Monday, 24th December 2007 (1983 views)

Santa Fe Gold has announced that it is raised sufficient funds for the construction of the Summit Silver-Gold Mine in New Mexico.

The firm has entered into a number of definitive agreements relating to the private placement of senior secured convertible debentures and common stock purchase warrants to a single investor for a total sum of $13.5 million (£6.8 million).

Dr Pierce Carson, chief executive officer of the firm, said: "We now are in a position to proceed immediately with construction of the Summit Silver-Gold Mine.

"In early 2008, we anticipate announcing additional details of our development plans."

He added that the overall objective of the plans will be the production of gold and silver as soon as is viable, noting that current gold and silver prices make the project seem economically attractive.

In July 2007, Axvo Mining announced its name change to Santa Fe Gold and increased its authorised common stock.

 

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