SAS Receives Positive Ruling from Court of Appeal on Holt Royalty

St Andrew Goldfields Ltd. (T-SAS), ("SAS" or the "Company") announces a net loss for the first quarter 2011 of $2.8 million, or $0.01 per share. Adjusted net loss for the quarter was $2.9 million, or $0.01 per share. 2010 Highlights Production of 16,457 ounces of gold from the Holloway and Hislop mines, and pre-production ore from the Holt Mine. The current production level reflects the transition to the Smoke Deep Zone at the Holloway Mine and the production ramp up at the Holt Mine from the initial 500 tpd to 1,000 tpd throughout the year. The Holt Mine completed pre-production at the end of the quarter and entered commercial production at the beginning of the second quarter of 2011. Revenues of $15.9 million from the sale of 11,740 ounces of gold (3) at an average realized price (1) of US$1,391 per ounce and at a production cost per ounce of $1,007 and production royalty cost per ounce of $72, for total a cash cost (1) of US$1,079 per ounce of gold sold. Operating cash flow of $6.6 million before the repayment of Gold Notes (1). Incurred $3.0 million in exploration expenditures at the Deep Thunder, Taylor and Garrison Creek projects that delivered encouraging results. Successful conversion of the Company's previous accounting policies under Canadian GAAP to International Financial Reporting Standards ("IFRS") (2). SAS had the honour of receiving the Angus Campbell Award for "No Lost Time Accidents" for 2010 from the Porcupine and Northern Ontario Mines Safety Group. This is the third consecutive year receiving this prestigious award. For more information CLICK HERE