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



    TORONTO, June 7 /CNW/ - Trapeze Capital Corp. ("TCC"), Trapeze Asset
Management Inc. ("TAMI"), and their affiliates announced today that they have
acquired beneficial ownership or control or direction over an aggregate of
36,337,236 units of St Andrew Goldfields Ltd. ("St Andrew") at a price of
$1.00 per unit, pursuant to a rights offering which was completed on May 31,
2007. Each unit consists of one common share and one-half of one common share
purchase warrant. Each whole warrant is exercisable for one Common Share at
$1.25 per share until December 1, 2008.
    TCC, TAMI, and their affiliates now beneficially own or exercise control
or direction over an aggregate of 48,209,822 common shares, representing
approximately 25.4% 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 18,168,432 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 66,418,254 common shares, representing approximately 32.0% 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 which hold
securities of St Andrew in certain fully managed accounts. TCC, TAMI, and
their affiliates acquired the securities 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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