St Andrew Goldfields Ord STADF

Christos Doulis, Stonecap Securities (2/19/13

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Christos Doulis, Stonecap Securities (2/19/13) "St Andrew Goldfields Ltd. Q4/12 financial results showed free cash flow of $10.4M in the quarter, the third straight quarter of positive free cash flow, resulting in positive free cash flow for the year of $17.5M. . .the company posted another solid quarter of results and we expect it to continue to generate free cash flow while it grows its production profile, a rare trait among junior miners. . .we continue to view it as an inexpensive junior gold producer operating in a politically safe jurisdiction with excellent leverage to the gold price."