St Andrew Goldfields Ltd. · Gold Production 20,018 22,350 90,000 - 100,000 Mine Cash Costs US$990 US$772 US$800 - $850 Royyyalty Costs US$140 US$137 US$140-US$145(1) Total Cash Costs

St Andrew Goldfields Ltd.A Junior Producer in the

Timmins Camp

1

Forward-looking InformationForward looking InformationThis 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”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: theproduction assumptions at the Holt, Holloway and Hilsop Mine’s; the continued development andproduction of the Smoke Deep Zone, including completion of the exploration drift andcommencement of exploration drilling, and the timing thereof; the completion of various explorationdrilling programs to be completed by the Company in 2012; as well as the expansion of mineraldrilling programs to be completed by the Company in 2012; as well as the expansion of mineralresources, mineral reserves and levels of production through successful exploration anddevelopment; cash costs and start-up capital; the assumptions of the Taylor pre-feasibility study; andthe Company's ability to achieve 2012 objectives.Forward-looking information are subject to known and unknown risks, uncertainties and other factors thatmay cause actual results to differ materially from those implied by the forward-looking information. Factorsth t t l lt t t i l i l d b t t li it d t i t tithat may cause actual results to vary material include, but are not limited to, inaccurate assumptionsconcerning the exploration for and development of mineral deposits, including relating to the interpretationof the geology, continuity, grade and estimates of reserves and resources; the adequacy of existingfinancing or the delay or inability to raise additional financing on satisfactory terms; fluctuations in goldprices and currency exchange rates; unanticipated operational or technical difficulties; changes in laws orregulations; changes in general economic conditions and changes in conditions in the financial markets; theCompany’s dependence on key employees; the Company’s ability to compete with other miningCompany s dependence on key employees; the Company s ability to compete with other miningcompanies possessing greater financial resources; the Company’s ability to obtain requisite permits andlicenses; risks arising from challenges to the Company’s title to its assets, including those arising in respect ofaboriginal rights; the potential for conflicts of interest to arise. A description of these risks and uncertaintiescan be found in the Company’s Annual Information Form obtained on SEDAR at www.sedar.com. SASdisclaims any intention or obligation to update or revise any forward-looking information, whether as a resultof 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

2© St Andrew Goldfields Ltd. 2012

The securities of the Company have not been and will not be registered under the United States SecuritiesAct of 1933 (the “US Securities Act”), as amended, or the securities laws of any state and may not be offeredor sold in the United States or to US persons (as defined in Regulation S of the US Securities Act) unless anexemption from registration is available.

About SASAbout SAS

Junior Gold Producer in the Timmins Junior Gold Producer in the Timmins Junior Gold Producer in the Timmins Camp with three operating mines

Junior Gold Producer in the Timmins Camp with three operating mines

Targeting 90,000 - 100,000 ounces of Annualized Gold Targeting 90,000 - 100,000

ounces of Annualized Gold Cash Costs US $800 $850/oz*Cash Costs

US $800 $850/oz*Production in 2012Production in 2012

Sound Exploration Sound Exploration

US $800-$850/ozUS $800-$850/oz

120km of Exploration 120km of Exploration Organic Growth through Taylor with

near-term production

Organic Growth through Taylor with

near-term production

pModel used to

Discover Smoke Deep and Deep Thunder zones

pModel used to

Discover Smoke Deep and Deep Thunder zones

120km of Exploration Potential in the heart

of the Abitibi Greenstone Belt

120km of Exploration Potential in the heart

of the Abitibi Greenstone Belt


* Cash costs cited are before royalties

Land Position in the Timmins Di t i tDistrict

Garrison Creek

ProjectProject

Deep Thunder / Ghost Targets

Hislop North

Smoke Deep Zone


Share Structure Share Structure

368 2 millionShares 368.2 millionOutstanding

Stock Options 9.8 million

Fully Diluted 387.0 million

Major Shareholders

Abramson Family (40%)T A t M t (15%)Trapeze Asset Management (15%)Sprott Securities (~9%)


2012 Production Guidance2012 Production GuidanceGold Production 90,000 – 100,000 ouncesC h C t /O * (US$) US$ 800 850/Cash Costs/Ounce* (US$) US$ 800-850/ounce

~ 30%~ 50%

20%% ~ 20%

HOLLOWAYHOLT HISLOP


HOLLOWAYHOLT HISLOP

* Cash costs/ounce are before royalties

Solid Improvement Quarter over Q tQuarter

iQ3/2011 Q4/2011 2012 Annualized Forecast

Gold Production 20,018 22,350 90,000 - 100,000

Mine Cash Costs US$990 US$772 US$800 - $850Royalty Costs US$140 US$137 US$140-US$145(1)y y $ $ $ $Total Cash Costs US$1,130 US$909 US$940 – US$995

Note (1) Assuming gold prices stay at current levels(2) Total Cash Cost Per Ounce of Gold Sold is a non-GAAP measure. Refer to 2011 Q4 and Year End Financial Report and MDA

for full disclosure.


Holt Mine - LONG SECTION LOOKING NORTHHolt Mine LONG SECTION LOOKING NORTH

Zone 4 775 Level

*Reserves for Zone 4

Surface925 Level

Reserves for Zone 41,215,713 t @ 5.18 g/t Au(202,316 ounces)

450 Level

1075 Level

Current Development

775 Level

Zone 6 Upper*Reserves (Proven & Probable)

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

1075 Le el

775 e e

925 LevelZone 6 Lower

Zone 5Zone 4

( 5, 8 ou ces)

*Inferred Resources4,836,000t @ 5.75 g/t Au

(894 131ounces)


1075 Level

Shaft Zone 6B

C103(894,131ounces)

* As at December 31, 2011

Holloway Mine – LONG SECTION LOOKING yNORTH

SurfaceBlacktop Exhaust

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

(30 800 ounces)

550 Level Blacktop Drift

Blacktop Zone 3000

Elev3000 Elev

Surface Exhaust Raise/ BackfillLightning Zone

(30,800 ounces)

*Resources (Inferred)469,000t @ 5.17 g /t Au

(78,000 ounces)867m, shaft bottom

1km

Smoke Deep Zone

550m Level DriftVentilation

raise

(78,000 ounces)

Decline Ramp780m Level

S k D Z

p

* Smoke Deep Resources and


Smoke Deep Zone Smoke Deep Resources and Reserves as at December 31, 2011

Hislop Mine - LONG SECTION LOOKING NORTHHislop Mine LONG SECTION LOOKING NORTH

1.5km*Reserves (Proven & Probable)

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

*On surface ore stockpile

Optimized Pit Design Existing Workings

mined out overburden removed

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

*Inferred Resources

West Pit – Reserves (included in total reserves)0.5 Mt @ 1.99 g/t = 30,700 oz East Pit – Reserves

(included in total reserves)1.1 Mt @ 1.83 g/t = 61,831 oz

Potential Crown Pillar Recovery from Underground

*Inferred Resources 5.3 M tonnes @ 1.80 g/t Au (309,000 ounces)

* As at December 31, 2011LOM Strip Ratio4.8 : 1 waste : ore


4.8 : 1 waste : ore

Taylor ProjectTaylor Project

Shoot Zone

Sh ft ZExisting Development

Shaft Zone200m

West Porphyry


p y yZone

Taylor PFS – Opportunities for I tImprovement

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

Pre-tax Cash Flow

Pre-tax NPV5%

$70 Million

$50 Million

$20 Million

$12 Million

Mi l f 173 000 ith ti t d l d ti f

5%

Pre-tax IRR 56%22%

• Mineral reserves of 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-conversion of resources to reserves. As the project advances underground, reinterpretation 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.

2012 Exploration Program2012 Exploration Program2012 Budget of ~$7 Million2012 Budget of ~$7 Million

Holloway-Hot Mine Areas:• Smoke Deep Zone (H2)• Blacktop East Zone (H2)• Deep Thunder Zone (H2)• Ghost Zone (resumed drilling)( g)• Lightning Vein (H1)

Hislop Mine AreaHislop Mine Area• Hislop North Project (resumed drilling)


2011 Exploration Resulted in Si ifi t I i Significant Increases in Resources and Reserves

Increase in Mineral Resources by 57% over 2011

Replaced all mined Mineral Reserves and

added an additional 43,000 ounces


Mineral Resources - December 31 2011Mineral Resources December 31, 2011

Measured Indicated Inferred

Tonnes Grade Ounces

Au Tonnes Grade Ounces


Au(‘000) (g/t Au) (‘000 oz) (‘000) (g/t Au) (‘000 oz) (‘000) (g/t Au) (‘000 oz)

Holt Mine 2,981 5.45 522 2,801 6.29 567 4,836 5.75 894

Holloway Mine 396 4.53 58 352 4.60 52 3,024 5.10 496

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

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 16,158 3.98 2,069

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 2011Mineral Reserves December 31, 2011

Proven Probable Proven & Probable

Tonnes Grade Ounces



Au(‘000) (g/t Au) (‘000 oz) (‘000) (g/t Au) (‘000 oz) (‘000) (g/t 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 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.


2012 Goals2012 Goals• Continue with ramp up of production rates at the Holt Mine’s

Zone 4 to the steady state rate of 1,000 tpd expected at Q2/2012;

• Start to prepare Zone 6 in H2/2012, for production in 2013;• Ramp up of production rates at the Holloway Mine’s Smoke Deep

Zone throughout 2012;Zone throughout 2012;• Assess plans for advancement of the Taylor Project for future

production;• Push on exploration programs at the Holloway-Holt and Hislop

tiproperties:o Smoke Deep Zone – exploration drilling – Q3/2012o Deep Thunder – step-out drilling – H2/2012o Ghost Zone – surface drilling – resume Q1/2012o Ghost Zone surface drilling resume Q1/2012o Lightning Vein – commence surface drilling – H2/2012o Hislop North – surface drilling – resumed Q1/2012


HighlightsHighlights

5 2 M 0 7 M5.2 MM&I and

Inferred Resources

0.7 MMineral Reserves

With a good history of resource to reserve conversionto reserve conversion

SASSimply Achieving

O i G th ith A ti l E l ti

Simply Achieving Success

Organic Growth with Advancement of the

Taylor Project

Actively Evaluating Accretive M&A Opportunities


Experienced Management TTeam

DIRECTORSLouis Gignac (Chairman) D. Eng Graham Farquharson P. Eng, MBA Bernard Kraft CA, I.F.A

Herbert Abramson Catherine A. Gignac Jacques Perron P. Eng

Stephen Burns CA Paul C. Jones P. Eng Warren Seyffert Q.C.

Jacques Perron P.EngPresident and CEO

Formerly Senior VP, Operations with IAMGOLD and Cambior.

MANAGEMENT

President and CEOBen AuChief Financial Officer

Formerly Controller with Agnico-Eagle Mines.

Duncan Middlemiss P.EngVP O ti

Formerly Mine Manager with Kirkland Lake Gold and Chief Mi E i f H lt M D tt Mi (B i k) VP Operations Mine Engineer for Holt-McDermott Mine (Barrick).

Pierre Rocque P.EngDirector of Engineering

Formerly Director of Technical Services with Lakeshore Gold Corp., and AMEC Americas Ltd., before that.

Craig Todd P.Geo Spent 16 years at Holt-McDermott Mine (Barrick) as Senior


Exploration Manager and Chief Geologist.

20 Adelaide Street East Suite 801

Toronto ON M5C 2T6TSX: SAS

Toronto ON M5C 2T6Canada

Toll Free: 1-800-463-5139 Tel: 416-815-9855Tel: 416-815-9855

Fax: 416-815-9437

20© St Andrew Goldfields Ltd. 2012www.sasgoldmines.com

Documents

St Andrew Goldfields Ltd. · Gold Production 20,018 22,350 90,000 - 100,000 Mine Cash Costs US$990 US$772 US$800 - $850 Royyyalty Costs US$140 US$137 US$140-US$145(1) Total Cash Costs