Company Ready to Ship Initial Trial Delivery with Intent to Build Production To Meet Longer Term Smelter Requirements Later in 2020
Independent assays accompanying each shipment planned to be announced by SFEG
Santa Fe Gold Working Diligently to Bring Current SEC Filings of Annual and Quarterly Reports
ALBUQUERQUE, N.M., Dec. 20, 2019 (GLOBE NEWSWIRE) — Santa Fe Gold Corporation (SFEG), an OTC traded, U.S. based mining company that currently ranks 9th out of the top ten US based mid-tier and junior precious metals companies (as cited by mining industry trade journal, The Northern Miner) with 148 mining claims covering 42 mine sites and potential mines, plans to deliver economic grade, high silica gold and silver siliceous vein material from its Jim Crow mine to a smelter under a provisional arrangement to begin deliveries in 2019.
Management’s goal is to build up production of gold and silver siliceous vein material from its Jim Crow Mine to a targeted production of an aggregate 500 tons per day from multiple mines in time.
As higher output of gold and silver siliceous vein material production is achieved from the Jim Crow Mine, our plan is to commence the exploitation and development of the adjacent Imperial Mine and also the Billali Mine.
Chairman Brian Adair Comments
We are close to initiating our first shipment to a smelter under a special arrangement trial shipment of gold and silver siliceous material in December 2019, with plans to continue shipments in 2020.
This first shipment is a prelude to what we expect to be regular shipments over the first four months of 2020, with the goal of increasing the shipment amounts to 2,000 tons per month if and as capacity increases. Payment is expected to be within 30 days of shipment.
I would like to particularly thank shareholders and mining personnel for their support and confidence in Santa Fe Gold, as we begin to execute our business plan.
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 will 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, and failure to procure sufficient financing will materially impact our ability to execute our business strategy.
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 siliceous vein material going, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intent,” “intends,” “could,” “should,” “estimate,” “might,” “plan,” “targeted,” “predict,” “strategy” or “continue” or the negative or other variations thereof or other comparable terminology are intended to identify forward-looking statements. All ore shipments are subject to final ore quality approval and acceptance by smelters.
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 siliceous vein material information, investors should review the SEC filings on our website.
Please visit www.santafegoldcorp.com.
Frank Mueller, CFO