St Andrew Goldfields Ltd.

Description

SAS (operating as "SAS Goldmines"), is a gold mining and exploration company with an extensive land package in the Timmins mining district, north-eastern 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.

SAS (operating as "SAS Goldmines"), is a gold mining and exploration company with an extensive land package in the Timmins mining district, north-eastern Ontario, which lies within the Abitibi greenstone belt, the most important host of historical gold production in Canada.

The Company has included the non-GAAP performance measures, adjusted net earnings (loss), operating cash flow before repayments of Gold Notes, average realized price per ounce of gold sold and total cash costs per ounce of gold sold, cash margin from mine operations and mine-site cost per tonne milled, throughout this news release, which do not have standardized meanings prescribed by International Financial Reporting Standards ("IFRS") and are not necessarily comparable to other similarly titled measures of other companies due to potential inconsistencies in the method of calculation.

St Andrew Goldfields Ltd. (T-SAS) , ("SAS" or the "Company") announces a net loss for the second quarter 2011 of $1.2 million or nil on a per share basis as compared to a loss of $7.1 million, or $0.02 per share for the same period last year. Adjusted net earnings for the quarter were $1.4 million, or nil on a per share basis. 2010 Highlights Net loss for the quarter was $1.2 million attributable to shareholders or nil, on a per share basis. Adjusted net earnings (1) were $1.4 million or nil, on a per share basis.

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