Herbert Abramson - Announcement - Acquisition of Rights of St Andrew Goldfields Ltd.

    TORONTO, June 6 /CNW/ - Mr. Herbert Abramson, Chairman of the Board of St
Andrew Goldfields Ltd. ("St Andrew"), announces that he has acquired directly
or indirectly, 63,270,629 units of 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.
    Of the units acquired by Mr. Abramson, 21,564,755 were acquired through
the exercise of rights held directly or indirectly by him, and 41,705,874 were
acquired pursuant to a stand-by purchase agreement of Technifund Inc., a
company controlled by Mr. Abramson.
    Mr. Abramson now owns directly or indirectly 74,674,180 common shares,
representing approximately 39.4% of the issued and outstanding common shares.
In addition, Mr. Abramson owns 481,500 stock options and 31,635,314 warrants.
If he were to exercise all of the options and warrants held by him, Mr.
Abramson would own an aggregate of 106,790,994 common shares, representing
approximately 48.2% 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).
    Mr. Abramson has acquired the securities of St Andrew for investment
purposes. Mr. Abramson reserves 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. A copy of this report and further information can be
obtained from:

    Herbert Abramson
    Tel: (416) 956-9334
    Fax: (416) 867-9771

For further information:

For further information: Herbert Abramson, Tel: (416) 956-9334, Fax:
(416) 867-9771

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