Silver Falcon Mining, Inc. (SFMI) Starts Drill Program
July 17 2012 - 9:15AM
Marketwired
Silver Falcon Mining, Inc. (OTCBB: SFMI)
($SFMI) announces that the "Sinker Tunnel
Drill Program" is underway. Financing, sufficient to allow for the
reopening of the Sinker Tunnel and the beginning of an underground
drilling program, has been received and further contributions have
been pledged for the support of this planned 14 month drilling
program. Contracts for the work inside and outside the Sinker
Tunnel will be awarded in the shortest possible time frame. Details
on funding terms will be available in forthcoming US SEC filings.
On the outside, marshalling of the equipment and securing of the
area necessary to support the underground work will be underway
during the summer. Prospective employees are being interviewed and
selected candidates will undergo MSHA certification for underground
work. As for surface drilling, SFMI will attempt to coordinate some
drilling this year, but due to the lateness in the season and the
previous commitments of drilling companies, SFMI may not be able to
do surface drilling atop War Eagle Mountain before the spring of
2013.
On the inside, SFMI will start its exploration phase by
completing the shoring-up of the remaining portion of the Sinker
Tunnel, as well as the excavation and blasting of spaces large
enough for the drilling to proceed (drill rooms).
Drill data should define the location and amount of proven and
probable resources and reserves within Silver Falcon Mining's
Sinker Tunnel and other key targets throughout the War Eagle
Mountain properties.
Both the Company's geologists and the independent geologists
will correlate drill data, and then proceed with writing this
portion of the Company's NI 43-101 report based on these
observations and studies from the drill cores. Once this drilling
data is updated into the Company's 43-101, the report will be
transmitted onto SEDAR for Canadian regulators and other
professional evaluations. Upon transmitting this report, the
Company then could proceed with its application for a Toronto Stock
Exchange listing.
Smelter and Refinery Update
Final specifications and drawings for the Diamond Creek
Metallurgical Lab are in the hands of architectural draftsmen and
will be submitted to the Owyhee County Building Inspector's office
for approval and conversion of the building permit to SFMI's
corporate name. SFMI's permanent staff will carry out the necessary
work to finish this essential part of this production line.
Mill Update
An expansion of the mill building is almost completed and the
addition of equipment for a flotation line. This will allow for a
total extraction of all precious metal on the total 30,000 plus
tons of tailings stored on our Murphy property and will produce
approximately 3,000 tons of high grade concentrate ready for
processing through this proposed leaching line.
The Company's fall shareholder meeting will be held at the
Company's Diamond Creek Mill facility and all present will be able
to see the on-going progress at SFMI. The date and time for this
shareholders meeting will be forthcoming in a subsequent
release.
Mr. Pierre Quilliam, CEO Silver Falcon Mining, Inc., "After
months of planning, budgeting and consulting, SFMI will begin
drilling. This is an exciting time in the history of corporate
operations. Now, SFMI can move forward with a comprehensive drill
program. The geological team will be able to evaluate this data
which can provide a detailed resource / reserve calculations of
ore, which I and the rest of the SFMI team believe could either
meet or exceed the historical data on file."
About Silver Falcon Mining, Inc.
$SFMI has mineral rights to approximately 2,000 acres on War
Eagle Mountain in southern Idaho. Its Diamond Creek Mill is
situated at the foot of War Eagle Mountain and is serviced by 6.2
miles of paved roads from State Highway 78. It maintains year-round
access to the Sinker Tunnel which will facilitate underground
mining of the rich veins crisscrossing the mountain above. SFMI
hires and retains a mining oriented local workforce.
On behalf of the Board of Directors of Silver
Falcon Mining, Inc.: Pierre Quilliam, Chief Executive
Officer
For further information, contact Mr. Richard
Kaiser, Investor Relations, 757-306-6090 and/or
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.
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Contact: Rich Kaiser Investor Relations 757-306-6090