St Andrew Goldfields Ltd.

St Andrew Goldfields Ltd.

March 14, 2005 16:24 ET

St Andrew Announces Terms of Rights Offering


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ST ANDREW GOLDFIELDS LTD.

TSX SYMBOL: SAS

MARCH 14, 2005 - 16:24 ET

St Andrew Announces Terms of Rights Offering

OAKVILLE, ONTARIO--(CCNMatthews - March 14, 2005) - NOT FOR DISTRIBUTION
TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

St Andrew Goldfields Ltd. (TSX:SAS) ("St Andrew") is pleased to announce
that all applicable securities regulatory approvals have been obtained
for its rights offering to raise proceeds of up to $10.7 million. Each
holder of St Andrew's common shares as of the close of business on March
23, 2005 (the "Record Date") will be issued one Right for each common
share held. Four Rights together with $0.10 (the "Exercise Price") will
entitle a rightsholder to subscribe for one common share at or before
4:00 pm (Toronto time) on April 19, 2005 (the "Expiry Time"). Rights not
exercised at or before the Expiry Time will be void and will have no
value. Rightsholders will be entitled to subscribe for additional common
shares, if available, at the Exercise Price per share.

Rights will be evidenced by fully transferable certificates. TSX has
approved the posting of the Rights for trading under the symbol
"SAS.RT". The Rights begin trading on a "when issued" basis on March 21,
until 12:00 pm (Toronto time) on April 19, 2005. St Andrew's common
shares, which trade under the symbol "SAS" commence trading on an "ex
rights" basis at the opening of trading on March 21, 2005.

The net proceeds of the rights offering will be used to fund the
Advanced Exploration Program at the Stock Mine Complex and for
exploration of St Andrew's other Timmins properties, for ongoing
exploration and development work at the Nixon Fork Gold Mine in Alaska,
and for working capital.

St Andrew is a gold mining and exploration company with near term gold
production expected from its Stock Gold Complex in Timmins and its Nixon
Fork Gold Mine in Alaska. The company controls a large land position in
the Timmins Mining Camp and holds a 59.3 % interest in Heritage
Explorations Ltd., the holder of an extensive land position at Eskay
Creek in northern British Columbia. St Andrew also owns a 28.3 %
interest (20 million shares) in Geoinformatics Exploration Inc.

For further information about St Andrew Goldfields Ltd., please visit St
Andrew's website at www.standrewgoldfields.com or contact Investor
Relations toll-free at 1-800-463-5139 or email
investor@standrewgoldfields.com

This press release shall not constitute an offer of securities for sale
in the United States. Securities of St Andrew may not be offered or sold
in the United States absent registration or an exemption from
registration.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    St Andrew Goldfields Ltd.
    Glenn Laing
    President and CEO
    (905) 815-9855
    (905) 815-9437 (FAX)
    glaing@standrewgoldfields.com
    The TSX has not reviewed and does not accept responsibility for the
    adequacy or accuracy of this release.