Expert Analysis

Pope & Company Morning Notes(12/11/12) "St Andrew Goldfields Ltd. announced drilling results from the Ghost zone, located near the Holt mine, at the Hislop North project. . .drilling continues to return anomalous gold grades over significant widths, including drill hole H12-029 that returned the highest-grade drill intercept on the Hislop property to date. Expansion of the mineralization remains open in all directions."

Christos Doulis, Stonecap Securities (12/11/12) "St Andrew Goldfields Ltd.'s exploration programs continue to define additional mineralization that will extend mine life at its current operations. Of particular note, the producing Smoke Deep zone has been extended ~50m along strike. . .we are maintaining our Outperform rating."

Michael Fowler, LOM (12/11/12) "The shares of St Andrew Goldfields Ltd. exhibit excellent value with an expected 35% compound annual growth in earnings (flat gold prices) and a 55% increase in gold reserves expected by 2014. . .the company has received negative investor perception for many years; this may change as it meets its future production forecasts. . .St Andrew's recent management has succeeded in putting the company on a solid operating platform. . .we estimate it has a NAVPS approximately four times its share price at current gold rates. . .we could see a dramatically higher share price."

Andrew Mikitchook, GMP Securities (11/13/12) "St Andrew Goldfields Ltd. reiterates its 2012 guidance of 90–100 Koz for 2012 and appears to have reached a 100 Koz/year production rate. . .in Q4/12, the company expects to see completion of the bulk sample program at Taylor as well as drill results from the Ghost, Zone 4 and Hislop North targets. . .we maintain our Buy recommendation."

Christos Doulis, Stonecap Securities (11/13/12) "St Andrew Goldfields Ltd. released its Q3/12 financial results. . .cash costs at Hislop improved dramatically during the quarter. . .costs at Hislop were positively impacted by the head grade of 2.53 g/t Au in the quarter. . .the Taylor Project remained on track, with stope access and development completed to the area of the first bulk sample program. . .this is the second straight quarter that the company has generated positive free cash flow and we expect it to continue to do so in the future. . .we are maintaining our Outperform rating and $0.75 target price."