St Andrew Goldfields Ltd.

St Andrew Goldfields Ltd.

July 24, 2009 08:30 ET

Court Upholds St Andrew's Position on Holt Royalty

OAKVILLE, ONTARIO--(Marketwire - July 24, 2009) -


St Andrew Goldfields Ltd. (TSX:SAS) - ("St Andrew" or "SAS") is pleased to announce that it has been successful in its application to the Superior Court of Justice (Ontario) in obtaining a favourable declaration of St Andrew's rights and obligations in respect of a royalty agreement entered into by Newmont Canada Limited and Barrick Gold Corporation (the "Holt Royalty"), on the Holt property. The Court upheld that St Andrew's obligation in respect of the Holt Royalty is limited to a flat rate of 0.013% net smelter return on production from the Holt property, which was acquired from Newmont in November 2006, as part of the Holloway-Holt transaction.

"We are very pleased that the Court has upheld our view of our obligations under this royalty", said Jacques Perron, President and CEO of St Andrew. "With receipt of this judgement, we are now in a position to advance our plans regarding the Holt Mine which is a significant step to achieve our objective for profitable growth. We will be able to focus our attention on bringing the Holloway Mine into production by November 2009, Hislop in the beginning of 2010 followed by the Holt Mine in the second half of 2010."

About SAS

SAS is a Canadian based gold mining, exploration and development Company with an extensive land package in the Timmins mining district, Northeastern Ontario, Canada, which lies within the world famous Abitibi greenstone belt. SAS is focussed on building a foundation for profitable growth.


This news release contains forward-looking information under applicable securities laws, concerning St Andrew's objectives, strategies, beliefs and intentions. Forward looking information is frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "intend" and similar words referring to future events and results, including attaining commercial production from the Holloway, Hislop and Holt mines. 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, 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 are cautioned not to place undue reliance on this forward-looking information as actual results may differ materially from those expressed or implied in the 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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