SILVER FALCON MINING, INC. (SFMI)
ANNOUNCES ITS FIRST SALE OF BULLION DORE, STOCK BUY-BACK INITIATED.
Murphy, Id. -- (MARKET WIRE) -- 11/08/11 -- Silver Falcon Mining, Inc. (SFMI)
announces that it delivered 136 ounces of BULLION DORE to its contracted refinery, Republic Metals Corporation, and has subsequently received payment on this first delivery. The Company sent a portion of its bullion dore stockpiled to confirm and initiate its contract with Republic. The outlined refinery process, the professionalism, and the price structuring were very advantageous to SFMI. This initial delivery will be followed by regular shipments of stockpiled 'Bullion Dore.'
The refinery's assays on the 'Bulllion Dore' delivered, closely matched SFMI's Diamond Creek assay laboratory results, with the checked assays sent to Chris Christopherson, Inc., Kellogg, Idaho, a third-party external laboratory that verified these Company's results. Once verification was certified, Republic Metals Corp. made payment to SFMI.
At present, the Company is using temporary facilities on site to smelt its ore concentrates and produce 'Bullion Dore' bars. Once the secure smelting facility is completed, and equipment and personnel permanently relocated, information about inventories and other particulars will be reported in SFMI's filings. The security and well-being of our employees remains a commitment at SFMI; until then, numbers will only be presented in forthcoming required US SEC filing reports.
To date, the Company processed approximately 9,500 tonnes of tailings to produce 10 tonnes of concentrate containing gold/silver. Various modifications are being made to the mill to further improve the precious metal recoveries and reduce water consumption. Mill assays performed on through-puts and concentrates revealed that further precious metal recovery is possible. Mill engineers have taken steps to increase recovery percentages, furthering production values.
Commenting on the start of a revenue stream from the mill complex, SFMI's Chief Executive Officer, Mr. Pierre Quilliam, commented, "After 2 years of ceaseless efforts by the officers and staff of our entire operation, we are somewhat humbled and elated by the realization that a milestone has been passed in the development of our Company. Four years ago, the Company contracted to develop 172 acres of a promising Gold and Silver extraction venture and showing revenue already is a grand accomplishment. The start of revenue into our current quarter assures our shareholders that the waiting is over and that they will be able to proudly follow our Company's fiscal and upward progression in the quarterly and year-end reports to be filed with the US SEC."
As mentioned in past communications, a 15% holdback from proceeds received will be sent to SFMI's stockbroker for the purpose of buying back SFMI's shares out of the open market and retiring them to treasury. Shares bought in total aggregate will be reported in subsequent US SEC filings.
As of November 2, 2011, the Company's shares where once again trading on the OTCBB-Over the Counter Bulletin Board market. FINRA accepted the Company application to commence trading on the OTCBB, and SFMI would like to thank all parties who participated in getting this application approved.
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