OAKVILLE, ONTARIO, Dec 27, 2006 (MARKET WIRE via COMTEX News Network) --
St Andrew Goldfields Ltd. (TSX: SAS) ("St Andrew") wishes to announce that it has increased its interest in Glass Earth Limited (TSX VENTURE: GEL) to approximately 50.2% through the purchase of 2,412,000 common shares in three (3) separate private agreement transactions with Glass Earth shareholders.
This additional interest increases St Andrew's strategic investment in Glass Earth Limited to approximately 50.2 % of the outstanding common shares of Glass Earth Limited and is part of St Andrew's strategy of obtaining a presence in one the world's more prospective gold mining and gold exploration regions described below:
Glass Earth Company Profile
Glass Earth has the most extensive portfolio of gold and silver prospecting/exploration permits (and applications) in New Zealand, totaling over 31,000 square kilometers in the North and South Islands.
Within this land position, Glass Earth has defined the following exploration areas:
- Hauraki Region (North Island)- With 15 advanced gold prospects, this region is host to the world-class epithermal gold deposit at the Martha gold mine;
- Mamaku-Muirs Region (North Island)- With 17 recently-defined gold targets, this region includes the Muirs Reef prospect, which historically has produced more than 43,000 ounces of gold;
- Central Volcanic Region (North Island) - Glass Earth has defined 74 epithermal gold targets in this region, including 6 advanced drill-ready prospects; and
- Otago Region (South Island) - As Glass Earth's main gold region on New Zealand's South Island, a data collection/geophysical intervention over the recently awarded Otago Prospecting Permit and other areas and a targeting project will commence in early 2007. This region contains three near drill-ready mesothermal gold prospects.
St Andrew (TSX: SAS) is a gold mining and exploration company producing gold from its Stock Gold Complex in Timmins, Ontario and with gold production from its Nixon Fork Gold Mine in Alaska. The recently acquired Holloway-Holt Gold Mine in the Timmins Mining Camp is forecast to increase St Andrew's gold production by 75,000 to 100,000 ounces per annum. St Andrew controls a very large land position in the Timmins Mining Camp, an extensive land position at Eskay Creek in northern British Columbia and land positions around Nixon Fork in the Kuskokwim-Tintina Mining Camp in Alaska. St Andrew also holds an approximate 50.2 % equity interest in New Zealand based gold explorer, Glass Earth Limited and an approximate 8% equity interest in Apollo Gold Corporation.
FORWARD LOOKING STATEMENTS
Certain statements contained in this press release are "forward-looking statements" and are prospective. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.
Contacts:
St Andrew Goldfields Ltd.
Glenn Laing
President and CEO
(905) 815-9855
(905) 815-9437 (FAX)
Email: glaing@standrewgoldfields.com
St Andrew Goldfields Ltd.
Ben Au
CFO and VP Finance & Administration
(905) 815-9855
(905) 815-9437 (FAX)
Email: bau@standrewgoldfields.com
St Andrew Goldfields Ltd.
Investor Relations
Toll Free: 1-800-463-5139
Email: investor@standrewgoldfields.com
Website: www.standrewgoldfields.com
SOURCE: St Andrew Goldfields Ltd.
mailto:glaing@standrewgoldfields.com mailto:bau@standrewgoldfields.com mailto:investor@standrewgoldfields.com standrewgoldfields.com
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