St Andrew Goldfields Ltd.

St Andrew Goldfields Ltd.

April 17, 2008 09:00 ET

St Andrew Sells an 11.8% Interest in Glass Earth Gold Limited

OAKVILLE, ONTARIO--(Marketwire - April 17, 2008) -


St Andrew Goldfields Ltd. (TSX:SAS) ("St Andrew" or the "Company") announces that it has sold on April 16, 2008, 18,305,000 of its holding of approximately 65.5 million common shares in Glass Earth Gold Limited ("Glass Earth") to private investors at a price of $0.15 per share for proceeds of approximately $2.7 million. The closing price of the Glass Earth shares on the TSX Venture Exchange on April 16, 2008 was $0.145. Insiders of St Andrew purchased 13,467,000 of the shares of Glass Earth sold by St Andrew. St Andrew continues to hold a 30.5% interest in Glass Earth.

On April 7, 2008, St Andrew had filed a notice of its intention to sell up to 25.0 million Glass Earth common shares. Depending on market conditions and other factors, St Andrew may make further dispositions of its holdings in Glass Earth in the future.

About St Andrew

St Andrew is a gold mining and exploration company with operations in Timmins, Ontario and Alaska. 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 Gold Mine in the Kuskokwim-Tintina Mining Camp in Alaska. St Andrew also holds an approximate 30.5% equity interest in New Zealand based gold explorer Glass Earth Gold Limited which holds extensive land positions on the North and South Islands in New Zealand, and an approximate 18.0% equity interest in Apollo Gold Corporation, which has operations in Montana, Mexico and the Black Fox Deposit located in the vicinity of St Andrew's Timmins operations.


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 should refer to the Company's Annual Information Form filed at for a further discussion of such risks, uncertainties and factors. 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.

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