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 commenced production at its Holloway Mine in October 2009, its Hislop Project entered production in Q2, 2010, and in the second half of this year, the Company will start development work at the Holt Mine to bring it into production by the start of 2011.
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 which straddles the Porcupine-Destor Fault Zone ("PDFZ") host to numerous gold deposits and mines in the region. The Company, using its extensive geological database, is targeting exploration at numerous sites and has focussed the 2010 exploration program to target areas that lie in close proximity to the existing mines and infrastructure, and to follow up on advanced exploration projects to add to the resource and reserve levels. Other targets include 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, and production at the Hislop Project ramping up to projected levels, 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 has commenced a focussed 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 commenced production at its Holloway Mine in October 2009, its Hislop Project entered production in Q2, 2010, and in the second half of this year, the Company will start development work at the Holt Mine to bring it into production by the start of 2011.
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 which straddles the Porcupine-Destor Fault Zone ("PDFZ") host to numerous gold deposits and mines in the region. The Company, using its extensive geological database, is targeting exploration at numerous sites and has focussed the 2010 exploration program to target areas that lie in close proximity to the existing mines and infrastructure, and to follow up on advanced exploration projects to add to the resource and reserve levels. Other targets include 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, and production at the Hislop Project ramping up to projected levels, 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 has commenced a focussed 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.
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