St. Augustine Gold & Copper Files Q3 2016 Financial Results

St. Augustine Gold and Copper Limited (TSX:SAU) filed its financial results for the third quarter ended September 30 2016. The company has renewed the Mineral Production Sharing Agreement for the King-king Copper-Gold Project in the Philippines, and as of September 30, 2016, St. Augustine had cash and cash equivalents of approximately $700,000 and a working capital deficit of $300,000.
As quoted in the press release:

Q3 Corporate Highlights

The Company’s joint venture partner received notification from the Mines and Geosciences Bureau (MGB) of the Philippine Government that the Mineral Production Sharing Agreement (MPSA) for the King-king Copper-Gold Project has been renewed for a period of 25 years. The MPSA is an agreement under which the Philippine Government grants an exclusive right to conduct mining activities within the contract area and the Government receives a share of the gross revenues of the mine operations. St. Augustine, through its joint venture partner, NADECOR, will provide the necessary financing, technology, management and personnel for King-King’s development, construction and operation. The DMPF (a major project permit) approved by the Philippine Department of Environment and Natural Resources (DENR) in December 2015 was amended with the Integrated King-king Copper-Gold Project document in March 2016. This permit amendment to the DMPF was approved by the DENR in May 2016. The Integrated Project basically implements the Original Project in two (2) stages within the same area of the same facilities. The Stage 1 portion of the Project would probably mine and process 1.1 million TPY of high grade mixed copper oxide-sulfide ore by sulfide flotation and agitation tailing leach-SXEW. Stage 2 would be almost the same project originally described in the December 2015 approved DMPF and would follow Stage 1.

At September 30, 2016, St. Augustine had cash and cash equivalents of approximately $700,000 and a working capital deficit of $300,000. These compare to approximately $3.2 million in cash and cash equivalents and working capital of approximately $2.5 million at December 31, 2015. As additional funds will be required to continue development of the King-king project, St. Augustine management is currently considering options to ensure that the Company has sufficient funding to continue the development of the King-king project.

Click here for the full press release.