ALBUQUERQUE, N.M., Sept. 29, 2016 (GLOBE NEWSWIRE) -- Santa Fe Gold Corporation (OTCBB:SFEG) is pleased to announce additional plans as part of its renewal of production and processing operations.
Anticipated to begin soon, plans include acquisitions of all available unexploited areas, as well as The Malone Mines, Patanka, Hillcrest, Barranca and Principal Mines, all within the Knight’s Peak region: An area known to include numerous high grade gold and silver deposits and estimated to hold upwards of 15,000,000 tons of conventional high grade ores and notably higher grade gold veins. This series of asset acquisitions, to secure long term ore supplies, should provide ample feed for Santa Fe Gold’s renewal of production operations.
CEO Tom Laws commented: "We are delighted with the progress achieved thus far with the acquisitions of these important new and valuable asset additions to Santa Fe Gold, especially in such a short space of time. These assets are located nearby recent acquisitions by BHP and Rio Tinto, two of the world’s largest mining companies."
Further explorations recently carried out, have confirmed additional smaller deposits in contiguous areas throughout the Knight’s Peak region in the Southern Part of the Burros Mountains of Grant County with average grades, upwards of 0.2 ounces (6 grams) gold per ton.
It is not uncommon to encounter grades of such levels of magnitude and sometimes even higher in veins, in or around these gold mines.
The Malone Mines experienced major production over the late 19th and early 20th centuries. Sizeable deposits were discovered and worked by numerous shallow shafts, drifts and stopes. Recovery efforts resulted in multiple precious metal ores being produced.
The Patanka mine later yielded vein and ore samples with similar significant showings of precious metals. Operations continued in the Malone and Patanka faults through the mid part of the 20th Century.
Management’s abilities, experience in acquisitions, exploration and mine development, minerology and economic optimization of mine output, as well as an understanding of the geology and proprietary knowledge of this region, will all strengthen Santa Fe Gold’s ability to execute on its strategy in a timely and efficient manner. Industry associations should also benefit the company, as it develops further.
The Exploration and Acquisition Team at Santa Fe Gold will continue its research and development in the area of operations, to detail the necessary additional higher grade deposits and rare ore bodies that can also be expected to contribute to anticipated future operations.
Further progress on developments will be announced in due course.
About Santa Fe Gold
Santa Fe Gold is a U.S. based mining and exploration enterprise and owns the following mining assets: The Knight’s Peak region of Grant County, New Mexico comprising the Malone Mines, Patanka, Hillcrest Barranca and Principal Mines, along with 10 additional mine sites, all located at Knight’s Peak in the southern region of Burros Mountains.
Santa Fe’s Exploration and Development Team continues to analyze a number of attractive economically viable opportunities that should enable the resumption of mining and production operations soon.
For more information please visit www.santafegoldcorp.com
Forward Looking Statements
The statements included in this press release concerning predictions of economic performance and management’s plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements are statements that are not historical facts. Words such as “expect(s),” “feel(s),” “believe(s),” “will,” “may,” “anticipate(s)” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding the expected completion, timing and results of metallurgical testing, interpretation of drill results, the geology, grade and continuity of mineral deposits, results of initial feasibility, pre-feasibility and feasibility studies and expectations with respect to the engaging in strategic transactions. All of such statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Specifically, there can be no assurance regarding the timing and terms of any transaction involving the Company or its properties and proposed acquisitions, or that such a transaction will be completed at all. In addition, there can be no assurance that periodic updates to the Company’s geological technical reports will support the Company’s prior claims regarding the metallurgical value and make-up of the ore on the New Mexico and Arizona based properties and anywhere else, should the company expand meaningfully beyond those regions. Additional risks and uncertainties affecting the Company include, but are not limited to, the possibility that future exploration, development, testing or mining results will not be consistent with past results and/or the Company’s expectations; discrepancies between different types of testing methods, some or all of which may not be industry standard; the ability to mine precious and other minerals on a cost effective basis; the Company’s ability to successfully complete contracts for the sale of its products; fluctuations in world market prices for the Company’s products; the Company’s ability to obtain and maintain regulatory approvals; the Company’s ability to obtain financing for continued operations and/or the commencement of mining activities on satisfactory terms; the Company’s ability to enter into and meet all the conditions to consummate contracts to sell its mined materials or concentrates, mining properties that it chooses to list for sale. Cautionary Statement of other risks and uncertainties described in the Company’s filings from time to time with the Securities and Exchange Commission which cautions and permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can legally extract or produce. Under SEC Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves. Currently, Santa Fe Gold does not have delineated “reserves” on any properties yet. We cannot be certain that any deposits at our properties will ever be confirmed or converted into SEC Industry Guide 7 compliant “reserves”. Investors are cautioned not to assume that all or part of any “resource” estimates will ever be confirmed or converted into reserves or that they can be economically or legally extracted. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events in the foreseeable future that could affect the outcome of our business.
Frank Mueller, CFO Santa Fe Gold Corp +1 505 255 4852
Source:Santa Fe Gold Corporation