Business
St. Augustine announces signing of Memorandum of Agreement between joint venture partner Nationwide Development Corporation and the Mansaka Indigenous Cultural Communities/Indigenous Peoples
HONG KONG , July 13, 2015 /CNW/ - St. Augustine Gold and Copper Limited (TSX: SAU) ("S...
About this update from St. Augustine Gold & Copper Ltd.
[{"type":"text","content":"\n\nHONG KONG, July 13, 2015 /CNW/ - St. Augustine Gold and Copper Limited (TSX: SAU) (\"St. Augustine\" or the \"Company\") is pleased to announce that its joint venture partner, Nationwide Development Corporation (\"NADECOR\") and the Mansaka Indigenous Cultural Communities/Indigenous Peoples (\"ICC/IPs\" or \"Mansaka Tribe\"), and the National Commission on Indigenous Peoples (\"NCIP\") collectively entered into a Memorandum of Agreement (\"MOA\") for the support and development of the King-king Copper-Gold Project (the \"Project\").  The signing of the MOA represents another significant milestone in the Company's efforts to secure permitting and support for the development of the Project.\n\nThe MOA, together with the Free and Prior Informed Consent (\"FPIC\") report of the NCIP Regional Office, has been forwarded to the NCIP Central Office in Manila.  The NCIP Commissioners will review the MOA and, upon determination that the documents submitted are complete and in order, the NCIP Commission will issue the Certificate of Precondition (\"CP\").  The CP refers to a certification issued by the NCIP that the required FPIC was properly obtained from the ICC/IP community concerned and is in accordance with the provisions of the national guidelines.  A decision on the CP is expected before year end 2015.\n\nThe NADECOR - Mansaka Tribe MOA is a cornerstone agreement that complies with the Philippine Indigenous Peoples Rights Act of 1997 with NCIP as the primary governmental agency mandated to formulate and implement policies and guidelines to promote and protect the rights and well-being of the ICC/IPs, as well as the recognition of their ancestral domain and rights.\n\nDuring the past five years, NADECOR (together with affiliates of the St. Augustine group as the service provider) and the Mansaka Tribe have worked to align all interests in the development of the Project such that the operation will mutually benefit all parties.  This MOA further paves the way for near-term development of the Project and represents an important milestone that leads toward start of project construction.\n\nThe MOA is valid for 25 years and provides a framework for how the Project will benefit the Mansaka Tribe through payment of a 1% royalty fee, as well as employment and various social development programs.  More infor...