St. Andrew Goldfields Ltd.
COMPANY DATA | INTRODUCTION
| PROPERTIES IN HAND | MANAGEMENT
NEWS UPDATE | CHINESE
|| 112 million
| Public Float:
|| 45 million
|52 Week High:
|| $ 0.40
|52 Week Low:
|| $ 0.10
St. Andrew Goldfields Ltd. is a Toronto Stock Exchange listed gold mining, finance and exploration company, focussed on the acquisitions, exploration and development of strategic land positions in the prolific gold mining camps of Canada.
St. Andrew Goldfields' core properties are either wholly owned by Timmins, Ontario or held through subsidiary companies, Heritage Explorations (Eskay Creek, British Columbia) and Royal Victoria Minerals Limited (Timmins, Ontario).
PROPERTIES IN HAND
(1) The Stock Mine Properties, Timmins, Ontario
The Stock Mine properties consist of 247 wholly owned, staked, leased or patented claims in Stock Township. The Stock Mill completed in the early summer of 1989, recovers gold by a carbon-in-pulp cyanide based process. The Stock Milling Complex and Mine is located 1 mile north of Highway 101, approximately 35 miles east of Timmins, and is accessible by highway and secondary road.
Between 1988 and 2000 the Stock Mine produced 131,000 ounces of gold from 824,000 tons averaging 0.16 ounces per ton. The mine has a shaft developed down to 900 feet and a production ramp from 450 feet to 1100 feet below surface. Production in 2000 was 12,276 ounces at a cash operating cost of US$232 per ounce.
Exploration by St. Andrew has suggested that the Stock gold system is open at depth and along strike. Surface drill holes intersected 0.40 ounces of gold per ton over 10 feet and 0.71 ounces per ton over 17 feet in two separate gold zones at a depth of 1100 feet west of the existing mine workings. Another surface drill hole intersected 0.21 ounces of gold per ton over 17 feet, 500 feet below the mine workings.
(2) The Taylor Township Properties, Timmins, Ontario
The Taylor Township properties consist of 151 wholly owned, staked, leased or patented claims in the south-central part of Taylor Township, 43 miles east of Timmins and is easily accessible by secondary paved roads from highways 11 and 101. Located eight miles east of the Stock Mill, the Taylor project has been the subject of an extensive exploration effort by St. Andrew with 461 surface diamond drill holes and 254 underground drill holes totaling 517,000 feet, resulting in the delineation of a 1.5 mile long, 2,000 feet wide gold system, with over 20 mineralized zones including the Shaft, Shoot and West Porphyry Zones.
With the assistance of Roscoe Postle Associates Inc., the Taylor project has estimated mineral resources of 2,716,000 tons grading 0.22 ounces gold per ton (at 0.10 ounces per ton cut off grade using assays cut to one-ounce per ton) for a total resource of 605,600 ounces.
Gold was discovered at both the Stock and Taylor Township properties in 1962 by Hollinger Mines Limited followed by ongoing exploration by Coniagas Resources Limited (formerly QSR Limited) and subsequently by St. Andrew.
Exploration to date has indicated that the Taylor gold system is open to depth and along strike. A number of additional targets have been identified.
(3) Hislop Mine, Timmins, Ontario
The Hislop property consists of 45 leased or patented claims in Hislop and Guibord Townships, approximately 52 miles east of Timmins, or 25 miles east of the Stock Mill. The main mining property lies 1.5 miles north of the village of Holtyre and is accessed from Highway 101 via paved secondary roads.
Between 1990 and 1994 underground production amounted to 35,000 ounces of gold from 245,000 tons of ore grading 0.16 ounces of gold per ton. St. Andrew began open pit mining operations on the Hislop property in July 1999. Production from 1999 to 2000 totaled 14,618 ounces of gold at a cash operating cost of US$338 per ounce. The unavailability of economic open pit reserves resulted in operations being shut down at the end of 2000.
Since 1996, St. Andrew completed Realsection IP and geochemical surveys over the property and identified a number of exploration targets. During the drilling of 20 of these exploration targets, 15 have intersected gold mineralization. Among the best results was 1,500 feet below surface where 0.65 ounces per ton was intersected over 9.8 feet proving the depth potential of the property.
(4) Other Properties in Timmins, Ontario
Aside from the properties in Stock, Taylor and Hislop Townships, the Company also owns properties in German, Carr, and Bond Townships along the Porcupine-Destor Fault Zone. Porcupine-Destor Fault Zone is the main structural feature that hosts most of the gold mines in the Timmins mining camp.
(5) Other Properties Outside Timmins, Ontario
St. Andrew Goldfields Ltd. is still holding 3 properties outside Timmins, Ontario, they are:
(i) The Beardmore property located in the townships of Irwin, Pifher, Walters and Elmhurst in the Beardmore district, Northern Ontario.
(ii) The Larder Lake properties (the Larder "U Island" and the Winchester Larder properties) located in McGarry and McVittie Townships of the Larder Lake district, Ontario.
(iii) The York Harbour property located in the southern shore of the Bay of Islands in Western Newfoundland.
St. Andrew Goldfields Ltd. has a well experienced management in different areas. The senior management team include:
Glenn Laing, B.Sc. (Mining Geology), M.Sc. (Mining Engineering), Director, President and CEO
Joined St. Andrew in 2001. Has over 30 years experience in the mining and financial industry in South Africa, Canada and Europe.
Julian Kemp, C.A., Chief Financial Officer
Joined St. Andrew in 1998. Has over 10 years experience in the financial and administrative aspects of public companies with interest in mining.
Bruce Ramsden, B.Com.CIS, Controller and Corporate Secretary
Joined St. Andrew in 2002. Has over 20 years experience in financial and administrative areas of company operation.
Martin Walter, B.Sc. (Geology), MBA
Joined St. Andrew in 2001. Has 7 years experience in the mining and exploration industry.
The Board of Directors include:
David (Jerry) Groberman, Director
Herbert Abramson, Chairman of the Board
Stephen Burns, Director
Warren Newfield, Director
Warren Syford, Director
On February 03, 2003, St. Andrew Goldfields Ltd. and Royal Victoria Minerals Ltd. announced the commencement on January 30, 2003 of the drilling phase of a 3-month winter exploration program designed to evaluate targets on their Golden Reward Project in the East Timmins Mining Camp. Over the past 12 months, St. Andrew and Royal Victoria have become one of the largest landholders in the East Timmins belt (over 121,000 acres/55,000 hectares).
On January 28, 2003, St. Andrew Goldfields Ltd. announced that the Company has secured support from leading fund managers Eric Sprott (the eponymous firm), Frank Holmes (US Global) and John Embry (RBC). Full funded and in the process of bedding down a three-way rationalisation, the Company is preparing to pull the trigger on its near-term production strategy while its longer term exploration ambitions continue to unfold.
Production exceeding 100,000 ounces a year at an estimated cash cost of $210 per ounce is possible from the Stock Gold complex in the prolific Timmins district, while Mystery Creek in Alaska could add a small quantity of high margin ounces. Production targeted within three years.
On January 14, 2003, St. Andrew Goldfields Ltd. announced that it has completed its previously announced private placement of 11,898,692 units (the "offering") for gross proceeds of approximately $2.38 million. The net proceeds of the offering will be used for general corporate purpose.