HONG
KONG, Feb. 19, 2016 /CNW/
- St. Augustine Gold and
Copper Limited (TSX: SAU) ("St. Augustine" or the "Company")
announced today that its joint venture partner, Nationwide
Development Corporation ("NADECOR") has been issued its
Certification Precondition from the Philippine National Commission
on Indigenous Peoples (NCIP). The Certification Precondition
attests that NADECOR satisfactorily complied with the process
requirements under the Indigenous Peoples Rights Act of 1997 and
NCIP Administrative Order No. 03, Series of 2012, otherwise known
as the FPIC Guidleines of 2012 for obtaining of the free prior and
informed consent of the Mansaka Indigenous Cultural
Communities/Indigenous Peoples ("Mansaka Tribe") for the King-king
Copper-Gold Project (the "Project").
The Certification Precondition was based on the
Memorandum of Agreement ("MOA") signed by NADECOR and the Mansaka
Tribe in May 2015 for the support and
development of the Project.
NADECOR President Conrado
T. Calalang said, "Receipt of the Certification Precondition
is another positive milestone towards the development of
King-king. We would like to thank the NCIP for completing the
review process in a timely, comprehensive manner, and look forward
to continued collaboration with our joint venture partner, St.
Augustine and the Mansaka Tribe."
Paolo A. Villar,
President and CEO of St. Augustine added, "We continue to make
significant progress with the development of King-king. When
coupled with the recent awarding of the Declaration of Mining
Project Feasibility by the MGB and the ongoing support from the
Mansaka Tribe, receipt of the Certification Precondition now paves
the way for us to focus on project financing and the start of mine
construction."
The NADECOR - Mansaka Tribe MOA complies with the
Philippine Indigenous Peoples Rights Act of 1997 whereby the NCIP
is the primary governmental agency mandated to formulate and
implement policies and guidelines to promote and protect the rights
and well-being of indigenous cultural communities and indigenous
peoples as well as the recognition of their ancestral domain and
rights.
The MOA is valid for 25 years and provides a
framework for how the Project will benefit the Mansaka Tribe
through payment of a 1% royalty fee, as well as employment and
various social development programs. More information on the
salient points of the MOA can be found with the Company's
announcement of July 13, 2015.
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 3.16B lbs. of copper and 5.43M oz. 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