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GOLD DEVELOPMENT – St Andrew restructures for Holloway-Holt work

ONTARIO - ST ANDREW GOLDFIELDS of Oakville, Ont., is restructuring its operations near Timmins to focus on the deve...



ONTARIO – ST ANDREW GOLDFIELDS of Oakville, Ont., is restructuring its operations near Timmins to focus on the development of the Holloway-Holt gold mine. The changes also allow the company to engage contractors for both its Timmins, Ont., and Nixon Fork, Alaska, operations.

As a result of the exploration and development program underway at the Holloway-Holt project, the expansion of the Holt mill, the competitive labour market in Timmins, and the difficulties in sourcing equipment and materials, the company has decided to focus its efforts in the near term on the development of the Holloway-Holt mine. Restructuring will include a temporary suspension of operations at the Stock gold complex including the Clavos project and the Stock mill.

St Andrew plans to continue the Taylor advanced exploration and Hislop projects.

In order to address the competitive labour market, the sourcing of equipment and materials, and to ensure that performance targets at both the Holloway-Holt and Nixon Fork will be achieved, St Andrew plans to engage mining and metallurgical contractors. At Timmins these contractors will undertake the development of, and, following a production decision, the mining operations at the Holloway-Holt mine and mill. A mining contractor is also being engaged for the mining operations at the Nixon Fork gold mine.

The company previously announced that a production decision for the Holloway-Holt mine would be made in June 2007 (CMJ Net News, Feb. 11, 2007), but that decision is now anticipated in Q3 2007, after receipt of an independent 43-101 technical report on the property.

More information is available on the website, www.StAndrewGoldfields.com.


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