St Augustine checks its King-King rights
11th Jun 2012
JUNE 11 – Reports persist that St Augustine Gold and Copper is being bounced off the giant King-king copper-gold project in the Philippine, despite the company’s insistence it’s just a bystander in an internal dispute at its local partner Nationwide Development Corp.
The Philippines’ publication Manila Standard Today claims to have seen documents showing that Nadecor formally advised St Augustine of the proposed cancellation, and says it will be presented to stockholders for ratification at a meeting on June 13.
The report claims Nadecor accused St Augustine of deviating from financial procedures and abandonment of the mine site.
The US-based, Toronto-listed St Augustine is earning 60% interest in the King-king project in the SE of Mindanao Island is one of the largest undeveloped copper-gold deposits in the world.
Measured and indicated mineral resource are 5.4Blb contained copper and 10.3Moz contained gold (962.3Mt at 0.254% total copper, 0.062% soluble copper and 0.334 g/t gold). Inferred mineral resources add a further 188.8Mt at 0.215% total copper, 0.048% soluble copper and 0.265 g/t gold.
CEO Andrew J Russell says St Augustine management has received assurances from key NADECOR directors and shareholders that the reports do not reflect the majority view. “It is unfortunate that St Augustine and the expedited development of the project is being dragged into what we understand is an internal NADECOR dispute.”
Work and discussions are continuing to ensure any potential adverse impact on the company and the project is avoided or mitigated, and the company’s interests are safeguarded.
St Augustine has implemented with lawyers an action plan which could involve specific legal remedies should the issues not be conclusively and satisfactorily resolved soon.
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- UNDERGROUND
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- VIEW FROM THE WEST END
- Show me the money