SILVER FALCON MINING (SFMI)REPORTS TOTAL TONNAGE RESTATED;
UPDATES MILL CONSTRUCTION.
New York, NY -- (MARKET WIRE) -- 03/25/09 -- Silver Falcon Mining, Inc. (OTCBB:SFMI.PK - News)
today corrects the tonnage over the amount of tailings, on War Eagle Mountain, available to be processed at the Company’s mill in Melba, Idaho.
The Company previously stated reserves of 202,000 tons of tailings on the mountain, waiting to be taken to SFMI’s mill in Melba. After discussions with the transport contractor, it appears that the quantities measured on the tailings piles were quoted and understood to be in tons, when they were in effect quoted in cubic yards. This results in an approximate 50% increase in real tons (2200lbs/ton), making the reserves approximately 303,000 tons. Based on SFMI previously reported assays on tailings, dated July 16, 2008, the Company had an average grade of 5.1 grams/ton Au and 72.7grams/ton Ag.
Due to unforeseen building code and permitting issues, the opening of SFMI’s mill has been delayed as construction deficiencies and changes are handled. The Company now plans the opening of the Melba mill in late April with projections of revenue in June of this year. Management remains committed that once revenue begins, a 15% NSR (Net Smelter Return) will be utilized for the previously announced stock buy-back program,
January 5, 2009.
Mr. Pierre Quilliam, President, states, “We apologize for the previous erroneous tonnage report and the unforeseeable construction delay of the Melba mill. We believe we are on track for mill commencement in April. And this recent increase in tailing tonnage exceeds our initial assessment; we are happy knowing this tonnage increased upwardly in value. SFMI remains committed to shareholder value and integrity over its corporate administrative functions, mining plan, and milling operations.”
Further Information contact Rich Kaiser, Investor Relations, YES INTERNATIONAL 800-631-8127; www.silverfalconmining.com .
Silver Falcon Mining cautions that 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