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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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News News Alert: Proxy Statement - Notice of Shareholders Meeting (preliminary) (pre 14a) 11/20/2018 05:16:09 PM
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#2009   News out looks like filings are still coming gumzsa 11/19/18 09:27:02 AM
#2008   Gold and record high what the problem Rps1 11/14/18 02:06:39 PM
#2007   Tough few months SDS35 11/08/18 06:02:47 PM
#2006   Who is the president and where are the Aero18 10/23/18 12:52:45 PM
#2005   Not sure if its negative factoring in the gumzsa 10/18/18 10:12:41 AM
#2004   I have no clue what to think from MoeHoward 10/18/18 08:54:36 AM
#2003   ++++++++++++ Neo_21 10/17/18 10:45:07 PM
#2002   8-k out gumzsa 10/17/18 06:21:19 PM
#2001   who knows nice bid at .07 as well gumzsa 10/17/18 01:26:48 PM
#2000   I noticed that too. Nice volume today...wonder stocker72 10/17/18 01:23:43 PM
#1999   nice .07 hits p/m strange gumzsa 10/17/18 09:24:32 AM
#1998   Ya I tried to call and Email Frank gumzsa 10/08/18 10:26:32 AM
#1997   Lets hope that! Neo_21 10/07/18 08:17:12 PM
#1996   Damn... I guess I’ll see how this plays out. nac109 10/05/18 05:53:24 PM
#1995   8-k out man I hope they have good gumzsa 10/05/18 05:19:14 PM
#1994   If the CEO was shady and they getting gumzsa 10/01/18 12:58:13 PM
#1993   Not good but still hold a lot of assets. Never_Post 10/01/18 12:40:06 PM
#1992   Not good but still hold a lot of assets. Never_Post 10/01/18 12:39:59 PM
#1991   8-k out looks like CEO terminated gumzsa 10/01/18 11:51:19 AM
#1990   Well becoming current is a must because they gumzsa 09/20/18 11:06:02 AM
#1989   I don’t believe they are going to uplift nac109 09/19/18 10:21:50 PM
#1988   What when the Q ends do you think SDS35 09/19/18 09:17:10 PM
#1987   I’m pretty confident in this stock moving north nac109 09/19/18 08:13:07 PM
#1986   Thanks for the reply and sounds great. Hope SDS35 09/19/18 06:01:26 PM
#1985   They said production by the end of this nac109 09/19/18 06:00:21 PM
#1984   Wonder what the hold up is? SDS35 09/17/18 09:39:07 AM
#1983   no kidding at least we headed back towards .10 gumzsa 09/14/18 05:34:33 PM
#1982   WE SURE COULD USE SOME GOOD NEWS. bigone 09/14/18 05:16:05 PM
#1981   .0877 gumzsa 09/13/18 04:00:05 PM
#1980   Bought some today. Never_Post 09/13/18 03:54:02 PM
#1979   .074 lets see it bounce gumzsa 09/06/18 11:14:10 AM
#1978   .074 lets see it bounce gumzsa 09/06/18 11:14:09 AM
#1977   Never thought I would see it this low gumzsa 09/05/18 05:47:49 PM
#1976   Is time to buyyy! Neo_21 09/05/18 03:53:56 PM
#1975   WTF happen??? Neo_21 09/05/18 03:51:06 PM
#1974   Wow SDS35 09/05/18 10:20:48 AM
#1973   The most recent news release on their website drobx 08/31/18 01:24:26 PM
#1972   Betting on news next week. It’s been 2 nac109 08/31/18 12:14:57 PM
#1971   I don't know who the seller is but Pjg999 08/30/18 09:46:09 PM
#1970   I believe his name is Frank Mueller 1 Pjg999 08/30/18 09:40:40 PM
#1969   whom did you talk to ? buckdawg 08/29/18 08:42:44 AM
#1968   what fool would sell down here? gumzsa 08/28/18 03:37:22 PM
#1967   I spoke directly to the Ceo of the Pjg999 08/26/18 10:40:43 AM
#1966   message to SFG buckdawg 08/26/18 10:03:36 AM
#1965   Contact Just sent a note to suggest a web buckdawg 08/26/18 09:59:55 AM
#1964   Lets all Sfeg shareholders share our frustration with Neo_21 08/22/18 09:40:58 AM
#1963   Well, I guess it’s time to add some SDS35 08/21/18 08:25:39 PM
#1962   Ditto stocker72 08/21/18 02:57:03 PM
#1961   .07 actually starting to get pissed now gumzsa 08/21/18 02:28:28 PM
#1960   Feels like someone wants to keep us down! SDS35 08/21/18 07:47:17 AM