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

    TORONTO, June 25 /CNW/ - Mr. Herbert Abramson, Chairman of the Board of
St Andrew Goldfields Ltd. ("St Andrew"), announces that he has acquired
directly or indirectly, 76,363,636 common shares of St Andrew valued at $0.55
per share in full satisfaction of $42 million aggregate principal amount of
indebtedness of St Andrew held by Mr. Abramson and Technifund Inc., a private
company controlled by him.
    Mr. Abramson now owns directly or indirectly 112,037,816 common shares,
representing approximately 35.9% of the issued and outstanding common shares.
In addition, Mr. Abramson owns 480,000 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 144,153,130 common shares, representing
approximately 41.9% 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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