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Thursday, December 18, 2008

St Andrew Grants Option on Nixon Fork Alaska Property

St Andrew Goldfields Ltd. (TSX:SAS) ("St Andrew" or the "Company") announces that it has granted to Pacific North West Capital Corp. ("PFN") an option to acquire the outstanding shares of Mystery Creek Resources, Inc. ("MCR"), the Company's wholly owned subsidiary which owns the Nixon Fork gold property located 56 kilometers northeast of McGrath, Alaska. Under the terms of the option, which is exercisable until February 15, 2009, PFN may acquire the shares of MCR by paying the Company US $500,000, of which US $100,000 has been paid, US $100,000 is payable on closing of the transaction of purchase and sale and the balance is payable in three equal installments due May 1, July 1 and September 1, 2009. PFN has indicated that exercise of the option is subject to satisfactory completion of due diligence and receipt of regulatory approvals.

"The decision to sell Nixon Fork reflects our strategy to continue to focus our efforts and resources on bringing our Holloway Holt property into production as soon as possible", said Jacques Perron, President and CEO of St Andrew.

About St Andrew

St Andrew is a gold mining and exploration company with operations in Timmins, Ontario and Alaska. St Andrew controls a very large land position in the Timmins Mining Camp, an extensive land position at Eskay Creek in northern British Columbia and land positions around Nixon Fork Gold Mine in the Kuskokwim-Tintina Mining Camp in Alaska.

FORWARD LOOKING STATEMENTS

This news release may contain forward-looking information under applicable securities laws, concerning St Andrew's business, operations, financial performance, condition and prospects, as well as management's objectives, strategies, beliefs and intentions. Forward looking information are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "intend" and similar words referring to future events and results, including completion of the sale of MCR. This forward-looking information is 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 may cause actual results to vary material include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information as actual results may differ materially from those expressed or implied in the forward looking information. St Andrew does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

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