DAVAO CITY, Philippines – The Queensberry Mining and Development Corp., a mining firm owned by the family of Sen. Manny Villar has entered into a partnership with the American mining firm St. Augustine Gold and Copper Limited (SAGCL).
Queensberry is headed by the son of the senator, Manuel Paolo Villar, as president and chief executive officer.
The partnership between Queensberry and SAGCL involves mining exploration in Barangay King-King, Pantukan, Compostela Valley, considered to be the largest undeveloped copper-gold deposits in the world.
The King-King project has also been listed by the Mines and Geosciences Bureau as one of its priority mining projects.
With the partnership, Queensberry may ultimately acquire a total stake in St. Augustine of up to approximately 23.7 percent through both the potential acquisition of secondary shares through option agreements and a private placement with the company, subject to Toronto Stock Exchange regulatory approval where the foreign firm is publicly listed.
Russell Mining and Minerals, ULC, currently the largest shareholder of SAGCL, has agreed at the request of St. Augustine to option up to 70 million shares of the company at $0.40 per share to Queensberry through a private transaction in order to help facilitate the entry of Queensberry as a strategic partner of SAGCL.
As part of the private placement transaction, Villar will be nominated to a director position on St. Augustine’s board to replace Andrew J. Russell who has agreed to step down as a director, while staying on as CEO of the company.
In a released statement, SAGCL stated that Villar brings a tremendous amount of experience in their company’s operations.