Montreal, QB / ACCESSWIRE / June 9, 2014 / St-Georges Platinum and Base Metals Ltd. (OTCQX: SXOOF) (CSE: SX) (FSE: 85G1) is pleased to report it has received positive title opinion in relation to the mining production and mining exploration licenses it is acquiring in Zambia.
Significance of title verification and title opinion
The title verification and title opinion brings St-Georges closer to the completion of the current on-going due diligence process for acquisition of the Mwininlunga and Shongwa mining projects. Mwininlunga currently produces Copper Concentrate with plans to potentially expand to 20,000 tonnes per month. On Shongwa, the Company expects to initiate work on a NI 43-101 compliant Preliminary Economic Assessment Study later in early 2015.
Mark Billings, St-Georges Chairman and Director, stated: "The title opinion we received from KCK is an important milestone (...) along with the completion of the analysis of available geological and engineering data which should be on track with the previously announced schedule, it should provide enough comfort to recommend to our shareholders to endorse this acquisition. We received a fair amount of interest for these projects and are pleased with the response from the financial community in relation to the Company's plan to move forward in Zambia."
Mandate of KCK & Associates
In the course of the due diligence process, St-Georges hired KCK & Associates as independent legal advisors to establish its Zambian subsidiary and to assist the Company in the process of title and permit verification. KCK & Associates is a law firm established in Lusaka, Zambia that specializes in Corporate and Mining Law. The firm works for an extensive array of clients in the mining sector and with Governmental entities.
About the Zambian Projects
The Mwinilunga Copper-Cobalt-Gold Project. Covering 740 hectares (7.4 km2) , the project is located close to the Angola and DRC borders and is in the vicinity of CopperZone and Vale Inco's Luamata Joint-Venture Project. Current small scale punctual production of 3,000 tonnes of Copper Concentrate (15%) per month on the mining license will be consolidated under St-Georges' control at closing of the transaction, and will be managed under a service agreement to be finalized before the end of the due diligence period.
The Shongwa IOCG & Nickel Project. Covers an area of 72,600 hectares (726 Km2) and is located approximately 60 km northwest of the town of Kasempa. There is a current JORC Definitive Feasibility Study (DFS) in place and the Company plans to verify and integrate the historical and JORC information into new NI 43-101 reports, and is currently evaluating the level of work required. The Company further expects to initiate work on a NI 43-101 compliant Preliminary Economic Assessment Study (PEA) later in 2014 or early 2015, conditional to the closing of the acquisition transaction.
Mr. Joel Scodnick, P.Geo. St-Georges' Vice-President Exploration is a Qualified Person as defined by NI 43-101 and has reviewed and verified the scientific and technical mining disclosure contained in this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Director, President & CEO
St-Georges is a vertically integrated Platinum-Palladium-Gold, Copper-Cobalt & Nickel Explorer and Developer. Headquartered in Montreal, the Company's stock is listed on the CSE under the symbol SX, on the OTCQX under the Symbol SXOOF and on the Frankfurt Stock Exchange under the symbol 85G1. For additional information, please visit our website at www.stgeorgesplatinum.com
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
SOURCE: St-Georges Platinum and Base Metals Ltd.