We write on behalf of our client, Nationwide Development Corp. (NADECOR), in reference to the entitled “King-king project secures ECC for $2-B copper-gold project” written by Czeriza Valencia, which appeared on page B-8 of your newspaper on 4 March 2015.
In the interest of truth, we advise you and your readership that:
1. St. Augustine Gold & Copper Ltd. (SAGCL) is not the proponent of the King-King Gold and Copper Project (the Project’). SAGCL is not a contractor under the Amended Mineral Production Sharing Agreement dated 11 December 2002 (the MPSA) with the Philippine Government. Rather, it is a NADECOR which is the proponent of the Project and the contractor under the MPSA.
2. SAGCL is not a partner with NADECOR. As early as 26 March 2012, NADECOR’s Board of Directors rescinded NADECOR’s Memorandum of Understanding dated 27 April 2010 and related agreements with SAGCL, St. Augustine Mining Ltd. and St. Augustine Services Corp.
3. It is disingenuous for Mr. Manuel Paolo A. Villar, the supposed President and Chief Executive Officer of SAGCL, to feign ignorance of the fact that NADECOR had long severed its ties with SAGCL. First, the Subscription Agreement dated 25 May 2012, which was signed by Mr. Villar on behalf of Queensberry Mining and Development Corp. (Queensberry), expressly states that said rescission was disclosed to Queensberry. Second, Mr. Villar was present during the 13 June 2012 special stockholders’ meeting wherein NADECOR’s stockholders ratified said rescission. Third, Mr. Villar was present during the 18 July 2012 board meeting wherein said rescission was discussed by NADECOR’s Board of Directors (of which Mr. Villar was then a member). Fourth, Mr. Villar was present during the 22 August 2012 annual stockholders’ meeting wherein NADECOR’s stockholders (which then included Queensberry) ratified all previous actions of NADECOR’s Board of Directors, including said rescission.
4. In a letter dated 10 February 2014, the Mines and Geosciences Bureau (MGB), through Director Leo L. Jasareno, categorically declared that the MGB cannot act on NADECOR’s Declaration of Mining Project Feasibility “because of NADECOR’s intra-corporate dispute.’ Director Jasareno added that “(a) final resolution of the issue by the Supreme Court of the Philippines is the key (to resolving the dispute).”
In the interest of basic fairness, we request you to publish this letter. We trust we have made our client’s position clear on the matter.
Very truly yours,
Zamora Poblador Vasquez & Bretaña
Counsel for NADECOR
By:
NAPOLEON J. POBLADOR
MANUEL JOSEPH R. BRETAÑA III
AMES GERARD M. BAELLO