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Santa Fe Gold acquiring 3 gold projects in New Mexico for US$10M

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Santa Fe Gold acquiring 3 gold projects in New Mexico for US$10M

Santa Fe Gold Corp. said it is acquiring the Billali, Jim Crow and Imperial Mines gold projects in New Mexico in a US$10 million deal.

The company, which is trying to source funding for gold development, described a payment schedule spanning a seven-year period including a four-month break after February designed to allow time to ramp up the Jim Crow and Imperial Mines.

Santa Fe Gold said Jan. 4 that the two mines "should be able to be ramped up for mining in a relatively short time." It did not outline potential production or capital cost figures, with plans to ship ore directly to smelters to decrease costs.

The acquisition follows the company's Alhambra acquisition in late 2018 as part of its plans to bring historical mines back into production. In its latest update, Santa Fe Gold said it had received extensions on a planned US$250,365 payment which was due at the end of 2018 as part of the Alhambra acquisition.

Santa Fe Gold has faced financial issues in recent years, emerging from bankruptcy related proceedings in mid-2016.