St Andrew Goldfields Ltd.

St Andrew Goldfields Ltd.

December 14, 2006 17:38 ET

St Andrew Announces Acquisition of Strategic Position in Apollo Gold Corporation

OAKVILLE, ONTARIO--(CCNMatthews - Dec. 14, 2006) - St Andrew Goldfields Ltd. (TSX:SAS) ("St Andrew" or the "Company") wishes to announce that it has acquired an approximate 8% interest in Apollo Gold Corporation, a TSX and AMEX listed company.

St Andrew has today filed a Form 13-D Filing with the United States Securities Exchange Commission that as of December 4, 2006 it had acquired 7,860,003 shares of Apollo Gold Corporation and since that date has acquired an additional 3,450,697 shares for a total of 11,310,700 shares as of
December 14, 2006. As of December 14, 2006 St Andrew held an approximate 8 % interest in Apollo Gold Corporation.

St Andrew acquired these shares in the open market for investment purposes as part of its strategy to become a mid-tier gold mining company and exploration company through the acquisition of direct or indirect interests in gold properties in known gold belts located in stable political environments throughout the world. Depending on market conditions and other factors, St Andrew may increase or decrease its holdings in Apollo Gold Corporation in the future.

St Andrew (TSX:SAS) is a gold mining and exploration company producing gold from its Stock Gold Complex in Timmins, Ontario and with gold production from its Nixon Fork Gold Mine in Alaska. The recently acquired Holloway-Holt Gold Mine in the Timmins Mining Camp is forecast to increase St Andrew's gold production by 75,000 to 100,000 ounces per annum. 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 in the Kuskokwim-Tintina Mining Camp in Alaska. St Andrew also holds an approximate 48.3% equity interest in New Zealand based gold explorer, Glass Earth Limited.

For further information about St Andrew Goldfields Ltd., please visit St Andrew's website at


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 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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