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St Andrew Goldfields Ltd SAS TSE January 9, 1997 Major Increase In Reserves And Grade Taylor Mine West Porphyry Zone Charles Gryba, President announced St Andrew Goldfields Ltd. has just completed step-out hole SAT-81, located 200 feet southwest of SAT-79, to test the down plunge extension of the West Porphyry Zone. Hole SAT-81 intersected 0.15opt over 43.6 ft which includes 0.28opt over 22.5ft and 2.77opt over 2.0ft. Gold values occur in a flat-lying quartz stockwork associated with a "green carbonate" zone located immediately south of the Porcupine- Destor Fault. New preliminary reserve estimates on the West Porphyry Zone as calculated by St Andrew staff now suggest 1,400,000 tons grading 0.28opt gold. Previous reserve estimate for the West Porphyry Zone was 274,000 tons grading 0.21 opt (see attached table). The West Porphyry Zone located 1400 ft below surface has now been defined by a total of 24 diamond drill holes. Drilling to date indicates that the zone is a minimum of 500 feet in width, 1500 feet in length, and has an average thickness of 25 feet. The zone still remains open with excellent potential to expand to the south and southwest. Drill hole information is summarized on the attached table and map (call 416-597-0969 for copy of map.) A third diamond drill has been mobilized to Taylor Township to drill off the West Porphyry Zone. A total of five (5) diamond drills are presently on contract on the Hislop, Taylor and Stock Mine properties. An aggressive exploration program of drilling and Real Section IP geophysics will be continued in 1997 on all three properties to establish priorities for detailed ore reserve drilling and potential mine development. St Andrew Goldfields Ltd. is a Canadian gold exploration and mining company with three permitted mining properties (Stock, Taylor, Hislop), a modern 1,000 tonnes per day mill that will start custom milling in early 1997 and more than 36 square miles of prime exploration properties in the prolific Timmins gold camp of Northern Ontario. TAYLOR MINE - WEST PORPHYRY ZONE HIGHLIGHTS OF ASSAYS 1996 DRILLING LOCATION Interval Gold Width Gold WIDTH metres g/t m opt FT SAT-81 484.0 - 497.3 VG 5.3 13.3 0.15 43.6 -70 degrees includes 484.0 - 490.8 9.7 6.8 0.28 22.5 N315E 490.2 - 490.8 94.9 0.6 2.8 2.0 693.9 - 697.7# 3.0 3.8 0.09 12.6 includes 696.7 - 697.7 7.2 1.0 0.21 3.3 SAT-80 440.2 - 464.7 VG 5.5 24.5 0.16 80.4 -68 degrees includes 440.2-442.2 44.2 2.0 1.29 6.5 N315E 459.1-464.7 6.8 5.6 0.20 18.4 SAT-79 439.5 - 440.3 3.2 1.3 .10 4.3 -70 degrees N315E 468.0 - 469.5 VG 13.0 1.5 .38 5.0 478.0 - 485.5 9.8 7.5 .29 24.6 670.8 - 678.4# VG 1.9 8.4 .06 27.6 1996 Assaying - Old Core SAT-48 new assays 435.9-449.9(x) VG 12.4 14.0 .36 46.0 -70 degrees at N315E 456.0-459.0 28.1 3.0 .82 9.8 SAT-49 new assays 443.8-450.2(x) VG 10.9 6.4 .32 21.0 -70 degrees at N315E 490.9 - 492.6 3.6 1.7 .11 5.6(x) (x) Sampling of only 20 percent of available whole core. VG indicates visible gold # Lower zone requires further drilling. TAYLOR TOWNSHIP RESOURCE ESTIMATE UPDATE 1995 Annual Report (p. 4, Taylor Twp Reserves) Tons Grade opt Proven + Probable Reserves (Shoot Zone&&) 792,000 0.144 Possible reserves (West Porphyry + Porphyry Zones) 342,000 & 0.194 NEW Estimate- West Porphyry Zone only 1,400,000 0.28 Porphyry Zone 60,000 0.18 Total: 1,460,000 0.28 & Includes 274,100 tons at 0.214 opt, mineable reserves for West Porphyry Zone. && Shoot Zone geological reserves are 1,150,000 tons averaging 0.157opt TEL: (416) 597-0969 Charles Gryba, President | ||||||||||||||
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