Holmer Gold Mines Message Board

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Gold/Mining/Energy : Holmer Gold Mines

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To: Yonni who wrote (724)	12/7/1999 9:54:00 AM
From: lorne	of 739

Hello Yonni. I don't see Holmer's name mentioned here but ya never know. According to statement here mill capacity is fully utilized. St Andrew Raises $2,816,500 TORONTO, ONTARIO--St Andrew Goldfields Ltd. (SAS-TSE) is pleased to announce that the Company has completed a $2,000,000 debt financing with a private merchant bank. The secured loan has a fourteen-month term. The Company has also completed a private placement of equity financing for gross proceeds of $816,500 by the issuance of 2,300,000 shares at 0.355 per share. The net proceeds of the financings improve the Company's working capital position, and provide funds to finance the re-commencement of production at the Stock Mine and to complete a feasibility study on the Taylor Mine Project. The Company's financial position is anticipated to show improvement because of expected increases in revenues and operating cash flows due to mining operations at Hislop and Stock which together will produce approximately 700 tonnes of ore per day. With the Company's own production and the existing custom mill feed, the current capacity of the Stock Mill will be fully utilized. -30- FOR FURTHER INFORMATION PLEASE CONTACT: St Andrew Goldfields Ltd. Charles Gryba President or Julian Kemp Chief Financial Officer (416) 597-0969 WEB: www.standrewgold.com Email: info@standrewgold.com

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