SILVER FALCON MINING, INC. (SFMI)
ENTERS INTO A REFINERY CONTRACT WITH INTERNATIONAL PRECIOUS METAL REFINERS.
Murphy, Id. -- (MARKET WIRE) -- 08/04/11 -- Silver Falcon Mining, Inc. (SFMI)
has entered into a 3-year “Toll Refining Agreement” with International Precious Metal Refiners (IPMR) for the refining and sale of its Bullion Dore produced at its production center in Murphy, Idaho. IPMR's refining facility at Abu Dhabi, United Arab Emirates, will, at SFMI’s request, take possession of the precious metal in Murphy, Idaho and transport it to their location. Settlement will occur two days after completion of sampling by IPMR and acceptance of SFMI's assay results. The first shipments of Bullion Dore will likely weight approximately 1,500 Troy ounces, as well as subsequent shipments. Management will use its discretion on refinery shipments based upon prevailing commodity prices and/or the capital requirement needs of the Company.
Mr. J.P. Rosso, Senior Vice President of IPMR, said, “IPMR is pleased to announce that Silver Falcon Mining has signed a three (3) year refining agreement with IPMR. Under the terms of this agreement IPMR will provide toll refining of gold and silver dore for Silver Falcon’s rapidly expanding output from their Murphy, ID, mill and mine operations.”
The Company evaluated a number of domestic and international refiners and chose IPMR. IPMR has an impeccable reputation and they will be providing immediate interactions, as necessary, with SFMI’s management regarding production platforms, delivery schedules, transportation needs, security concerns, secure payment processing, and other refinery services.
Pierre Quilliam, CEO of SFMI, states, “We have now completed the circle by bringing the ore from the mountain to the mill, treating and extracting the precious metals out of it, then smelting and producing Bullion Dore which will then be shipped and sold to our contracted refinery for immediate or later sale as directed by management.” He further stated, “This will also transform SFMI from an investment dependant corporation to a revenue producing entity and will allow it to grow its bottom line. Our shareholders allowed us to go forward in the past and will now be rewarded by having a stake in a young and vibrant corporation involved in one of the most exciting business segment of the time. As I related before, the mill circuit, as configured, will allow SFMI to create capital from the sale of Bullion Dore, as well as ready the whole production line to handle prime ore from the underground veins of War Eagle Mountain. Our near-term efforts include augmenting our production capacity to produce more gold and silver from the old works on War Eagle Mountain and our long term efforts go towards the identification and the extraction of the ore bodies hidden inside the mountain.”
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. The Company employs from a local and skilled mining oriented local workforce.
On behalf of the Board of Directors of Silver Falcon Mining, Inc.:
Pierre Quilliam, Chief Executive Officer
Silver Falcon Mining, Inc. (SFMI:OTCBB) 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/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.
Yes International Ltd.
Attn: Rich Kaiser
3419 Virginia Beach Blvd., #252
Virginia Beach, VA 23452