VANCOUVER, Jan. 27 /CNW/ - St. Augustine Gold and Copper Limited
(formerly Ratel Gold Limited) ("St. Augustine" or the "Company") (TSX Code : SAU) is pleased to announce that heavy equipment has been
rented from Monark (CAT equipment representative on Mindanao) for
repair of the access road to the King-king project and for
rehabilitation of the former drill roads. The access road has been
repaired and rehabilitation of former drill roads for drill rigs to
access new drilling locations began this week.
Mobilization of two core drilling rigs and one RC rig to the King-king
project site has begun by the drilling contractor, DrillCorp. Drilling
is planned to start this week with resource, geotechnical and
geohydrology drill holes.
Purposes of the drilling work in the open pit area are for slope
stability studies (geotechnical and geohydrological testing), augment
resource estimate confidence and additional tonnes of resource,
environmental studies, and pit perimeter monitoring wells. An
estimated 24 DDH holes and 7 RC holes will be drilled during a 4 month
campaign. Approximately 10,000 meters of core will be produced along
with 2,000 meters of drill chips from the RC program. After geological
logging is completed, the core and chips will be sampled and assayed on
3 meter intervals. Information from these studies will support the
Preliminary Economic Assessment (to NI 43-101 standards) scheduled for
publication in Q4 2011. This program augments the already extensive
database completed by previous exploration.
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
and centers around a plan to produce up to 100,000 tonnes of ore per
day by open pit methods.
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:
CEO & Director - Andy Russell
Tel: (509) 343-3193
Fax: (509) 343-3194