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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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#1946   32oz. of silver per ton at the Alhambra Zblue 05/22/18 04:56:53 PM
#1945   Yeah I’m shocked we are still waiting for stocker72 05/22/18 03:18:09 PM
#1944   Ya still waiting for the rest of the gumzsa 05/22/18 02:38:07 PM
#1943   Adding Cobalt to the list of minerals listed Zblue 05/22/18 02:33:06 PM
#1942   Good news, I guess. This statement strikes me drobx 05/22/18 12:53:09 PM
#1941   News out looks like they have made a gumzsa 05/22/18 12:21:53 PM
#1940   .0975 under .10 lets see a bounce soon gumzsa 05/08/18 11:53:35 AM
#1939   Can someone explain why the up to date buckdawg 04/17/18 08:38:25 AM
#1938   Some good news now..would help out this pps...for sure.. Zblue 04/13/18 10:18:55 AM
#1937   Now that is good news. I am looking Zblue 03/29/18 11:20:19 PM
#1936   .145 gumzsa 03/29/18 10:24:13 AM
#1935   News out gumzsa 03/28/18 11:52:12 AM
#1934   10Q out mebo43 03/26/18 07:43:14 PM
#1933   10Q out starting to show more assets gumzsa 03/26/18 07:31:40 PM
#1932   Long hold. The money will come with patience SDS35 03/26/18 09:13:27 AM
#1931   Is this a LONG! hold or make your Chrism0000 03/25/18 11:11:15 AM
#1930   Financial Filings Update: The March 2017 10Q expected gumzsa 03/23/18 07:41:18 PM
#1929   Are the financials ever going to be up buckdawg 03/23/18 06:36:42 PM
#1928   I agree with you to an extent. They nac109 03/17/18 02:08:39 AM
#1927   I agree 1000% but I just hate the SDS35 03/16/18 08:23:46 PM
#1926   Thats not true there are plenty of deep gumzsa 03/16/18 08:22:37 PM
#1925   We supposed to uplist? Not getting any big SDS35 03/16/18 07:27:50 PM
#1924   ya the big boys will come in eventually imo gumzsa 03/16/18 03:51:22 PM
#1923   Good news again. Seems like they've been updating nac109 03/16/18 03:20:41 PM
#1922   News out gumzsa 03/16/18 10:52:30 AM
#1921   SFEG CEO Tom Laws and his management team kevaday 03/10/18 03:55:06 PM
#1920   That is good news....great valuation estimates. Zblue 03/08/18 03:59:09 PM
#1919   hopefully even higher long term they have so gumzsa 03/08/18 02:23:20 PM
#1918   Very nice news! If they can execute their nac109 03/08/18 02:17:42 PM
#1917   .135 Nice News gumzsa 03/08/18 01:50:37 PM
#1916   Buy on the dips, look at the mebo43 02/27/18 05:23:39 PM
#1915   I’m used to the dip especially because of SDS35 02/27/18 04:15:37 PM
#1914   Not sure just trying to look at the gumzsa 02/27/18 04:12:52 PM
#1913   Anyone have a scoop why such a drop SDS35 02/27/18 04:11:53 PM
#1912   I wonder how many claims and property they Zblue 02/20/18 08:14:58 PM
#1911   Its called investing. They put in a few gumzsa 02/20/18 04:27:09 PM
#1910   It's just like any other shareholder. They are nac109 02/20/18 04:14:18 PM
#1909   Ok, they have money to buy stuff because drobx 02/20/18 02:57:24 PM
#1908   gotta sift through all the filings and PRs gumzsa 02/20/18 01:36:21 PM
#1907   I don't understand how this company has money drobx 02/20/18 01:30:02 PM
#1906   News out gumzsa 02/20/18 01:09:13 PM
#1905   I like this one also....there was a silver Zblue 02/17/18 10:04:20 AM
#1904   I still really like this one for a gumzsa 02/16/18 04:00:28 PM
#1903   Thank You...that is a good read. There are Zblue 02/16/18 03:43:06 PM
#1902   They have a $0.37 target price on SFEG elotto777 02/16/18 02:29:45 PM
#1901   Have been reading and going over this when Zblue 02/11/18 12:56:15 PM
#1900   Yeah it looks good. I think within a nac109 02/08/18 09:01:15 PM
#1899   News Out gumzsa 02/08/18 10:35:27 AM
#1898   Well I guess when you shake it out, Zblue 01/26/18 12:37:25 AM
#1897   Thanks will read it soon as I get Zblue 01/25/18 02:57:50 PM