St Augustine Gold & Copper has issued 75 million shares to Russell Mining & Minerals (RMMI) as outlined in the sale purchase agreement signed between the two companies for the King-king project two years ago. The work done to date at the copper-gold project has been independently verified and triggered St Augustine’s obligation to issue the tranche two shares, which are subject to trading restrictions until February 2013.
King-king is in southeast Mindanao Island, 35km east of Davao City and 13km from the coast. It is one of the largest undeveloped copper-gold deposits in the world, with a measured and indicated mineral resource of 962.3 million tonnes at 0.25% total copper, 0.06% soluble copper, and 0.33 grams/tonne gold, consisting of 5.4 billion pounds of contained copper and 10.3 million troy ounces of contained gold. The project is listed as one of the top priority projects by the Philippine Mines and Geosciences Bureau.
St Augustine and its partner Nationwide Development Corporation (NADECOR) are working to advance the project as quickly as possible. The companies have submitted declaration of mine plan feasibility (DMPF) and an environmental impact study (EIS) to the Philippines’ Environment and Natural Resources department and Geosciences Bureau for approval.
St Augustine’s chief executive officer Andrew Russell says the two companies have recently clarified their standing agreement terms for development of the site and are anticipating an acceleration of development of the mining project, which is set to bring many benefits to the Philippines, particularly the Pantukan community in Mindanao.