U.S. based mining company Santa Fe Gold Corp has acquired the Billali and Jim Crow and Imperial mines in Grant County, New Mexico for $10 million.
In January and February 2019, Santa Fe Gold will make two monthly payments and a further payment of $25,000 at closing.
Additionally, a four-month pause in payments intended to allow Santa Fe time to boost both mines and to fund a portion of the payments from mining cash flow.
Santa Fe Gold Corp will further offset mining and operating expenses with stringent cost controls, savings from direct shipment to smelters and cost-effective ramp up to full production.