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Gold/Mining/Energy : Holmer Gold Mines

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To: Brian MacDonald who wrote (727)	1/8/2000 8:54:00 AM
From: lorne	Read Replies (1) of 739

ST ANDREW GOLDFIELDS LTD. RAISES $450,000 IN FLOW THROUGH FINANCING January 6, 2000FOR IMMEDIATE RELEASE Toronto, Ontario - St Andrew Goldfields Ltd. (SAS-TSE) ………… is pleased to announce that the Company completed prior to December 31, 1999, a private placement flow through financing for gross proceeds of $450,000 by the issuance of 1,125,000 common shares of the Company at $0.40 per share. The net proceeds of the financings will be used for exploration expenditures pursuant to the joint venture agreement with Holmer Gold Mines Limited, as well as further exploration expenditures on St Andrew's other properties. As part of its exploration program, St Andrew has commenced a drill program using 6 diamond drills to test some high priority targets. The program also includes infill drilling at Holmer's Timmins property. Results from this drilling program will be available in the first quarter of 2000. standrewgold.com

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