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A Barometer of Progress to Date: Already Producing and Readying Gold and Silver Ore for Shipment to Smelters, Santa Fe Gold was Recently Ranked Ninth Among the Top 10 US based Mid-Tier and Junior Precious Metals Companies
The Northern Miner, a Prestigious and Leading Mining Industry Trade Journal, in its August 8 2019 issue, lists Santa Fe Gold ninth among the top 10 US based mid-tier and junior precious metals companies
Chairman Brian Adair adds $600k investment in SFEG to $1 Million for 2019
ALBUQUERQUE, N.M., Aug. 21, 2019 (GLOBE NEWSWIRE) -- Santa Fe Gold (US-OTC: SFEG) began mining operations at its Jim Crow gold-silver mine in the historic Steeple Rock mining district of southwestern New Mexico in May and is currently producing and readying ore for shipment.
The company expects production from the Jim Crow mine will generate funds to finance development of its other mines in the district including the nearby Three Brothers mine, the adjacent Imperial mine, as well as the Bilalli mine, 6.4 km north of Jim Crow. Santa Fe Gold plans to have all four mines in production as rapidly as progress will allow and can be achieved.
In addition to its four past-producing mines in Steeple Rock, Santa Fe Gold has acquired five other historic silver mines: the Alhambra, Black Hawk, Silver King, Good Hope and Bullard’s Peak mines. These are covered by 13 patented claims and 83 unpatented claims in the Black Hawk district in Grant County, 24 km southwest of Silver City, in New Mexico. Santa Fe is reviewing development options for the assets.
Chairman Brian Adair Comments
Progress at our Jim Crow mine continues to impress. Having deftly acquired the Jim Crow and 10 other mines in the Steeple Rock district at the start of 2019, the company has wasted no time in bringing the first of these mines, the Jim Crow mine into condition for sustained production in just five months following acquisition.
Over the past three years, the company's strategy has been to take advantage of the lower prices of gold and silver and acquire as many high grade quality mines and deposits as economically viable.
The company has thus far managed to secure a portfolio of 148 mining claims covering some 42 potential mines and mine sites and is now intent on developing each mine at an attainable pace as it brings multiple mines into production one after another. Fortuitously, recent strong upsurges in precious metals prices and robust markets continue to increasingly benefit our business and value model.
Also, during this past three year era of accumulation and more recently production: At strategic intervals of achievement, I have periodically increased my own personal investment in Santa Fe Gold with increasing confidence at each milestone and improvement in the company's prospects.
Earlier this year, I added $400,000 more to the company at 8 cents per share for five Million shares and last week as the company began to raise significant amounts of ore to the surface, I elected to further increase my investment by and additional $600,000 at 8 cents, both times by private placement. This brings my total investment in Santa Fe Gold for the first eight months of 2019 to $1 Million and my overall investment in the company to more than $2.1 Million.
I am doing this with high confidence in Santa Fe Gold’s increasingly bright future and its ability to bring multiple additional mines into production over a relatively short period of time.
As Santa Fe Gold continues to grow and production increases further and new mines are brought on line and as other important objectives and milestones are reached, I may further increase my total investment in the company, both by private placement and possibly also by buying in the open market.
Once again, I would like to especially thank our mining and exploration team for their outstanding efforts in bringing Santa Fe Gold into production in minimal time and for their expertise and ongoing development work in advancing the preparation of the additional ten mines Steeple Rock and Billali Gold and Silver Mines that are scheduled for new production.
I would also like to re-emphasize the potential ongoing developmental work and analysis of the Five Silver Mine Black Hawk Alhambra Complex. Santa Fe expects to be announcing results of operations soon with analysis from multiple mines within the district.
It should need no elaboration that bringing a mid size gold and silver mine into production is a massive undertaking, requiring a tremendous amount of mine development and preparation, underground tunneling and additional infrastructure necessary for voluminous pre-production that is required to achieve and maintain steady, stable and sustainable output. New ore has to be continuously mined at an increasing rate to ensure future growth in output can be maintained at a scalable pace until maximum production is achieved and can be sustainable for the future.
Given our considerable achievements to date, our over-riding goal continues to be to maximize output at a steadily increasing and sustainable pace and thereafter add additional capacity from new mines that will be under continuous development.
Technical Advisor Dan Gorski Adds
Santa Fe has capitalized on the prolonged period of depressed precious metal prices to establish a very strong position in the historic Steeple Rock gold district. We believe this contrarian approach is going to yield impressive returns as the precious metal markets recover.
About Santa Fe Gold
We are a mining company engaged in the business of acquisitions and intended development of and production from mining and mineral properties.
This release may contain certain “forward-looking” statements, which represent the Company’s expectations or beliefs, including but not limited to, statements concerning the company’s planned operations, financial condition, ability to obtain capital, and growth and acquisition strategies.
Additionally, in order to implement and expand the business strategy of the Company as reflected in this press release, the Company may be required to obtain additional capital to continue operations. There can be no assurance that the Company will be successful in obtaining required capital to execute and further our business plan and strategy outside of our available funding sources. However, as production and shipments increase, revenues from gold, silver and flux sales are expected to increasingly cover operating costs and strict operational cost controls should contribute to a higher net.
For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intent,” “intends,” “could,” “should,” “estimate,” “might,” “plan,” “predict,” “strategy” or “continue” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements.
This information may involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from the future results, performance or achievements expressed or implied by any forward-looking statements.
For more information, investors should review the SEC filings on our website.
Please visit www.santafegoldcorp.com.
Frank Mueller, CFO