ALBUQUERQUE, N.M., Sep 13, 2010 -- Santa Fe Gold Corporation (OTCBB: SFEG) is pleased to announce that it has begun shipments to Aurubis AG, Europe's largest copper and precious metals smelter with an initial shipment of 20 tons of precious metals concentrate. At current metal prices, this shipment of gold and silver concentrate is valued at approximately $425,000. The company's Lordsburg flotation mill is in production and producing precious metals concentrate from its Summit mine located in southwest New Mexico.
"We are pleased to have reached a very favourable agreement with Aurubis AG on sales of concentrate," said Pierce Carson, President and Chief Executive Officer. "We expect to shortly follow this initial shipment with sales and shipments of stockpiled concentrate, which will then be followed by on-going regular shipments of production concentrates from the Summit mine.
"We've recently announced sales of siliceous flux to two Arizona smelters. The establishment of sales of both concentrate and flux provides Santa Fe with multiple outlets for its products. Multiple outlets provide marketing flexibility and support for our long term strategy of building Santa Fe's production profile in the Lordsburg area."
The Summit mine is expected to reach full production during the first half of 2011 with estimated annual revenues of approximately $35 million based on recent gold and silver prices. Operating costs are projected to be less than $350 per ounce of gold equivalent produced.
Aurubis AG, formerly Norddeutsche Affinerie AG, is a German company engaged in the production of primary copper and precious metals, the recycling of secondary raw materials and the processing of copper into final products.
About Santa Fe Gold:
Santa Fe Gold is a U.S.-based mining and exploration enterprise focused on acquiring and developing gold, silver, copper and industrial mineral properties. Santa Fe controls: (i) the Summit mine and Lordsburg mill in southwestern New Mexico; (ii) a substantial land position at the Lordsburg mill, comprising the core of the Lordsburg Mining District; (iii) the Ortiz gold property in north-central New Mexico, estimated to contain two million ounces of gold; (iv) the Black Canyon mica mine and processing facility near Phoenix, Arizona; and (v) a large resource of micaceous iron oxide (MIO) in western Arizona. Santa Fe Gold intends to build a portfolio of high-quality, diversified mineral assets with an emphasis on precious metals.
To learn more about Santa Fe Gold, visit www.santafegoldcorp.com.
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