St Andrew Goldfields Ltd.

St Andrew Goldfields Ltd.

March 04, 2005 18:00 ET

St Andrew Goldfields Ltd.: Re-filing of September 30, 2004 Quarterly Financial Statements


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ST ANDREW GOLDFIELDS LTD.

TSX SYMBOL: SAS

MARCH 4, 2005 - 18:00 ET

St Andrew Goldfields Ltd.: Re-filing of September 30,
2004 Quarterly Financial Statements

OAKVILLE, ONTARIO--(CCNMatthews - March 4, 2005) - St Andrew Goldfields
Ltd. (TSX:SAS) ("St Andrew") wishes to advise that the September 30,
2004 Quarterly Financial Statements were revised and re-filed on Sedar
on February 17, 2005.

The revisions were as follows:

Note 1: The note now includes "These statements are unaudited and have
not been reviewed by the auditors."

Note 2: The note refers to the new recommendations of the Canadian
Institute of Chartered Accountants ("CICA") handbook section 3110, Asset
Retirement Obligations ("HB3110"), which in error stated that the
undiscounted cash flows required to settle the obligations were
$1,006,881 instead of $2,527,680.

St Andrew is a gold mining and exploration company with near term gold
production expected from its Stock Gold Complex, Timmins and Nixon Fork
Gold Mine, Alaska. The company controls a large land position in the
Timmins Mining Camp and holds a 59.3 % interest in Heritage
Explorations, 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.

-30-

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.