53,000 in buys today to a 80,000 sells not alot of selling volume if you look at it this way. Its going to break the downtrend in a few days and should run.
Keep in mind the accumulation of this stock over the years makes the sells look like nothing and more buying volume means take off soon.
Santa Fe Gold Reports Record $9.9 Million Revenue for 2013 Fiscal First Half
8:30a ET February 12, 2013 (Business Wire)
Santa Fe Gold Corporation (OTCBB: SFEG) is pleased to announce financial results for the three and six months ended December 31, 2012. Revenues were $4.4 million for the three months ended December 31, 2012, representing a 127% increase over the same period of the prior year. Earnings from mining operations increased to $1.1 million for the three month period, a 90% increase over the same period a year ago. Revenues for the six months ended December 31, 2012 increased by 180% to a record $9.9 million, while earnings from mining operations increased by 142% to $3.3 million, also a record. The full version of the financial statements and management's discussion and analysis can be viewed on the Company's website at www.santafegoldcorp.com or on EDGAR at www.sec.gov.
"We are pleased with the strong growth in revenue and earnings from Summit mining operations," commented Pierce Carson, President and CEO. "Looking ahead, our high value gold and silver products are in strong demand and we expect a number of positive operational developments to contribute to Santa Fe's continued growth in the second half of fiscal 2013."
2013 Second Quarter and Six Month Financial and Operational Highlights
-- 127% increase in revenue to $4.4 million for the three months ended December 31, 2012.
-- 90% increase in earnings from mining operations to $1.1 million for the three months ended December 31, 2012.
-- Gold and silver grades increased from 0.087 opt to 0.096 opt and 4.355 opt to 5.447 opt, respectively from Q1 2013 to Q2 2013.
-- Gold equivalent production increased 8% from 4,023 ounces in Q1 2013 to 4,343 ounces in Q2 2013.
-- Operating cash cost per gold equivalent ounce sold improved by 9% to US$916 in Q2 2013 compared to Q1 2013.
-- Revenues for the six months ended December 31, 2012 increased 180% to a record $9.9 million.
-- Earnings from mining operations were a record $3.3 million for the six months ended December 31, 2012, an increase of 142% over the same period a year earlier.
-- Loss from Company operations was significantly impacted by higher depreciation and amortization charges and by exploration expenditures at the Ortiz gold project.
Second Quarter 2013 and First Half 2013 Production and Cash
Costs
Q1 Q2 6 Months Ended
2013 2013 Dec. 31, 2012
--------- --------- --------------
Tons processed 24,384 21,898 46,282
Average gold grade (oz./ton) 0.087 0.096 0.091
Average silver grade (oz./ton) 4.355 5.447 4.872
Gold ounces 2,122 2,108 4,230
Gold equivalent ounces from silver 1,901 2,235 4,135
Total gold equivalent ounces 4,023 4,343 8,365
Total gold equivalent ounces sold 3,122 3,400 6,522
Average gold price realized $ 1,637 $ 1,656 $ 1,647
Operating cash cost per gold equivalent ounce sold $ 1,006 $ 916 $ 959
Outlook
-- In February 2013 the Company began operating its Summit mine seven days a week, up from the previous five day schedule. The accelerated schedule is designed to increase tonnage output and to expedite the drive downward to the main high grade ore zone. The main ore zone has significantly higher grades in resource modeling as compared to the currently active upper mining areas. Mining from the main zone is scheduled to begin in mid-2013 and is anticipated to result in an overall increase in gold and silver production.
-- Santa Fe recently announced a $12 million smelter contract for the sale of high-value gold-silver concentrates produced at its 100% owned Lordsburg flotation mill. The new contract represents an additional market outlet for concentrates from the Summit mine operations. In addition to concentrate sales, during 2013 the Company anticipates continuing to sell a substantial portion of Summit output in the form of silica flux material to smelters in Arizona. Sale of silica flux involves direct shipment of ore with only minimal processing required.
-- In October 2012 Santa Fe concluded an option agreement with Columbus Silver Corporation to purchase the Mogollon Project, Catron County, New Mexico, in exchange for payments totaling $4.5 million thorough 2014. The Mogollon district has recorded substantial historical production of silver and gold. The Company is focused on known drilled resources that have potential to be mined and processed at the Lordsburg mill.
-- The Lordsburg flotation mill constitutes a long term strategic asset with flexibility to handle a variety of ore types and has significant extra processing capacity. In addition to the Summit mine, the Company plans to place a strong emphasis on developing new sources of ore for the mill and thereby build Santa Fe's production profile.
-- The Ortiz Gold Project contains undeveloped gold deposits that provide important additional upside to Santa Fe's future. Previous drilling was focused on two deposits estimated to contain approximately 1.0 million ounces of gold within open pit designs. A Canadian standard NI 43-101 technical report is being prepared on these two deposits and will be completed in the near future.
-- In October 2012 Santa Fe announced a Heads of Agreement to merge with International Goldfields Ltd (IGS: ASX). Perceived benefits of the merger include enhancement of the combined company's cash position, listing of the company's stock on a senior US exchange as well as continued listing on the ASX, and an expanded portfolio of precious metals properties. The parties expect to finalize the definitive merger agreement shortly and estimate the merger could close in the second calendar quarter of 2013.
