Silver Falcon Mining, Inc. (SFMI) Updates Activities Within the Sinker Tunnel, at Its Diamond Creek Mill Facility, and Over Tradability of Its Shares
MURPHY, ID -- (Marketwire) -- 03/03/11 -- Silver Falcon Mining, Inc. (OTCBB: SFMI) announces the Sinker Tunnel is currently being rehabilitated to meet the required Mine, Health and Safety Association's (MSHA) government standards. The work includes installing and burying a twelve inch water drainage pipe the entire length of the tunnel, 6080 feet. In addition, the timber installed in the early 1900s is being removed in several areas of loose ground and replaced with either steel reinforcement or roof-bolts and screens. It is anticipated that this work will take until mid-April to complete.
The Company is also installing piping for air and water supply for a required rescue chamber.
Once this work has been accomplish, diamond drill stations will be excavated at the southwest end of the tunnel to permit exploration drilling to the south and west of the tunnel. The purpose of the drilling will be to evaluate the known vein systems as well as the potential sub-surface veins that are not exposed on the surface but would be accessible for mining from the Sinker Tunnel.
In addition to the underground exploration, SFMI intends to embark on a detailed surface mapping and sampling program in June once the snow cover disappears atop War Eagle Mountain. This will be followed by a surface drill program to evaluate the vein systems exposed on the surface.
The installation of the 'Belt Press' in the mill, designed to dewater the tailings more efficiently, will be completed by the end of March. The current dewatering system only captures 50% of the solids with the other 50% going to our tailings ponds. The purpose is to recover and recycle 97% of the water and to send a higher quantity of dry solids to the tailings. This press will greatly reduce the cost of maintaining the settling ponds, by eliminating most of them, and diminish the plant's fresh water needs, allowing increased throughput.
The mill has been testing several types of flocculants. Their purpose is to precipitate the settlement of suspended solids in our process water. A more effective product will result in a lower operating cost and a more efficient use of our new belt press.
The assay laboratory equipment has been received and will be assembled within the new lab building at or before the end of March 2011.
Mr. Scammell, President, said, 'The Company continues to advance the project towards its goal of identifying resources to complete a Canadian National Instrument 43-101 (NI 43-101) and at the same time improving the efficiency of the mill.'
The Company further acknowledges that SFMI is a fully-reporting Company under the US SEC 1934 ACT. Management realizes that its stock is now trading on a new trading platform. This change has caused disruptions in numerous quote servers which have yet to update to this new trading platform. The Company's symbol, SFMI, remains the same as well as its fully-reporting status and disclosures. SFMI, along with 100's of other fully-reporting issuers have been moved over to this new platform, without FINRA notification or acknowledgement to SFMI's management. The Company remains diligent on learning more about the reasons for this recent trading platform change.
Further Information: contact Rich Kaiser, Investor Relations, 800-631-8127 and/or visit http://www.silverfalconmining.com/.
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.
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Contact:
Rich Kaiser
Investor Relations
800-631-8127