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TORONTO, Oct. 9, 2012/CNW/ - St Andrew Goldfields Ltd. (TSX: SAS) (OTCQX: STADF), ("SAS" or the "Company") reports record third quarter ("Q3 2012") production of 25,742 ounces of gold from its Holt, Holloway and Hislop mines in the Timmins mining district, north-eastern Ontario, Canada.
"We are very happy to report another record quarter of production reaching a level which will enable us to sustain annual gold production of approximately 100,000 ounces in 2013", said Jacques Perron, President and CEO of SAS. "Our operations continue to perform well which will allow us to end the year with a strong balance sheet. Our immediate and future plans remain on track, and are not affected by the restatement of the inferred resources at Holt. We have reviewed our resources estimation processes to ensure that a similar error will not occur in the future. We are highly confident that we will meet our 2012 guidance on production and costs, and that we will see positive results from our exploration success experienced so far this year. We will be releasing additional drilling results on the Ghost, Hislop North and Zone 4 targets in the near future. Development at the Taylor Project is on schedule to extract the first bulk sample in the fourth quarter and we look forward to providing future updates on the advancement of this project. We look ahead to the last quarter for 2012 which we believe will prove to be another successful quarter for SAS, illustrating our ability to run successful operations and meet our objectives."