St Andrew Announces New Zealand Exploration Company Glass Earth Limited Enters Into Joint Venture Agreement With Newmont Mining Corporation

St Andrew Goldfields Ltd. (TSX: SAS) ("St Andrew") announced today that its 50.2% owned New Zealand subsidiary, Glass Earth Limited (TSX VENTURE: GEL)(NZAX: GEL) ("Glass Earth"), has entered into an agreement with Waihi Gold Company Limited (a subsidiary of Newmont Mining Corporation) giving Newmont the right to explore Glass Earth's extensive permit area in the Hauraki Region, North Island, New Zealand.

Glass Earth's Hauraki Region permit area lies immediately to the west and north of the Waihi/Martha Hill Mine, located at Waihi, North Island, New Zealand which is owned and operated by Newmont.

15 advanced gold prospects lie in the Glass Earth/Newmont Joint Venture area within trucking distance of Newmont's Waihi gold plant; several of the targets have significant gold intercepts, such as:

- At Wharekiriponga (WKP), DDH4 17.7m @ 4.0g/t Au (in 150m @ 0.93g/t Au) lies just two kms along-strike from the Golden Cross mine (produced 634,000 oz gold 1991 - 1997);

- At Owharoa (historic production 63,334 oz), a 500m wide alteration zone is interspersed with innumerable quartz veins with specimens running 2 oz Au/lb (5,000oz Au/t).

The 10 million ounce Martha Hill Mine, owned by Newmont, is considered to be the "type" epithermal gold deposit and the kind of large epithermal gold deposit targeted by Glass Earth in its exploration program.

Hauraki Region Joint Venture Agreement

The agreement also provides that Newmont may earn an equity interest in each of the 3 sectors of the Hauraki Region (named Northern, Central and Southern) by undertaking exploration programs (including drilling) as follows:

a) To earn an initial 65% equity in a venture area, by expending over a 4 year period;

- NZ$1.65m (circa C$1.37m) on the Northern Hauraki Venture Area;

- NZ$1.75m (circa C$1.45m) on the Central Hauraki Venture Area;

- NZ$2.8m (circa C$2.3m) on the Southern Hauraki Venture Area.

b) Newmont may elect to prepare a feasibility study to earn a further 10% in a venture area;

c) Glass Earth may request that Newmont arrange Glass Earth's share of financing in return for a further 5% equity in a venture area;

d) Glass Earth and Newmont will be liable (in proportion to their equity interests) for the Geoinformatics Exploration Inc 2% royalty on any production from identified and acknowledged targets in the Hauraki Region permit area; and

e) Newmont will be the operator.

Newmont will commence exploration activities immediately.

About Glass Earth Limited

Glass Earth is one of the largest New Zealand-based gold exploration companies exploring a land position of over 31,000 square kilometres in the North and South Islands.

- Glass Earth has another Joint Venture Agreement with Newmont for Newmont to fund the exploration in the Waihi West area adjacent to Newmont's Waihi / Martha Hill Mine.

On the North Island, exploration efforts are focussed on the Hauraki / Central Volcanic Region. The Hauraki / Central Volcanic Region is host to the 10 million ounce gold Waihi/Martha Hill Mine, owned by Newmont Mining, which is considered the "type" epithermal gold deposit and the kind of large epithermal gold deposit targeted by Glass Earth.

- Hauraki Region - With 15 advanced gold prospects, this region is host to the world-class epithermal gold deposit at the Waihi / Martha gold mine;

- Mamaku-Muirs Region - With 17 recently-defined gold targets, this region includes the Muirs Reef prospect, which historically has produced more than 43,000 ounces of gold; and

- Central Volcanic Region - Glass Earth has defined 74 epithermal gold targets in this region, including 6 advanced drill-ready prospects in the process of being drilled.

On the South Island, exploration efforts are focussed on the Otago Region for mesothermal "Macraes-style" gold targets.

- Otago Region - As Glass Earth's main gold region on New Zealand's South Island, a data collection/geophysical intervention over the recently awarded Otago Prospecting Permit and other areas and a targeting project commenced in January 2007. This region contains three near drill-ready mesothermal gold prospects.

EXPLORATION REGIONS (See figure 1 - Glass Earth exploration regions - overview map)

To view the accompanying map, please click the link below:

http://www.ccnmatthews.com/docs/sas0227.pdf

About St Andrew Goldfields

St Andrew is a gold mining and exploration company producing gold from the Stock Gold Complex in Timmins, Ontario and the Nixon Fork Gold Mine in Alaska. The recently acquired Holloway-Holt Gold Mine in the Timmins Mining Camp is forecast to increase St Andrew's gold production by 75,000 to 100,000 ounces per annum. 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 in the Kuskokwim-Tintina Mining Camp in Alaska. St Andrew also holds an approximate 50.2 % equity interest in New Zealand based gold explorer, Glass Earth Limited and a 12.6 % equity interest in Apollo Gold Corporation.

Source : www.standrewgoldfields.com