Santa Fe or updates on the progress of construction at the top of the silver-gold mine
ALBUQUERQUE, NM - Santa Fe Gold Corp, a US-based exploration and mining company focused on gold, silver, copper and industrial minerals, announced today that Construction is on track to its summit mines and processing facilities in south-west New Mexico and the treatment of silver-gold ore is expected to commence the first quarter of 2009. In February 2008, the company announced it was to mine and mill construction, following the completion of $ 13.5 million of funding required.
“We are pleased to announce that we are on track to achieve our twelve months construction schedule,” said Dr. W. Pierce Carson, President and CEO. “We expect to have an initial stock pile of ore ready for processing when building the processing plant is completed and is ready to receive the ore. Based on the current state and prospects unless unforeseen delays, we plan to begin treatment during the first quarter of 2009.
At the banner factory, the work is done by a force of about 40 people coordinated by a lead engineering and construction under the supervision of the project manager and independent engineer. All major items of equipment to be installed during construction are in place at the factory. Renovation and installation of crushing, flotation plant, and crushing and transmission system are underway. Upgrade electrical and water systems are also underway.
At the Summit mine, the company has hired his own crew and mining purchased necessary surface and underground mining equipment. Development of an underground decline has begun and is expected at the intersection of the main ore zone in December 2008.
The company has also made good progress in identifying and recruiting manpower for operations, and currently employs about 18 people dedicated full time for the Summit project. Although it will be necessary to hire additional personnel, key management positions have been filled and staff operating base have been used for both mine and mill.
Carson said: “Our entire team is excited by the progress we are making at the top. We’re very focused on achieving production as soon as possible. Avenir, our goal is to produce cash flow from current operations while creating a portfolio of quality exploration and development projects that will ensure future revenue growth. We believe the company is well positioned to take advantage of the current attractive gold and silver prices and on the rise in long-term shareholder value.
About Santa Fe Gold Corp.:
Santa Fe Gold Corp. (OTCBB: SFEG) is based in the United States and mineral exploration company focused on acquiring and developing gold, silver, copper and industrial mineral properties. The company owns the Summit silver-gold property and plant and processing equipment in southwestern New Mexico; mineral lease rights to the Ortiz gold property in north-central New Mexico, believes one, two million ounces of gold, the Black Canyon mica mine and processing facility near Phoenix, Arizona, and a large resource of micaceous iron oxide (MIO) in western l 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 the company, visit www.santafegoldcorp.com.
Forward looking statements:
The above information regarding risks and uncertainties, May differ materially from those contained in these statements, in addition to economic, competitive, governmental, technological and other factors, constitutes a “forward-looking statement “Within the meaning of section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 and is subject to safe harbors as well. Although the company believes that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove correct.
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[...] Profitable Investing Tips wrote an interesting post today onHere’s a quick excerptSanta Fe or updates on the progress of construction at the top of the silver-gold mine ALBUQUERQUE, NM - Santa Fe Gold Corp, a US-based exploration and mining company focused on gold, silver, copper and industrial minerals, announced today that Construction is on track to its summit mines and processing facilities in south-west New Mexico and the treatment of silver-gold ore is expected to commence the first quarter of 2009. In February 2008, the company announced it was to mine and mill const [...]