SILVER FALCON MINING (SFMI)
Announces Correction on Previous Earnings Estimates
BRADENTON, FL -- (MARKET WIRE) -- 09/11/08 -- Silver Falcon Mining, Inc. (OTCBB:SFMI.PK - News) today apologizes for the erroneous projected earnings estimates, on the War Eagle Project made in a press release on August 22nd 2008. Due to miscommunication between the various parties involved in the calculations and interpretation of the various assay results, a serious understatement of the contents and value of the recoverable precious metals was published and is now being rectified.
It appears that with our state of the art machinery and based on a 70% recuperation of the total precious metals, we have estimated reserves, based on a Gold price of $800 dollars an ounce and a Silver price of $12 dollars an ounce, Silver Falcon Mining has $49 million dollars of proven reserves based on an average of the precious metal contents assayed in some 4 dumps, out of 16, accessible now on War Eagle Mountain. However since it is economically feasible to re-circulate the 30% of waste product towards an economical extraction, of the raining metals in content, a larger figure is expected to result from the operation. Ahead of start up of production at its Melba mill, contracts have been let out for transport, which will begin shortly. A combined transportation and milling expected cost of $150 dollars an ounce is due to the fact that the ore in the tailings has already been mined and the mining extraction costs had been added erroneously in the previous press release.
Mr. Pierre Quilliam, President of Silver Falcon Mining, Inc, said “We are sorry to have understated the value of the precious metals available to us, but at the same time feel elated at the results”.
Silver Falcon Mining, Inc. is an exploration and development Company specializing in high-grade Gold and Silver mining properties in North America.
For further information contact Investor Relations, Rich Kaiser, YES INTERNATIONAL, 800-631-8127.
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.
Yes International Ltd.
Attn: Rich Kaiser
3419 Virginia Beach Blvd., #252
Virginia Beach, VA 23452