Silver Falcon Mining, Inc. - Pours 283 Pounds of Dore Bars, Proceeds With Stock Buy-Back Program
30.11.2010 | Marketwire
Murphy, November 30, 2010 - Silver Falcon Mining, Inc. (OTCBB: SFMI) announces the result of its first smelted pour which occurred on November 22, 2010. The Company previously announced that it shipped to a smelter 508 pounds (gross tare weight) of precious metal concentrate.This first shipment, net 498 lbs. of concentrate, when smelted, produced 283.3 lbs of DORE bars which are currently being assessed for their gold and silver contents. SFMI will sell these bars to the smelter for CASH REVENUE. Management believes that this transaction should consummate within the next ten-fifteen business days and will report on both the revenue and assayed values.
As previously published, 15% cash aggregate of gross revenues from these dore sales and future transactions, as such, would be allocated towards a corporate share buy-back program. These proceeds will be sent to the Company's corporate account at a brokerage house with instructions to buy-back SFMI's shares at prevailing market prices. Upon settlement, these shares will be retired back into treasury shares, thus reducing total shares outstanding.
Additionally, the Company announces that it has also reshaped the approaches to the Sinker Tunnel and secured the entrance against unauthorized entry.
Furthermore, winter has also made its way to the mill site but there were no undue interruptions in production. Currently, the mill engineers are in the process of installing the new belt scale which allows SFMI to process the Oso Zone ore, a higher grade throughput, stock piled as mill feed at the Diamond Creek Mill facility's yard. The completed installation and start of this ore production are anticipated within the first full week of December, 2010.
Pierre Quilliam, President, said, “This is an important milestone since the opening of our mill, as it completes the circle of extraction of the gold and silver from the ore taken from the War Eagle Mountain to the sale and revenue generated by this process. The Company is readying a second, larger shipment of concentrate to the smelter. As more revenue is generated, the Company will continue to meet its obligations and retire more shares from its anticipated monthly buy-back program.“
Silver Falcon Mining, Inc. cautions that the statements made in this press release constitute forward-looking statements, and makes no 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
800-631-8127
www.silverfalconmining.com