St Andrew Goldfields Ord STADF

RE:RE:RE:RE:Primero will have to pay up now.

[cre8value]

From the company website - Lots of work has already been done on AQUARIUS - There is over a million oz of gold indicated at 1.49 g/t. Not bad for an open pit operation. The low price of oil plays a big part here. This gold call option gets NO value credited to the company. In the 2006 Aquarius Technical Report, Scott Wilson RPA determined a mineral resource estimate for the Aquarius Deposit as summarized below. Aquarius Deposit - Mineral Resource Estimate, September 2006 Aquarius Deposit(a) 23,112,000 tons 1.49 g/t 1,106,000 oz gold indicated 502,000 tons 0.83 g/t 14,000 oz inferred Notes:a.Grades are cut to 100 g/t Au. No cut-off grade is applied because of uncertainty about selectivity within the deposit. No minimum mining width was used in the resource estimate. A long-term gold price of US$500 per ounce (US$1.00 = C$1.11) was used. b.The mineral resources have been estimated in accordance with CIM definitions. c.There are no mineral reserves estimated for the Aquarius Project. Echo Bay Mines Ltd. ("Echo Bay Mines") acquired the Aquarius Deposit in 1995 and initiated a surface drill program aimed at identifying a large tonnage, lower grade mineral resource. The Aquarius Deposit is positioned along a large regional esker that acts as a major groundwater aquifer. Mitigation of the ground water inflow is a key factor in the development of the Aquarius deposit. From May 1997 to March 1998, Echo Bay Mines installed over 2,240 freeze wells, all related piping and two 1,250 tonne freeze plants to complete a freeze wall system surrounding the deposit with a barrier of frozen ground which will limit the inflows of ground water into the future Aquarius open-pit mine. Physical work on the project was halted on the completion of the freeze wall installation due to low gold prices in 1999. Kinross subsequently acquired the Aquarius Deposit in February 2003 through a merger with Echo Bay Mines and TVX Gold Inc. In May 2006, St Andrew acquired the Aquarius Deposit, including associated plant infrastructure and equipment from Kinross. Since that date the freeze wall and associated infrastructure has been subject to annual inspections and on-going maintenance and are considered by St Andrew's management to be in good working order.