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					St Andrew Goldfields Ltd.
        An Evolving Junior Producer
              in the Timmins Camp



                      BMO Capital Markets
                  GLOBAL METALS & MINING
                            CONFERENCE
                                 Feb/26/2012




                                       1
Forward looking
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
strategies,                                                                        estimate
                         intentions. This presentation uses words such as “estimate”, “intend”, intend
“believe”, “expect”, “anticipate” , “plan”, “potential” and similar terminology to identify forward-
looking information. Specifically, this presentation contains forward-looking information including: the
production assumptions at the Holt, Holloway and Hislop Mines; the continued development and
production of the Smoke Deep Zone, including completion of the exploration drift and
commencement of exploration drilling, and the timing thereof; 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 levels of production through successful exploration and
development; cash costs and start-up capital; the assumptions of the Taylor pre-feasibility study; and
the Company's ability to achieve 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                     t      lt to
th t may cause actuall results t vary material iinclude, b t are not li it d t iinaccurate assumptions
                                               t i l     l d but            t limited to,           t         ti
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; the adequacy of existing
financing or the delay or inability to raise additional financing on satisfactory terms; 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                                                  Company s
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.

                                               © St Andrew Goldfields Ltd. 2012                                  2
About SAS
 Junior Gold Producer in the Timmins
  Camp with three operating mines

  Targeting 90,000 - 100,000                                          Mine Cash
 ounces of Gold Production                                              Costs
           in 2012                                                  US $800-$850/oz*

                               p
                       Sound Exploration
                                                                  120km of Exploration
  Organic Growth         Model used to
                                                                  Potential in the heart
 through Taylor with    Discover Smoke
                                                                      of the Abitibi
near-term production    Deep and Deep
                                                                    Greenstone Belt
                         Thunder zones
                                                            * Mine cash costs cited are before royalties


                         © St Andrew Goldfields Ltd. 2012                                                  3
Land Position in the Timmins
Di t i t
District




                                                   Deep
                                                 Thunder
                                                 / Ghost
                                                 Targets

                         Hislop
                         North




              © St Andrew Goldfields Ltd. 2012      4
Share Structure
       Shares
     Outstanding       368.2
                       368 2 million

    Stock Options           9.8 million

     Fully Diluted     387.0 million
  Major Shareholders
  Abramson Family (40%)
  Trapeze Asset Management (15%)
  T        A tM           t
  Sprott Securities (~9%)




                        © St Andrew Goldfields Ltd. 2012   5
Share Price Comparison




 2012 AVERAGE DAILY VOLUME TRADED – 986,000



                 © St Andrew Goldfields Ltd. 2012   6
Comparison to Peer Group
Market Capitalization/Ounce of Reserves
Company Name
C       N                              Market Cap
                                       M k tC                            R
                                                                         Reserves   Market C /
                                                                                    M k t Cap/
                                       (C$Millions)                       (Moz’s)     Ounce
Brigus Gold Corp.                                $193                      1.9         $101
Claude Resources Inc.                            $209
                                                 $                         0.3         $592
                                                                                       $
Kirkland Lake Gold                           $1,200                        2.2         $540
Lake Shore Gold Corp.                            $573                      0.7         $818
Richmont Mines                                   $365                      0.4         $995
San Gold Corp.                                   $532                      0.6         $612
St Andrew Goldfields Ltd
                     Ltd.                        $191                      07
                                                                           0.7         $269
Wesdome Gold Mines Inc.                          $205                      0.6         $642
Group Median                                     $287                      0.6         $602
* Source, company filings & website



                                      © St Andrew Goldfields Ltd. 2012                           7
2012 Production Guidance
  Gold Production                                                                  90,000 – 100,000 Oz
  Mine C h C t /O
  Mi                   *
       Cash Costs/Ounce* (US$)                                                         800-850/Oz
                                                                                   US$ 800 850/O



        ~ 50%
                                                     %
                                                 ~ 30%
                                                                                         ~ 20%



              HOLT                                 HOLLOWAY                                HISLOP

 * Mine cash costs/ounce are before royalties


                                                © St Andrew Goldfields Ltd. 2012                         8
Solid Improvement Quarter over
Quarter
Q     t
                                  Q2/2011               Q3/2011                   Q4/2011      2012 Annualized
                                                                                                  Forecast
Gold Production                     15,197                 20,018                     22,350   90,000 - 100,000


Mine Cash Costs                  US$1,178                  US$990                     US$772        US$800 - $850
Royalty Costs                         US$99                US$140                     US$137   US$140-US$145(1)

Cash Costs                       US$1,277              US$1,130                       US$909   US$940 – US$995
Note
(1) Assuming gold prices and production at current levels
(2) Cash Costs (Per Ounce of Gold Sold) is a non-GAAP measure. Refer to 2011 Q4 and Year End Financial Report and MDA for
    full disclosure.




                                                   © St Andrew Goldfields Ltd. 2012                                         9
   Holt Mine – LONG SECTION LOOKING NORTH
                                                                                 *Reserves (Proven & Probable)
                                                                                  2,408,125t @ 5.36 g/t Au
Zone 4                                                                               (415,148 ounces)
                                              775 Level

                                                                                    *Inferred Resources
                                                                                  4,836,000t @ 5.75 g/t Au
                                              925 Level                               (894,131ounces)




                                            1075 Level
                                     Completed development
                                                   p
                                     Planned development
                                     Mined stopes



                                                                                                    Zone 6
                                                                                                    Upper
     *Reserves for Zone 4
   1,215,713 t @ 5.18 g/t Au                                                            775 Level
       (202 316
       (202,316 ounces) )


                                                                            925 Level
                                                                                                             Zone 6
                                                                                                             Lower
                                                               1075 Level
* As at December 31, 2011                                                                  300 m
                               Exploration Potential – future drilling


                                    © St Andrew Goldfields Ltd. 2012                                             10
Holloway Mine – LONG SECTION LOOKING NORTH
                                                                       Blacktop
                 Surface                                               Exhaust
                                                                       Raise/
    Lightning Zone                                                     Backfill
                                                         Blacktop
3000                                                         Zone             3000
 Elev                      550 Level Blacktop Drift                           Elev         Completed development
                                                                                           Planned development
                                                                                           Mined stopes


          867m, shaft
          bottom                     Smoke Deep
                                     Zone             Smoke Deep Zone                           Ventilation
                                                                                                      raise
                                                                          Backfill raise
             1km




*Reserves (Proven & Probable)
                                                                                                          780m Level
    224,000t @ 4.29 g/t Au
       (30,800 ounces)
                                                      Decline Ramp

     *Resources (Inferred)
    469,000t @ 5.17 g /t Au
       (78,000
       (78 000 ounces) )
                  * Smoke Deep Resources and          Exploration Potential
              Reserves as at December 31, 2011        future drilling
                                                      © St Andrew Goldfields Ltd. 2012                             11
    Hislop 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
                                                   37,000 t @ 1.43 g/t Au (1,692)

                                                                                             overburden removed
                                                                mined out
        Optimized Pit Design              Existing Workings

West Pit – Reserves (included in total reserves)
0.5 Mt @ 1.99 g/t = 30,700 oz                                                             East Pit – Reserves
                                                   Potential Crown Pillar Recovery        (included in total reserves)
                                                   from Underground                       1.1 Mt @ 1.83 g/t = 61,831 oz
                                           *Inferred Resources
                               5.3 M tonnes @ 1.80 g/t Au (309,000 ounces)

LOM Strip Ratio                                                                                                 * As at December 31, 2011
4.8 : 1    waste : ore



                                                       © St Andrew Goldfields Ltd. 2012                                            12
Taylor Project
     *Resources (M&I)            *Resources (Inferred)                    *Reserves (Probable)
West Porphyry & Shoot Zones   West Porphyry & Shoot Zones                West Porphyry Zone ONLY
  2,625,000t @5.42g /t Au
                  g            1,929,000t @ 3.96 g /t Au                  985,000t @5.45g/t Au
                                                                                         g
      (457,000 ounces)              (246,000 ounces)                        (173,000 ounces)



 Shoot Zone

                                                                                 Existing Development
                                                                                     Shaft Zone
                                                                                        200m




                                                                       West Porphyry
                                                                           Zone
                                                                               * As at December 31, 2011


                                    © St Andrew Goldfields Ltd. 2012                                   13
Taylor PFS – Opportunities for
Improvement
I             t
                          US$1,319 Per Ounce                          US$1,600 Per Ounce
Pre-tax Cash Flow         $20 Million                                 $70 Million

Pre-tax NPV5%             $12 Million                                 $50 Million

Pre-tax IRR               22%                                         56%

  Minerall reserves of 173,000 ounces with estimated annuall production of
• Mi                 f 173 000         ith ti    t d            d ti     f
  41,000 ounces over the mine life.
• A conservative analysis was used for the estimation of the resources and the
                             reserves.                          underground re
  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.


                                   © St Andrew Goldfields Ltd. 2012                        14
180 Million Ounce Gold Belt




            © St Andrew Goldfields Ltd. 2012   15
2012 Exploration Program
             2012 Budget of ~$7 Million
 Holloway-Holt Mine Areas:
 • Smoke Deep Zone (H2)
 • Blacktop East Zone (H2)
 • Deep Thunder Zone (H2)
 • Ghost Zone (resumed drilling)
              (               g)
 • Lightning Vein (H1)


 Hislop Mine Area
 • Hislop North Project (resumed drilling)




                           © St Andrew Goldfields Ltd. 2012   16
    Holloway Holt
    Holloway-Holt Exploration
                                                                                BLACKTOP
Porcupine-                                                                                       DEEP
                    Lightning       SMOKE DEEP                  Blacktop          EAST
Destor                                                                                         THUNDER
Fault Zone

             HOLLOWAY MINE
    High
             ~ 1 Million Ounces                                                                LIGHTNING
   Strain
   Zones                                                                                          VEIN



                                                                                        GHOST ZONE


                                                                            Ghostmont
                                                                            Fault
                                        Zone 4



                   i
               Tousignant


                                  Holloway-Holt Mine – Plan view
                                         © St Andrew Goldfields Ltd. 2012                            17
       Ghost Zone


                                                                                     Ghost Zone



                                             Potential                                     Open
Mattawasaga Zone                             Expansion
                                               pa s o
Mined Area
Mi d A

Recent Drilling
  3.54/10.1m
• 3 54/10 1m
• 5.48/12.0m
    incl. 9.87/6.0m
• 10.60/8.1m
    incl. 22.65/2.6m
• 19.80/1.4m
• 7.69/20.2
* For full details see press release dated
Sept/19/2011, and Feb/01/2012




                                                  © St Andrew Goldfields Ltd. 2012          18
   Hislop North Project


                                               West Pit
Recent Drilling




                  East Pit
                  Shaft Area



                               Recent Drilling
                                 11.95/1.1m; 6 42/0 5
                               • 11 95/1 1              7.36/0.5m; 16 68/1 0
                                             6.42/0.5m; 7 36/0 5               12.41/9.0m
                                                                   16.68/1.0m; 12 41/9 0
                               * For full details see press release dated Feb/01/2012




                          © St Andrew Goldfields Ltd. 2012                                  19
2011 Exploration Resulted in
Significant Increases in R
Si ifi    tI          i Resources
and Reserves

        Increase in Mineral Resources
              by 34% over 2011


    Replaced all mined Mineral Reserves
                    and
     added an additional 43,000 ounces



                  © St Andrew Goldfields Ltd. 2012   20
   Mineral Resources                                                                                                                                         31,
                                                                                                                                                  - December 31 2011

                                                               Measured                                                             Indicated                                                               Inferred
                                                                                         Ounces                                                                Ounces                                                                Ounces
                                              Tonnes                Grade                   Au                    Tonnes                 Grade                    Au                    Tonnes                 Grade                    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

     p
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                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.



                                                                                                      © St Andrew Goldfields Ltd. 2012                                                                                                           21
    Mineral Reserves                                                                                                   31
                                                                                                            – December 31, 2011

                                                      Proven                                              Probable                                      Proven & Probable
                                                                       Ounces                                                  Ounces                                              Ounces
                                     Tonnes           Grade               Au               Tonnes             Grade               Au               Tonnes             Grade           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;
                                                                                    long-term             US$1,100                                    $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.




                                                                                  © St Andrew Goldfields Ltd. 2012                                                                      22
2012 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;
 • Assess plans for advancement of the Taylor Project for future
   production;
 • Push on exploration programs at the Holloway-Holt and Hislop
           ti
   properties:
      o Smoke Deep Zone – exploration drilling – Q3/2012
      o Deep Thunder – step-out drilling – H2/2012
      o Ghost Zone – surface drilling – resume Q1/2012
      o Lightning Vein – commence surface drilling – H2/2012
      o Hislop North – surface drilling – resumed Q1/2012




                        © St Andrew Goldfields Ltd. 2012       23
Highlights
         52M
         5.2                                            0.7
                                                        07M
        M&I and                                  Mineral Reserves
    Inferred Resources                 With a good history of resource
                                            to reserve conversion


                            SAS
                     Simply Achieving
                         Success



  Organic G
  O             th ith
       i Growth with                     Actively Evaluating
                                         A ti l E l ti
  Advancement of the                      Accretive M&A
     Taylor Project                        Opportunities


                     © St Andrew Goldfields Ltd. 2012                    24
Experienced Management Team
DIRECTORS
Louis 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.

MANAGEMENT
Jacques Perron P.Eng        Formerly Senior VP, Operations with IAMGOLD and Cambior.
President and CEO
Ben Au                      Formerly Controller with Agnico-Eagle Mines.
Chief Financial Officer
Duncan Middlemiss P.Eng     Formerly Mine Manager with Kirkland Lake Gold and Chief
VP O
   Operations
        ti                  Mine Engineer for H lt M D
                            Mi   E i      f Holt-McDermott Mi
                                                            tt Mine (B i k)
                                                                    (Barrick).
Pierre Rocque P.Eng         Formerly Director of Technical Services with Lakeshore Gold
Director of Engineering     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.


                                    © St Andrew Goldfields Ltd. 2012                             25
TSX: SAS
                                               20 Adelaide Street East
                                                            Suite 801
                                                  Toronto ON M5C 2T6
                                                             Canada
                                              Toll Free: 1-800-463-5139
                                                       Tel: 416-815-9855
                                                      Fax: 416-815-9437




           www.sasgoldmines.com
                          26
           © St Andrew Goldfields Ltd. 2012                         26

				
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