Santa Fe Gold Reports 49% Increase in Revenues to $14.6 Mill
Santa Fe Gold Corporation (OTCBB: SFEG) today announced financial results for its fiscal year ended June 30, 2013. Santa Fe Gold reported revenues of $14.6 million for the year ended June 30, 2013, which represents an increase of 49% over 2012. The Company's gross profit (or earnings from mining operations) decreased by 32% to $2.4 million in 2013. The full version of the financial statements and management's discussion and analysis can be viewed on the Company's website at
www.santafegoldcorp.com
"We are pleased to be able to announce continued significant growth in revenues and continued positive earnings from mining operations despite lower metal prices," commented Pierce Carson, President and CEO. "We also are excited about our growth prospects for 2014. The recent developments at Summit are expected to contribute to higher grades and increased production in 2014."
2012 ANNUAL HIGHLIGHTS
- 49% increase in revenues to a record $14.6 million.
- 32% decrease in gross profit (earnings from mining operations) to $2.4 million.
OUTLOOK
For 2014, the Company expects to experience continued growth, in part due to the following positive developments:
- Underground advancement has reached the upper part of the main Summit ore body. As a result, the Company is now in a position to access higher silver and gold grades.
- Discussions are underway with mining contractors to increase tonnage production rates to 12,000 tons per month. Metal output in calendar 2014 is anticipated to increase substantially with increased tonnage production and higher grades from the main ore body.
- An independent engineering assessment of the Ortiz gold project concludes the project could produce 874,000 ounces of gold from two open cut mines over an operating life ranging from 9 to 18 years depending on the development sequence employed. At a three-year moving average gold price of $1550 per ounce, revenues would total $1.35 billion and cash flows would approximate $350 million net of all costs including royalties, operating costs, taxes and capital expenses. Baseline environmental work is continuing in preparation for permit application.
- https://news.morningstar.com/all/business-wire/BWIPREM20131001005549/santa-fe-gold-reports-49-increase-in-revenues-to-146-million-for-2013.aspx