Limited