St Andrew Goldfields Ord STADF

Michael Fowler, Loewen, Ondaatje & McCutcheon (3/1

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Michael Fowler, Loewen, Ondaatje & McCutcheon (3/15/13) "St Andrew Goldfields Ltd. is progressing well on its plan of steady growth and solid performance generated by a good operating team. . .we are expecting the company to meet its gold production targets of between 95–105 Koz in 2013 and it will likely expand production to the 120 Koz level by 2014. . .we continue to recommend St Andrews shares as a turnaround situation; the company is now generating good free cash flow, making it financially the strongest small company producer in the Ontario Abitibi region. We therefore continue to rate the shares a Speculative Buy with a $1.06/share target."