An Evolving Junior Gold Producer in the Timmins Camp · $127 0.4 $356 1.0 $134 Kirkland Lake Gold $849 1.5 $576 1.6 $487 Lake Shore Gold Corp. $458 0.8 $555 2.1 $185 Richmont Mines

1

St Andrew Goldfields Ltd. An Evolving Junior Gold Producer

in the Timmins Camp

On The Radar (TMX Equicom)

Calgary/Vancouver

November 14-15, 2012

TSX: SAS OTCQX:STADF

2 © St Andrew Goldfields Ltd. 2012

Forward-looking Information This presentation contains forward-looking information and forward-looking statements (collectively, "forward-looking information") as defined under applicable securities laws, concerning SAS’ business, operations, financial performance, condition and prospects, as well as management’s objectives, strategies, beliefs and intentions. This presentation uses words such as “estimate”, “intend”, “believe”, “expect”, “anticipate” , “plan”, “potential” and similar terminology to identify forward-looking information. Specifically, this presentation contains forward-looking information including: the production, grade and throughput assumptions at the Holt, Holloway and Hislop Mines; the completion of various exploration drilling programs to be completed by the Company in 2012; as well as the expansion of mineral resources, mineral reserves and increase in the level of production through successful exploration and development; cash costs and start-up capital; the assumptions of the Taylor bulk sample, development and production assumptions, and the timing thereof; and the Company's ability to achieve its 2012 objectives.

Forward-looking information are 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, including relating to the interpretation of the geology, continuity, grade and estimates of reserves and resources; fluctuations in gold prices and currency exchange rates; unanticipated operational or technical difficulties; changes in laws or regulations; changes in general economic conditions and changes in conditions in the financial markets; the Company’s dependence on key employees; the Company’s ability to compete with other mining companies possessing greater financial resources; the Company’s ability to obtain requisite permits and licenses; risks arising from challenges to the Company’s title to its assets, including those arising in respect of aboriginal rights; the potential for conflicts of interest to arise. A description of these risks and uncertainties can be found in the Company’s Annual Information Form obtained on SEDAR at www.sedar.com. SAS disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. The securities of the Company have not been and will not be registered under the United States Securities Act of 1933 (the “US Securities Act”), as amended, or the securities laws of any state and may not be offered or sold in the United States or to US persons (as defined in Regulation S of the US Securities Act) unless an exemption from registration is available.


Q3 Highlights

Second Consecutive

Quarter of Free Cash

Flow

Achieved Production Rate that will Sustain ~100,000 Ounces of Annual

Production

Large Land Position with Exploration

Upside

Experienced Team Dedicated to

Achieving Success

SAS

Simply Achieving Success


2012 Highlights • Steady Increase in Production and Decrease in Mine Cash Costs

• Increase in Revenues with Increase in Cash Margin

• Generating Free Cash Flow for Q2/2012 and Q3/2012

• Advancing the Taylor Project through the Advanced Exploration

Phase with Production anticipated in Q2/2014

• Focussed Exploration Programs to Extend Mine Life and Increase

Level of M&I Resources

US$1,695/ounce US$1,620/ounce US$1,640/ounce

US$

699

US$

745

US$

701

Average Realized Price Per Ounce of Gold Sold


Land Position in the Timmins

District

Hislop

North

Ghost

Targets/

Zone 4

Ontario/Québec

Border


0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

1 2 3 4 5 6

Increased Production Through

Organic Growth

2009A 2010A 2011A 2012E 2013E 2014E

90

,00

0 -

10

0,0

00

95

,00

0 -

10

5,0

00

12

0,0

00

- 1

30

,00

0

OU

NC

ES

The Holloway Mine commenced production in Q4/2009 The Hislop Mine commenced production in Q2/2010 The Holt Mine commenced production in Q2/2011 Production from Holt and Holloway will continue to increase in 2012 and 2013 Taylor is expected to commence production in 2014

Reducing Mine Cash Costs

US$800-$850


Q3/2012 Operating Results

Overview

Note

(1) Assuming gold prices at current levels

(2) Mine Cash Costs and Cash Costs (Per Ounce of Gold Sold) are non-GAAP measures. Refer to 2012 Q3 Financial Report and MDA for full disclosure.

Q1/2012 Q2/2012 Q3/2012

YTD

2012

2012

Forecast

Gold Production

21,018 23,016 25,742 69,677 90,000 – 100,000

Mine Cash

Costs US$858 US$785 US$768 US$799 US$800-US$850

Royalty Costs US$138 US$134 US$127 US$134 US$135-US$145(1)

Cash Costs(2) US$996 US$919 US$895 US$933 US$935-US$995


Q2/Q3 2012 Cash Costs Among

Peer Group

Average Q3/2012 Cash Cost

US$933/ounce*

No

t A

va

ilab

le a

t Th

is T

ime

No

t A

va

ilab

le a

t Th

is T

ime

No

t A

va

ilab

le a

t Th

is T

ime

* The average Cash Cost quoted is based on the selected group of companies used for this comparative

Q2/2012 Total Cash Cost per ounce of gold sold

Q3/2012 Total Cash Cost per ounce of gold sold

Royalty Costs per ounce of gold sold


2012 Share Price Performance SAS compared to a selection of peers (SAS, BRD, CRJ, SGR, LSG, RIC, KGI)


Comparison to Peer Group EV/Ounce of Reserves and Ounce of M&I Resources

Company Name EV (C$Millions)

Reserves (Moz’s)

EV/ Ounce (P&P)

Resources (M&I) (Moz’s)

EV/ Ounce (M&I)

Brigus Gold Corp. $222 1.9 $119 2.1 $113

Claude Resources

Inc. $127 0.4 $356 1.0 $134

Kirkland Lake Gold $849 1.5 $576 1.6 $487

Lake Shore Gold Corp.

$458 0.8 $555 2.1 $185

Richmont Mines $80 0.4 $218 0.8 $183

San Gold Corp. $261 0.2 $1,249 0.6 $637

St Andrew Goldfields Ltd.

$153 0.7 $216 3.2 $42

Group Median $222 0.7 $356 1.6 $127

* Source, company filings & website, EV based on Q2 financial results


Holt, Holloway and Hislop Mines

HOLT MINE (Underground)

•Reserves (2.4mt @ 5.36 g/t Au – 415,000 ounces)

•M&I Resources (5.8mt @ 5.86 g/t Au – 1.1 million ounces)

•Production Rate ~1,000tpd

•2012 Production ~50% of total production

HOLLOWAY MINE (Underground)

•Reserves (224,000t @ 4.29 g/t Au – 31,000 ounces)

•M&I Resources (748,000t @ 4.57 g/t Au – 110,000 ounces)

•Production Rate ~700tpd


HISLOP MINE (Open Pit)

•Reserves (1.5mt @ 1.88 g/t Au – 93,000 ounces)

•M&I Resources (5.7mt @ 1.95 g/t Au – 359,000 ounces)

•Production Rate ~1,300tpd



Taylor Project PFS Opportunities for Improvement

• Mineral reserves of 985,000t @5.45g/t Au for

173,000 ounces with estimated annual

production of 41,000 ounces over the mine life.

• A conservative analysis was used for the

estimation of the resources and the

conversion of resources to reserves. As the

project advances underground,

re-interpretation may lead to better grade,

additional resources, and additional reserves.

• This study only looks at the WPZ; additional

upside is possible with further exploration and

additional work on the Shoot Zone.

Pre-tax Cash Flow Pre-tax NPV5%

Pre-tax IRR

$70 Million $50 Million

56%

$20 Million $12 Million

22%

US$1,319 Per Ounce US$1,600 Per Ounce

*Resources (M&I) West Porphyry & Shoot Zones 2,625,000t @5.42g /t Au (457,000 ounces)


180 Million Ounce Gold Belt


2012 Exploration Program ~

$ 8

Mill

ion

Holt Mine

Hislop Mine

GHOST ZONE

Updated Resource Pending

Zone 4 Extension

Follow-up Drilling Expected from

Underground

Hislop North Project

Continued drilling along northern property

boundary to test 147 Zone and Grey Fox extensions

(ongoing)


HOLT – Ghost Zone Location


Ghost Zone - Selected Results Hole Number

Intersection (Metres) (Metres) Gold Grade

(g/t) From To True Width

GZ12-004 595.8 599.0 2.9 7.10

GZ12-006B 535.4 548.0 9.8 5.91

GZ12-009B 526.9 536.1 5.8 3.89

GZ12-011 566.7 585.0 14.5 4.93

GZ12-013 563.5 571.0 6.1 5.28

GZ12-013 573.5 576.5 2.4 9.56

GZ12-013 579.0 585.0 4.9 4.11

GZ12-014 456.5 484.2 17.8 3.82

GZ12-015 494.4 502.5 5.4 4.17

GZ12-017B 583.5 601.5 15.2 4.16

GZ12-019 556.5 571.5 11.2 7.85

GZ12-023 404.6 423.5 12.3 6.34

* See press release dated May 7, 2012 and July 31, 2012


HOLT – Zone 4 *Reserves for Zone 4

1,215,713 t @ 5.18 g/t Au

(202,316 ounces)

925m Level

1075m Level

Underground

Drilling

Drilling Targets from

Surface

Highlights of Underground Drilling

13.01/ 11.6m

11.30/ 13.5m

6.80/ 12.8m

10.20/ 12.5m

9.32/ 20.7m

7.34/ 18.1m

8.32/ 21.4m

11.28/ 12.8m •g/t Au/metres

•All lengths are core length


Hislop North Project

See press release dated July 31, 2012


Hislop North - Selected Results

Hole Number

Intersection (Metres) (Metres) Gold Grade

(g/t) From To True Width

H12-003 45.0 107.2 62.2 1.97

incl 45.0 55.5 10.5 3.63

incl 85.5 97.1 11.6 5.10

H12-005 83.1 84.1 1.0 32.00

H12-006 157.0 164.0 7.0 2.91

incl 157.0 158.0 1.0 8.81

incl 163.0 164.0 1.0 7.42

H12-008 102.8 127.2 24.4 8.56

incl 106.5 118.5 12.0 11.29

H12-010 101.9 111.9 10.0 9.72

incl 109.5 111.0 1.5 32.00

* See press release dated May 7, 2012 and July 31, 2012


Exploration Resulted in Significant

Increases in Resources and

Reserves

Replaced all mined

Mineral Reserves

and

added an additional 43,000 ounces

Proven & Probable Reserves

~700,000 Ounces

Increase in M&I Mineral

Resources by

11% since 2009

Measured & Indicated Resources

~3.2 Million Ounces

* Mineral Resources are inclusive of Mineral Reserves, see Company website for more details


Share Structure

368.2 million Shares

Outstanding

Stock Options

Fully Diluted

12.5 million

380.7 million

Major Shareholders

Abramson Family

Trapeze Asset Management

Sprott Asset Management

* Share structure as of October 31, 2012, Market Cap as of November 8, 2012

Market Capitalization ~170 Million


2012 Capital Expenditures

2012E

Total Capex (in millions of C$)

Holt Mine ~$17

Holloway Mine ~$10

Hislop Mine ~$ 2

Holt Mill ~$ 2

TOTAL ~$31

Taylor Project (less revenues from bulk sample)

~$ 6


Cash Flow and Cash Resources As of September 30, 2012

Cash and cash equivalents $20.7 million

Revolving Credit Facility US$10.0 million (undrawn)

Bank Debt* US$13.0 million

*interest rates vary depending on the Company’s total debt ratio and ranges between 2.00% and 2.75% above prime,

based on prime rate advances, or 3.00% and 3.75% above LIBOR, based on LIBOR advances.

*the Company must make semi-annual payments of US$2million to reduce the term credit owing. in September, SAS

made its first semi-annual payment of US$2million on the term debt.

Estimated Operating Cash Flow for 2012* ~$58 million

*based on 95,000 ounces at cash costs of US$995/ounce, and an average annual POG of US$1,600

Nine Months Ended September 30, 2012

EPS (fully diluted) $0.04

CFPS (fully diluted) $0.09


Experienced Team

Louis Gignac (Chairman) D. Eng David Michael Petroff B.MATH, MBA

Herbert Abramson Catherine A. Gignac Jacques Perron P. Eng.

John Hick B.A., LLB Graham Farquharson P. Eng. Warren Seyffert Q.C.

DIRECTORS

Jacques Perron P.Eng

President and CEO

Formerly Senior VP, Operations with IAMGOLD and Cambior.

Ben Au

CFO and VP of Finance

Formerly Controller with Agnico-Eagle Mines.

Duncan Middlemiss P.Eng

COO and VP Operations

Formerly Mine Manager with Kirkland Lake Gold and Chief Mine Engineer for Holt-McDermott Mine (Barrick).

Pierre Rocque P.Eng

VP of Engineering

Formerly Director of Technical Services with Lakeshore Gold

Corp., and AMEC Americas Ltd.

Doug Cater P.Geo

VP of Exploration

Formerly with Sabina Silver Corp and Dundee Precious

Metals.

SENIOR MANAGEMENT


Q4 Goals and 2013 Objectives

26

APPENDIX


Holt Mine – LONG SECTION LOOKING NORTH

Zone 4

1075 Level

775 Level

925 Level

Exploration Potential – future drilling

*Reserves for Zone 4

1,215,713 t @ 5.18 g/t Au

(202,316 ounces)

*Reserves (Proven & Probable)

2,408,125t @ 5.36 g/t Au (415,148 ounces)

* As at December 31, 2011

Zone 6 Upper

Zone 6 Lower

775 Level

925 Level

1075 Level

Completed development

Planned development

Mined stopes

300 m


550 Level Blacktop Drift

Blacktop

Zone 3000

Elev

3000

Elev

Surface

867m, shaft

bottom

Blacktop

Exhaust Raise/ Backfill

Lightning Zone

Holloway Mine – LONG SECTION LOOKING NORTH

1km

Smoke Deep

Zone Smoke Deep Zone

Decline Ramp

780m Level

Ventilation

raise

*Reserves (Proven & Probable) 224,000t @ 4.29 g/t Au

(30,800 ounces)

* As at December 31, 2011 Exploration Potential future drilling

Backfill raise

Completed development

Planned development

Mined stopes


Hislop Mine - LONG SECTION LOOKING NORTH

*Reserves (Proven & Probable)

1.5 M tonnes @ 1.88 g/t Au (92,587 ounces)

1.5km

West Pit – Reserves (included in total reserves)

0.5 Mt @ 1.99 g/t = 30,700 oz

Re-optimizing Pit Design

East Pit – Reserves (included in total reserves)

1.1 Mt @ 1.83 g/t = 61,831 oz

* As at December 31, 2011

Mined-out

LOM Strip Ratio 4.8 : 1 waste : ore

mined out overburden removed

*On surface ore stockpile

37,000 t @ 1.43 g/t Au (1,692)

To be mined Historic underground workings


Taylor Project - Timeline

WPZ Advanced

Exploration Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q4/2013 Q2/2014

Pre-feasibility Study

Dewatering and

Rehabilitation

Initial Bulk Sampling

Program (top of zone)

Ramp Development to

depth of known zone

Second Bulk Sampling

Program (bottom of zone)

Commercial Production

COMPLETED

COMPLETED


Mineral Resources - December 31, 2011

Measured Indicated Inferred

Tonnes

(‘000)

Grade

(g/t Au)

Ounces

Au

(‘000 oz)

Tonnes

(‘000)

Grade

(g/t Au)

Ounces

Au

(‘000 oz)

Tonnes

(‘000)

Grade

(g/t Au)

Ounces

Au

(‘000 oz)

Holt Mine 2,981 5.45 522 2,801 6.29 567 1,045 6.81 229

Holloway Mine 396 4.53 58 352 4.60 52 2,755 5.10 452

Hislop Mine 37 1.43 2 5,686 1.95 357 5,338 1.80 309

Taylor Project 0 0.00 0 2,625 5.42 457 1,929 3.96 246

Aquarius Project 0 0.00 0 23,111 1.50 1,106 502 0.80 14

Clavos Project 26 7.80 6 117 8.10 31 529 6.50 110

At December 31, 2011 3,440 5.32 588 34,692 2.31 2,570 12,098 3.50 1,360

At December 31, 2010 2,654 5.21 445 33,564 2.22 2,392 9,383 3.67 1,106

Notes:

• Mineral Resources are inclusive of Mineral Reserves;

• Mineral Resources were estimated according to CIM Definition Standards – For Mineral Resources 2010;

• Mineral Resources for Holloway and Holt were estimated using an average long-term gold price of US$1,200 per ounce and an exchange rate of $1.00 = US$0.98;

• Mineral Resources for Holloway and Holt were estimated at a cut-off grade of 3.0 g/t Au;

• Mineral Resources for Hislop were estimated at a cut-off grade of 0.94 g/t Au, and uses an average long-term gold price of US$950 per ounce and an exchange rate of $1.00 = US$0.85;

• There was an ore stockpile consisting of approximately 37,000 t grading 1.40 g/t Au from Hislop at December 31, 2011;

• Mineral Resources for Taylor were estimated using a cut off grade of 2.5 g/t Au, and uses an average long-term gold price of US$1,200 per ounce using an exchange rate of $1.00 = US$0.98

• Mineral Resources for Aquarius are as of the October 2, 2006, RPA Technical Report. Mineral Resources were calculated using a long term gold price of US$500 per ounce and an exchange rate of $1.00 = US$0.90. No cut-off grade is applied because

of uncertainty about selectivity within the deposit;

• Mineral Resources for Clavos are as of the October 2, 2006, RPA Technical Report. Mineral Resources were estimated at a cut-off grade of 4.0 g/t Au, using a long-term gold price of US$500 per ounce. Mineral Resources for the Clavos Project do not

reflect development activities in the mineralized areas from October 2006 until May 2007;

• The Clavos Project was optioned to Sage Gold Inc. in 2010 whereby Sage Gold Inc. can earn-in a 60% interest in the property by completing $3.0 million of exploration and paying approximately $260,000 (in cash and shares) to SAS over a three year

period;

• Tonnes and gold ounce information is rounded to the nearest thousands as such, rows and columns may not add exactly due to rounding.


Mineral Reserves – December 31, 2011

Proven Probable Proven & Probable

Tonnes

(‘000)

Grade

(g/t Au)

Ounces

Au

(‘000 oz)

Tonnes

(‘000)

Grade

(g/t Au)

Ounces

Au

(‘000 oz)

Tonnes

(‘000)

Grade

(g/t Au)

Ounces

Au

(‘000 oz)

Holt Mine 860 4.92 136 1,548 5.61 279 2,408 5.36 415

Holloway Mine 153 4.26 21 70 4.35 10 224 4.29 31

Hislop Mine 37 1.43 2 1,498 1.89 91 1,534 1.88 93

Taylor Project 0 0 0 985 5.45 173 985 5.45 173

At December 31, 2011 1,050 4.70 159 4,101 4.19 553 5,151 4.29 711

At December 31, 2010 982 4.25 134 4,399 3.76 532 5,382 3.85 666

Notes:

• Mineral Reserves are included within the Mineral Resources;

• Mineral Reserves were estimated according to CIM Definition Standards – For Mineral Reserves 2010;

• Mineral Reserves for Holloway Holt and Hislop were estimated using an average long-term gold price of US$1,100 per ounce and an exchange rate of $1.00 = US$0.98;

• Mineral Reserves for Holloway and Holt were estimated using a cut-off grade of 3.5 g/t Au;

• Mineral Reserves for Hislop were estimated using a cut-off grade of 1.7 g/t Au;

• There was an ore stockpile consisting of approximately 37,000 t grading 1.40 g/t Au from Hislop at December 31, 2011;

• Mineral Reserves for Taylor were estimated using a cut off grade of 3.5 g/t Au, an average long-term gold price of US$1,319 per ounce and an exchange rate of $1.00 = US$0.99

• Tonnes and gold ounce information is rounded to the nearest thousands as such, rows and columns may not add exactly due to rounding.


HOLT- Ghost Zone Drilling

See press release dated July 31, 2012


www.sasgoldmines.com 20 Adelaide Street East

Suite 1500

Toronto ON M5C 2T6

Canada

Toll Free: 1-800-463-5139

Tel: 416-815-9855

Fax: 416-815-9437

TSX: SAS OTCQX: STADF

Documents

An Evolving Junior Gold Producer in the Timmins Camp · $127 0.4 $356 1.0 $134 Kirkland Lake Gold $849 1.5 $576 1.6 $487 Lake Shore Gold Corp. $458 0.8 $555 2.1 $185 Richmont Mines