St. Augustine Gold and Copper Announces Options

CALGARY, Feb. 8 /CNW/ - St. Augustine Gold and Copper Limited (formerly Ratel Gold Limited) ("St. Augustine" or the "Company") (TSX : SAU) announced that it has approved for issuance a total of 11,175,000 incentive stock options pursuant to the terms of the Company's 2010 Stock Option Plan. These options were issued to directors, officers, employees and consultants with an exercise price of $1.54 for a 5 year term. These options vest over 3 years, with one third vesting immediately, and then one third vesting on each of the next 2 anniversary dates.

ABOUT ST. AUGUSTINE GOLD AND COPPER LIMITED

St. Augustine Gold and Copper Limited is a mining company whose main focus is bringing the King-king property located in the Philippines (the "King-king Project") into production. The Company has an exclusive option to earn up to a 60% interest in the King-king Project. It is listed on the TSX and trades under the symbol "SAU".

ABOUT THE KING-KING PROJECT

The King-king deposit is a gold rich, copper-gold porphyry deposit located in the south east of the Philippine Island of Mindanao, located 92kms NW of Davao City and 13 kms from the coast. The project is listed as one of the top priority projects by the Philippine Mines and Geosciences Bureau and the project has a low strip ratio (0.8:1 compared to an industry average of 2.5:1). The project is advanced stage with 89,922 meters of drilling composed of 276 core and reverse circulation holes and has entered the feasibility stage of development (social, environmental and engineering).

King-king is one of the largest undeveloped copper-gold deposits in the world, with a measured and indicated equivalent copper-gold resource of 791.5 Mt at 0.815 g/t equivalent gold for 20.7M equivalent gold ounces (0.279% Cu for 4.9B lbs of Cu and 0.371 g/t Au for 9.4M ounces of contained Au) and a further 2.75M equivalent gold ounces in inferred resources (125.5Mt at 0.237% Cu lbs and 0.308 g/t Au). Completion of a definitive feasibility study is expected in the first quarter of 2012.

NATIONAL INSTRUMENT 43-101 COMPLIANCE

Mr. James J. Moore, P.E., a qualified person under NI 43-101, has reviewed the contents of this press 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 Ratel on www.sedar.com.

For further information about the Company, please refer to the Company's filings on SEDAR (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, without limitation, the use of net proceeds 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 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 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 prospectus of the Company dated June 29, 2010 and the Circular, both filed with the Canadian securities regulatory authorities on the SEDAR website at www.sedar.com.

SOURCE St. Augustine Gold and Copper Limited

For further information:

ENQUIRIES

CEO & Director - Andy Russell
Tel: (509) 343-3193
Fax: (509) 343-3194
Email: info@sagcmining.com

www.sagcmining.com

Profil de l'entreprise

St. Augustine Gold and Copper Limited

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