St Andrew Announces Completion of Sale of Stock Mill Complex

OAKVILLE, ONTARIO--(Marketwire - July 28, 2008) - St Andrew Goldfields Ltd. (TSX: SAS.TO) announced that it has today completed the previously announced sale of its Stock Mill complex, including its mill and related equipment, infrastructures, laboratories and tailing facilities, to Apollo Gold Corporation for gross proceeds of $20.13 million, including interest of $130,000.

St Andrew had previously received $5.5 million of the sale price from Apollo and the balance was paid today on closing. Apollo is also responsible for the refund to St Andrew of its bonding commitment at the Stock Mine of approximately $1.2 million within a one year period.

St Andrew participated in the unit offering completed by Apollo on July 24, 2008, purchasing 2.4 million units for $1.2 million. Each unit consists of one share and one-half common share purchase warrant of Apollo exercisable for 36 months at $0.65 per share. St Andrew currently owns approximately 15.2% of Apollo (approximately 15.7% assuming exercise of the warrants acquired by St Andrew).

St Andrew has also successfully reached a settlement with a mining contractor who had previously filed liens on certain mining claims and equipment at St Andrew's Holloway-Holt and Nixon Fork properties in respect of amounts owed by St Andrew. Under the terms of settlement, St Andrew previously reduced such indebtedness by $3.5 million in cash and the transfer of certain investments of St Andrew which were non-core assets. Under the terms of the settlement, St Andrew has agreed to pay a further amount of $11.5 million in full satisfaction of all claims.

Proceeds from the sale of the Stock Mill complex will be used to pay the settlement amount, reduce trade payables and for working capital purposes.

"We are pleased to have completed the sale transaction and reached a fair settlement with the contractor, which amount was fully reserved for in our financial statements," stated Jacques Perron, President and CEO of St Andrew. "Completion of these matters has further solidified St Andrew's financial position as we move forward to bring Holloway-Holt into production."

About St Andrew

St Andrew is a gold mining and exploration company with operations in Timmins, Ontario and Alaska. St Andrew controls a very large land position in the Timmins Mining Camp, an extensive land position at Eskay Creek in northern British Columbia and land positions around Nixon Fork Gold Mine in the Kuskokwim-Tintina Mining Camp in Alaska. St Andrew also holds an approximate 15.2% equity interest in Apollo Gold Corporation which has operations in Montana, Mexico and the Black Fox Deposit located in the vicinity of St Andrew's Timmins operations.

For further information about St Andrew Goldfields Ltd., please contact Investor Relations at (416) 368-3116 or toll-free at 1-800-463-5139 or email investor@standrewgoldfields.com.

FORWARD LOOKING STATEMENTS

The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary material include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers should refer to the Company's Annual Information Form filed at www.sedar.com for a further discussion of such risks, uncertainties and factors. Readers are cautioned not to place undue reliance on this forward-looking information. St Andrew does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

Contacts

Don Shaxon
St Andrew Goldfields Ltd.
Investor Relations Manager
(905) 815-9855
(905) 815-9437 (FAX)
Email: dshaxon@standrewgoldfields.com

Jacques Perron
St Andrew Goldfields Ltd.
President and CEO
(905) 815-9855
(905) 815-9437 (FAX)
Email: jperron@standrewgoldfields.com

Ben Au
St Andrew Goldfields Ltd.
CFO and VP Finance & Administration
(905) 815-9855
(905) 815-9437 (FAX)
Email: bau@standrewgoldfields.com