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Summit Mine Video

The Summit Mine is an underground silver-gold mine located in southwestern New Mexico, USA operated by Santa Fe Gold Corp. (OTC: SFEG). Mineralized rock from the Summit Mine is transported to Santa Fe's mill located in Lordsburg where a gold-silver concentrate is produced. Sante Fe is producing and selling concentrate and smelter flux directly from the mine and has achieved above budget recoveries to date.

Summit Gold Stream

Sandstorm has a gold stream agreement to purchase 50% of the first 10,000 ounces of gold, and 22% of the gold thereafter from the Summit mine at a per ounce price of US$400 per ounce. Sandstorm made an upfront payment of US$4,000,000 to acquire the stream in September 2009. The amount of payable gold can be reduced from 22% to 15% if, by June 2012, the following conditions are satisfied:

1. The rate of mineralized rock mined and processed from the Summit Mine averages 400 tonnes per day or more for any consecutive 12 month period; and
2. Payable gold production exceeds 11,500 ounces during any consecutive 12 month period.

 

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