, Inc. (SFMI) Subsidiary Announces New CEO
BRADENTON, FL--(Marketwired - Nov 4, 2013) - Silver Falcon Mining, Inc. (OTCBB: SFMI) provides statements regarding the Company's organization.
Corporate Structure
Following hints of major corporate structural changes during last month's Annual General Meeting at SFMI's mill site in Idaho, Mr. Pierre Quilliam, Chairman, said:
"Everybody recognizes the great achievements of the past five years in establishing a state of the art mill in Murphy Idaho. The Diamond Creek Mill, will, in the near future, become self-supporting as a result of TOLLING contracts which are being finalized for milling of ores from third party mining operations. Details will be forthcoming after signature of the contracts.
We expect to begin floating our 37,000 tons of dump material on-site and have the resultant concentrate containing high values of precious metal (GOLD & SILVER) leached using the Merrill Crowe process at a nearby facility during this current month.
Although this will be a positive step in the financial position of SFMI, the question of mining the resources of War Eagle Mountain still appeared as a major effort requiring financing not available to SFMI at present. Therefore the Board realized that an injection of new blood was required.
Effective immediately, the Company's subsidiary, 'PALMIRS INC' will legally become Silver Falcon Exploration, Inc., a wholly owned subsidiary of SFMI. The SFMI Board will appoint Mr. Leliever a well-known Canadian figure in the mining industry as Chief Executive Officer of the newly named entity. He will direct development of the mountain from his Canadian office, while our legal office will arrange for a working visa to allow him to direct operations on-site.
Mr. Leliever is tasked with the creation of the proposed instrument N43-101 assisted by Hanych Geological Consulting Ltd (HGC), a firm of impeccable reputation. Mr. Leliever will also responsible for a drilling program inside of and on the surface of the War Eagle Mountain. Silver Falcon Mining Inc. will provide backup and support to Silver Falcon Exploration Inc.'s working in the area."
Mr. John Leliever said, "I am excited about the future prospects of War Eagle Mountain and look forward to working closely with Mr. Quilliam and his team at SFMI. What SFMI has achieved in just a few short years with the development of the mill and its strategic positioning is impressive. It is also important to note that Mr. Quilliam and the Company's Board decision to bring in outside assistance reflects the company's acknowledgement that they are ready for the next phase of operations."
Silver Falcon Exploration plans on retaining Hanych Geological Consulting Ltd (HGC) to proceed with the proposed instrument N43-101. The president of HGC, Mr. Walter Hanych, will act as lead consultant in the exploration and development of War Eagle Mountain. He has worked as a professional geologist for over 35 years and has held senior positions in private and public mineral exploration and development companies at both the technical and corporate level. His experience and knowledge with various gold geological environments will provide an invaluable contribution in the mountain's development. Mr. Hanych will work closely with Mr.Leliever to plan and undertake the programs necessary to advance the project.
About Silver Falcon Mining, Inc.
SFMI has mineral rights to approximately 1,300 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 above it and will provide the area population with employment and services.
For further information, contact Mr. Richard Kaiser, Investor Relations, 757-306-6090 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.
