| ALBUQUERQUE, New Mexico - February 12, 2013 - Santa Fe Gold Corporation (SFEG: OTCQB) is pleased to announce financial results for the three and six months ended December 31, 2012. Revenues were $4.4 million for the three months ended December 31, 2012, representing a 127% increase over the same period of the prior year. Earnings from mining operations increased to $1.1 million for the three month period, a 90% increase over the same period a year ago. Revenues for the six months ended December 31, 2012 increased by 180% to a record $9.9 million, while earnings from mining operations increased by 142% to $3.3 million, also a record. 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 or on EDGAR at www.sec.gov.|
"We are pleased with the strong growth in revenue and earnings from Summit mining operations", commented Pierce Carson, President and CEO. "Looking ahead, our high value gold and silver products are in strong demand and we expect a number of positive operational developments to contribute to Santa Fe's continued growth in the second half of fiscal 2013."
2013 Second Quarter and Six Month Financial and Operational Highlights
127% increase in revenue to $4.4 million for the three months ended December 31, 2012.
90% increase in earnings from mining operations to $1.1 million for the three months ended December 31, 2012.
Gold and silver grades increased from 0.087 opt to 0.096 opt and 4.355 opt to 5.447 opt, respectively from Q1 2013 to Q2 2013.
Gold equivalent production increased 8% from 4,023 ounces in Q1 2013 to 4,343 ounces in Q2 2013.
Operating cash cost per gold equivalent ounce sold improved by 9% to US$916 in Q2 2013 compared to Q1 2013.
Revenues for the six months ended December 31, 2012 increased 180% to a record $9.9 million.
Earnings from mining operations were a record $3.3 million for the six months ended December 31, 2012, an increase of 142% over the same period a year earlier.
Loss from Company operations was significantly impacted by higher depreciation and amortization charges and by exploration expenditures at the Ortiz gold project.
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To learn more about Santa Fe Gold, visit www.santafegoldcorp.com.