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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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#2183   I am glad all you BULLS on this MoeHoward 03/26/20 09:03:21 PM
#2182   .051 that was strange somebody bought 200k in gumzsa 03/13/20 09:35:51 AM
#2181   gapping down p/m wtf gumzsa 03/13/20 09:28:45 AM
#2180   I was not aware of their situation. Thank you. bigone 03/03/20 10:54:55 AM
#2179   There is no revenue. There are no shipments, MoeHoward 03/03/20 10:25:52 AM
#2178   Is it in the cards for SFEG to bigone 03/02/20 05:51:00 PM
#2177   Moe my response buckdawg 02/26/20 05:46:27 PM
#2176   Buckdawg... You should have been able to respond MoeHoward 02/26/20 08:23:09 AM
#2175   1. Negative? As an investor we have legal MoeHoward 02/21/20 10:11:10 AM
#2174   Moe 3 questions for you buckdawg 02/20/20 01:33:21 PM
#2173   buckdawg 02/20/20 01:32:08 PM
#2172   I guess none of the Bullish people here MoeHoward 02/13/20 08:50:30 AM
#2171   Concerned? That is SFEG MoeHoward 02/10/20 06:56:38 AM
#2170   I am a bit concerned that SFEG does brokenpick 02/08/20 02:10:07 PM
#2169   No dude gumzsa 02/04/20 03:48:32 PM
#2168   0 volume day or did the SEC shut MoeHoward 02/04/20 03:41:27 PM
#2167   Anyone placing odds on whether Adair is lying MoeHoward 01/31/20 09:27:07 AM
#2166   Shares being manipulated means nothing to me. All MoeHoward 01/30/20 03:14:16 PM
#2165   Nah you are just too negative all the gumzsa 01/29/20 10:30:23 AM
#2164   I guess all of the unicorn and rainbow MoeHoward 01/29/20 09:10:08 AM
#2163   Another week of nothingness. No financial reports, no MoeHoward 01/23/20 07:20:58 AM
#2162   Down 50% in 4 weeks...says far more than MoeHoward 01/19/20 04:22:39 AM
#2161   I'll believe it when I see it. They MoeHoward 01/15/20 08:43:29 AM
#2160   Press release on smelting operations out this week buckdawg 01/15/20 06:59:22 AM
#2159   Press release on smelting operations out this weekm buckdawg 01/15/20 06:59:20 AM
#2158   3 weeks and not one word on our MoeHoward 01/10/20 03:27:53 PM
#2157   It's funny that they shipped 1500 tons of MoeHoward 01/07/20 04:52:59 AM
#2156   It's the end of December. The 1500 tons MoeHoward 12/31/19 10:12:01 AM
#2155   OTC companies say that all the time, whether zerosum 12/27/19 04:40:03 PM
#2154   Agree. It's all for nothing if they zerosum 12/27/19 04:38:20 PM
#2153   That's boilerplate Moe, it's in every OTC company filing. zerosum 12/27/19 04:35:54 PM
#2152   So I rest my case sir! klimanjaro 12/27/19 04:12:33 PM
#2151   If SFEG is truly mining, what is the MoeHoward 12/27/19 04:06:05 PM
#2150   What are you talking about? The post you gumzsa 12/27/19 03:11:49 PM
#2149   READ AGAIN: HERE IS YOUR ANSWER klimanjaro 12/27/19 01:18:18 PM
#2148   News out they have been very active with gumzsa 12/27/19 09:48:18 AM
#2147   That statement is made by almost every otc gumzsa 12/25/19 04:18:34 PM
#2146   "Additionally, in order to implement and expand the MoeHoward 12/25/19 04:58:21 AM
#2145   News out new hire and nothing about filings gumzsa 12/24/19 11:26:06 AM
#2144   I'm 90% certain that the SEC would have zerosum 12/23/19 04:35:48 PM
#2143   Agree with most of your points. Sadly zerosum 12/23/19 04:30:10 PM
#2142   I am well aware of SEC suspensions been gumzsa 12/23/19 01:13:24 PM
#2141   I get what you are saying. However, they MoeHoward 12/23/19 01:04:46 PM
#2140   Bottom line, if SFEG doesn't file ALL their zerosum 12/23/19 12:47:10 PM
#2139   SEC suspension & revocation deadline extremely overdue, and zerosum 12/23/19 11:50:00 AM
#2138   TMRC up 54% today buckdawg 12/23/19 11:36:27 AM
#2137   MOE TMRC buckdawg 12/21/19 05:33:37 PM
#2136   And another thing, what garbage do you think MoeHoward 12/20/19 10:33:43 PM
#2135   You do know Daniel Gorski is a sham, MoeHoward 12/20/19 10:27:07 PM
#2134   Moe why dont you sell buckdawg 12/20/19 07:46:35 PM