ONTARIO - ST ANDREW GOLDFIELDS of Oakville, Ont., is working to restart gold production from its Holloway-Holt project near Matheson by Q2 2007. The company expects to produce 75,000 to 100,000 oz of gold annually through 2014.
St Andrew acquired the former Holloway and Holt-McDermott mines from a subsidiary of NEWMONT MINING late last year for US$40 million plus a 1% NSR. The mines are located next to St Andrew's Golden Reward exploration properties, also in the Timmins mining camp.
Resources at the Holloway-Holt complex are estimated at 4.0 million t grading 7.4 g/t Au and containing 963,000 oz gold in the measured and indicated categories. The inferred resource adds 1.2 million t grading 7.3 g/t Au and 270,000 oz gold to the total. Additional surface and underground exploration programs are in the planning stage.
A map of St Andrew's holdings is available in the news release of Sept. 18, 2006, posted at www.Sedar.com.
Development has begun at both properties. A St Andrew crew is working in the Blacktop section of the Holloway mine. A crew from DUMAS CONTRACTING is working at the No.6 section of the Holt mine. St Andrew employees are also preparing the No.4 section of the Holt mine.
The Holt mill is being refurbished to treat ore from the reopened mines and, in the future, other St Andrew mines developed nearby.