St. Augustine: No kinks in King-king joint venture The foreign backer of the King-king gold and copper project has disputed reports that its local joint venture partner Nationwide Development Corporation (Nadecor) had already severed ties with it. St. Augustine Gold and Copper Limited (SAGCL) said described the media reports alleging that Nadecor’s board had rescinded the partnership agreements between the two parties as “inaccurate and false.” SAGCL owns a 25% stake in the King-king project located in Pantukan town, Compostela Province, considered to be one of the largest undeveloped copper-gold deposits in the world. The project, which is on exploration stage, is estimated to contain 5.4 billion lbs. of copper and about 10.3 million ounces of gold. By Mining Week / August 25, 2013 In a recent interview with The Northern Miner, SAGCL Chief Operating Officer Tom Henderson said the company has “an excellent working relationship with the real board of directors at joint-venture partner Nadecor.” Nadecor’s board had been plagued with infighting, culminating with the ousting of board members during a shareholder vote in 2011. Henderson said these ousted members “are now masquerading as the real board of Nadecor and that they have made numerous false claims to be board members of NADECOR via bogus websites and media exposure in the Philippines.” “We find it all a bit annoying,” Henderson was quoted by Northern Miner as saying. “There is a legitimate NADECOR organization that we work with under the guidance of Conrado Calalang and Roberto Romulo. They were elected to the board several years ago.’” In an August 14 press release, St. Augustine confirmed that progress at its King-king gold and copper project “is advancing as scheduled in accordance with its Memorandum of Understanding and Joint Venture Agreement with its joint venture partner” Nadecor. It pointed out that in June last year a Writ of Preliminary Injunction issued by the Court of Appeals ruled “that that the board of directors of Nadecor elected in August 2011 and led by Conrado T. Calalang and Roberto R. Romulo as President and Chairman of Board, respectively, is the valid board of NADECOR.” “In addition, the writ confirmed that the Agreements between the Company and Nadecor had not been rescinded during the June 13, 2012 stockholders meeting. This writ was made permanent by the court in February 2013,” St. Augustine added. More recently, on August 21, St. Augustine announced that Henderson, its chief operating officer, and Kee Ming Chi, General Counsel, of St. Augustine, “have been appointed to NADECOR’s board of directors.” “The appointment follows St. Augustine’s acquisition, in June 2013, of a 25% interest in NADECOR,” the company said. It said cited Nadecor President Conrado T. Calalang’s report which stated that Nadecor’s relationship with St. Augustine is “strong and continues to deliver clear benefits for the project.” “The appointment of St. Augustine representatives to NADECOR’s Board signifies our ongoing commitment to working with our partner, and the development of the King-king Project,” St. Augustine’s CEO Andrew J. Russell stated. “It will further align our efforts to accelerate project development and allow us to focus on maximizing shareholder value for both companies and other King-king stakeholders.” - See more at: phminingweek/st-augustine-no-kinks-in-king-king-joint-venture/#sthash.yYqQfsIZ.dpuf
Posted on: Mon, 26 Aug 2013 10:34:59 +0000
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