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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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PostSubject
#1736   Seriously? What is taking so long? nac109 06/28/17 10:44:42 AM
#1735   It would be good to close out the mebo43 06/26/17 02:32:29 PM
#1734   I agree...I would have expected it to be stocker72 06/26/17 12:24:27 PM
#1733   It's been so long since they filed financials, mebo43 06/26/17 10:34:00 AM
#1732   The filings should be Step 1, as long nac109 06/26/17 10:23:37 AM
#1731   Ya even I am ticked off now we gumzsa 06/26/17 10:22:12 AM
#1730   Right? With the PR I expected them out nac109 06/26/17 10:19:37 AM
#1729   Snail mail! mebo43 06/26/17 10:18:47 AM
#1728   how long does it take to upload a gumzsa 06/26/17 10:04:08 AM
#1727   It was before the bankruptcy. We can stocker72 06/21/17 03:47:42 PM
#1726   Guys do you think this stock, could pass Neo_21 06/21/17 02:02:42 PM
#1725   Hope so if you read that whole PR gumzsa 06/21/17 11:56:30 AM
#1724   Go back up to $0.20 soon? eddyimano 06/21/17 11:33:12 AM
#1723   Yes Sir...that is Great News...now that is out Zblue 06/21/17 10:38:16 AM
#1722   FINALLY!!!!! Amen! stocker72 06/21/17 10:26:34 AM
#1721   .094 News out filings finally coming gumzsa 06/21/17 10:21:25 AM
#1720   .0805 x .0848 gumzsa 06/20/17 10:47:13 AM
#1719   .077 227k bid maybe we go up now gumzsa 06/20/17 10:18:37 AM
#1718   Get this stock trading on OTCQB and away mebo43 06/19/17 07:44:19 PM
#1717   This company just started digging again the main gumzsa 06/19/17 03:44:10 PM
#1716   Metals are getting clobbered have to wait until morbid33 06/19/17 03:42:06 PM
#1715   Fat .08 ask now even i am starting gumzsa 06/19/17 02:42:10 PM
#1714   I don't know what the SEC's problem is Zblue 06/18/17 08:08:48 AM
#1713   Lol! I wish I knew. stocker72 06/15/17 02:10:20 PM
#1712   Odds of financials coming out this week? mebo43 06/14/17 03:01:30 PM
#1711   Please can you explain? Neo_21 06/12/17 06:30:30 PM
#1710   big bidder back gumzsa 06/12/17 03:01:47 PM
#1709   I too have had my shares for so mebo43 06/12/17 02:37:47 PM
#1708   I've had my shares so long it would Zblue 06/12/17 09:40:20 AM
#1707   what's interesting is we came out of BK mebo43 06/09/17 09:45:44 PM
#1706   The banks may be stacking a lot of morbid33 06/09/17 06:10:21 PM
#1705   I was thinking the same thing....someone is intentionally stocker72 06/09/17 02:36:47 PM
#1704   Someone selling cheap just to hold pps down We mebo43 06/09/17 11:14:14 AM
#1703   i tried calling got voicemail gumzsa 06/09/17 10:50:34 AM
#1702   Wow you guys...people are selling cheap. Anyone stocker72 06/09/17 10:35:59 AM
#1701   I would hope the SEC would get off Zblue 06/09/17 08:30:33 AM
#1700   Sure hope so stocker72 06/05/17 02:12:29 PM
#1699   Might this be the week we get some updates/news? mebo43 06/05/17 01:01:39 PM
#1698   Maybe this week we will hear something? mebo43 05/30/17 01:42:41 PM
#1697   Yup posted that 3 weeks ago after I gumzsa 05/25/17 05:27:23 PM
#1696   SEC approval problems . Has to do buckdawg1 05/25/17 04:28:15 PM
#1695   News would be nice, entries pumped out, roofs Zblue 05/25/17 09:22:17 AM
#1694   Maybe this week we get news, maybe next mebo43 05/24/17 10:21:39 AM
#1693   I have talked to them many times. I mebo43 05/19/17 03:37:56 PM
#1692   I find it interesting that pre-bankruptcy this company stocker72 05/19/17 03:34:13 PM
#1691   No time line gotta remember this company started gumzsa 05/19/17 03:28:01 PM
#1690   Did they give you any indication on a stocker72 05/19/17 03:25:14 PM
#1689   all ready posted what was going on days gumzsa 05/19/17 03:18:57 PM
#1688   Another week gone by! Maybe next week we will mebo43 05/19/17 03:05:23 PM
#1687   Let's see what today brings us as it mebo43 05/17/17 09:11:36 AM
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