Orlando, FL 5/11/12 (StreetBeat) -- Santa Fe Gold Corp. (OTCBB: SFEG) is pleased to announce the financial results for the three and nine months ended March 31, 2012. Santa Fe reported record revenues of $8.1 million for the nine months ended March 31, representing a 97% increase over the same period of the prior fiscal year. The Company’s earnings from mining operations also grew significantly over the period to $3.9 million, a 110% increase over the comparable nine month period in 2011. Revenues for the three months ended March 31, 2012 increased by 27% to a record $3.7 million, while earnings from mining operations increased by 59% to $2.1 million. The full version of the financial statements and management's discussion and analysis are available in the Company’s Form 10-Q filed with the SEC and available atwww.sec.gov.
“We continue to increase production at our Summit silver-gold mine in New Mexico and recently announced commercial production effective the current quarter,” said Pierce Carson, CEO of Santa Fe. “Our record breaking third quarter is indicative of the Company’s commitment to achieve its objectives for fiscal 2012. We look forward to fiscal 2013 as an established and growing producer of silver and gold with even stronger operating results.”
2012 Third Quarter Highlights
• 110% increase in revenue to a record $3.7 million for the three months ended March 31, 2012.
• 59% increase in earnings from mining operations to $2.1 million for the three months ended March 31, 2012.
• 1,879% increase in EBITDA to $248,120 for the three months ended March 31, 2012.
• 97% increase in revenue to a record $8.1 million for the nine months ended March 31, 2012.
• 110% increase in earnings from mining operations to $3.9 million for the nine months ended March 31, 2012.
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, which began processing operations in 2010; (ii) a substantial land position near the Lordsburg mill, comprising the core of the Lordsburg Mining District; (iii) the Ortiz gold property in north-central New Mexico; (iv) the Black Canyon mica deposit and processing equipment near Phoenix, Arizona; and (v) a deposit 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.
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