St Andrew Goldfields Ltd SAS TSE October 18, 1996
Issues Flow through Shares To Continue Exploration
Charles M. Gryba, President of St Andrew Goldfields Ltd. announced that the Company has completed a private placement financing for gross proceeds of $750,000 by the issuance of 1,363,640 common shares of the Company, at $0.55 per share, on a flow-through basis.
The net proceeds of this financing will be used by St Andrew for exploration of the Company's Timmins area land holdings.
St Andrew owns 13 miles of prime gold exploration properties along the Porcupine Destor Fault, east of Timmins, Ontario. St Andrew has completed more than 220 km of Real Section Induced Polarization (I.P.) surveys and 3,557 metres of diamond drilling in the areas surrounding its Hislop and Taylor mine sites.
The ongoing drill program is allocated as follows: 6,000 metres to drill check new I.P. targets and 4,000 metres to extend known gold zones.
St Andrew Goldfields Ltd. is a canadian gold exploration and mining company with three mines, a 1,000 tonne-per day carbon-in-pulp mill and 36 square miles of exploration properties in the Timmins gold camp of Ontario. |
