St Andrew Agrees to Acquire Aquarius Gold Property from Kinross Gold for Approximate 14% Stake in the Company.OAKVILLE, Canada -- St Andrew Goldfields n. 1. A small slender woolly annual (Lasthenia chrysostoma) with very narrow opposite leaves and branches bearing solitary golden-yellow flower heads; it grows from Southwestern Oregon to Baja California and Arizona; - it is often cultivated. Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :SAS (1) (SAS Institute Inc., Cary, NC, www.sas.com) A software company that specializes in data warehousing and decision support software based on the SAS System. Founded in 1976, SAS is one of the world's largest privately held software companies. See SAS System. ) ("St Andrew") is pleased to announce that it has executed a letter of intent to acquire the Aquarius gold deposit, located 7 kilometres from St Andrew's Stock Gold Complex near Timmins, from Kinross Gold Kinross Gold Corporation (TSX: K, NYSE: KGC) is a Canadian gold mining company. It is the seventh largest primary gold producer in the world.[1] See also
1. ^ Kinross Gold. Corporation. When completed the acquisition of the Aquarius deposit will have a significant impact on St Andrew's gold reserve and resource base, Timmins gold production profile and will result in Kinross Gold Corporation ("Kinross") holding an approximate 14% ownership stake in St Andrew. Acquisition of the Aquarius Deposit St Andrew has agreed to acquire the Aquarius Property, associated plant, infrastructure and equipment, from Kinross in exchange for 100 million St Andrew common shares and 25 million warrants with a strike price of 17 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for a 24 month period. This transaction will result in Kinross holding an approximate 14% ownership stake in St Andrew on a non-diluted basis. In 2003, Kinross reported probable gold reserves at Aquarius of 1,042,000 ounces, consisting of 15,017,000 tonnes at a grade of 2.16 grams/tonne and with an assumed gold price of US$325 per ounce. The transaction is subject to completion of final documentation, due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , regulatory approvals and Kinross Board approval and is expected to close by December 31, 2005. Aquarius Deposit as part of the Stock Gold Complex. The Aquarius Property is strategically located to the Stock Gold Complex facilities, near Timmins and a number of synergies exist to integrate the Aquarius gold deposit into St Andrew's existing operations. St Andrew has 521,000 ounces of indicated resources and 353,000 ounces of inferred resources at its Stock Gold Complex and the acquisition of the probable gold reserves of 1,042,000 ounces from the Aquarius Property will therefore result in a significant increase in the total gold reserve and resource base available for treatment through the Stock Gold mill. St Andrew has completed a conceptual plan of integrating the proposed Aquarius mining and milling operations into the existing Stock Gold Complex operations. This conceptual plan is based on a combined underground and open pit mining and milling operation of 9,000 tonnes per day which consists of the existing St Andrew Stock gold mill capacity of 1,500 tonnes per day of underground ore from the Clavos and Taylor deposits combined with the Aquarius open pit production of 7,500 tonnes per day. Kinross completed a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. on the Aquarius property in 2003 that indicated an average annual production of 180,000 ounces from the Aquarius open pit production of 7,500 tonnes per day. St Andrew (TSX.SAS) is a gold mining and exploration company with near term gold production expected from its Stock Gold Complex, Timmins and Nixon Fork Gold Mine, Alaska. The company controls a large land position in the Timmins Mining Camp and holds an extensive land position at Eskay Creek in northern British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography . FORWARD LOOKING STATEMENTS Certain statements contained in this press release are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " and are prospective.Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements St Andrew Goldfields Ltd. (TSX:SAS) |
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