St. Andrew Goldfields boosts presence in Timmins camp

With several new deals in the works, St. Andrew Goldfields (TSE) has stepped up the pace of its activities in the prolific Timmins gold camp of Ontario.

St. Andrew reached an agreement-in-principle with Echo Bay Mines (TSE), whereby Echo Bay may earn up to a 70% interest in a 6,340-acre exploration property just east of St. Andrew’s Stock mine.

To earn its initial 55% interest, Echo Bay must spend $2.5 million within 30 months after obtaining the requisite permits to conduct an exploration program on the property. Echo Bay’s interest will increase to 70% if it elects to spend an additional $2 million within the following 18 months.

St. Andrew also reached an agreement-in-principle to

acquire 60 mining claims (2,303 acres) along the Porcupine-Destor fault from QSR (TSE) in exchange for one million common shares of St. Andrew and the right to receive an additional 500,000 common shares (depending on the amount Echo Bay spends on its joint venture with St. Andrew).

“Echo Bay brings extensive mining experience and commitment to this new exploration program,” says St. Andrew president Herb Gasser, “and St. Andrew can now focus its own exploration activity on the area encompassing our Stock and Hislop mines.”