St Andrew Goldfields Ltd.
TSX : SAS

St Andrew Goldfields Ltd.

January 16, 2008 12:54 ET

St Andrew Completes $14.8 Million Brokered Private Placement Offering

OAKVILLE, ONTARIO--(Marketwire - Jan. 16, 2008) -

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St Andrew Goldfields Ltd. (TSX:SAS) ("St Andrew" or the "Company") announces that it has closed today its previously announced private placement of 26,825,822 common shares at a price of $0.55 per share for gross proceeds of $14,754,202. The private placement was placed by a syndicate of investment dealers, led by Octagon Capital Corporation and including D&D Securities Company, Haywood Securities Inc. and Maison Placements Canada Inc. The Company issued 1,261,012 broker compensation warrants exercisable at $0.60 per share for 24 months in connection with the offering.

The net proceeds of the offering will be used by St Andrew for exploration expenditures, development and drilling programs at the Holloway-Holt Gold Mine, for working capital and for general corporate purposes.

"We are pleased to have completed this most recent financing", said Mr. Jacques Perron, President and CEO of St Andrew Goldfields, "which allows the Company to further advance both our regional exploration and advanced stage projects".

About St Andrew

St Andrew is a gold mining and exploration company with operations in Timmins, Ontario and Alaska. 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 Gold Mine in the Kuskokwim-Tintina Mining Camp in Alaska. St Andrew also holds an approximate 42.9% equity interest in New Zealand based gold explorer Glass Earth Gold Limited which holds extensive land positions on the North and South Islands in New Zealand and a 18.4% equity interest in Apollo Gold Corporation which has operations in Montana, Mexico and the Black Fox Deposit located in the vicinity of St Andrew's Timmins operations.

FORWARD LOOKING STATEMENTS

The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary material include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers should refer to the Company's Annual Information Form filed at www.sedar.com for a further discussion of such risks, uncertainties and factors. Readers are cautioned not to place undue reliance on this forward-looking information. St Andrew does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

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