NORTHERN ONTARIO – ST ANDREW GOLDFIELDS of Oakville (near Toronto) has announced the restart of gold production at its Stock Gold Complex near Timmins. Gold production of 50,000 oz is forecast for 2006 at a cash cost of US$325/oz.
The Clavos advanced exploration program was completed at the end of the fourth quarter of 2005. The company believes that reasonable sustainable production rates of 600 to 650 tonnes per day can be obtained from the Clavos mine at estimated recoverable grades of 6.85 g/t Au per tonne milled. The decline will be extended to 375 metres below surface this year and ramps driven to reach the stoping areas. An underground 20,000-metre exploration drill program is also planned.
St Andrew has other exploration projects in the area. A decline at the advanced Taylor project will be driven a total of 1,800 metres to 120 metres below surface in 2006 and a further 1,500 metres to a depth of 300 metres in 2007. If underground drilling outlines sufficient reserves and resources, the mining at the Taylor project could begin in the second half of 2007. The company is testing 15 other surface drill targets identified for work this year. It also anticipates conducting geophysics, trenching and chip sampling.
Contact St Andrew president Glenn Laing at 905-815-9437 or visit www.StAndrewGoldfields.com.