ONTARIO ST ANDREW GOLDFIELDS of Oakville, Ontario, has completed the previously announced sale of its Stock mill complex to APOLLO GOLD CORP. of Denver, Colorado, for gross proceeds of $20.13 million, including interest of $130,000. The sale involves the mill building, related equipment, infrastructure, laboratory and tailings facilities, all located near Timmins, Ont.
Apollo owns the Black Fox gold project, also near Timmins. Production there is to begin at the end of Q1 2009. Indicated resources that can be recovered by open pit mining are 4.8 million tonnes grading 5.3 g/t Au and by underground methods are 1.7 million tonnes grading 11.4 g/t Au. There is also an inferred resource totalling 3.5 million tonnes.
Combined proven and probable reserves (both open pit and underground) are 6.46 million tonnes averaging 6.4 g/t Au and containing 1.33 million oz of gold.
Visit www.ApolloGold.com to view a drawing of the proposed pit and underground mine.