St. Augustine Gold and Copper Ltd. has announced the acquisition of a 25-percent interest in Nationwide Development Corp. (Nadecor) for $43.5 million.
“We are delighted to welcome St. Augustine as a significant shareholder in Nadecor. Both companies are aligned in our goal to advance the King-king Project into production as quickly as possible,” Nadecor President Conrado Calalang said in a statement.
Also, St. Augustine and Nadecor have executed an agreement for the latter to reimburse the expenditures made in advance of St. Augustine’s project earn-in schedule.
Meanwhile, Queensberry Mining and Development Corp., as a significant shareholder of St. Augustine, has indicated its continuing interest in developing the King-king project.
The companies are engaged in ongoing discussions regarding additional funding for the King-king project.
Following its recent placement of $11 million, Queensberry holds 18 percent of St. Augustine and has the option to acquire up to 32 percent through the secondary share purchase agreement with Russell Mining Corp. announced in October 2012.
King-king, a project listed as one of the top priority projects by the Philippine Mines and Geosciences Bureau, is one of the largest undeveloped copper-gold deposits in the world.