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Santa Fe Gold Reports 79% Increase in Revenues to $11.5 Million for 2012

02.10.2012  |  Business Wire

Santa Fe Gold Corporation (OTCQB: SFEG) is pleased to announce
financial results for its fiscal year ended June 30, 2012. Santa Fe Gold
reported revenues of $11.5 million for the year ended June 30, 2012,
which represents an increase of 79% over 2011. The Company's gross
profit (or earnings from mining operations) increased by 34% to $4.2
million in 2012. 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 at www.sec.gov.


'We are pleased with our growth in revenues and the increase in earnings
from mining operations,? commented Pierce Carson, President and CEO. 'We
also are excited about our growth prospects for 2013. The recent
developments at Summit are expected to contribute to higher grades and
increased production in 2013.?


'Revenues have continued to increase since June 30, 2012, and for the
September 2012 quarter just ended are estimated at $5.0 million,? Carson
added.

2012 ANNUAL HIGHLIGHTS


  • 79% increase in revenues to a record $11.5 million.

  • 34% increase in gross profit (earnings from mining operations) to $4.2
    million.

  • Cash and cash equivalents increased to $0.6 million as of June 30,
    2012, from $0.2 million at June 30, 2011.

  • Current assets increased to $4.4 million as of June 30, 2012, from
    $3.0 million at June 30, 2011.

OUTLOOK


For 2013, the Company expects to experience continued growth, in part
due to the following positive developments:


  • The Company re-evaluated its mine plan and ore schedule. As a result,
    the Company anticipates accessing richer parts of the ore body earlier
    and increasing production levels up to 12,000 tons per month.

  • The Company recently entered into an option agreement to acquire the
    Mogollon Project in Catron County, New Mexico. The acquisition of
    Mogollon represents a strategic opportunity to develop new ore sources
    to augment ore currently processed through the flotation mill at
    Lordsburg.

  • At the Ortiz Project, the Company is proceeding with a National
    Instrument 43-101 compliant technical report that is expected to
    elevate to current status the historical resources estimated at
    approximately 1.7 million ounces of gold.

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 commercial production in 2012; (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 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.


To learn more about Santa Fe Gold, visit www.santafegoldcorp.com.

Cautionary Note Regarding Forward-Looking Statements:


This press release contains forward-looking statements and
forward-looking information (collectively, 'forward-looking statements?)
within the meaning of applicable US and Canadian securities legislation.
All statements, other than statements of historical fact, included
herein are forward-looking statements. Although the Company believes
that such statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Forward-looking statements are
typically identified by words such as: believe, expect, anticipate,
intend, estimate, postulate and similar expressions, or are those,
which, by their nature, refer to future events. The Company cautions
investors that any forward-looking statements by the Company are not
guarantees of future results or performance, and that actual results may
differ materially from those in forward-looking statements as a result
of various factors, including, but not limited to, variations in the
nature, quality and quantity of any mineral deposits that may be
located, variations in the market price of any mineral products the
Company may produce or plan to produce, the Company's inability to
obtain any necessary permits, consents or authorizations required for
its activities, the Company's inability to produce minerals from its
properties successfully or profitably, to continue its projected growth,
to raise the necessary capital or to be fully able to implement its
business strategies, and other risks and uncertainties disclosed in the
Company′s Annual Report on Form 10-K for the year ended June 30, 2012
and its most recent quarterly reports filed with the United States
Securities and Exchange Commission (the 'SEC?), and other information
released by the Company and filed with the appropriate regulatory
agencies. All of the Company's US public disclosure filings may be
accessed via www.sec.gov
and its Canadian public disclosure filings may be accessed via www.sedar.com,
and readers are urged to review these materials.

See Accompanying Tables

The following information summarizes the financial condition of
Santa Fe Gold Corporation at June 30, 2012, including its balance sheets
for the twelve months ended June 30, 2012 and 2011, respectively, and
its results of operations and cash flows for the twelve months ended
June 30, 2012, 2011 and 2010, respectively. The summary data are taken
from our audited financial statements contained in our annual reports on
Form 10-K for the financial years ended June 30, 2012, 2011 and 2010 but
do not include the footnotes and other information that is included in
the complete financial statements. Readers are urged to review the
Company′s Form 10-K in its entirety, which can be found on the SEC′s
website at
www.sec.gov.


 ?


 ?

 ?

SANTA FE GOLD CORPORATION

CONSOLIDATED BALANCE SHEETS


 ?

 ?
June 30,

2012


 ?

 ?

2011

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

614,385

$

172,531

Accounts receivable

2,442,399

2,230,605

Inventory

951,458

175,578

Marketable securities

48,776

97,260

Prepaid expenses and other current assets

 ?

329,466

 ?

279,064

Total Current Assets

 ?

4,386,484

 ?

2,955,038

 ?

MINERAL PROPERTIES

 ?

579,000

 ?

579,000

 ?

PROPERTY, EQUIPMENT AND MINE DEVELOPMENT, net

 ?

24,139,166

 ?

13,104,215

 ?

OTHER ASSETS:

Construction in process

-

8,427,113

Idle equipment, net

1,223,528

1,223,528

Note receivable

-

203,422

Restricted cash

231,716

410,374

Deferred financing costs, net

 ?

1,102,070

 ?

314,700

Total Other Assets

 ?

2,557,314

 ?

10,579,137

Total Assets

$

31,661,964

$

27,217,390

 ?
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES:

Accounts payable

$

2,199,026

$

1,090,907

Accrued liabilities

2,505,785

2,231,860

Derivative instrument liabilities

1,026,765

8,973,066

Current portion, notes payable

9,931,468

78,384


Current portion, senior subordinated convertible notes payable,
net of discount of $5,564 and $-0-, respectively


444,436

-

Current portion, capital leases

41,487

83,856

Completion guarantee payable

3,359,873

-

Deferred revenue

 ?

-

 ?

3,611,266

Total Current Liabilities

19,508,840

16,069,339

 ?

LONG TERM LIABILITIES:


Senior secured convertible notes payable, net of discount of $-0-
and $2,498,065, respectively


-

11,001,935


Senior subordinated convertible notes payable, net of discount of
$-0- and $19,684, respectively


-

430,316

Notes payable, net of current portion

936,996

58,957

Capital leases, net of current portion

3,545

45,057

Asset retirement obligation

 ?

159,048

 ?

149,236

Total Liabilities

 ?

20,608,429

 ?

27,754,840

 ?

STOCKHOLDERS' EQUITY (DEFICIT):


Common stock, $.002 par value, 300,000,000 shares authorized;
111,143,684 and 94,744,412 shares issued and outstanding,
respectively; Includes non-vested shares of -0- and 237,500,
respectively


222,287

188,341

Additional paid in capital

74,846,754

59,021,550

Accumulated (deficit)

(63,966,224

)

(59,746,543

)

Accumulated other comprehensive (loss)

 ?

(49,282

)

 ?

(798

)

Total Stockholders' Equity (Deficit)

 ?

11,053,535

 ?

(537,450

)

$

31,661,964

$

27,217,390

 ?

 ?

 ?

 ?

SANTA FE GOLD CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)


 ?

 ?
For the Years Ended June 30,

2012


 ?

 ?

2011


 ?

 ?

2010


 ?

SALES, Net

$

11,531,869

$

6,440,897

$

320,145

 ?

OPERATING COSTS AND EXPENSES:

Costs applicable to sales

7,347,158

3,317,914

-

Exploration

2,680,856

2,147,511

1,004,256

General and administrative

3,303,763

2,823,548

2,119,270

Depreciation and amortization

4,039,875

2,322,736

477,760

Accretion of asset retirement obligation

 ?

9,812

 ?

-

 ?

-

 ?

17,381,464

 ?

10,611,709

 ?

3,601,286

 ?

LOSS FROM OPERATIONS

 ?

(5,849,595

)

 ?

(4,170,812

)

 ?

(3,281,141

)

 ?

OTHER INCOME (EXPENSE):

Interest income

9,108

11,645

16,410

Miscellaneous income

5,328

-

4,278

Other expense

(1,749,742

)

-

-

Gain on derivative instrument liabilities

6,568,533

1,652,961

3,295,947

Accretion of discounts on notes payable

(1,066,843

)

(1,275,811

)

(1,052,160

)

Interest expense

 ?

(2,136,470

)

 ?

(835,076

)

 ?

(192,688

)

 ?

1,629,914

 ?

(446,281

)

 ?

2,071,787

 ?

LOSS BEFORE PROVISION FOR INCOME TAXES

(4,219,681

)

(4,617,093

)

(1,209,354

)

PROVISION FOR INCOME TAXES

 ?

-

 ?

-

 ?

-

 ?

NET LOSS

(4,219,681

)

(4,617,093

)

(1,209,354

)

 ?

OTHER COMPREHENSIVE LOSS

Unrealized loss on marketable securities

 ?

(48,484

)

 ?

(798

)

 ?

-

 ?

NET COMPREHENSIVE LOSS

$

(4,268,165

)

$

(4,617,891

)

$

(1,209,354

)

 ?

Basic and Diluted Per Share data

Net Loss - basic and diluted

$

(0.04

)

$

(0.05

)

$

(0.01

)

 ?

Weighted Average Common Shares Outstanding:

Basic and diluted

 ?

101,959,367

 ?

93,249,081

 ?

87,639,127

 ?

 ?

 ?

 ?

SANTA FE GOLD CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS


 ?

 ?
For the Years Ended June 30,

2012


 ?

 ?

2011


 ?

 ?

2010


 ?

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss

$

(4,219,681

)

$

(4,617,093

)

$

(1,209,354

)


Adjustments to reconcile net loss to net cash used in operating
activities:


Depreciation and amortization

4,039,875

2,322,736

477,760

Stock-based compensation

926,727

1,010,081

717,547

Accretion of discount on notes payable

1,066,843

1,275,811

1,052,160

Accretion of asset retirement obligation

9,812

-

-

Write-off of note receivable

210,889

-

-

(Gain) on derivative instrument liabilities

(6,568,533

)

(1,652,961

)

(3,295,947

)

Loss on disposal of assets

152,587

-

3,572

Amortization of deferred financing costs

882,629

98,317

89,026

Net change in operating assets and liabilities:

Accounts receivable

(211,794

)

(2,230,605

)

-

Inventory

(775,880

)

(175,578

)

-

Prepaid expenses and other current assets

54,719

(11,856

)

(116,957

)

Accounts payable and accrued liabilities

1,382,044

2,523,580

(654,285

)

Deferred revenue

(755,442

)

(388,734

)

-

Completion guarantee payable

 ?

504,049

 ?

-

 ?

-

Net Cash Used in Operating Activities

 ?

(3,301,156

)

 ?

(1,846,302

)

 ?

(2,936,478

)

 ?

CASH FLOWS FROM INVESTING ACTIVITIES:

Decrease to restricted cash

178,658

-

-

Proceeds from disposal of assets

25,000

-

31,400

Purchase of marketable securities

-

(98,058

)

-

Note receivable

(7,467

)

(203,422

)

-

Additions of property, equipment and mine development

(1,826,306

)

(1,156,276

)

(402,858

)

Construction in progress

 ?

(4,208,960

)

 ?

(3,665,034

)

 ?

(4,893,365

)

Net Cash Used in Investing Activities

 ?

(5,839,075

)

 ?

(5,122,790

)

 ?

(5,264,823

)

 ?

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from issuance of stock

1,200,000

2,000,001

10,301,003

Proceeds from notes payable

15,000,000

77,306

212,762

Proceeds from deferred revenue

-

-

4,000,000

Payment of private placement fees

-

(136,000

)

(625,000

)

Payments on notes payable

(5,164,034

)

(201,701

)

(238,369

)

Payments on capital leases

(83,881

)

(138,113

)

(130,811

)

Payment of financing costs

 ?

(1,370,000

)

 ?

-

 ?

(288,000

)

Net Cash Provided by Financing Activities

 ?

9,582,085

 ?

1,601,493

 ?

13,231,585

 ?

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

441,854

(5,367,599

)

5,030,284

 ?

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR

 ?

172,531

 ?

5,540,130

 ?

509,846

 ?

CASH AND CASH EQUIVALENTS, END OF YEAR

$

614,385

$

172,531

$

5,540,130

 ?

 ?

 ?

 ?

SANTA FE GOLD CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Continued)


 ?

 ?
For the Years Ended June 30,

2012


 ?

 ?

2011


 ?

 ?

2010


 ?

SUPPLEMENTAL CASH FLOW INFORMATION:

 ?

Cash paid for interest

$

1,482,441

$

799,354

$

521,642

 ?

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES:

 ?

Stock issued for services

$

300,000

$

-

$

-

 ?

Stock issued for conversion of convertible notes payable

$

13,432,424

$

-

$

-

 ?

Stock issued for conversion of accrued interest

$

-

$

-

$

483,000

 ?

Stock issued for conversion of accrued liability

$

-

$

-

$

200,000

 ?

Stock issued for conversion of note payable

$

-

$

-

$

18,219

 ?

Insurance premiums financed with note payable

$

105,121

$

-

$

-

 ?

Equipment purchased with note payable

$

790,035

$

-

$

16,825


Santa Fe Gold Corp

Pierce Carson, President and Chief Executive
Officer

505-255-4852

or

Investor Relations

Torrey
Hills Capital

Clay Chase, 858-456-7300

cc@sdthc.com



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