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NEW YORK (Scrap Monster): Santa Fe Gold Corp. (OTCBB: SFEG) raised $2.3 million under its S-3 shelf registration statement with the majority being raised through its offerings to existing shareholders.

The company said that it will use the money raised as well as revenue from gold and silver sales to help bolster its working capital reserves.

Pierce Carson, chief executive officer of Santa Fe, said that “We continue to make excellent progress at the Summit mine and Lordsburg mill. At the mine, we have managed to implement a number of cost reductions. We expect to continue to set records for mining and processing throughput as well as records for shipments of our high-value concentrates and silica flux products.”

Santa Fe is working on a plan to accelerate the production of higher-grade ore and to increase tonnage production levels of up to 20%.

Santa Fe is an American-based mining and exploration company with projects located in the U.S.