St. Augustine Gold and Copper Limited (TSX:SAU) announced today that it has closed its previously announced private placement with Queensberry Mining and Development Corp. for 55,000,000 shares at a subscription price of US$0.20 per share for a total investment of US$11 million. The funds received will be used for working capital and to further advance the King-king Project. Located in the Philippines, King-king is one of the largest undeveloped copper-gold deposits in the world.
The shares issued pursuant to this private placement will be subject to trading restrictions until October 1, 2013.
ABOUT THE KING-KING PROJECT
King-king is one of the largest undeveloped copper-gold deposits in the world. As released in the October 2010 Technical Report and the updated resource report released August 15, 2011, Measured mineral resources are 120.3 million tonnes at 0.315% total copper, 0.112 soluble copper and 0.816 grams per tonne (g/t) gold; Indicated mineral resources are 841.9 million tonnes at 0.245% total copper, 0.054% soluble copper, and 0.316 grams per tonne (g/t) gold. Inferred mineral resources are an additional 188.8 million tonnes at 0.215% total copper, 0.048% soluble copper, and 0.265 g/t gold. The Measured and Indicated mineral resource consists of 5.4 billion pounds of contained copper and 10.3 million troy ounces of contained gold.
The King-king deposit is a gold rich copper-gold porphyry deposit located in the southeast of the Philippine Island of Mindanao, 35km east of Davao City and 13 km from the coast. The project is listed as one of the top priority projects by the Philippine Mines and Geosciences Bureau. The project has a strip ratio less than one for years 1to 5 and is in an advanced stage with 95,651 meters of drilling composed of 291 core and reverse circulation (“RC”) holes, including 6,052 meters of new drilling composed of 14 core holes (and 1 RC) in 2011. King-king has entered the feasibility stage of development (social, environmental and engineering phases).
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