Mr. James Moore reports
ST. AUGUSTINE REPORTS CORPORATE AND FINANCIAL RESULTS FOR FISCAL 2014
St. Augustine Gold and Copper Ltd. has released its corporate and financial results for the year ended Dec. 31, 2014.
2014 corporate highlights:
-
Completion of equity raises of $22-million:
- Queensberry Mining and Development Corp., through its participation, increased its equity interest in St. Augustine to
40.0 per cent;
-
Appointment of Michael Regino as senior vice-president and Maryknoll Zamora as interim chief financial officer of the company,
strengthening St. Augustine's presence in the Philippines to continue
the timely development of the project;
-
Worked with the Philippine Environmental Management Bureau during each stage of the review process for the King-king copper-gold
project environmental impact statement; subsequently the
Feb. 26, 2015, approval of the EIS and receipt of the ECC
(environmental compliance certificate) were announced in a press release
on March 2, 2015;
-
Receipt of Toronto Stock Exchange conditional approval and majority shareholder approval
for the restructuring of the King-king joint venture partnership with
Nationwide Development Corp. (Nadecor). The restructuring will
streamline project ownership and help attract strategic partners to the
project.
Financial summary
On Dec. 31, 2014, St. Augustine had approximately $10.5-million cash on hand and working capital of approximately $9.8-million. Based on management estimates, the company has sufficient resources to complete its planned 2015 project development activities as outlined below.
Outlook
The King-king copper-gold project received approval for its EIS on Feb. 26, 2015, representing a key milestone for the King-king project. The focus in 2015 will be completion of programs that will support the start of construction in 2016. Upcoming programs and milestones include:
- EIS approval and receipt of the environmental compliance certificate
have allowed for application for approval of the submitted declaration
of mining project feasibility (DMPF) documents for the Philippine
construction and mining permit. Approval of the DMPF is expected in
2015. The EIS and DMPF are the major permits in the mine permitting
process;
- Set-up of financing arrangements through strategic advisers or engagement
of major financial institutions in co-ordination with Nadecor, supporting
construction in 2016;
- Advancing joint venture restructuring as described in the project
framework agreement;
- Assisting Nadecor with the steps necessary to transfer the MPSA (mineral production sharing agreement) into the
joint venture project structure;
- Advancing engineering and corporate social responsibility programs
supporting the initiation of construction in 2016.
St. Augustine's management's discussion and analysis, and financial statements for the year ended Dec. 31, 2014, are available on the company's website and on SEDAR. Unless otherwise noted, all financial figures in this news release are reported in U.S. dollars.
National Instrument 43-101 compliance
James J. Moore, PE, vice-president, technical, of St. Augustine and a qualified person under National Instrument 43-101, has reviewed and approved the scientific, technical and economic information contained in this news release.
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