OTC Bulletin Board S & P Company Insight for SANTA FE GOLD CORP
Profile
	Business Summary: Santa Fe Gold Corporation acquires and develops gold, silver, copper and industrial mineral properties. It controls the Summit mine, Lordsburg mill and Ortiz gold property in New Mexico, as well as the Black Canyon mica mine and other properties in Arizona.   Address   1128 Pennsylvania NE, Suite 200   Albuquerque , NM 87110-7437   Phone: 505-255-4852   Fax: 505-255-4851   Website: http://www.santafegoldcorp.com Auditor   Stark Winter Schenkein & Co.   Denver , CO Transfer Agent   Colonial Stock Transfer Co. Employees:  32 ShareHolders:  779 Founded:  1981 Domicile:  Delaware
Background
	Santa Fe Gold Corporation is a mining and exploration company focused on acquiring and developing gold, silver, copper and industrial mineral properties. The company controls the Summit mine and Lordsburg mill in southwestern New Mexico; the Ortiz gold property in north-central New Mexico, estimated to contain two million ounces of gold; the Black Canyon mica mine and processing facility near Phoenix, Arizona; and a large resource of micaceous iron oxide in western Arizona. Santa Fe Gold intends to build a portfolio of high-quality, diversified mineral assets with an emphasis on precious metals. The company's Summit silver-gold project in New Mexico was expected to begin initial production in 2010. The Summit mine is an underground silver-gold mine being developed on an epithermal vein deposit. In connection with mine development, Santa Fe Gold has been mining and stockpiling ore. Ore from the Summit mine is transported to the company's Lordsburg mill, where a marketable gold-silver concentrate will be produced. The mill is fully operational and will process increasing quantities of ore as mining ramps up to a planned production rate of 120,000 tons of ore per year. Santa Fe Gold began processing operations at its Lordsburg flotation mill in March 2010. As of mid-April 2010, the company was evaluating offers from smelters for the purchase of its concentrate. Sale of concentrate was expected to begin immediately upon finalizing a sales contract. In February 2010, Santa Fe Gold announced it had agreed with a refiner in Arizona to supply a trial shipment of 3,000 tons of high-silica flux material. The flux material will be processed for precious metals recovery. If the trial is successful and a suitable flux agreement can be arranged, sales of flux material would provide an additional outlet for Summit ore, in addition to sales of the Lordsburg mill concentrate. The company raised $10 million in a registered direct offering in January 2010, allowing Santa Fe Gold to pursue acquisition of additional feed sources for expansion of the Lordsburg mill, advance the Ortiz gold project and consider acquisition opportunities. The company is formulating an accelerated program to explore the high-grade precious metals mineralization on its Summit and Lordsburg land holdings. Santa Fe Gold Corporation is based in Albuquerque, New Mexico. History:  INCORPORATED in Delaware Aug. 27, 1991, to succeed a Colorado concern of the same name (formed on July 13, 1988). July 31, 1992, merged Azco Mining, Inc. (predecessor) for 3,946,550 Common shares. Predecessor was incorporated in British Columbia Aug. 20, 1981 as 241145 British Columbia Corp. It changed its name to Canarex Resources Inc. June 22, 1983; to Barron Intl. Resources Ltd. Sept. 9, 1986; to International Baron Resources Ltd. Jan. 25, 1988; and to Azco Mining Inc. Dec. 17, 1991.   Subsidiaries: Azco Mica, Inc. Minera Sandia, S.A. de C.V. Santa Fe Gold Barbados Corporation The Lordsburg Mining Company     Capital Expenditures, thousand. US Dollars   Year   Amount   2009   10,235   2008   2,083   2007   17   Research and Development Expenditures, thousand. Canadian Dollars   Year   Amount   2006   0   2005   0
Management
	Management Officers Position  Lawrence G. Olson Chairman  W. Pierce Carson President & Chief Executive Officer  Michael  Martinez Controller  W. Pierce Carson Investor Relations Contact Directors  W. Pierce Carson  John E. Frost  Lawrence G. Olson
Annual Report
	Annual Report   Income Statement   2009 2008 Sales 73 - General and administrative 2,856 1,721 Other oper. expenses 558 251 Interest income 85 29 Other income 63 11 Foreign currency translation gain (loss) 10 (3) Depr. & amort. 279 5 Accretion of discounts on notes payable (1,429) (1,092) Interest exp. 217 1,016 Other expenses, net 428 376 Net income (5,536) (4,424) Share earns. basic (0.07) (0.06) Share earns. diluted (0.07) (0.06)   Balance Sheet   2009 2008 Assets: Cash & equiv. 511 3,256 Other curr. assets 150 102 Tot. curr assets 661 3,358 MINERAL PROPERTIES 579 579 Net property 3,848 1,915 Construction in progress 9,800 1,222 Idle equipment, net 1,259 1,312 Restricted cash 410 183 Deferred financing costs 214 275 Deposit - 1 Total assets 16,771 8,845 Liabilities: Notes pay. 84 61 Cap. lease obligs. 131 - Line of credit - 11 Accts. pay. 1,245 873 Accrued liabilities 408 251 Derivative instrument liabilities 2,644 2,885 Tot. curr. liabs. 4,512 4,081 Notes pay. 9,631 3,741 Capital leases, net 267 - Derivative instrument liabilities 5,162 2,174 Other liabs. 84 80 Com. stk. p.$0.002 165 151 Paid-in cap. 49,927 46,060 Retained earns. (52,977) (47,442) Total liabs. 16,771 8,845
Interim Report
	Interim Report    07/01/2009  -  12/31/2009   Income Statement   2009 Sales 13 General and administrative 1,071 Other oper. expenses 174 Interest income 3 Other income 3 Depr. & amort. 214 Loss on disposal of assets 4 Interest exp. 57 Loss on derivative instrument liabilities 2,963 Accretion of discounts on notes payable (514) Net income (4,978) Share earns. basic (0.06) Share earns. diluted (0.06)   Balance Sheet   2009 Assets: Cash & equiv. 336 Accts. rec., net 9 Other curr. assets 278 Tot. curr assets 623 MINERAL PROPERTIES 579 Net property 3,729 Construction in progress 12,817 Idle equipment, net 1,234 Restricted cash 410 Deferred financing costs 462 Total assets 19,854 Liabilities: Notes pay. 254 Cap. lease obligs. 134 Accts. pay. 806 Accruals. 139 Derivative instrument liabilities 6,825 Deferred revenue 243 Tot. curr. liabs. 8,401 Notes pay. 9,761 Cap. lease obligs. 199 Derivative instrument liabilities 6,842 Deferred revenue 3,757 Other liabs. 83 Com. stk. p.$0.002 169 Paid-in cap. 49,540 Retained earns. (58,898) Total liabs. 19,854
Pro Forma Report
	Pro Forma Report      Data Not Available
Quarterly Report
	Quarterly Report Information      Quarterly Revenue, US$ Year Quarter Revenue   2010   2 10,000   2010   3 260,000   2009   1 20,000   2009   2 10,000   2009   3 50,000   2009   Full Year 70,000   2008   1 Nil   2008   2 Nil   2008   3 Nil   2008   4 Nil   2008   Full Year Nil   2007   1 Nil   2007   2 10,000   2007   3 Nil   2007   Full Year 10,000   2006   1 Nil   2006   2 10,000   2006   3 Nil   2006   4 10,000   2006   Full Year 20,000   2005   1 30,000   2005   3 30,000   2005   Full Year 50,000     Quarterly Net Income, US$ Year Quarter Revenue   2010   1 (3,020,000)   2010   2 (1,960,000)   2010   3 2,560,000   2009   1 570,000   2009   2 280,000   2009   3 (7,580,000)   2009   4 1,200,000   2009   Full Year (5,540,000)   2008   1 0   2008   2 (1,860,000)   2008   3 150,000   2008   4 (1,000,000)   2008   Full Year (4,260,000)   2007   1 (2,020,000)   2007   2 790,000   2007   3 (740,000)   2007   Full Year 350,000   2006   1 (1,610,000)   2006   2 (1,690,000)   2006   3 (490,000)   2006   Full Year (5,380,000)   2005   Full Year (1,596,300)     Quarterly EPS, US$ Year Quarter Revenue   2010   1 (.04)   2010   2 (.02)   2010   3 .03   2009   1 .01   2009   2 Nil   2009   3 (.10)   2009   4 .02   2009   Full Year (.07)   2008   1 (.02)   2008   2 (.02)   2008   3 Nil   2008   4 (.01)   2008   Full Year (.06)   2007   1 (.03)   2007   2 Nil   2007   3 (.01)   2007   4 .03   2007   Full Year .01   2006   1 (.03)   2006   2 (.03)   2006   3 (.01)   2006   4 (.02)   2006   Full Year (.09)   2005   1 (.01)   2005   2 (.01)   2005   3 (.01)   2005   4 (.01)   2005   Full Year (.03)
Stock Data
	Capitalization as of 12/31/2009:     Authorized Shares Outstanding Shares Common $0.002 par 200,000,000 84,526,406   LONG TERM DEBT: $9,959,416.   Common $0.002 par   Stockholders:  10/07/2009, 779. PRINCIPAL STOCKHOLDERS: October 7, 2009, W. Pierce Carson owned or controlled 14.8% of the Common, Sulane Holdings, Inc. 10.6%, Lawrence G. Olson 8.3% and Christian Mustad 6.2%.   Transfer Agent:  Colonial Stock Transfer Co.   Salt Lake City , UT   OTC Bulletin Board( Primary): SFEG   Exchange Year High Low OTC Bulletin Board 2009 1.7400 0.5500 OTC Bulletin Board 2008 1.0000 0.4000 OTC Bulletin Board 2007 1.4450 0.2200 Over The Counter 2006 2.0800 0.6500 Over The Counter 2005 1.1400 0.0900 Over The Counter 2004 0.2200 0.0136 OTC Bulletin Board 2003 0.2700 0.1000 American Stock Exchange 2002 1.2500 0.1200 American Stock Exchange 2001 0.9500 0.3700 American Stock Exchange 2000 1.5600 0.3100   RECENT DIVIDENDS: Common $0.002 par: None.