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Santa Fe Gold Profits Dip

November 19, 2013, 12:00 am

Revenue for a mining company seeking to dig for gold in deposits of the Ortiz Mountains decreased $4.3 million in the three-month reporting period that ended Sept. 30 compared to the same three-month period in 2012. Albuquerque-based Santa Fe Gold Corp. says in a quarterly report that sales during the period were at $1.1 million, a sharp drop from $5.5 million in the same period in 2012. The decreased sales, the company reports, are a result of under-capitalization for its Summit Project, a gold and silver mining operation in Grant County in southwestern New Mexico. The company says it needs additional capital to address “various equipment issues.” It projects that it needs to raise $23 million over the next year to sustain the Summit Project and other activities. Santa Fe Gold also says it is conducting technical and baseline environmental studies “in preparation for possible permitting and mining” for its project in the Ortiz Mountains in Santa Fe County, where the company faces some local opposition to new mining in a historic goldmine region. (Justin Horwath)

 

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