St Andrew execs take the reigns at UTX (June 21, 2002)

Having recently grabbed a 33% stake in United Tex-Sol Mines (UTX.a-V), Glenn Laing and Julian Kemp, president and CEO and CFO, respectively, of St Andrew Goldfields (SAS-T) have taken over the reigns at UTX.

The two now sit in the same roles at UTX replacing Ed Ludwig and Randy Roussain.

The company also announced that its corporate office will be relocated to Oakville, Ontario, effective Sept. 1, 2002.

St Andrew recently acquired a 33% stake in UTX in exchange for more than 4.4 million of its own shares, at a deemed price of 30.5 apiece.

St Andrew’s interest in UTX lies in the 12.5-sq.-km Clavos gold property near Timmins, Ont., just 9.6 km north of St Andrew’s 1300-ton-per-day Stock mill, about 60 km east of the town.

Previous drilling by Kinross Gold (K-T) on the property confirmed the presence of high-grade gold mineralization in shears and quartz veins along the Pipestone fault. Kinross’s option to acquire the property expired late last year.

A mineral resource estimate by Roscoe Postle Associates earlier this year pegged indicated resources at 331,000 tonnes grading 10.4 grams gold per tonne. Another 205,000 tonnes running 13.4 grams gold are classified as inferred resources. The estimate employs a cutoff grade of 6.5 grams gold and a cutting grade of 60 grams gold for high assay values.

The company plans to investigate the future development and exploitation of the Clavos deposit.

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