OAKVILLE, ONTARIO--(Marketwire - March 25, 2008) - St Andrew Goldfields Ltd. (TSX:SAS) ("St Andrew" or the "Company") reports its financial results for the year ended December 31, 2007.

The Company reported a loss for 2007 of $103,940,494 or $0.74 per share as compared to a loss of $75,065,346 or $1.84 per share in 2006. For the fourth quarter ended December 31, 2007, the Company incurred a loss of $41,785,546 or $0.21 per share as compared to a loss of $35,098,347 or $0.71 per share for the fourth quarter of 2006.

Included in the loss in 2007 was an impairment loss and write down of the mining assets, recorded in the fourth quarter to bring the carrying values of the Company's Nixon Fork Gold Mine in Alaska and the Eskay Creek exploration properties in British Columbia, to their respective net recoverable amounts which totalled $18,293,500 or $0.13 per share (a loss of $0.09 for the fourth quarter of 2007). In 2006, the Company recorded an impairment loss related to its Stock Gold Complex (consisting of the Clavos Project, Hislop Property, Taylor Advance Exploration Project and the Stock Mill) totalling $27,109,150 or $0.66 per share (the impairment loss recorded in the fourth quarter of 2006 was $18,125,002).

CEO Comments

"2007 has been a disappointing and a frustrating year. Since I joined St Andrew in October 2007, we have adjusted our business plan to focus our efforts on the development of the Holloway Holt mining camp financed by the divestitures of non-core assets and/or equity and/or debt financings," said Jacques Perron, President and CEO. "We can assure you that we are as confident and committed as ever to developing the Holloway Holt mining assets into production and ensuring that the long term benefits it will bring to all stakeholders are realized."

Results of Operations

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                          Three months ended                     Year ended
                                December 31,                   December 31,
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                         2007           2006            2007           2006
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                      Amounts in Canadian dollars, except per ounce amounts
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Tonnes mined(1)             -         39,076          69,734        118,094
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Tonnes milled(1)            -         31,104          85,646         99,796
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Gold production
 (ounces)(1)                -          4,148          10,789         14,681
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Gold sold
 (ounces)(1)             (225)         4,218          10,613         17,287
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Realized price
 per ounce -US$ $         626  $         567  $          693  $         600
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Gold sales      $    (147,179) $   2,740,157  $    7,882,833  $  11,425,042
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Net loss        $ (41,785,546) $ (35,098,347) $ (103,940,494) $ (75,065,346)
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Net loss per
 share          $       (0.21) $       (0.71) $        (0.74) $       (1.84)
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Working capital
 deficit(2)                                   $  (33,395,345) $ (11,263,224)
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Shareholders'
 equity                                       $   35,323,207  $  14,378,752
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Total assets                                  $  124,994,995  $ 144,177,793
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Number of shares
 outstanding(3)                                  208,595,832     65,269,710
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Notes:

(1) Excludes operating information relating to the Company's exploration 
    activities (Taylor Advance Exploration Project) and mine development 
   (Holloway Holt mine assets in 2007 and the Nixon Fork Gold Mine in 2006).

(2) Working capital deficit as at December 31, 2007 included the 
    indebtedness due to Trapeze Asset Management Inc. (insider of the
    Company) in aggregate principal amount of $11,000,000 due on April 30, 
    2008. The Company is in discussions with Trapeze with respect to 
    extending the maturity date of the entire indebtedness to beyond 
    April 30, 2008.

(3) The Company completed a brokered private placement of 26,825,822 common 
    shares in January 2008 for gross proceeds of $14.8 million. The current 
    issued and outstanding share capital of the Company is 235,421,654
    common shares.

St Andrew's accounting policy is to expense all exploration and mine development expenditures prior to the establishment of economically recoverable reserves at a property. When the Company has determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, costs incurred to develop the property are capitalized. At the end of 2007, with the exception of the Company's Nixon Fork Gold Mine, none of the Company's exploration and mine development projects had established that there were any economically recoverable reserves. In 2007, the Company incurred and expensed mine exploration and development expenditures of approximately $36.7 million (net of incidental gold sales of $10.3 million in respect of 14,044 ounces of gold milled from the Holt Mill). The throughput was provided by development ore mined at the Holloway Holt mining camp. In 2007, the Company incurred approximately $9.7 million of exploration expenditures at its Taylor Advance Exploration Project (net of gold sales of $1.0 million from a 8,881 tonne bulk sample processed at the Stock Mill). Other grass roots expenditures incurred in 2007 by the Company and its associated company, Glass Earth, amounted to approximately $6.6 million.

As previously announced, gold production from the Stock Gold Complex was suspended in May 2007 to allow the Company to focus its efforts and resources on developing the Holloway Holt mine assets. Production from the Nixon Fork Gold Mine was suspended in October 2007 to allow the Company to complete a definition drilling program to better define the irregular geometry of the gold mineralization necessary for improved future mining recovery and mining dilution. Operating loss from these projects incurred in 2007 amounted to approximately $20.9 million as compared to an operating loss of $21.3 million incurred in 2006 while the Company was conducting production activities at its Clavos Project. The Company does not expect any gold production from the Nixon Fork property and the Stock Gold Complex (defined above) projects in 2008.

Advanced Exploration Update

Holloway Holt Mine Assets

In 2006, the Company anticipated that a production decision could be made in the second quarter of 2007 to re-start mining activities at the mines. As exploration and development continued in 2007, it became clear that more time would be needed before a production decision could be arrived at, due among other reasons, to shortage of expert labour. The completion of the drilling and other exploration work necessary to complete a technical report is currently expected in mid-2008.

At the end of January 2008, the Company placed approximately 79 employees on temporary layoff notice. These employees are underground miners, support surface and underground workers who were involved in the underground development activities of the Holloway Holt mine in 2007. These activities have now been completed to a stage where the Company can focus its efforts on definition diamond drilling activities at the Holloway Holt mine. The Company anticipates being able to sufficiently advance the definition diamond drilling program so as to be in a position to recall the workers affected by the temporary layoff and resume suspended development activities in the third quarter of 2008 after the receipt of a positive independent technical report and the financing to bring the Holloway Holt Project to commercial production is completed.

In 2007, 9,396 metres of definition diamond drilling was completed and 2,724 metres of horizontal and vertical mine development were advanced at the Holloway Deposit; and 12,027 metres of definition diamond drilling and 2,990 metres of horizontal and vertical mine development were advanced at the Holt Deposit.

Nixon Fork Gold Mine

Since the suspension of production activities at the Nixon Fork Gold Mine in October 2007, a total of approximately 5,700 metres of definition drilling has been completed to better define the irregular geometry of the gold mineralization for improved future mining recovery and dilution. The definition drilling program is expected to be completed by the end of March 2008 and the Company is currently in the process of analyzing the data collected. The Company expects to complete an updated reserve and resource estimate in the second quarter of 2008.

The Company expects to make a decision on any future advancement of the project depending on the results of this updated reserve and resource estimate. The Company is also considering other options with respect to the Nixon Fork Gold Mine, including a possible sale of this asset. No agreement for the sale of the asset has been entered into by the Company.

In 2007, the Company completed a cash flow analysis of its Nixon Fork Gold Mine based on estimated quantities of recoverable minerals, expected gold prices, production levels and operating costs of production and capital, all based on life-of-mine plans, the Company recorded an impairment loss of $12,039,276 to reduce the carrying value of the asset to its estimated fair value of approximately $2.8 million. The Company also wrote down the carrying value of the ore stock pile and in-circuit inventory at the Nixon Fork Gold Mine by $364,724 to nil, which resulted in a total write down of the Nixon Fork Gold Mine of $12,404,000.

Other Timmins Assets

With a view to conserve cash and to focus its efforts for the development of the Holloway Holt mine, the Company has temporarily suspended ramp development and exploration drilling activities at its Taylor Advance Exploration Project since the fourth quarter of 2007. Exploration will resume when the Company is financially capable of maintaining an underground exploration program other than the Holloway Holt exploration activities mentioned above.

In early 2007, the Company suspended work at the Aquarius Project to prepare a bankable feasibility study for the project and placed the Aquarius Project on care and maintenance on an indefinite basis.

Also in early 2007, the Company suspended work at the Hislop Project to refine the geologic model for a potential open pit at the Hislop Project. The Company is currently compiling and assessing the results from the 56 drill holes drilled in late 2006 and re-sampling of 5,000 samples of core from historical drilling that will be used to estimate the mineral resources and potential near surface open pit potential. This process is ongoing.

Eskay Creek Mineral Properties

In 2007, based on the fair value of recent transactions with similar properties, the Company has determined that its Eskay Creek properties were impaired and recorded an impairment loss of $5,889,500. The Company believes that a significantly more extensive exploration program will need to be carried out to define the potential of the Eskay Creek exploration properties and to increase stakeholder value. St Andrew is planning to undertake a comprehensive review of the Eskay Creek 3D databases and models and to undertake an extensive target generation exercise that will be followed up by further detailed exploration programs to bring these targets to drill-ready status, followed by drilling.

Financial Plans

For 2008, the Company has established the following plans to improve its current working capital deficit position:

- to divest non-core assets;

- to obtain an extension on the maturity dates of the $42.0 million of indebtedness owed to related parties (see below); and

- to seek additional funding through private placements or public equity offerings or through long-term debt financings.

The Company is considering the divestiture of certain of its non-core assets, including its investment in certain share holdings and idle assets in the Timmins mining camp, to finance the ongoing exploration and mine development activities at the Holloway Holt mine site. The Company believes that the cash flow from these divestures will provide the Company with adequate working capital to fund its ongoing exploration and other activities for 2008. Upon receipt of a positive independent technical report on the Holloway Holt mine assets, expected to be received in mid-2008, the Company plans to finance the capital expenditure and working capital requirements to bring the Holloway Holt mine assets into production through a range of options, which may include equity and/or debt financing.

On March 24, 2008, the Company was successful in extending the maturity date of the indebtedness due to Technifund Inc., a company controlled by the Chairman of the Company, totalling $31.0 million to April 1, 2009. The Company is currently in discussions with its other debenture holder with respect to extending the maturity date of the $11.0 million of indebtedness beyond April 30, 2008.

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 42.3% equity interest in New Zealand based gold explorer Glass Earth Gold Limited which holds extensive land positions on the North and South Islands in New Zealand, and an approximate 18.0% 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.

FORWARD LOOKING STATEMENTS

The information in this release may contain forward looking information under applicable securities laws. All statements, other than statements of historical fact, contain forward looking information. We used words such as "may", "will", "anticipates", "plan", "expects", and similar terminology to identify forward look information. 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 expressed or 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 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.

FOR FURTHER INFORMATION PLEASE CONTACT:

St Andrew Goldfields Ltd.
Investor Relations

(416) 368-3116 or Toll Free: 1-800-463-5139

Email: investor@standrewgoldfields.com

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

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

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