St. Andrews Goldfields
St Andrews Goldfields Ltd (SAS) is a gold mining and exploration company with an extensive land package in the world famous Timmins mining district in Northeastern Ontario. The Timmins area has produced 68 million ounces of gold over the past 100 years, and remains one of the most active gold camps in Canada. SAS owns land covering 120 km area in the east zone of Timmins, and commenced production in October 2009 at its Holloway Mine. As the gold rush continues, SAS expects to have a total of 3 mines in production by the end of 2010.
SAS has timed its production perfectly with gold prices hitting record highs. J.P. Morgan Chase analyst Michael Jansen anticipates the price of gold to reach $1,400 by mid-2010, right when the third, Holt Mine starts to come online.
In 2007, Mr. Jacques Perron joined the SAS team as President and CEO re-focused the Company, built a new management team and has spent the last few years paving the way towards near-term gold production and exploration in the Timmins area.
Gold production at its Holloway Mine commenced with its first gold pour completed on October 31st, 2009. The Holloway Mine has a measured resource of 196,000 ounces of gold and is expected to produce15,000 ounces for the 4th quarter of 2009. The Holloway Mine is located 1.5km away from the SAS owned Holt Mine and Mill.
Along with an extensive array of properties, existing infrastructure is one of the key advantages SAS possesses. The Holt Mill can process 3000 tonnes of ore per day, and will be occupied by all threel SAS mines by the end of 2010. The Hislop Project, the second of the three mines,holds 142,500 ounces of gold and is expected to come into production in Q2 of 2010. It is anticipated to produce 25,000 ounces of gold in 2010, which would make a total annual production target of 85,000.
Along with a steady stream of production, SAS will commence an aggressive exploration campaign to continue develop and grow. The Company is well positioned to find new and exciting gold deposits to add to its production profile in the years to come.
With three producing mines, and room to explore, SAS will achieve success in 2010.
20 Adelaide Street East, Suite 801 Toronto ON M5C 2T6 Canada Tel: 416-815-9855; Fax: 416-815-9437
Investor Relations Suzette N Ramcharan Tel: 416-815-9855 Ext. 234 Toll Free: 1-800-463-5139 Email: investor@sasgoldmines.com
< Back