St Andrew Goldfields Ltd.("SAS" or the "Company"), is a Canadian based gold mining, and exploration Company with an extensive land package in the Timmins mining district, Northeastern Ontario, Canada, which lies within the world famous Abitibi greenstone belt.
SAS' initial focus is to return to being a producer initially through its Holloway Mine, which commenced production in October 2009, the Hislop Project, which is expected to come online in the second quarter of 2010, followed by the Holt Mine in the latter part of 2010. With the existing infrastructure in place (permits, Holt mill with a 3,000 tpd capacity, two fully constructed underground mines, access roads, and power) and a dedicated and experienced team, SAS is poised for success.
With the steady cash flow that production from these projects will generate, SAS can advance its exploration activities on this exciting 120 km long package of claims host to the Porcupine-Destor Fault Zone ("PDFZ") that is associated with numerous gold deposits and mines in the region. The Company, using its extensive geological database, is targeting exploration at numerous sites, including adjacent to the existing mines and advanced exploration projects as well in areas where limited drilling has returned anomalous gold values and an assortment of conceptual targets.
SAS has proven it can survive the turbulence of bad markets, and negative impacts. With a NEW image, NEW management team and a NEW focus, our shareholders will be rewarded by our efforts to improve the quality of the Company through production and future growth through continued exploration and development.
The Company believes it can deliver on its promises to shareholders by committing to these basic goals in order to;
"Simply Achieve Success!"
History
St Andrew Goldfields Ltd., was originally incorporated in 1983, and over the past 26 years the Company has owned and operated a number of properties across Canada and internationally.
In most recent years the Company owned a number of exploration, development stage and operating assets in the Timmins Mining Camp as well as in British Columbia and Alaska. Unfortunately, these projects did not operate as efficiently or as profitably as they were originally intended to be. The Company did not seem to have a clear focus on a production model and there were a number of continuous acquisitions and Joint Ventures that added stress to the cash flow situation.
In 2007, Mr. Jacques Perron, former VP Operations with Iamgold Inc., joined the SAS team as President & CEO with a goal of re-focusing the Company, and turning around the existing operations into efficient and profitable mines.
Mr. Perron built a new management team and has spent the last few years preparing the Company for a major turnaround. Non-core assets were divested, and profits from these sales were used to clean up the balance sheet, and reduce the debt on the books. The management team focused the Company's efforts on the Timmins area with near-term production projects as well as advanced stage and grass roots exploration targets.
With these key milestones achieved the focus will be to bring the remaining two operations into production by year end 2010. With production from the Holloway Mine already underway, pre-production development work at the Hislop Project recently commenced and stripping of overburden material and development work will begin shortly in order to put Hislop into production by the second quarter of 2010.. SAS will then use the internal cash flow to fund the advancement of the Holt Mine, which is slated to commence towards the end of 2010.
Along with continued advancements on the production side, SAS will commence an extensive exploration program, for the Timmins region in 2010. This planned exploration includes near mine exploration at the existing operations as well as the Company's other advanced projects within the Timmins land package.
SAS' initial focus is to return to being a producer initially through its Holloway Mine, which commenced production in October 2009, the Hislop Project, which is expected to come online in the second quarter of 2010, followed by the Holt Mine in the latter part of 2010. With the existing infrastructure in place (permits, Holt mill with a 3,000 tpd capacity, two fully constructed underground mines, access roads, and power) and a dedicated and experienced team, SAS is poised for success.
With the steady cash flow that production from these projects will generate, SAS can advance its exploration activities on this exciting 120 km long package of claims host to the Porcupine-Destor Fault Zone ("PDFZ") that is associated with numerous gold deposits and mines in the region. The Company, using its extensive geological database, is targeting exploration at numerous sites, including adjacent to the existing mines and advanced exploration projects as well in areas where limited drilling has returned anomalous gold values and an assortment of conceptual targets.
SAS has proven it can survive the turbulence of bad markets, and negative impacts. With a NEW image, NEW management team and a NEW focus, our shareholders will be rewarded by our efforts to improve the quality of the Company through production and future growth through continued exploration and development.
The Company believes it can deliver on its promises to shareholders by committing to these basic goals in order to;
"Simply Achieve Success!"
History
St Andrew Goldfields Ltd., was originally incorporated in 1983, and over the past 26 years the Company has owned and operated a number of properties across Canada and internationally.
In most recent years the Company owned a number of exploration, development stage and operating assets in the Timmins Mining Camp as well as in British Columbia and Alaska. Unfortunately, these projects did not operate as efficiently or as profitably as they were originally intended to be. The Company did not seem to have a clear focus on a production model and there were a number of continuous acquisitions and Joint Ventures that added stress to the cash flow situation.
In 2007, Mr. Jacques Perron, former VP Operations with Iamgold Inc., joined the SAS team as President & CEO with a goal of re-focusing the Company, and turning around the existing operations into efficient and profitable mines.
Mr. Perron built a new management team and has spent the last few years preparing the Company for a major turnaround. Non-core assets were divested, and profits from these sales were used to clean up the balance sheet, and reduce the debt on the books. The management team focused the Company's efforts on the Timmins area with near-term production projects as well as advanced stage and grass roots exploration targets.
SAS was able to:
- Substantially reduce the debt-load on the Company,
- Divest all non-core assets and re-focus on the assets in the Timmins Mining District,
- Complete the necessary Technical Report on the Holloway-Holt Mines,
- Obtain necessary financing to put the Holloway Mine into production and advance the development of the Hislop Project,
- Diversify the Board of Directors with the appointment of Mr. Louis Gignac as Chairman, and welcoming Mr. Graham Farquharson to the Board's team,
- Completion of a Resource Estimate and Independent Pre-feasibility Study on the Hislop Project,
- Commission the Holt Mill under a custom milling agreement with a nearby mining company,
- Commence production at the Holloway Mine ahead of schedule and below budget, and
- Make a production decision on Hislop to commence pre-production development activities for an open pit operation.
With these key milestones achieved the focus will be to bring the remaining two operations into production by year end 2010. With production from the Holloway Mine already underway, pre-production development work at the Hislop Project recently commenced and stripping of overburden material and development work will begin shortly in order to put Hislop into production by the second quarter of 2010.. SAS will then use the internal cash flow to fund the advancement of the Holt Mine, which is slated to commence towards the end of 2010.
Along with continued advancements on the production side, SAS will commence an extensive exploration program, for the Timmins region in 2010. This planned exploration includes near mine exploration at the existing operations as well as the Company's other advanced projects within the Timmins land package.
February 22, 2010
SAS Reports 2009 Fourth Quarter and Year End Results
SAS Reports 2009 Fourth Quarter and Year End Results
February 08, 2010
Holloway Mine - Smoke Deep Drilling Returns Encouraging Results
Holloway Mine - Smoke Deep Drilling Returns Encouraging Results
January 13, 2010
SAS Produced 18,838 Ounces of Gold in Q4 2009
SAS Produced 18,838 Ounces of Gold in Q4 2009
For more information please contact:
St Andrew Goldfields Ltd.
20 Adelaide Street East, Suite 801
Toronto, ON M5C 2T6
Canada
Tel: 416-815-9855
Toll Free: 1-800-463-5139
Fax: 416-815-9437
St Andrew Goldfields Ltd.
20 Adelaide Street East, Suite 801
Toronto, ON M5C 2T6
Canada
Tel: 416-815-9855
Toll Free: 1-800-463-5139
Fax: 416-815-9437