SAS Provides Operations Update


TORONTO, Sept. 28, 2011 /CNW/ - St Andrew Goldfields Ltd. (T-SAS), ("SAS" or the "Company") is pleased to provide an update of its operations.

The Company wishes to confirm that its mines are operating as anticipated and gold production is on track to meet the 2011 production goal of 65,000 to 75,000 ounces of gold.

With only a few days left in the third quarter, it is anticipated that it will be a record quarter of production with approximately 20,000 ounces of gold, which is a result of improvements in ore grade and increased throughput. These improvements should result in unit costs to be lower than the previous quarter.

At the Holt Mine, development and production have been ramping up steadily throughout the quarter with ore grades in line with reserves, which should result in a significant increase in gold production compared to the previous quarter.

At the Holloway Mine, definition diamond drilling at the Smoke Deep Zone continues to return results in agreement with the previous drilling. Development is progressing well and it is expected that mining of the first stope will occur at the beginning of the fourth quarter as originally planned.

SAS intends to release third quarter production results shortly after quarter end, and will subsequently release full third quarter financial results and hold a conference call to discuss the results sometime near the beginning of November.

SAS is currently operating the Holt, Holloway and Hislop gold mines in the Timmins Mining District and are ramping up to achieve annualized gold production of approximately 100,000 ounces in 2012. The Company is also actively exploring a number of targets along its 120km long land package, which includes an advanced stage exploration project, the Taylor Project, which is being advanced through to the prefeasibility stage and a number of key targets around the existing operations which are currently being drilled from surface.

About SAS
SAS (operating as "SAS Goldmines") is a gold mining and exploration company with an extensive land package in the Timmins mining district, northeastern Ontario which lies within the Abitibi greenstone belt, the most important host of historical gold production in Canada. SAS is focussed on developing its assets in the Timmins Camp with three producing mines and aggressive exploration activities across 120km of land straddling the Porcupine-Destor Fault Zone.


This news release contains forward‐looking information and forward-looking statements (collectively, "forward-looking information") under applicable securities laws, concerning the Company's business, operations, financial performance, condition and prospects, as well as management's objectives, strategies, beliefs and intentions. Forward-looking information is frequently identified by such words as "may", "will", "should", "plan", "expect", "estimate", "anticipate", "believe", "intend" and similar words referring to future events and results, including the planned gold production levels at the Holt, Holloway and Hislop mines; improvement in the ore grade and reduction in costs at the three operations; the targeted production levels for 2011; the time required to develop the Smoke Deep Zone at the Holloway Mine and the development of Zone 4 at the Holt Mine; and the continuance of the exploration programs at the various exploration projects, including the completion of an updated mineral resources estimate and prefeasibility study for the Taylor Project, and the timing thereof. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by the forward‐looking information. Factors that may cause actual results to vary materially include, but are not limited to, uncertainties relating to the interpretation of the geology, continuity, grade and size estimates of the mineral reserves and resources, unanticipated operational or technical difficulties which could escalate operating and/or capital costs and reduce anticipated production levels, fluctuations in gold prices and exchange rates, insufficient funding or delays or inability to raise additional financing on satisfactory terms, changes in the availability of personnel, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions, and changes in conditions in the financial markets. Such forward looking information is based on a number of assumptions, including but not limited to the expected timeline to complete pre-production activities, the availability of adequate financing, the level and volatility of the price of gold, the accuracy of reserves and resources estimates and the assumptions on which such estimates are based, the ability to achieve capital and operating cost estimates and general business and economic conditions. Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking information and accordingly, readers are cautioned not to place undue reliance on this forward‐looking information. SAS does not assume the obligation to revise or update this forward‐looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

SOURCE St Andrew Goldfields Ltd.

For further information:

about St Andrew Goldfields Ltd., please contact:
Tel: 1-800-463-5139 or (416) 815-9855; Fax: (416) 815-9437; Website:

Suzette N Ramcharan
Manager, Investor Relations

Jacques Perron
President & CEO
  Ben Au
CFO, VP Finance & Administration

Profil de l'entreprise

St Andrew Goldfields Ltd.

Renseignements sur cet organisme


Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .


Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.


Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.