RE: RE: RE: Beleive it! News Release ...Adios M4St Andrew Earns 50% Interest in Porcupine Joint Venture-Coniagas Project, Timmins, Ontario, and Drilling Intersects 64 Grams Per Tonne Gold Over 1.1 Metres
OAKVILLE, ONTARIO, Nov 28, 2007 (MARKET WIRE via COMTEX News Network) --
St Andrew Goldfields Ltd. (TSX: SAS)("St Andrew") St Andrew is pleased to announce that it has earned a 50% interest in the Coniagas Project located in Timmins, Ontario. After giving effect to the earn-in, the ownership interests in the Coniagas Project will be St Andrew 50%, the Porcupine Joint Venture ("PJV") 10% and Coniagas Resources Limited 40%. The PJV is a joint venture between Goldcorp Canada Ltd. and Kinross Gold Corporation (subsequent to a September 25 2007 press release, Goldcorp Canada Ltd. will become 100% owner of the PJV in Q4 2007). St Andrew earned its interest by completing a staged $1.2 million exploration expenditure and option payment program over a 5 year period. The Coniagas Project consists of 90 mineral claims and 5 separate claim groups in Garrison, Michaud and Guibord townships located approximately 100 km east of Timmins, Ontario.
St Andrew's completed a 9 hole diamond drilling program totaling 3,182 metres from July to October, 2007. The drilling intersected several zones with anomalous gold values, the highest returning 64.2 grams per tonne gold ("g/t Au") over a core length of 1.1 metres (see following table).
Three drill holes (GC07-15, 17 and 18) were drilled to better define the gold mineralization intersected in several previously drilled holes along an east-northeast trending splay off the Porcupine Destor Fault Zone ("PDFZ") and intersected several zones of altered, hematitic, locally silicified, mafic volcanics.
Two drill holes (GC07-16 and 19) were drilled in the southern portion of the project to test several east-northeast trending structures with associated anomalous low magnetic signature; however, no significant gold values were encountered.
Core drilling in the third area, which was previously unexplored, was drilled to define a northwest trending magnetic low that was thought to represent alteration of mafic volcanics associated with a geologic structure. Drill holes GC07-20, 21, 24 and 25 were drilled along this structure and intersected a number of zones of anomalous gold mineralization from both quartz veining and associated sulfide mineralization within the intrusive and along the intrusive contact. The future drilling, expected to continue in 2008, will focus on delineating the extent of this mineralized zone within the intrusive and where the geologic structure transects the adjacent volcanic rocks.
PJV - Coniagas Project - Summary of 2007 core drilling
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Hole Drill Intersection
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From To Length Assay
(metres) (metres) (metres) (g/t Au)
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GC07-15 103.3 103.7 0.4 0.97
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GC07-16 NSV(i)
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GC07-17 253.0 254.5 1.5 0.54
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GC07-18 166.0 167.0 1.0 1.12
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GC07-19 NSV(i)
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GC07-20 104.0 105.5 1.5 0.91
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GC07-21 53.5 55.0 1.0 1.27
67.0 67.7 0.7 1.68
118.0 119.0 1.0 1.18
124.0 125.0 1.0 2.10
157.6 159.0 1.4 1.94
188.0 189.1 1.1 64.2
291.0 292.5 1.5 3.74
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GC07-24 87.9 88.9 1.0 3.23
127.0 128.0 1.0 1.07
143.5 145.0 1.5 2.60
194.3 195.3 1.0 1.46
204.4 205.4 1.0 1.77
205.4 206.4 1.0 1.11
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GC07-25 82.5 84.0 1.5 1.04
110.05 110.7 0.65 1.68
127.7 129.0 1.3 1.01
209.5 211.5 2.0 1.24
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(i) NSV means no significant gold values were intersected.
Length is the length of drill core.
"We are pleased with the initial results from the recent drilling completed on the PJV -Coniagas Project near Timmins", said Jacques Perron, President and CEO of St Andrew, "and look forward to continuing our exploration efforts on this prospective project and elsewhere across our extensive land package, covering approximately 80 kilometres of strike length along the geologically favourable Porcupine Destor Fault Zone, where a number of exploration targets have been identified for future work".
The drilling was completed by Discovery Drilling Limited. Analytical work was performed by The ACTLABS Group of Companies of Ancaster, Ontario. Samples submitted to ACTLABS were dried and crushed to 75% passing a two millimetre mesh. A split of 250 grams was taken from this material and pulverized so that 85% of the material passed through a 75 micron mesh screen. A 50 gram sample was taken for fire assay with an atomic absorption finish. Any samples grading greater than 3,000 parts per billion (3 g/t Au) were re-assayed using a 50 gram split using fire assay with a gravimetric finish. In addition, St Andrew established a quality control/quality assurance program consisting of a number of sample standards and blanks.
The exploration program is being undertaken by Les I. Kovacs, P.Geo., an Ontario-based geological consultant, under the supervision of Michael Michaud, P.Geo., St Andrew's Vice President of Exploration, who is St Andrew's qualified person for this project as defined by NI 43-101 regulations, and has reviewed and approved this news release.
St Andrew is a gold mining and exploration company with operations in Timmins, Ontario and Alaska, USA. 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 in the Kuskokwim-Tintina Mining Camp in Alaska. St Andrew also holds an approximate 50.2% equity interest in New Zealand based gold explorer, Glass Earth Limited and a 19.0% equity interest in Apollo Gold Corporation.
FORWARD LOOKING STATEMENTS
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 www.sedar.com 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.
Contacts:
St Andrew Goldfields Ltd.
Investor Relations
(905) 815-9855 or Toll Free: 1-800-463-5139
Email: investor@standrewgoldfields.com
St Andrew Goldfields Ltd.
Don Shaxon
Investor Relations Manager
(905) 815-9855 or Toll Free: 1-800-463-5139
Email: dshaxon@standrewgoldfields.com
St Andrew Goldfields Ltd.
Jacques Perron
President and CEO
(905) 815-9855
(905) 815-9437 (FAX)
Email: jperron@standrewgoldfields.com
St Andrew Goldfields Ltd.
Ben Au
CFO and VP Finance & Administration
(905) 815-9855
(905) 815-9437 (FAX)
Email: bau@standrewgoldfields.com
SOURCE: St Andrew Goldfields Ltd.
mailto:investor@standrewgoldfields.com mailto:dshaxon@standrewgoldfields.com mailto:jperron@standrewgoldfields.com mailto:bau@standrewgoldfields.com
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