St Andrew Goldfields Ltd.

St Andrew Goldfields Ltd.

November 19, 2007 17:04 ET

St Andrew Announces Closing of the Non-Brokered Portion of the Private Placement Offering for $10.4 Million

OAKVILLE, ONTARIO--(Marketwire - Nov. 19, 2007) -


St Andrew Goldfields Ltd. (TSX:SAS) ("St Andrew") is pleased to announce that it has today closed the non-brokered portion of its previously announced common share private placement offering ("Private Placement") . St Andrew issued 18,956,914 common shares at a price of $0.55 per share for proceeds of $10.4 million.

The balance of the Private Placement of up to $9.6 million will be 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., and is anticipated to be completed on or about December 12, 2007.

The securities issued pursuant to the foregoing will be subject to a four-month hold period.

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 50.2% equity interest in New Zealand based gold explorer Glass Earth Limited which holds extensive land positions on the North and South Islands in New Zealand, and a 19.0% 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.


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 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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