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ALBUQUERQUE, New Mexico,
March 11, 2014 /PRNewswire/ --
Santa Fe Gold Corporation (OTCBB: SFEG) is pleased to announce that it has entered into an amended option agreement with Columbus Exploration Corporation (CLX: TSX-V) (formerly Columbus Silver Corporation) whereby
Santa Fe can earn a 100% interest in
Columbus' Mogollon Project by immediately paying
Columbus, followed by a binding and mandatory
US$950,000 payment upon closing of
Santa Fe's proposed merger with Tyhee Gold Corp. (TDC: TSX-V).
Pursuant to the terms of the amended agreement, if
Santa Fe's proposed merger with Tyhee Gold Corp. does not close,
Santa Fe will have the option of paying
US$950,000 within three months of the news release announcing the cancellation of the proposed merger and upon such payment it would earn the 100% interest in the Mogollon Project. The amended agreement amends and restates the original option agreement between Columbus Exploration and
Santa Fe dated effective
September 19, 2012, as amended effective
June 28, 2013; all other material terms remain unchanged.
The Amended and Restated Option Over Mogollon Property Agreement contains other terms and conditions, and a copy is included as an Exhibit to
Santa Fe's Current Report on Form 8-K, dated
March 11, 2014, which it will file promptly with the SEC and will be available at
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; (ii) a substantial land position near the
Lordsburg mill, comprising the core of the Lordsburg Mining District; (iii) the
Mogollon gold-silver project, within trucking distance of the
Lordsburg mill; (iv) the Ortiz gold property in north-central
New Mexico; (v) the Black Canyon mica deposit near
Phoenix, Arizona; and (vi) 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
STATEMENT REGARDING ADDITIONAL INFORMATION THAT MAY BECOME AVAILABLE