Silver Falcon Mining, Inc. (SFMI) Reports on Its Diamond Creek Mill Production and War Eagle Mountain Mining Activities
May 03 2012 - 9:15AM
Marketwired Canada
Since June 2011, Silver Falcon Mining, Inc.'s (OTCBB: SFMI) comprehensive daily
assays on mill feed into the Diamond Creek Mill gravity circuit have proven
precious metal values and production ratios. The Company's management has
positively identified the precious metal content from both its sources and its
recoveries out from the mill circuit. Daily assays of the mill feed average 4.38
g/ton Gold and 16.44 g/ton Silver. As a result, the Company has, on site,
approximately 30,000 tons of partially processed ore containing a large dollar
amount of precious metals. Recoverable ratios should greatly increase upon the
recently announced addition, to the mill site, of the closed circuit leaching
unit. Currently, and at such time when the leach system is operational, ore
bearing concentrate is being converted into Bullion Dore Bars. The Company's
deliveries and sales of Bullion Dore continues as planned, and will keep
increasing, both in size and value during the coming months. Revenues as such
will be reported in the Company's forthcoming US SEC filings.
The existing mill building has been extended by a total of 40 linear feet and
upwards by an extra 10 feet to accommodate the new equipment brought online
during this past winter, and to allow for the proposed installation of the
flotation unit which will greatly increase the quality of the concentrate
produced by the gravity circuit. This concentrate will be accumulated for
processing in the future closed circuit leaching unit.
In 2010, as a result of a survey of portions of War Eagle Mountain, GoldLand
Holdings Co. (OTCBB: GHDC) allowed its "Unpatented" Placer Claims to lapse, and
reapplied for new "Unpatented" Lode Claims covering the same veins. Due to human
error, these "Unpatented" claims had been registered under the SFMI inventories
of claims. Thus, the "Unpatented" Placer Claims previously known as Great
Western #1 through 4 and Cape Horn #1 are now known as Western Horn #7 through
14, which are Unpatented Lode Claims. The "Unpatented" Placer Claims previously
known as GoldLand #25 and 26 are now known as Western Horn #3 through 6, which
are "Unpatented" Lode Claims. The "Unpatented" Placer Claims previously known as
GoldLand #13 through 15 are now known as Diamond Creek #5, 6 and 8, which are
"Unpatented" Lode Claims. These new "Unpatented" Lode Claims were erroneously
titled in SFMI's name, but have been transferred formally to GoldLand. As of
now, SFMI and GHDC have an internal contract which ascertains the separation of
claims between the two entities. The formal transfer of ownership rights on
these particular claims will be registered with the Bureau of Land Management
(BLM) in late summer 2012.
The Board of Director's commitment to the share buy-back program, so far, has
had a negligible effect on reducing share dilution which has increased from the
funding of operations to date. But, due to SFMI's long-term commitment to the
program, the expected results in reduction should be obtainable in the long-run.
SFMI has a number of permitting applications underway concerning water
management at both the Diamond Creek Mill and War Eagle Mountain designated
mining areas, for the additional leaching unit to the mill, and for overall site
management of designated mining properties. Some of these permits should be
issued in the short-term, while other permits need more time for the various
federal, state and local municipalities to evaluate the permit applications. As
each required permit becomes necessary, the Company will apply for and observe
the appropriate directives for above and/or underground work at the Sinker
Tunnel, the Diamond Creek Mill and other key targets throughout War Eagle
Mountain.
Pierre Quilliam, CEO, states, "A well-known and proven supplier of closed
circuit leaching processes has been selected and equipment components have been
selected, contingent upon the successful permitting of the leaching system from
the necessary agencies. The Company continues to move forward and in the ensuing
months ahead these numerous Company activities and endeavors should add to the
on-going success at SFMI."
Silver Falcon Mining, Inc. (OTCBB: SFMI) is a producer, developer and explorer
of mineral resources, 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, 757-306-6090,
http://www.silverfalconmining.com.
SFMI cautions that statements made in press releases 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.