St Andrew Goldfields Ltd.

St Andrew Goldfields Ltd.

April 27, 2007 16:29 ET

St Andrew Files Final Prospectus and Sets Record Date for Rights Offering

OAKVILLE, ONTARIO--(CCNMatthews - April 27, 2007) - St Andrew Goldfields Ltd. (TSX:SAS) ("St Andrew") announces that it has received a receipt from the securities regulatory authorities in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario for its final rights offering prospectus dated April 25, 2007, in respect of St Andrew's rights offering in which it intends to raise gross proceeds of up to approximately $124 million.

St Andrew will issue to holders of record of its outstanding common shares on May 7, 2007, 1.9 rights for each common share held. Each one (1) right will entitle eligible shareholders to subscribe for one unit at a subscription price of $1.00 per unit until 4:00 p.m. (Toronto time) on May 31, 2007. Each unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant will be exercisable for 18 months for one common share at $1.25 per share.

St Andrew currently has approximately 65.3 million common shares outstanding. If fully subscribed, St Andrew will issue approximately 124 million common shares and 62 million common share purchase warrants under the rights offering.

Additional information with respect to the rights offering is contained in St Andrew's press release dated February 26, 2007.

St Andrew is a gold mining and exploration company producing gold from the Stock Gold Complex in Timmins, Ontario and the Nixon Fork Gold Mine in Alaska. St Andrew anticipates making a gold production decision with respect to its Holloway-Holt Gold Mine in the Timmins Mining Camp in the second quarter of 2007. 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 50.2 % equity interest in New Zealand based gold explorer, Glass Earth Limited (TSX VENTURE:GEL) and an approximate 12.6 % equity interest in Apollo Gold Corporation.

For further information about St Andrew Goldfields Ltd., please 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.

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.

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

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