Feb. 4, 2011 (Canada NewsWire Group) --
CALGARY, Feb. 4 /CNW/ - St. Augustine Gold and Copper Limited (formerly Ratel Gold Limited) ("St. Augustine" or the "Company") (TSX : SAU) ) today announced a change of auditors to Meyers Norris Penny LLP, of Calgary, Alberta, Canada, from Ernst Young LLP, of Perth, Australia.
A Notice of Change of Auditor together with letters from the former auditor and the successor auditor will be filed on SEDAR
ABOUT ST. AUGUSTINE GOLD AND COPPER LIMITED
St. Augustine Gold and Copper Limited is a mining company whose main focus is bringing the King-king property located in the Philippines (the "King-king Project") into production. The Company has an exclusive option to earn up to a 60% interest in the King-king Project. It is listed on the TSX and trades under the symbol "SAU".
ABOUT THE KING-KING PROJECT
The King-king deposit is a gold rich, copper-gold porphyry deposit located in the south east of the Philippine Island of Mindanao, located 92kms NW of Davao City and 13 kms from the coast. The project is listed as one of the top priority projects by the Philippine Mines and Geosciences Bureau and the project has a low strip ratio (0.8:1 compared to an industry average of 2.5:1). The project is advanced stage with 89,922 meters of drilling composed of 276 core and reverse circulation holdes and has entered the feasibility stage of development (social, environmental and engineering).
King-king is one of the largest undeveloped copper-gold deposits in the world, with a measured and indicated equivalent copper-gold resource of 791.5 Mt at 0.815 g/t equivalent gold for 20.7M equivalent gold ounces (0.279% Cu for 4.9B lbs of Cu and 0.371 g/t Au for 9.4M ounces of contained Au) and a further 2.75M equivalent gold ounces in inferred resources (125.5Mt at 0.237% Cu lbs and 0.308 g/t Au). Completion of a bankable feasibility study is expected in the first quarter of 2012.
NATIONAL INSTRUMENT 43-101 COMPLIANCE
Mr. James J. Moore, P.E., a qualified person under NI 43-101, has reviewed the contents of this press release.
A NI 43-101 compliant technical report entitled "King-king Copper-Gold Project Mindanao, Philippines" dated October 12, 2010 and prepared by Michael G. Hester, FAusIMM of Independent Mining Consultants, Inc., Donald F. Earnest, P.G., of Resource Evaluation, Inc. and John G. Aronson of AATA International, Inc. has been filed by Ratel on www.sedar.com.
For further information about the Company, please refer to the Company's filings on SEDAR (www.sedar.com).
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, without
limitation, the use of net proceeds 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 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 government agencies in the development of the
Company's mineral projects; the need to obtain 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 prospectus of the Company dated June 29, 2010 and
the Circular, both filed with the Canadian securities regulatory
authorities on the SEDAR website at www.sedar.com.
|Australian Contact |
Director - Michael Carrick
Tel: +61 8 9263 4000
Fax: +61 8 9263 4020
CEO & Director - Andy Russell
Tel: (509) 343-3193
Fax: (509) 343-3194