St Andrew Goldfields Ltd.
TSX : SAS

St Andrew Goldfields Ltd.

August 23, 2005 14:51 ET

St Andrew Closes Second And Final Tranche Of $6 Million Private Placement

OAKVILLE, ONTARIO--(CCNMatthews - Aug. 23, 2005) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES PERSONS

St Andrew Goldfields Ltd. (TSX:SAS) ("St Andrew") is pleased to announce the completion of the second and final tranche of its previously announced private placement offering of flow-through shares and common shares. Under both tranches of the offering (the first tranche closed and was announced on August 10, 2005), St Andrew issued an aggregate of 53,408,354 flow-through shares at $.09 per share and an aggregate of 14,915,600 common shares at $0.08 per share for total gross proceeds of approximately $6,000,000.

Maison Placements Canada Inc. acted as St Andrew's agent for the offering.

The proceeds of the offering will be used for exploration and development expenses with respect to St Andrew's proposed 2005 Timmins Program, including the Clavos and Taylor Advanced Exploration Projects, the Nixon Fork, Alaska mineral project, St. Andrew's participation in the Eskay Creek summer drill program and for general corporate purposes.

All of the securities issued pursuant to the offering will be subject to a four-month hold period.

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

The 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 - 599.7 million

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

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