St. Augustine Gold and Copper Limited (SAU.TO) reports continued progress on the King-King project in the Philippines, one of the largest undeveloped copper-gold deposits in the world.
The company's focus for the remainder of the year is to complete a 43-101 compliant preliminary feasibility study by December 31, 2012. The studies are complete and a preliminary draft of the PFS is in review. The PFS will facilitate fundraising and completion of a bankable feasibility study.
The company finished the third quarter with approximately $5.5 million in cash. An additional $4.7 million was raised through a private placement with Queensberry Mining and Development Corp.
The company also announces that it has granted an aggregate of 7,877,000 stock options pursuant to directors and officers. The options entitle them to purchase common shares at a price of $0.40 per share until October 18, 2017, with one-third vesting immediately and one-third over each of the next two years.
SAU shares gained 4.5 cents to $0.365.
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