Trapeze Capital Corp. and Trapeze Asset Management Inc. Announce Acquisition of Securities of St Andrew Goldfields Ltd.



    TORONTO, Nov. 20 /CNW/ - Trapeze Capital Corp. ("TCC") and Trapeze Asset
Management Inc. ("TAMI") announced today that they have acquired control or
direction over an aggregate of 18,956,914 common shares of St Andrew
Goldfields Ltd. ("St Andrew") at a price of $0.55 per share, pursuant to a
private placement offering completed on November 19, 2007.
    TCC, TAMI, and their affiliates now beneficially own or exercise control
or direction over an aggregate of 67,241,059 common shares, representing
approximately 32.2% of the issued and outstanding common shares. In addition,
TCC, TAMI, and their affiliates beneficially own or exercise control or
direction over 40,000 stock options and 18,645,632 warrants. If all of the
options and warrants held by them were exercised, TCC, TAMI, and their
affiliates would beneficially own or exercise control or direction over an
aggregate of 85,926,691 common shares, representing approximately 37.8% of the
then issued and outstanding common shares (on a partially diluted basis, i.e.,
assuming no options and warrants were exercised by other holders).

    TCC and TAMI are Toronto-based portfolio management firms. TCC and TAMI
acquired the securities of St Andrew on behalf of their respective managed
accounts for investment purposes. TCC, TAMI, and their affiliates reserve the
right to acquire further securities of St Andrew depending on market
conditions and other relevant factors.

    The common shares of St Andrew trade on the Toronto Stock Exchange.

    An early warning report in respect of the above noted transactions will
be filed on SEDAR.




For further information:

For further information: A copy of this report and further information
can be obtained from Randall Abramson, President, Trapeze Capital Corp., 22
St. Clair Avenue East, 18th Floor, Toronto, ON, M4T 2S3, (416) 361-1498;
Randall Abramson, Chief Executive Officer, Trapeze Asset Management Inc., 22
St. Clair Avenue East, 18th Floor, Toronto, ON, M4T 2S3, (416) 861-0774

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TRAPEZE CAPITAL CORP.

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