/C O R R E C T I O N -- St Andrew Goldfields Ltd./
TORONTO, June 24, 2011 /CNW/ --
Please note that in c8576 sent yesterday, June 23, 2011 at 8:00 ET, an
error occurred in the Highlights of Drilling section. The first
interval was reported as TA11-01 15.85g/t Au and should have been
TA-011 5.85g/t Au. Correct copy follows:
ACCELERATED DRILLING PROGRAM AT THE TAYLOR PROJECT INTERSECTS
SIGNIFICANT GRADES
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED STATES/
TORONTO, June 24, 2011 /CNW/ - St Andrew Goldfields Ltd. (T-SAS), ('SAS' or the 'Company') is pleased to announce additional results from
the ongoing definition drilling program at the Taylor Project that
continues to return encouraging results. The Taylor Project is located
in the western portion of the Company's land package in the Timmins
Mining District.
Highlights of Drilling:
-- Hole TA11-011 5.85 g/t Au over 21.6 metres
Including 122.50 g/t Au over 0.5 metres
-- Hole TA11-014 12.22 g/t Au over 8.4 metres
Including 155.00 g/t Au over 0.5 metres
-- Hole TA11-015 43.10 g/t Au over 6.0 metres
Including 185.50 g/t Au over 0.5 metres
Note: All lengths are reported as true width
The current drilling program is focussed on further delineation of the
West Porphyry Zone and is designed to provide additional data in areas
where previous drilling was widely spaced, thereby providing higher
confidence in defining the gold distribution. The infill drilling
program is expected to continue throughout the summer and with this
information, the Company will be able to complete the assessment of
various mining and processing scenarios as part of an ongoing
prefeasibility study expected towards the end of this year.
The recent drilling results are consistent with results obtained from
previous drilling and confirm the characteristics of the mineralization
as illustrated in figure http://files.newswire.ca/976/TA-LongSection-23.jpg. In addition, drilling continues to intersect the recently discovered
Footwall Zone that occurs stratigraphically beneath the known West
Porphyry Zone, see attachments http://files.newswire.ca/976/TA-CrossSection_A-23.jpg, and http://files.newswire.ca/976/TA-CrossSection_B-23.jpg. Selected results from the ongoing drilling campaign are summarized in
the table below:
Summary of Taylor 2011 Drilling Program - Phase II
Intersection (Metres) True Width Gold Grade
Grams per Tonne
Hole Number From To Metres (g/t)
TA11-008 387.3 390.5 3.2 7.92
including 390.0 390.5 0.5 36.70
TA11-009 109.2 109.7 0.5 10.40
TA11-009 219.5 240.6 21.1 2.08
including 239.3 240.5 1.2 8.99
TA11-011 114.0 135.6 21.6 5.85
including 114.0 114.7 0.7 44.70
including 135.1 135.6 0.5 122.50
TA11-012 268.5 269.3 0.8 6.64
TA11-012 298.0 300.7 2.7 3.37
TA11-013 139.7 152.2 12.5 2.63
including 151.5 152.2 0.7 25.80
TA11-013 334.0 336.5 2.5 9.36
including 335.5 336.5 1.0 16.73
TA11-013 398.4 400.6 2.2 10.41
including 400.1 400.6 0.5 34.30
TA11-014 374.6 383.0 8.4 12.22
including 378.1 379.1 1.0 95.67
Including 378.1 378.6 0.5 155.00
TA11-014(1) 433.4 434.5 1.1 18.20
TA11-015(2) 352.5 358.5 6.0 43.10
including 352.5 353.5 1.0 66.85
including 353.0 353.5 0.5 96.60
including 356.5 358.0 1.5 121.37
including 357.0 357.5 0.5 185.50
TA11-015 376.1 378.0 1.9 26.58
including 376.1 377.0 0.9 45.60
Note: All lengths are reported as true width, Visible Gold observed in
all holes
(1) Footwall Zone
(2) Screen fire assays pending
'We are very pleased with the progress of the drill program at Taylor,'
said Jacques Perron, President & CEO of SAS. 'These recent results
confirm the presence of higher grade lenses within the deposit. The
ongoing drill program will provide an improved understanding of the
gold distribution, which will be incorporated into future studies as we
advance this project towards development.'
Drilling, Assaying and QA/QC
Surface drilling at the Taylor Project was completed by Orbit Garant.
Analytical work was performed by ALS Minerals in Sudbury, an accredited
lab. SAS utilized a quality control/quality assurance program
consisting of a number of sample standards and blanks that were
inserted into the group of samples, which represented approximately 5%
of the total sample population.
Qualified Person
The exploration programs on the Company's various mineral properties are
under the supervision of Michael Michaud, P.Geo, the Company's Vice
President of Exploration, who is the qualified person as defined by NI
43-101, and who has reviewed and approved this news release.
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.
FORWARD-LOOKING INFORMATION
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', 'plan', 'expect', 'estimate',
'anticipate', 'believe', 'intend' and similar words referring to future
events and results. Specifically this news release contains
forward-looking information regarding the interpretation of exploration
results received to date from the Taylor Project, the continuance of
additional exploration programs on this project throughout 2011 and the
completion of a prefeasibility study on the Project. 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 resources, unanticipated operational or technical
difficulties which could escalate operating and/or capital costs,
fluctuations in gold prices and exchange rates, insufficient funding or
delays or inability to raise additional financing as required on
satisfactory terms, changes in laws or regulations, 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 level and volatility of the price of
gold, the accuracy of resource estimates and the assumptions on which
such estimates are based, the ability to achieve capital and operating
cost estimates, the sufficiency of the Company's cash flows and
reserves to achieve its exploration objectives, the ability to attract
and maintain adequate skilled personnel to operate its mines and to
conduct its exploration programs, and no significant decline in 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.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/June2011/24/c9087.html
about St Andrew Goldfields Ltd., please contact:
Tel: 1-800-463-5139 or (416) 815-9855; Fax: (416) 815-9437; Website: www.sasgoldmines.com
Suzette N Ramcharan Manager, Investor Relations Email: sramcharan@sasgoldmines.com |
Jacques Perron President & CEO Email:jperron@sasgoldmines.com | Ben Au CFO, VP Finance & Administration Email:bau@sasgoldmines.com |