Santa Fe Gold Records $4.18 Million Net Income Over Six Months Thru March 2017

Imprimer
| Source : Santa Fe Gold Corporation

Company Reports Net Income of $3,281,049 for Fiscal Q3 March 2017 Adding to $902,666 in December 2016 Quarter For Total Net Income Of $4,183,715 Over Previous 6 Months

Results of Pre-Production Tests To Be Announced In April As Equipment Procurement Continues And Mining Crews Are Being Selected To Commence Mining Operations Soon 

ALBUQUERQUE, N.M., March 28, 2018 (GLOBE NEWSWIRE) -- Santa Fe Gold Corporation OTC (SFEG), a U.S. based mining and exploration enterprise with emphasis on Gold, Silver, Copper, Precious, Industrial and Base metals and owner of multiple claims, including eight advanced projects containing numerous additional mine sites with early production potential is pleased to announce a net profit of $3,281,049 on other income of $3,642,307 and debt extinguishment of $4,402,069. This follows a net gain of $902,666 in the December 2016 quarter resulting in total net income of $4,183,715 recorded over the previous six months.

President and CEO Tom Laws Comments

We are very pleased to report the above gains for the December 2016 and March 2017 quarters and expect this trend to continue over coming quarters as the company continues measures to improve its balance sheet creating increasing value for shareholders. Management increasing its preparation to begin mining and production operations as soon as practicable and looks forward to announcing preliminary production tests in the near future

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, altogether incorporating some twenty mine sites and all located at Knight’s Peak, together with an expanded area surrounding the Malone Mines in the southern region of Burro Mountains, New Mexico. The company also owns very significant holdings in the Playas Lake Bed Area of Hidalgo County that includes the presences of Titanium ore and rare earth minerals and deposits. It also owns Bullard's Peak Corporation and Black Hawk Consolidated Mines incorporating the Alhambra AG1 Silver mine along with a potential major Porphyry Silver discovery and additional deposits of Cobalt, Lithium, Manganese and Nickel and nearby Sunset Lode and Sunset Placer Gold and Silver Deposits located in the Pinos Altos District of Grant County, New Mexico. Substantial amounts of historical data relating to all of the above properties are being analyzed regarding their hi-grade Gold and Silver Mines and surrounding deposits, in particular for their significant occurrences of Cobalt, Lithium, Manganese, Nickel and other Rare Earth Discoveries.

Santa Fe Gold’s Exploration and Development Team continues to be very active regarding exploration, surveillance, research, acquisition of multiple additional properties as it finalizes analysis of a number of attractive and economically viable new prospects.

The company continues to execute on its aggressive acquisition program that is totally focused on positioning Santa Fe Gold to resume mining and production operations from multiple sources expected in the near to medium term.

For more information, disclosures and to register to receive report and updates:

Please visit www.santafegoldcorp.com.

Contact
Frank Mueller, CFO
505-255-4852
info@santafegoldcorp.com

        
SANTA FE GOLD CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
       
  March 31,   June 30, 
  2017   2016 
ASSETS       
CURRENT ASSETS:       
Cash and cash equivalents$616,619  $2,815 
Deposit on contract 500,000    
Prepaid expenses and other current assets 4,597   4,475 
Total Current Assets 1,121,216   7,290 
EQUIPMENT:       
Mine equipment, net of accumulated depreciation of $1,539 10,001    
Total Assets$1,131,217  $7,290 
        
LIABILITIES AND STOCKHOLDERS' DEFICIT       
CURRENT LIABILITIES:       
Accounts payable$3,201,495  $3,710,931 
Accrued liabilities 6,110,212   6,793,984 
Derivative instrument liabilities    306,488 
Senior subordinated convertible notes payable, net of unamortized discount of
$0 and $161,814, respectively
    3,392,435 
Notes payable, current portion 2,363,885   2,363,885 
Completion guarantee payable 3,359,873   3,359,873 
Total Current Liabilities 15,035,465   19,927,596 
        
STOCKHOLDERS' DEFICIT:       
Common stock, $.002 par value, 300,000,000 shares authorized; 283,584,042 and
221,799,662 shares issued and outstanding, respectively
 567,168   443,599 
Additional paid-in capital 82,873,092     80,033,944 
Accumulated deficit (97,344,508)  (100,397,849)
Total Stockholders' Deficit (13,904,248)  (19,920,306)
Total Liabilities and Stockholders' Deficit$1,131,217  $7,290 
        


 
SANTA FE GOLD CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
  Three Months Ended   Nine Months Ended 
  March 31,   March 31, 
  2017   2016   2017   2016 
SALES, net$  $  $  $6,250 
                
OPERATING COSTS AND EXPENSES:               
Exploration and other mine related costs 8,097   267,520   65,494   570,271 
General and administrative 352,584   204,890   1,154,123   756,292 
Depreciation and amortization 577   258,833   1,539   1,134,112 
Reorganization costs    427,612      1,183,205 
                
Total Operating Costs and Expenses 361,258   1,158,855   1,221,156   3,643,880 
                
LOSS FROM OPERATIONS (361,2258)  (1,158,855)  (1,221,156)  (3,637,630)
                
OTHER INCOME (EXPENSE):               
(Loss) gain on trust debt extinguishment (8,068)     464,763    
Gain on debt extinguishment 4,402,069   797,683   4,416,668   797,683 
Gain on 363 asset sale    15,309      15,309 
Foreign currency translation (loss) (172,735)  (180,669)  (71,181)