St Andrew Goldfields Ltd.

St Andrew Goldfields Ltd.

November 13, 2006 17:00 ET

St Andrew Announces Completion of Subscription for Glass Earth Financing, Maintains 48.3% Interest and Provides Exploration Update

OAKVILLE, ONTARIO--(CCNMatthews - Nov. 13, 2006) - St Andrew Goldfields Ltd. (TSX:SAS)("St Andrew" or the "Company") is pleased to announce that Glass Earth Limited (TSX Venture-GEL) ("Glass Earth") has closed a NZ$10 million (approximate C$7.5 million) financing concurrent with a secondary listing on the New Zealand Exchange's Alternative Exchange ("NZAX"). St Andrew subscribed for a total of approximately C$3.6 million of Units in the financing to maintain its 48.3% interest in Glass Earth.

Glass Earth Financing and Listing on New Zealand NZAX Exchange

Glass Earth has closed its NZ$10 million (approximately C$7.5 million) financing, fully subscribed, concurrent with a secondary listing on the New Zealand Exchange's Alternative Exchange ("NZAX"). Glass Earth's major shareholder, St Andrew, subscribed for 19,320,000 units in order to maintain its 48.3% position in Glass Earth. The Glass Earth financing consisted of 40,000,000 units at NZ$0.25 per unit, with each unit comprising one common share and one half share purchase warrant (option), each whole share purchase warrant entitling the holder to subscribe for one additional common share at NZ$0.35 per common share for a period of two years. The proceeds from the financing will be used to fund Glass Earth's ongoing exploration and development programs for gold and silver in New Zealand and for general working capital.

Exploration Update

Glass Earth has commenced its new summer 2006 exploration season on November 1, 2006 and intends to conduct:

a) sustained, overlapping campaigns of pre-drilling and drilling activities for the next 12 months over several of its targets in the Hauraki / Mamaku-Muirs / Central Volcanic Regions in the North Island of New Zealand; and

b) an extensive airborne geophysics campaign in the Otago Region in the South Island.

Glass Earth has the most extensive portfolio of gold and silver prospecting/exploration permits (and applications) in New Zealand, totaling over 31,000 square kilometres. Within this land position, Glass Earth has defined the following exploration areas:

See attached - Map of New Zealand with Glass Earth Exploration Areas

- Hauraki Region - With 15 advanced gold prospects, this region is host to the world-class epithermal gold deposit at the Martha gold mine. Negotiations are underway with Newmont Waihi Gold Ltd. ("Newmont Waihi") for Newmont Waihi to undertake an extensive Joint Venture program in this region;

- Mamaku-Muirs Region - With 17 recently-defined gold targets, this region includes the Muirs Reef prospect, which historically has produced more than 43,000 ounces of gold;

- Central Volcanic Region - Glass Earth has defined 74 epithermal gold targets in this region, including 6 advanced drill-ready prospects; and

- Otago Region - As Glass Earth's main gold region on New Zealand's South Island, application has been made for a 22,500 square kilometre permit to allow Glass Earth to begin a data collection/geophysical intervention and targeting project. This region contains three near drill-ready mesothermal gold prospects.

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 project in Alaska scheduled to commence in November of 2006. 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 or contact Investor Relations toll-free at 1-800-463-5139 or email


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.

NOTE: To view the 'Map of New Zealand with Glass Earth Exploration Regions' please visit the following link -

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