St Andrew Announces Stock Surface Drill Results and Decision to Dewater and Rehabilitate Stock Mine Underground Workings.

Business Editors

OAKVILLE, Ontario--(BUSINESS WIRE)--Jan. 23, 2004

St Andrew Goldfields Ltd. (TSX:SAS) ("St Andrew") is pleased to announce the results of its fall 2003 Surface Drill Program at the Stock Gold Complex near Timmins, Ontario, and a decision to proceed with a program to dewater and rehabilitate the underground workings of the Stock Mine. This program will be followed by an underground drill and development program which will focus on developing and increasing the existing Stock Mine resource base.

The Stock Mine has produced more than 137,000 oz. of gold since 1989, with the last production taking place in 2000 when 12,276 ounces of gold were produced at a cash operating cost of US$232 per oz. The mine is hosted by a series of ultramafic and mafic volcanics, proximal to the prolific Porcupine-Destor Fault. The bulk of the gold was mined from two main ore shoots, N1 and N2, which consist of moderately plunging green carbonate alteration and/or porphyry zones which remain open down plunge.

Stock Fall 2003 Surface Drill Program

The first stage of this Surface Drill Program was focused on confirming the extension of the known ore shoots at the Stock Mine above and below the existing underground workings. The existing workings currently extend to a depth of approximately 350 meters below surface.

A total of 4,026 meters were drilled from 8 surface drill holes:

-- N2 Zone: The down plunge extension of the previously mined N2

ore body is characterized by a fairly continuous green

carbonate package raking at a moderate 40 degrees to the west

defined by an isolated previous surface drill hole

intersection of 7.3 grams of gold per tonne ("g/t") over 5.2

meters ("m").

Four surface drill holes intersected the N2 Zone at depth.

-- Hole S03-3 intersected 7.92g/t over 2.0m, from 491.0m to

493.0m, at a depth of approximately 430m below surface.

-- Hole S03-4 intersected a broad zone of mineralization,

from 429.6m to 435.9m, averaging 4.12g/t over 6.3m,

including 8.13g/t over 2m.

-- Drill hole S03-5 intersected a broad zone of

mineralization between 439.1m and 450.0m, averaging

3.08g/t over 10.9m including 6.75g/t over 1.0m and 9.12g/t

over 1m.

-- Drill hole S03-7 intersected a broad zone of green

carbonate, which included 2.48g/t of mineralization over

2.2m from 396.6m to 398.8m.

-- Drill holes S03-2 and S03-6 were drilled below the rake of

the N2 Zone and did not intersect the green carbonate

package.

-- N1-West Zone: The upward plunge extension of the previously

mined zones were tested while drilling the deeper N2 Zone

holes. Three drill holes intersected an area of mineralization

in the N1 Zone in an area of limited previous exploration

between 150m and 200m below surface.

-- Drill hole S03-3 intersected 11.25g/t over 1.0m, from

266.0m to 267.0m.

-- Drill hole S03-4 intersected a zone of mineralization

averaging 4.54g/t over 5.0m from 236.7m to 241.7m,

including 8.30g/t over 2m.

-- Drill hole S03-7 intersected 3.1g/t over 3.0m from 172.0m

to 175.0m.

-- Drill hole S03-8 was drilled above the rake of the N1 Zone

and returned no meaningful intersections of

mineralization.

-- Central Zone:

-- Drill hole S03-6 intersected a zone of mineralization,

from 319.3m to 324.0m, averaging 2.60g/t over 4.94m

including 2meters at 4.94 g/t.

Drill hole S03-1 was abandoned.

The second stage of the Stock Surface Drill Program commenced in early January 2004 to test the following targets along the strike of the deposit:

-- The West Discovery Zone located 150m west of the existing mine

workings where a previous intersection 330m below surface

showed values of 14.4g/t over 3.0m and 10.6g/t over 1.0m.

-- A new zone (the Armstrong Zone) located 300m south of the

existing Main N1-N2 Zone, where a previous intersection 300m

below surface showed values of 25.0g/t over 5.2m.

A total of 1,200 meters is planned for this second stage.

Decision to Dewater and Rehabilitate the Stock Mine

The positive results of the first stage of the Stock Surface Drill Program have indicated to St Andrew there is sufficient confidence that the existing ore bodies in the Stock Mine extend at least 200m below the existing mine workings to elevations of approximately 550m below surface.

Historically the ore bodies associated with the Destor - Porcupine Fault Zone at Timmins are known to be persistent to depth. The recently completed first stage of the Stock Surface Drill Program has confirmed this theory at the Stock Mine.

Based on the successful completion of the first stage of the Stock Surface Drill Program discussed above, St Andrew has made a decision to conduct an underground drift development and underground drilling program at the Stock Mine. This program began in mid January 2004 with a dewatering and rehabilitation program which is expected to take approximately four months. An underground drilling and development program will further evaluate the surface drill program intersections with a view to expanding the existing resource base in terms of resource category and additional resource tonnage. A target of at least 250,000 tonnes of resource is planned for delineation. The dewatering, rehabilitation, underground drilling and development program is estimated to cost $3 million and is scheduled for completion by September 2004.

The exploration programs are being carried out under the supervision of St Andrew's Timmins Exploration Manager, Wayne Reid, P.Geo., who is a qualified person as defined by National Instrument 43-101. The Stock drilling was carried out between October and December using NQ drill equipment. Within the mineralized zones the core was sawn in half with one half bagged and delivered to Swastica Labs in Kirkland Lake and the other half stored in core boxes at the Stock site. Swastica assayed the samples using fire assay with an AA finish, and did check assays on anomalous samples. Blank samples and commercial standards were interjected on a systematic basis.

For further information about St Andrew Goldfields Ltd., please visit St Andrew's website at www.standrewgoldfields.com or contact Investor Relations toll-free at 1-800-463-5139 or email [e-mail]

Shares Outstanding - 254.7 million.

NOTE: There is a Map available on CCNMatthews's website at: http://www2.cdn-news.com/database/fax/2000/LONG2004.pdf

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