St Andrew acquires Goldpost properties

Junior gold producer St Andrew Goldfields (TSE) has acquired three properties near Matheson, Ont., from Goldpost Resources (TSE).

The Hislop East, Holcorp and Valliere properties were acquired in exchange for 1.5 million St Andrew shares and the assumption of certain Goldpost liabilities. The St Andrew shares were to have been distributed on a pro rata basis to Goldpost shareholders on July 14.

Meanwhile, St Andrew is selling 3.1 million shares of Goldpost to a numbered Ontario company. The shares were acquired from Goldposts principle shareholder in a separate transaction.

This fall, St Andrew plans to begin mining 600 tons per day from Hislop East where proven and probable reserves total 435,496 tons at 0.2 oz. gold per ton.