St Andrew Goldfields Ltd.
TSX : SAS

St Andrew Goldfields Ltd.

April 10, 2006 14:38 ET

St Andrew Closes $4 Million Flow-Through Share Offering

OAKVILLE, ONTARIO--(CCNMatthews - April 10, 2006) -

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 the closing of the first tranche of its previously announced $6 million non-brokered flow-through share private placement for gross proceeds of $4 million. On closing, St Andrew issued 28,571,416 common shares on a "flow-through" basis at $0.14 per share. St Andrew anticipates closing a second and final tranche later this month.

Insiders and entities controlled by insiders of St Andrew subscribed for approximately 90% of the offering.

The proceeds from the offering will be used for eligible exploration and development expenses with respect to St Andrew's properties in Timmins, Ontario and Eskay Creek, British Columbia.

The flow-through shares issued pursuant to the foregoing will be subject to restrictions on resale for four months.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States.

The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to U.S. persons absent registration or an exemption from registration.

Shares Outstanding - 697.9 million

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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