HONG KONG, July 11, 2017 /CNW/ - St. Augustine Gold and Copper Limited (TSX: SAU)
("St. Augustine" or the "Company") announced that the
shareholders have approved all resolutions brought before them at
the Annual General Meeting of Shareholders held on June 30, 2017.
I. The director-nominees listed in the Company's 2017
management information circular filed on SEDAR were elected as
follows:
Name of
Nominee
|
# Voted
for
|
% Voted
For
|
# Votes
Withheld
|
% Votes
Withheld
|
Manuel Paolo A.
Villar
|
547,422,180
|
99.97%
|
165,010
|
0.03%
|
Yolanda L.
Coronel-Armenta
|
547,417,180
|
99.97%
|
170,010
|
0.03%
|
Patrick V.
Caoile
|
547,417,180
|
99.97%
|
170,010
|
0.03%
|
Johnny C.
Felizardo
|
547,417,180
|
99.97%
|
170,010
|
0.03%
|
Eugene T.
Mateo
|
547,417,180
|
99.97%
|
170,010
|
0.03%
|
One newly elected member is Atty. Eugene
T. Mateo, who is presently a top executive in several mining
companies, with operational experience in gold and copper
processing. He has worked in different key capacities in the
mining industry since 1995. He is a well-respected lawyer and
certified public accountant (CPA).
The second elected member, Engr. Johnny
C. Felizardo provides consulting services to Philippine
mineral companies, with background in metallurgy and copper
concentrate contracts. He has experience in dealing with
marketing groups of major domestic and foreign mines, international
metal traders, London Metal Exchange brokers, banks and financial
institutions.
The addition of these two directors with mining background and
experience will help the Company achieve its goals.
II. The shareholders also voted in favor of appointing
Davidson and Company LLP as the
external auditor of St. Augustine until the next annual meeting at
such remuneration as may be determined by the Company's directors.
99.97% of the votes cast supported the appointment of the
auditors.
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.
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 30,
2016, and filed with Canadian securities regulatory
authorities on the SEDAR website at
www.sedar.com.
SOURCE St. Augustine Gold and Copper Limited