GOLD EXPLORATION – St Andrew update and acquisition

TORONTO - ST ANDREW GOLDFIELDS is already busy working on two Canadian and one U.S. project, but to keep even busie...
TORONTO - ST ANDREW GOLDFIELDS is already busy working on two Canadian and one U.S. project, but to keep even busier it is acquiring a third Canadian property.

In British Columbia the company's Eskay drill program totalled 2,096 metres this year, and a follow-up program is planned for summer 2006. Two targets were of particular interest. The Polo area is believed to be a gold-containing massive sulphide deposit similar to Barrick's Eskay Creek mine. The Marrymel Creek target looks to be a copper-zinc-silver skarn.

At the Stock gold complex near Timmins, Ontario, St Andrew is nearing completion of the Clavos advanced underground exploration program. So far a bulk sample of over 20,000 tonnes has been put through the Stock mill and yielded approximately 5,000 oz of gold. The decline has reached 315 metres below surface and horizontal development has been carried out on the 175-, 225- and 250-metre levels. Underground diamond drilling totals over 35,000 metres to date.

The newest addition to St Andrew's portfolio is the Aquarius gold deposit only 7 km from the Stock gold complex. St Andrew gained control of the deposit, owned by KINROSS GOLD, by issuing shares to Kinross. That company will hold an approximate 14% ownership position in St Andrew when the deal closes at the end of this year. In 2003 Kinross reported probable gold reserves at Aquarius of 1.0 million oz, consisting of 15.0 million tonnes at a grade of 2.16 g/t Au and with an assumed gold price of US$325/oz.

In west-central Alaska, St Andrew has applied for the key permits for the commercial operations at its Nixon Fork gold mine. Subject to the receipt of the permits, the company anticipates that the mine will begin production in mid-2006.

With undoubtedly many, many people busy in the field, the company's website,, is a bit neglected, but information can be had if users poke around awhile.


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