St Andrew Goldfields Ltd.

St Andrew Goldfields Ltd.

October 24, 2006 17:00 ET

St Andrew Announces Management Changes

OAKVILLE, ONTARIO--(CCNMatthews - Oct. 24, 2006) - St Andrew Goldfields Ltd (TSX:SAS) ("St Andrew or the Company") wishes to announce a reorganizational management change that effective today, Mr. Keith C. Minty, P. Eng. will be stepping down as President and Chief Operating Officer. Mr. Glenn Laing, the current Chief Executive Officer, will be assuming the position of President. The Company will be actively pursuing the appointment of a Vice-President of Operations.

Mr. Keith C. Minty, P. Eng., the former President and Chief Operating Officer, will return to his resource consulting service in South Africa where he will be advising clients primarily in the Precious Metals and Platinum Group Metal markets.

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 the fourth quarter of 2006. 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 the New Zealand-based gold explorer Glass Earth. The Company has entered into a definitive share purchase agreement with Newmont Canada Limited, and Holloway Mining Company to acquire the Holloway-Holt gold mining and exploration assets.

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.

Shares Outstanding: 41.9 million

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