Santa Fe Gold Corp. (SFEG.OB) Adds and Consolidates its Core Position at Virginia Mining District Location, Now Controls 1,500 Acres within Heart of District
Source: http://Blog.QualityStocks.net/?p=10895Posted on Tuesday, July 1st, 2008 | In Current Market News, OTCBB Markets, Small & Micro Cap, Stocks to Watch
Playing in the natural resources sector takes quite a bit of capital and an equal amount of faith. You have plenty of data saying the resources are there and available, but at the same time, you just don’t know for sure until you get them.
Santa Fe Gold Corp., a mineral exploration and development company, works to discover and extract marketable minerals within the Southwestern US. The company currently has one gold and silver mine financed through to completion, and two others well along the developmental path. The company’s primary workings are in New Mexico and Arizona.
Although the company focuses primarily on its gold and silver operations, it continues to explore and mine industrial minerals. Recent news reports find the company settling a lease dispute over 523 acres of land. The ultimate outcome has found the company buying the land for its possible micaceous iron oxide (MIO) deposits. MIO is a mineral made into a coating which is used for protection of structural steel where corrosion is likely.
The company is producing gold and silver from one property, but it has several other gold and silver properties nearing final approvals toward beginning operations. Although there is always room in the permitting phase for delay, the company anticipates that within 2-3 years several more properties will be in production phases. The company is, however, still in the acquisition phase of its plan. It has a handful of properties in-hand and is considering 24 potential targets in the future. Santa Fe Gold has started the ball rolling in its campaign to mine US commodity and industrial minerals. What the commodities metals markets will do in the next few years is anybody’s guess, but this company appears to heading toward that time horizon with its eyes wide open.
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