Silver Falcon Mining, Inc. (SFMI) Acquires Mining Rights for $16.8 Million
BRADENTON, FL -- (MARKET WIRE) -- 11/01/07 -- Silver Falcon Mining, Inc. (PINKSHEETS: SFMI) and GoldCorp Holdings, Co. today jointly announced that they have reached a development and production-sharing agreement regarding the production of gold and silver from property owned by GoldCorp Holdings, Co., which owns the land and mineral rights to 14 deep-shaft mines on War Eagle Mountain in southern Idaho, which cover the mountain's primary epithermal Gold and Silver-producing veins. War Eagle Mountain has produced approximately 415,000 oz of Gold-equivalent to date, worth $270 Million.
The mines owned by GoldCorp Holdings, Co. are adjacent to the open-pit Gold and Silver mines of DeLamar Mountain and Florida Mountain, each owned by Kinross Gold Co. and are south of Boise, Idaho in the Silver City Mining District. The DeLamar Mountain open-pit operation has reportedly produced approximately 67 Million oz of Silver, and 1 Million oz of Gold, worth $1.6 Billion.
Silver Falcon Mining, Inc., in return for the right to develop and operate the mines, has agreed to pay GoldCorp Holdings, Co. $16.8 Million. In return, Silver Falcon Mining, Inc. will receive 85% of the gross bullion refined from the mines, with 15% to be paid to GoldCorp Holdings, Co. as a royalty. Silver Falcon Mining, Inc. will assume production and development responsibilities immediately.
Mr. Pierre Quilliam, President of Silver Falcon Mining, Inc., said, "This is an exciting moment for the shareholders of Silver Falcon. We are definitely appreciative of the patience and support our shareholders have shown over the last year. We have already begun the process of hiring the necessary personnel and the acquisition of the equipment we will need to begin initial production on the mountain in fiscal year 2008."
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 about SFMI and this release, contact Rich Kaiser, Investor Relations, YES INTERNATIONAL, 800-631-8127 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.
Yes International Ltd.
Attn: Rich Kaiser
3419 Virginia Beach Blvd., #252
Virginia Beach, VA 23452