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Santa Fe Gold Corp. (SFEG)

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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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#1880   I is not the time to make Zblue 01/11/18 12:36:55 AM
#1879   Makes a lot of sense. bigone 01/10/18 09:08:39 PM
#1878   I think someone was hoping for production news. nac109 01/10/18 08:56:02 PM
#1877   Was there any other news that was negative? bigone 01/10/18 06:59:09 PM
#1876   It was whoever selling down here is a gumzsa 01/10/18 06:19:57 PM
#1875   Did I miss something? I thought that the bigone 01/10/18 05:18:56 PM
#1874   Yeah....its funny how they found us. Zblue 01/10/18 12:28:11 PM
#1873   not sure who the bid whacking fools are today gumzsa 01/10/18 12:18:59 PM
#1872   I guess I don't really understand what this drobx 01/10/18 10:42:04 AM
#1871   News out forgot to post it at open gumzsa 01/10/18 10:30:11 AM
#1870   News on Scottrade posted. More acquisition of mining claims. Zblue 01/10/18 09:47:58 AM
#1869   I think so also. Zblue 01/05/18 07:42:12 PM
#1868   yup gotta get through this block at .19 gumzsa 01/05/18 12:53:52 PM
#1867   I feel 20's right at my finger tips Zblue 01/05/18 11:50:09 AM
#1866   gn all Happy New Year 2017 was awesome gumzsa 12/29/17 04:44:28 PM
#1865   Nice close, can’t wait for upcoming catalysts SDS35 12/29/17 04:06:02 PM
#1864   International Investment Group Increases Stake In Santa Fe badgerbob 12/28/17 11:21:02 AM
#1863   CORRECTING and REPLACING - Santa Fe Gold Corporation badgerbob 12/28/17 11:19:32 AM
#1862   Well they sure have the claims to mine Zblue 12/28/17 09:14:22 AM
#1861   News out gumzsa 12/28/17 09:03:00 AM
#1860   Interesting news today, setting up to be mebo43 12/28/17 08:58:31 AM
#1859   I'll take a +33.8 day any day. Zblue 12/26/17 04:01:11 PM
#1858   I like the fact that they didn't drop Zblue 12/26/17 02:59:10 PM
#1857   unreal SDS35 12/26/17 02:55:39 PM
#1856   I saw that... Zblue 12/26/17 02:54:20 PM
#1855   some dumb whacker just showed up what a moron gumzsa 12/26/17 02:53:37 PM
#1854   I remember what you said earlier this month....looks Zblue 12/26/17 02:42:26 PM
#1853   .1971 gumzsa 12/26/17 02:10:50 PM
#1852   late turning on the computer and WOW!!!!! Zblue 12/26/17 01:56:56 PM
#1851   .18 gumzsa 12/26/17 01:45:15 PM
#1850   Gonna be a good year!!! Definitely have some SDS35 12/26/17 12:59:26 PM
#1849   .165 x .17 nice bid too gumzsa 12/26/17 12:58:45 PM
#1848   .16 SDS35 12/26/17 12:54:26 PM
#1847   .15 gumzsa 12/26/17 10:13:32 AM
#1846   Green Day. Great Finish. The future is gonna Zblue 12/22/17 04:07:27 PM
#1845   Your right...if the claims came back essayed low Zblue 12/19/17 09:40:59 PM
#1844   If those mines have in them what they gumzsa 12/18/17 10:05:33 PM
#1843   I guess we are getting closer to startup. Zblue 12/18/17 09:02:16 PM
#1842   News out gumzsa 12/18/17 02:51:51 PM
#1841   10 q out gumzsa 12/18/17 08:32:35 AM
#1840   That would be great!!! Neo_21 12/18/17 07:14:37 AM
#1839   That would be awesome. I think when we Zblue 12/14/17 04:10:52 PM
#1838   would love to see .20 and beyond soon gumzsa 12/14/17 04:08:45 PM
#1837   Green..Good Color. Zblue 12/14/17 04:02:16 PM
#1836   ya problem is alot of dumb people out gumzsa 12/14/17 11:58:06 AM
#1835   I think one of the first thing people Zblue 12/14/17 11:41:16 AM
#1834   it was thin til some fool put up gumzsa 12/14/17 11:34:13 AM
#1833   Been along time..feeling really good about SFEG. Zblue 12/14/17 10:59:51 AM
#1832   .14 gumzsa 12/14/17 10:56:15 AM
#1831   have got to start watching this board more...Go SFEG!!! Zblue 12/14/17 10:34:55 AM