Silver Falcon Mining, Inc. (SFMI) Goes Out for Core Drilling Bids, Readies Shipment of More Bullion Dore Bars
BRADENTON, FL -- (Marketwire) -- 11/21/11 -- Silver Falcon Mining, Inc. (OTCBB: SFMI) is putting out for bids for its underground exploration drilling program at its Sinker Tunnel. The Company expects to start the underground drilling program, January 2012. SFMI's Geological department will coordinate this drill program with the objective to explore and evaluate the quantity, quality and values of the 'Oro Fino' vein and its offshoot veins within the Sinker Tunnel. Management believes this exploration phase will lead to further discoveries. Data collected from drill cores will be used to develop the underground 3D-model of War Eagle Mountain. This information will enable the Company's engineers to formulate a cost-effective extraction method of these gold/silver bearing veins and will provide SFMI with tonnage information which will be added to its resource calculations.
Further, the Company announces that a second delivery of 'Bullion Dore' is being readied for shipment to its contracted North American refinery. Payment will be received prior to the close of the Company's fourth quarter, December 31, 2011. Future regular deliveries of 'Bullion Dore' will be made to its two approved refineries and sales will be authorized by management at the best price according to '4 P.M. London Fix Spot Price.'
At present, the Company is still using temporary facilities on site to smelt ore concentrates and produce 'Bullion Dore' bars. The secure smelting facility is well underway to completion and as equipment and personnel are permanently relocated, information about the operation will be forthcoming.
SFMI has brought down 15,249 tons of ore from the old dumps on the mountain, which combined with the material already on site, will enable SFMI to carry out uninterrupted production at Diamond Creek Mill until the weather allows access to the mountain next spring. Various modifications are being made to the mill to further improve the precious metal recoveries and to increase production.
Chief Executive Officer, Mr. Pierre Quilliam, commented, 'Maintaining and increasing the revenue stream from our operation is critical to fulfilling our fiduciary responsibilities to our shareholders and employees.'
Silver Falcon Mining, Inc. (OTCBB: SFMI) is a developer and explorer of mineral resource properties, primarily in Owyhee County, Idaho, USA, with the objective of being a profitable, low-cost, precious metal producer and creating significant growth in shareholder value.
Further Information contact: Rich Kaiser, Investor Relations, 800-631-8127 and visit http://www.silverfalconmining.com.
SFMI cautions that statements made in press release constitute forward-looking statements, and makes no guarantees of future performance and actual results/developments may differ materially from projections in forward-looking statements. Forward-looking statements are based on estimates and opinions of management at time statements are made.
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Contact:
Rich Kaiser
757-306-6090