US mining firm announces partnership with Villar Group

An American mining firm, St. Augustine Gold and Copper Limited (SAGCL), announced its partnership with Queensberry Mining and Development Corporation headed by Manuel Paolo Villar of the Philippines.
With the partnership, Queensberry may ultimately acquire a total stake in St. Augustine of up to approximately 23.7% through both the potential acquisition of secondary shares through option agreements and a private placement with the Company, subject to Toronto Stock Exchange (“TSX”) regulatory approval where the foreign firm is publicly listed.
Russell Mining and Minerals, ULC (“RMMU”), 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 US$0.40 per share to Queensberry through a private transaction in order to help facilitate the entry of Queensberry as a strategic partner to SAGCL.
As part of the private placement transaction, Queensberry’s President and CEO, Manuel Paolo A. 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 Mr. Villar brings a tremendous amount of experience in public Philippine operations.  He is a Director and President and Chief Executive Officer of Vista Land and Lifescapes, Inc. and a director of Starmall, Inc., two very large national corporations in the Philippines.  He graduated from Wharton School of the University of Pennsylvania, Philadelphia, USA with a Bachelor of Science in Economics and Bachelor of Applied Science.  After graduating, he was a consultant for McKinsey & Co. in the United States.  He later joined Crown Asia as Head of Corporate Planning prior to his position with Vista Land and Lifescapes.