Silver Falcon Mining, Inc.: Precious Metal Bullion Delivery, Operational Updates
06.05.2013 | Marketwire
BRADENTON, 05/06/13 - Silver Falcon Mining, Inc.'s (OTCBB: SFMI) April delivery of 52 ounces of Precious Metal Bullion Dore to its contract refinery in Florida bodes well for the Company's future. Monthly, dore produced is stored in the secure vault within the confines of the Company's metallurgical building prior to deliveries to the refinery. The refinery converts dore into their determined Au (gold) and Ag (silver) values and adds the bullion count to the Company's bullion account. Management can either keep the bullion in this account and/or convert all or a portion into cash at their discretions. Cash conversions are determined by current commodity prices of Au and Ag. Since the onset of production, the Company has refined 592 oz. of precious metal dore.
Mr. Pierre Quilliam, CEO, Silver Falcon Mining, Inc., states, "Our ten cells Denver Floatation Unit has proven itself to be very effective, and reprocessing of the large amount of partially treated ore has begun. This valuable inventory, brought down from War Eagle in the last years, contains enough precious metal to enable the Company to compensate for the monies invested so far in the project."
Sinker Tunnel Gold Project
Work inside the Sinker Tunnel goes on although at a slower rate while the Company awaits confirmation of its funding to further develop and prove the ore bodies which crisscrosses the tunnel at the 6,090 ft. mark from the entrance.
This past winter has proven the theory that the roads on the mountain leading to the Sinker tunnel, could be easily kept open with the Company's snow removal equipment, thus allowing the Company to mine the ore bodies and operate the Diamond Creek mill on a year-round basis.
Closed Circuit Leaching Unit
The Company is in final negotiations toward a loan which will fully fund the building of the "Leaching Unit" which was permitted by Owyhee County almost a year ago. The planned GEKKO system will be a huge production addition to the mill as it will recuperate the almost totality of the millions of dollars in precious metals contained in the ore on site at the mill, the cost of which was previously expensed on the Company's published financial reports. With this new funding in place, management expects to be in full production in early 2014 provided its filing of an operation permit gets timely approvals at the various government levels.
www.silverfalconmining.com
Silver Falcon Mining, Inc. cautions that the statements made in this press release constitute forward-looking statements, and not guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made.
Contact:
Rich Kaiser
Investor Relations
757-306-6090