news from RS
posted on
Jun 02, 2011 09:50AM
(Edit this Message from the "Fast Facts" Section)
Silver Falcon Mining, Inc.'s (SFMI) President Provides Operational Update
Silver Falcon Mining, Inc. (OTCBB: SFMI) acquired the War Eagle Mountain
property mining rights on the basis of its extensive gold/silver vein systems
through a multi-year lease agreement from GoldLand Holdings, Co. (OTCBB: GHDC).
These properties are well documented in historical archives, and many
mineralized zones are over one mile in length. Over the last 7-months, due to
lack of geological expertise and access to the mountain due to weather
inaccessibility, the Company's focus shifted from the exploration potential of
the mountain to the processing of tailings. Realizing the need for personnel
with mining experience, the Company hired Roger Scammell, a great asset, with
over 40 years of experience in the Northern and Central American mining
industries. Roger has been associated with four exploration successes, two of
which are now producing mines.
From management's perspective, the processing of the current tailings stockpile
is of secondary importance to that of the exploration potential. It was, and is
intended to prepare and fine tune the mill to extract gold and silver for
further production and future acquisition. At the current throughput and
anticipated grades, any cash flow that the mill generates is intended to augment
the Company's finances. In the interim, it is the intention of the Company, to
secure higher grade material from the existing dumps/tailings to increase the
Company's cash flow. Once it has been re-determined which dumps contain economic
mill grades, a program of removal and transport will be closely monitored to
ensure that QA/QC (quality assurances and quality controls) is strictly
enforced. The Company intends to ensure that only worthwhile material for
processing is delivered to the plant to ensure quality and promote further
revenue streams.
Beginning July 2011, the Company will embark on a two-year aggressive
exploration program. This project will focus primarily on the Sinker Tunnel
(Sinker) and the surface of War Eagle Mountain. On the surface of War Eagle
Mountain, the Company will begin with its Great Western property, located at the
northern portion of the Oro Fino-Mahogany/Red Bird Mineral Trend Zones. Since
last year, due to snow cover, there has been no opportunity to advance the
surface exploration. Once the mountain is accessible, the company will conduct a
geological and sampling mapping program. This will lead to the definition of
favourable veins and mineralized structures that will require follow-up diamond
drilling later in the year. The Company is in the process of acquiring necessary
permits, which are being processed expeditiously. In preparation, for the
exploration program, available data is being compiled on the claims currently
leased by SFMI from the BLM (Bureau of Land Management) and GoldLand Holdings,
Co. At the same time, another key aspect to the growth of the Company is the
acquisition of additional mineral claims and lease agreements for the numerous
other existing areas on the mountain.
The re-habilitation of the Sinker is well underway and the entire tunnel and
cross-cuts are now accessible. The vein structure is very well exposed along the
cross-cut extending along the tunnel from the Oro Fino in the north to the
Mahogany/Redbird in the south, a distance of approximately 7,720 feet. The
Sinker will not only provide year- round access to this principal vein but also
allows an opportunity to explore it and other parallel structures. Since the
Sinker is located below and along the Oro Fino, Golden Chariot, Cumberland,
Minnesota, Mahogany and Red Bird vein structures, this would allow the
development of these mines below the existing workings.
President, Mr. Roger Scammell said, "At a recent Board of Director's meeting,
management was given full support and the budgets were approved to proceed with
the Company's businessplan for the coming year and I wish to thank them
personally. The Company is well financed to achieve its objectives and I look
forward to the upcoming exploration programs which should give this Company the
necessary requirements for obtaining listings on other North American and
European stock exchanges. As always, I thank all shareholders at SFMI for their
on-going support."
Silver Falcon Mining, Inc. (OTCBB: SFMI) 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.