St Augustine Gold and Copper announces $11m private placement
TORONTO (miningweekly.com) – Toronto-listed St Augustine Gold and Copper, which is developing the King-king copper/gold project, in the Philippines, on Thursday announced a private placement with Queensberry Mining and Development of $11-million.
The private placement saw Queensberry buy 55-million shares at $0.20 a share.
St Augustine said the funds would be used for working capital and to advance the King-king project, which is believed to be one of the largest undeveloped copper/gold deposits in the world.
“Their [Queensberry’s] investment puts the company in a strong cash position to complete work on permitting and feasibility,” CEO Andrew Russell said.
The King-king project had been listed as a top-three-priority project by the Philippine government, with the project’s size possibly accounting for the urgency in successfully seeing it through the permitting process.
The latest updated National Instrument 43-101-compliant resource estimate endowed the project with a measured and indicated copper/gold-equivalent resource of 962.3-million tons grading 0.66 g/t gold equivalent, for 5.4-billion pounds of copper and 10.3-million ounces of gold.
The inferred resource held another 3.6-million gold-equivalent ounces, grading 188.8-million tons at 0.21% copper and 0.26 g/t gold.
Initial planning saw the mine operating at a 100 000 t/d capacity, entailing a 40 000 t/d heap leach operation and a 60 000 t/d milling operation, with potential expansion to a 120 000 t/d when heap leaching comes to an end. The mine is expected to produce about 242-million pounds a year of the red metal and 319 600 oz of gold a year for the first five years of operation.
The company’s stock closed 2.86% higher on Thursday at C$0.18 a share on the TSX.
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