News ReleaseHere is the news release
Not the news I hoped for but appears to be in the direction of eventual production
I hope in my life time
lol
quat
St Andrew to buy Aquarius property from Kinross
2005-12-07 15:59 ET - News Release
Mr. Glenn Laing reports
ST ANDREW AGREES TO ACQUIRE AQUARIUS GOLD PROPERTY FROM KINROSS GOLD FOR APPROXIMATE 14% STAKE IN THE COMPANY
St Andrew Goldfields Ltd. has executed a letter of intent to acquire the Aquarius gold deposit, located seven kilometres from St Andrew's Stock Gold complex near Timmins, Ont., from Kinross Gold Corp. When completed, the acquisition of the Aquarius deposit will have a significant impact on St Andrew's gold reserve and resource base, Timmins gold production profile and will result in Kinross Gold holding an approximate 14-per-cent ownership stake in St Andrew.
Acquisition of the Aquarius deposit
St Andrew has agreed to acquire the Aquarius property, associated plant, infrastructure and equipment, from Kinross in exchange for 100 million St Andrew common shares and 25 million warrants with a strike price of 17 cents per share for a 24-month period. This transaction will result in Kinross holding an approximate 14-per-cent ownership stake in St Andrew on a non-diluted basis. In 2003, Kinross reported probable gold reserves at Aquarius of 1,042,000 ounces, consisting of 15,017,000 tonnes at a grade of 2.16 grams per tonne and with an assumed gold price of $325 (U.S.) per ounce.
The transaction is subject to completion of final documentation, due diligence, regulatory approvals and Kinross board approval and is expected to close by Dec. 31, 2005.
Aquarius Deposit as part of the Stock Gold complex.
The Aquarius property is strategically located to the Stock Gold complex facilities near Timmins and a number of synergies exist to integrate the Aquarius gold deposit into St Andrew's existing operations. St Andrew has 521,000 ounces of indicated resources and 353,000 ounces of inferred resources at its Stock Gold complex and the acquisition of the probable gold reserves of 1,042,000 ounces from the Aquarius property will therefore result in a significant increase in the total gold reserve and resource base available for treatment through the Stock Gold mill.
St Andrew has completed a conceptual plan of integrating the proposed Aquarius mining and milling operations into the existing Stock Gold complex operations. This conceptual plan is based on a combined underground and open pit mining and milling operation of 9,000 tonnes per day which consists of the existing St Andrew Stock gold mill capacity of 1,500 tonnes per day of underground ore from the Clavos and Taylor deposits combined with the Aquarius open pit production of 7,500 tonnes per day. Kinross completed a feasibility study on the Aquarius property in 2003 that indicated an average annual production of 180,000 ounces from the Aquarius open pit production of 7,500 tonnes per day.
We seek Safe Harbor.