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Gold/Mining/Energy : St. Andrew Goldfields SAS-TSE

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To: Gord Bolton who wrote ()	3/4/1999 4:54:00 PM
From: Gord Bolton	Read Replies (1) of 6

FOR FURTHER INFORMATION PLEASE CONTACT: St Andrew Goldfields Ltd. Charles Gryba President (416) 597-0969 or St Andrew Goldfields Ltd. Julian Kemp Chief Financial Officer (416) 597-0969 WEB: www.standrewgold.com Email: info@standrewgold.com A map is also available by contacting the company at the number above. View Map NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: ST ANDREW GOLDFIELDS LTD. TSE SYMBOL: SAS MARCH 4, 1999 St Andrew Goldfields' Drilling Hits High-Grade Gold; Evaluating Open Pit on Hislop Property TORONTO, ONTARIO--St Andrew Goldfields Ltd. (SAS- TSE).... announces the assay results of 1999 Phase 1 drilling of 15 diamond drill holes on the West Area of the Hislop mine property. Hole H99-1 gave the best intersection of 61.5 ft grading 1.13 opt gold (uncut) or 0.46 opt when high values are cut to 1 ounce. The intersection includes a higher-grade core averaging 2.64 opt gold over 25 ft located approximately 90 ft below surface. This drilling program confirms gold grades and widths amenable to open pit mining: 0.08 opt over 94.5 ft which includes 0.13 opt over 41.5 ft (hole H99-2), 0.13 opt over 83.8 ft (H99-11), and 0.10 opt over 49.8 ft (H99-12). Other holes in the same area gave 0.19 opt over 25.0 ft (hole HGK-290), 0.27 opt over 49.3 ft (HGK-291), and 0.14 opt over 33.0 ft (HGK-292). See attached table and location map of Hislop site and drill holes. The Hislop open pit can be fast-tracked into production because gold mineralization comes to surface. There are at least three zones of gold mineralization over a minimum 1000 ft strike length. Overburden will vary from 0 to 20 ft in the proposed pit area. A Phase 2 diamond drill program is in progress to optimize open pit design and financial parameters. The Hislop Mine property has infrastructure in place and permitting modifications are in progress. Open pit ore would be trucked 34 miles to St Andrew's Stock Mill for processing. The Stock Mill was expanded to 1300 tonnes per day in the fourth quarter of 1998 and currently has about 500 tonnes per day of extra capacity. Open pit mining equipment is being sourced. Preliminary metallurgical work by Lakefield Research on a composite sample of ore from holes H99-1 to 5 has been carried out. The bottle roll cyanide test produced a gold recovery of 86 percent after leaching for 36 hours. The gold grade of the composite sample was 0.30 opt (10.2 g/tonne) from cyanide leaching compared to 0.34 opt (11.8 g/tonne) from fire assaying. Further metallurgical work will be done to optimize the mill circuit and gold recoveries. St Andrew Goldfields Ltd. is a gold company with a modern 1300 tpd gold mill and 55 sq miles of properties in the Timmins area. The company is currently generating a positive cash flow from custom milling. The Company currently has three diamond drills on exploration programs on the Stock, Taylor and Hislop properties. /T/ HISLOP MINE - WEST PIT AREA SIGNIFICANT ASSAY RESULTS NEW ASSAYS --------------------------------------------------------------- Hole No Section Dip From To Drill Au Au at collar Length (opt) (g/t) Degrees (feet) (feet) (feet) --------------------------------------------------------------- H99-1 18+25W -55 99.50 161.00 61.5 1.13 38.72 Includes 110.00 135.00 25.0 2.64 90.47 H99-2 18+25W -50 108.00 202.50 94.5 0.08 2.89 Includes 136.5 178.0 41.5 0.13 4.44 H99-3 18+75W -60 69.00 181.00 112.0 0.06 2.07 Includes 69.00 76.00 7.0 0.50 17.27 H99-4 17+75W -50 73.00 181.00 108.0 0.05 1.54 Includes 102.20 121.00 18.8 0.13 4.57 H99-5 17+75W -50 165.00 230.00 65.0 0.06 1.92 Includes 165.00 193.00 28.0 0.09 2.99 Includes 225.00 230.00 5.0 0.11 3.82 H99-6 23+00W -50 Low values- west side of fault on west end H99-7 21+50W -50 71.00 159.00 88.0 0.04 1.47 Includes 108.50 115.70 7.2 0.08 2.71 H99-8 21+00W -50 46.50 157.00 110.5 0.04 1.20 Includes 97.00 115.00 18.0 0.11 3.77 H99-9 20+25W -55 144.30 211.70 67.4 0.07 2.37 Includes 144.30 174.00 29.7 0.13 4.34 H99-10 19+25W -60 65.00 230.00 165.0 0.03 1.10 65.00 72.50 7.5 0.06 2.04 121.00 148.00 27.0 0.06 2.11 H99-11 19+50W -50 48.20 132.00 83.8 0.13 4.29 Includes 48.20 98.00 49.8 0.19 6.41 H99-12 19+75W -60 99.00 239.50 140.5 0.05 1.83 Includes 117.20 167.00 49.8 0.10 3.44 225.00 230.00 5.0 0.05 1.78 H99-13 17+25W -55 143.50 194.00 50.5 0.06 1.89 Includes 143.50 155.00 11.5 0.12 4.16 H99-14 20+50W -50 172.10 291.50 119.4 0.04 1.20 Includes 172.10 202.00 29.9 0.08 2.66 H99-15 20+75W -50 139.00 231.00 92.0 0.03 1.00 Includes 168.00 176.50 8.5 0.07 2.27 --------------------------------------------------------------- OLD ASSAYS HGK-77 14+00W -45 92.5 106.00 13.5 0.15 5.10 HGK-81 15+00W -45 57.00 97.00 40.0 0.11 3.84 HGK-126 16+50W -40 59.80 84.90 25.1 0.07 2.26 HGK-205 15+00W -52 18.00 56.40 38.4 0.15 5.07 HGK-208 15+50W -45 50.00 81.40 31.4 0.10 3.26 HGK-216 16+50W -50 40.00 72.40 32.4 0.08 2.67 HGK-269 13+00W -40 60.00 92.00 32.0 0.11 3.91 HGK-273 14+50W -60 20.00 62.00 42.0 0.06 1.95 HGK-290 18+25W -45 43.00 85.00 42.0 0.14 4.70 HGK-291 18+25W -60 55.70 105.00 49.3 0.27 9.15 --------------------------------------------------------------- /T/ -30-

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