- Posted February 20, 2013 by
Villar Group buys bigger stake in SAGC
Queensberry Mining and Development Corporation, the resource development company of Sen. Manny Villar, reportedly secured additional equity in St. Augustine Gold and Copper Limited (SAGC), a US-based mining company that is conducting exploration studies in Barangay King-king, Pantukan, Compostela Valley Province. This move by Queensberry and Senator Villar is consistent with what appears to be a recent shift into the mining industry. Queensberry appears to have a high level of confidence in SAGC to advance the King King Project.
The purchase of additional shares by Queensberry and Senator Villar could indicate an alignment with SAGC as the strategic partner to facilitate their shift into the mining sector not only in king king but collectively with a group who have consistently acquired and managed some of the most valuable assets in the mining industry. The founders and executives for SAGC have been instrumental in developing some of the world’s largest mining projects.
Queensberry’s recent investment of an additional 40 million pesos in SACG shows that Senator Villar is confident SAGC is the company to partner with for future large mine development. You can bet the founders and executives of SAGC aren't risking their reputation on anything less than world class mining operations and standards.
For its part, SAGC President and CEO, Andrew Russell stated, "the company is appreciative of the support Queensberry continues to provide through additional investment in St. Augustine as we continue to move the King-king project forward."
SAGC continues to actively participate in community development projects benefiting Pantukan and Compostela Valley. Most recently SAGC provided substantial rescue and relief assistance to the victims of Typhoon Pablo on multiple and on-going occasions in three different municipalities.
The investment by Queensberry into SAGC will be used for general working capital as the company continues its efforts to develop 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 and Indicated mineral resources are 962.3 million tonnes at 0.254% total copper, 0.062% soluble copper, and 0.334 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 low strip ratio and is in 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 into the feasibility stage of development (social, environmental and engineering phases).