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Santa Fe Gold Ships Initial 40 Tons of Gold and Silver Concentrate under 2011 Contract with German Smelter

Jan. 4, 2011 (U.S. Equity News) --61

Santa Fe Gold Corporation (OTCBB: SFEG) is pleased to announce it has shipped 40 tons of gold and silver concentrate under the sales contract with Aurubis AG that was announced December 23, 2010. The 40 ton shipment is valued at over $1.0 million and represents the initial delivery against 240 tons contracted for delivery in 2011. The contract with Aurubis AG, Europe's largest copper and precious metals smelter, will provide a sales outlet for a portion of the company's anticipated 2011 production of high-value precious metals concentrate. The sales agreement was reached following a successful smelting trial of an initial 20 tons of concentrate shipped to Aurubus AG in October 2010. The company's Lordsburg flotation mill is producing gold and silver concentrate from its Summit mine located in southwest New Mexico.

"We are pleased to have begun shipments of concentrate under the 2011 Aurubis AG sales agreement, which we consider to be a very favourable agreement," said Pierce Carson, President and Chief Executive Officer. "We expect this initial shipment will be followed by on-going regular shipments of concentrate produced from the Summit mine.

"We also anticipate being in a position shortly to announce an agreement with an Arizona smelter for sales of siliceous flux material. Our strategy is to establish sales of both concentrate and siliceous flux, which will enable us to develop multiple customer outlets and revenue streams."

Production from the Summit mine is expected to increase in tonnage and grade and to reach full, steady production in 2011. Operations at the mine have been accelerated to two 10-hour shifts, seven days a week. Summit ore reserves average 0.143 ounces per ton gold and 10.78 ounces per ton silver (0.35 ounces per ton gold equivalent). At full production, operating costs are projected to be $340 per ounce of gold equivalent produced. 

Santa Fe Gold Enters into Contract to Sell Siliceous Flux to Arizona Smelter for Precious Metals Recovery

Jan. 11, 2011 (Business Wire) -- Santa Fe Gold Corporation (OTCBB: SFEG) is pleased to announce it has contracted with ASARCO LLC (“Asarco”) to sell 12,000 tons of siliceous flux material for delivery during 2011. At recent gold and silver prices, the contract is valued at up to $4.0 million. The siliceous flux will be shipped to Asarco’s smelter in Hayden, Ariz. The flux material will be processed for precious metals recovery. Santa Fe will be paid for the contained silver and gold less customary charges. The sales agreement was reached following a successful smelting trial of an initial 1,000 tons of siliceous flux shipped to Asarco in 2010. Sale of siliceous flux material involves direct shipment of ore with only minimal processing required.

“We are pleased to have reached this agreement with Asarco for sale of siliceous flux material,” said Pierce Carson, President and Chief Executive Officer. “We also have conducted successful flux trials with another Arizona smelter, Freeport-McMoRan Miami Inc. (“FM Miami”), and are discussing a long-term sales agreement. We believe that sales of flux to Asarco and FM Miami could be quite significant to Santa Fe, and eventually could account for a substantial portion of ore mined at Summit.

“The Asarco flux contract covering a portion of Summit’s anticipated production fits with our strategy of establishing sales of both siliceous flux and concentrate. This strategy will enable Santa Fe to develop multiple customer outlets and multiple revenue streams. We recently announced an agreement to sell concentrates to a European smelter.

“Smelter flux sales also add another dimension to our strategy of expanding Santa Fe’s production profile by processing other ores from the Lordsburg area, utilizing our excess milling capacity. Among other potential advantages, material sold as smelter flux does not have to be milled and therefore frees even more capacity at our Lordsburg mill.”

The Summit mine is ramping up production and is expected to reach full, steady production during 2011. Revenues are expected to increase significantly over the course of 2011, reflecting increases in both tonnage and grades. At full production, annual revenues are estimated as approximately $40 million at recent gold and silver prices. Operating costs are projected to be $340 per ounce of gold equivalent produced. Ore reserves average 0.143 ounces per ton gold and 10.78 ounces per ton silver (0.35 ounces per ton gold equivalent). 

Santa Fe Gold Heads for Full Production at the Summit Gold-Silver Mine

Nov. 23, 2010 (Business Wire) -- Santa Fe Gold Corporation (OTCBB: SFEG) today provided an update on the status of its Summit gold-silver mine in southwest New Mexico. Processing operations began at the Lordsburg mill in April 2010. The Summit mine is on track to reach full, steady production in 2011 from ore averaging 0.143 ounces per ton gold and 10.78 ounces per ton silver (0.35 ounces per ton gold equivalent). Operating costs at full production are estimated as $340 per ounce of gold equivalent produced.

Recently a new internal ventilation shaft was completed and is being equipped with an upgraded fan system. This central ventilation shaft, which is 300 ft in length and 10 ft in diameter, will be extended as deeper levels of the mine are reached. The improved ventilation will allow Summit to operate additional equipment underground, which the company is purchasing. It also will enable additional shifts to be added. Operations are planned to be expanded to two 10-hour shifts, seven days a week. Additional engineering and management personnel also have been employed.

Underground work remains focussed on two objectives, firstly advancement of headings for overall mine development and secondly, mining of two southern ore bodies. Full production at a rate of 400 tons per day is expected to be achieved in 2011 upon reaching the northern larger and higher grade ore bodies that constitute the majority of Summit’s gold and silver reserves. Revenues are projected to increase significantly over the next several months reflecting increases in both tonnage and grades.

Santa Fe is pursuing a strategy of developing multiple revenue streams from smelter sales of its products, including sales of precious metals concentrates and sales of ore as siliceous flux. A large European smelter is nearing completion of its evaluation of a trial shipment of 20 tons of concentrate, with the possible outcome of a long term contact. The company also has agreed terms and is finalizing a contract for concentrate sales to another overseas smelter, beginning with an initial shipment of 20 tons. Sales of flux material have continued to two Arizona smelters. Santa Fe has agreed terms with one of the Arizona smelters on a long term contract for flux sales beginning in January 2011.

Commenting on the outlook for Santa Fe in 2011, CEO Pierce Carson said, “We believe that a combination of actions, if properly timed and executed, could lead to much wider market recognition for Santa Fe’s value proposition in this exciting gold and silver market. Our priorities include obtaining a listing on the AMEX and Toronto stock exchanges, bringing Summit into full production with generation of substantial cash flows, and completing the Columbus Silver acquisition.

“During the coming year the positive impact and added value of the Columbus Silver acquisition will become much clearer. Closing is expected to occur in Q1 2011. The acquisition will result in a substantial increase in Santa Fe’s gold and silver resources and will add tremendous exploration upside. Also, importantly, gold and silver resources derived from Columbus Silver properties potentially could be processed at the Lordsburg mill, possibly doubling the production from Summit. We believe 2011 could be a pivotal year for Santa Fe and its stockholders.”






 

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#1522   TD Ameritrade has 139.6M stocker72 01/13/17 01:36:49 PM
#1521   whats the updated o/s ? shurtha2000 01/13/17 11:34:42 AM
#1520   Picked up a few shurtha2000 01/13/17 11:19:02 AM
#1519   Nice. I wonder where this new property is? AZCUminer 01/13/17 10:59:12 AM
#1518   News Santa Fe Gold To Drill High Grade Mining gumzsa 01/13/17 09:45:32 AM
#1517   .059 going gumzsa 01/12/17 09:47:09 AM
#1516   .0575 nice bid gumzsa 01/12/17 09:45:27 AM
#1515   I have asked them using their web site mebo43 01/11/17 03:01:58 PM
#1514   Has anyone reached out to them to inquire stocker72 01/11/17 12:42:36 PM
#1513   .059 100k buy gumzsa 01/05/17 01:10:07 PM
#1512   .05 x .054 gumzsa 01/03/17 10:15:46 AM
#1511   .048 x .05 creeping back up all ready gumzsa 12/30/16 09:58:41 AM
#1510   Let's see what today brings us as we mebo43 12/30/16 09:06:43 AM
#1509   Might be profit takers who got in during mebo43 12/29/16 03:45:05 PM
#1508   Ya it dipped kind of like this on gumzsa 12/29/16 01:12:29 PM
#1507   Very odd. Been holding this for a stocker72 12/29/16 01:08:49 PM
#1506   wow some idiot dumped it to .025 someone gumzsa 12/29/16 12:28:46 PM
#1505   The .05's are back again this afternoon, maybe mebo43 12/28/16 03:18:42 PM
#1504   yup big block getting chipped away yet again gumzsa 12/27/16 03:32:05 PM
#1503   2017 should be a good year for sfeg!!!! mebo43 12/27/16 03:16:51 PM
#1502   If the shares keep getting sucked up fine gumzsa 12/27/16 02:50:07 PM
#1501   This has been happening for the past 3+ mebo43 12/27/16 02:46:59 PM
#1500   500k block too someone holding this back again gumzsa 12/27/16 02:41:44 PM
#1499   The .055's are back, can't get past mebo43 12/27/16 02:32:40 PM
#1498   I agree here to a point. I made Upset Wookie 12/27/16 02:24:15 PM
#1497   What you think this week will bring sfeg? mebo43 12/27/16 11:57:27 AM
#1496   We just have to want on those looking mebo43 12/21/16 04:06:48 PM
#1495   Oh trust me I am ; ) gumzsa 12/21/16 03:48:10 PM
#1494   Why? .0559. Small profit grabbers Think big and long term mebo43 12/21/16 03:34:38 PM
#1493   dumb whackers will never learn gumzsa 12/21/16 03:12:08 PM
#1492   .06 bid creepin gumzsa 12/21/16 02:50:10 PM
#1491   I am waiting still eddyimano 12/21/16 02:25:57 PM
#1490   LOL was just thinking that about "dork". stocker72 12/21/16 01:59:18 PM
#1489   hope so .0749 up would love to break gumzsa 12/21/16 01:42:43 PM
#1488   Let's see if the Dork comes back into mebo43 12/21/16 01:41:27 PM
#1487   We had .08 up and some donk whacks gumzsa 12/19/16 03:19:53 PM
#1486   holding .0005s gumzsa 12/19/16 03:15:52 PM
#1485   Did you guys load up during BK? I have mebo43 12/19/16 03:08:23 PM
#1484   8-k out same thing as news that came gumzsa 12/19/16 02:54:02 PM
#1483   Agreed, still kicking myself in the ass for ToyotaMR2s 12/19/16 02:41:36 PM
#1482   gonna get even better imo gumzsa 12/19/16 02:39:32 PM
#1481   Awesome man, best Q play in a while ToyotaMR2s 12/19/16 02:16:11 PM
#1480   .08 booooooooooooooooooooom 52wh gumzsa 12/19/16 02:12:00 PM
#1479   .055 gone .08 up gumzsa 12/19/16 02:08:16 PM
#1478   Once the financials come out and they more mebo43 12/19/16 11:36:21 AM
#1477   News out a/h new CEO and president gumzsa 12/15/16 04:23:39 PM
#1476   No didnt see that but last PR said gumzsa 12/13/16 10:05:03 AM
#1475   The research report mebo43 12/13/16 10:01:43 AM
#1474   what report do you have a link? gumzsa 12/13/16 09:58:09 AM
#1473   Did you read the report Showed financials to SEC mebo43 12/13/16 09:57:02 AM
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