MANILA, Philippines, Nov. 14, 2014 /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 in Mindanao, Philippines, reports that it has filed its corporate and financial results for the third quarter ended September 30, 2014. St. Augustine also announces the appointment of Mr. Michael Regino as Senior Vice-President and Ms. Maryknoll Zamora as interim Chief Financial Officer of the Company.
St. Augustine's Management's Discussion and Analysis and Financial Statements for the third quarter ended September 30, 2014, are available on the Company's website, www.sagcmining.com, and on SEDAR at www.sedar.com.
Mr. Regino and Ms. Zamora's appointments are in line with St. Augustine's previous announcements in which the Company stated it would be strengthening its presence in the Philippines to continue the timely development of King-king.
Mr. Michael Regino has over 30 years of corporate experience. He sits on the Boards of Directors of several companies, including San Augustin Services, Inc., KingKing Mining Corp. and Nationwide Development Corp. Mr. Regino has also been responsible for the Davao operations of KingKing Mining Corp. since 2014. He holds an MBA from Ateneo de Manila University and a Bachelor of Economics from Ateneo de Zamboango University. As Senior Vice President, Mr. Regino will oversee the operations and finance functions of St. Augustine and will help advance King-king's permitting process.
Ms. Maryknoll Zamora has over 20 years of finance, accounting, audit, tax and legal experience. She is the Head of Finance at Prime Asset Ventures, Inc. (PAVI) and oversees the finance division of each of PAVI's five subsidiaries. Prior to this, she was Vice President, Finance and Administration of Alcorn Gold Resources Corp. Ms. Zamora holds an MBA from De La Salle University Graduate School of Business (DLSU), an LL.B. from Adamson University College of Law and a Bachelor of Accountancy from the Polytechnic University of the Philippines (PUP).
Mr. Regino and Ms. Zamora round out a senior leadership team now based in Asia. The team is focused on finalizing project permitting and commencing construction in 2016.
St. Augustine also announces that Mr. Lou Lazo, VP of Human Resources, is no longer with the Company. St. Augustine wishes to thank Mr. Lazo for his contributions and wishes him well in his future endeavors.
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 ("PFS") 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 mineral reserve amounts 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. King-king, a copper-gold porphyry deposit located in Mindanao, Philippines, is one of the largest undeveloped copper-gold deposits in the world. King-king is listed as a top three-priority project by the Philippine government.
For further information about the King-king Copper-Gold Project, refer to St. Augustine's website, www.sagcmining.com, for the updated investor presentation.
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 and technical 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 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 25, 2014, and filed with Canadian securities regulatory authorities on the SEDAR website at www.sedar.com.
SOURCE: St. Augustine Gold and Copper Limited
For further information: Marina Proskurovsky, Investor Relations, TMX Equicom, T: +1-416-815-0700 ext. 288, E: [email protected]