News releaseSt Andrew Goldfields Ltd (2) (C-SAS) - News Release
St Andrew plans summer and fall exploration
St Andrew Goldfields Ltd (2) SAS
Shares issued 113,331,808 Jul 24 2003 close $ 0.18
Thursday July 24 2003 News Release
Mr. Glenn Laing reports
ST ANDREW ANNOUNCES SUMMER AND FALL 2003 TIMMINS AND NIXON FORK EXPLORATION AND DEVELOPMENT PROGRAM
St Andrew Goldfields is planning a summer and fall 2003 exploration and development program for the company's Timmins, Ont., and Nixon Fork, Alaska, mining properties.
Timmins exploration program -- Ontario
A 5,500-metre diamond drill program is planned to explore the potential of increasing the existing one-million-ounce gold resource base at the Stock gold complex. The drill program will test the down dip extension of the Clavos orebody and a newly defined target at Clavos West. In addition, a surface drill program is planned to test new targets near the Stock mine. The estimated cost of this program will be $500,000.
Clavos advanced exploration project -- Ontario
A 1,800-metre decline ramp, exploration drifts and a 9,500-metre underground diamond drill program are planned to upgrade the Clavos mineral deposit to ore reserve status. The company plans to commence site access, surface infrastructure construction and the excavation of the portal to the decline ramp in the early fall of 2003. The estimated cost of these planned surface activities is $1,215,000.
Nixon Fork gold mine -- Alaska
An 8,000-metre underground diamond drill program is planned to upgrade existing gold resources to reserve category, delineate additional gold resource ounces in known ore shoots and test a number of additional targets in the vicinity of the existing underground workings. This drill program is a part of a feasibility study to determine the economics of reopening the Nixon Fork gold mine, which was placed on care and maintenance in 1999. The estimated cost of this drilling program will be $500,000 (U.S.).
The Timmins 2003 exploration program will be carried out under the supervision of St Andrew's exploration manager, Wayne Reid, and PGeo. Mr. Reid is a qualified person (as defined by National Instrument 43-101) with more than 30 years of experience in the mining industry. The Nixon Fork program will be under the supervision of William J. Burnett, Alaska exploration manager for the company, who meets the requirements of qualified person as defined by National Instrument 43-101.
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