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Message: NR review re PQ

PQ review taken directly from NRsMarch 21, 2012

Feb/08: ready to “ramp up production”.

Se. 11/08: $49 million in proven reserves”(tailings)

Dec. 4/08: bus. Plan fulfilled…”mill to operate by year end at 100 tons/day”.

Jan. 29/09: “…expect to be in revenue.”

Mar. 25/09: “…apologize for erroneous tonnage reports…”

Apr30/09: “mill construction moves forward at quickened pace… focused on cash generation fro the sale of concentrates from milling…”

Jun23/09: mill being moved to Diamond Creek. ..looks forward to “rewarding year”.

Sept8/09: Chris Quilliam made director. ..an ‘expert’ in IT…” who will organize and develop the 3-D representation of the War Eagle Mountain showing the location and value of each of SFMI’s properties, including old underground workings and location of the veins taken from reliable reports and past drilling programs, and who will be responsible for on-going and future geological developments and interactions with the company’s geologist. “(results to date?)

10/26/09: “ ahead of schedule” atmill…bought more equip to boost production.

1/27/10: completion of mill building.

03/08/10: trades ‘OTC’….”evaluates TSX listing”(two years ago!)

03/17/10: “Announces April 19, 2010 Mill Production Start-Up” (two years ago)

05/04/10: “DIAMOND CREEK MILL FACILITY PRODUCES GOLD/SILVER FOR SALE ON MAY 17, 2010…”mill can now operate at two 10-hour shifts per day, 50 tons per shift (100 tpd-tons per day) on a 30-day cycle; expected mill grades and throughputs to be announced in ensuing releases. The Company anticipates further increases in mill rates in mid-July 2010.”

05/12/10: (SFMI) Announces the Official Start of Mining Operations at the Sinker Tunnel Complex at War Eagle Mountain.SFMI now begins its concentration on mine development to extract the Gold and Silver ore from War Eagle Mountain.”

07/01/10: Diamond Creek Mill Reports Increase in Gold Ore Processing Rates…”Based on the composition of the ore, the current run-rate has been established at 140 tpd (tons per day).”…” At capacity, the mill circuit design can handle up to 500 tons per day which can be obtainable upon the addition of a few other components.”

10/27/10: (SFMI) CONVERTS INVENTORY OF CONCENTRATES TO CASH REVENUE. “Arrangements have been made with a reputable smelting house for this first shipment and sale of five hundred eight pounds (508) of precious metal bearing concentrate, produced from the first 491 hours (approx. 20 days) of mill operations from May 17, 2010. Concentrate is an amalgamation of metals including gold and silver; once smelted the true gold and silver values of this 508 pounds will be realized. This smelt will result in CASH REVENUE that Management believes will be inked in its 4th quarter of operations.

11/18/10: (SFMI) INCREASES DIAMOND CREEK MILL OPERATIONS…Based on today’s report, the mill currently runs at 106 tpd.”

11/30/10: (SFMI) 283 POUNDS OF DORE BARS, PROCEEDS WITH STOCK BUY-BACK PROGRAM. ???

02/03/11: up to December 31, 2010, 1,463 lbs. of concentrate was produced from the Belle Peck ore dump, averaging 185.74 oz/ton gold and 319.54 oz/ton silver….The plant is currently processing 2.5 tons/hour of material based on 2-twelve hour shifts. This current reduced production rate is a direct result of weather issues and reconfiguring the mill for additional installations of components. Once the installation of the belt press has been completed in March 2011, the mill will initially increase to 3 ton/hour or 1500 tons per month. The Company intends to increase output beyond 3 tons/hour upon the successful outcome of mill circuit changes.

03/03/11:“The assay laboratory equipment has been received and will be assembled within the new lab building at or before the end of March 2011.”

05/17/11: (SFMI) RELEASES ITS GOLD PRODUCTION ORE VALUES ON ITS FIRST ANNIVERSARY OF THE OPENING OF ITS DIAMOND CREEK MILL FACILITY…for the first three months of 2011, the Company processed 3005 tonnes of Oso Tailings to produce 2.61 tonnes of concentrate containing an average of 81.19 oz. of gold and 94.97 oz. of silver. ….”Various modification are being made to the mill to improve the metal recoveries”… we are now poised for expansion of the processing capacity.”

06/02/11: Operational update by PQ. …hired roger scammel…focus back on exploration…”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….Beginning July 2011, the Company will embark on a two-year aggressive exploration program. Beginning July 2011, the Company will embark on a two-year aggressive exploration program.”… 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.

06/13/11: CEO Releases Milling Assays and Updates its $7.2M Funding Arrangement

08/02/11: REPORTS FIRST TIME GOLD FLOWS FROM WAR EAGLE MOUNTAIN IN OVER 100 YEARSJuly 28th 2011, The Company smelted 14 lbs. of super concentrate which resulted in its first 555 grams (approximately 17 troy oz.’s) of Bullion Dore that was cast and taken to a secure location for later shipment and sale to an overseas refinery. This marks completion of the commissioning of its Diamond Creek Mill facility in Murphy, Idaho and the start of regular production of Gold and Silver ingots as revenue producing material.” “This pour was a very exciting and invigorating event for all of us involved in the managing and working of the Diamond Creek Mill. I know the deep seated satisfaction felt by everyone of our employees as they realize that their combined efforts made this success possible and I wish to thank them from the bottom of my heart,” said Pierre Quilliam,”

08/04/11:(SFMI) ENTERS INTO A REFINERY CONTRACT WITH INTERNATIONAL PRECIOUS METAL REFINERS.” 3-year “Toll Refining Agreement” with International Precious Metal Refiners (IPMR) for the refining and sale of its Bullion Dore produced at its production center in Murphy, Idaho. IPMR's refining facility at Abu Dhabi, United Arab Emirates, will, at SFMI’s request, take possession of the precious metal in Murphy, Idaho and transport it to their location. Settlement will occur two days after completion of sampling by IPMR and acceptance of SFMI's assay results. The first shipments of Bullion Dore will likely weight approximately 1,500 Troy ounces, as well as subsequent shipments. Management will use its discretion on refinery shipments based upon prevailing commodity prices and/or the capital requirement needs of the Company”

10/18/11: (SFMI) ENTERS INTO A DOMESTIC REFINERY CONTRACT

11/08/11: (SFMI) ANNOUNCES ITS FIRST SALE OF BULLION DORE, STOCK BUY-BACK INITIATED... it delivered 136 ounces of BULLION DORE to its contracted refinery, Republic Metals Corporation, and has subsequently received payment on this first delivery.

11/21/11: (SFMI) GOES OUT FOR CORE DRILLING BIDS, READIES SHIPMENT OF MORE BULLION DORE BARS…”Data collected from drill cores will be used to develop the underground 3D-model of War Eagle Mountain.”(by the IT ‘expert hired for that purpose a few years ago).

02/02/12: DIAMOND CREEK MILL’s 2011 START-UP OPERATIONAL OVERVIEW….Management will, at times in 2012, consolidate precious metal dore shipments to receive the best precious metal prices…Construction on the permanent metallurgical laboratory is progressing slowly due to some design changes and should be completed in the early part of this year. Management has been approached to provide third party toll smelting services, with the opportunity to procure some large contracts…The inspection of the ”Sinker Tunnel “and the bolting of the weak areas on the hanging wall of the tunnel have been put on hold until the Company’s geologists and mine engineer present their drilling plan for both the tunnel and the exploration of War Eagle Mountain, as a requirement to filling out the 43-101 instrument, currently under way. Management is, in the mean time, evaluating the proposed bidders for the finishing of the bolting in the tunnel and the blasting out of the underground areas needed to accommodate the drilling rigs. Mr. Pierre Quilliam, CEO, stated, "It has come to my attention that there were some unreasonable expectations in mill production, which, in its 2011 start-up phase, had operated at low efficiency rates on its reclamation of Gold and Silver particles. This processed material, however, is stockpiled at the mill and this material will be process again and/or blended with current mill feed to recover those metal values. The Company’s mill engineers have corrected such deficiencies in the later part of 2011, and should the Company discover production deficiencies in the recuperation of precious metal going forward, steps will be taken, so as to extract maximum percentages of recoverable gold and silver from the ore. During the 3rd and 4th quarters of 2011, the introduction of the Company’s sophisticated assay laboratory equipment, senior assay lab technicians and additional mill circuit equipment, have greatly improved milling and precious metal recovery operations at SFMI.”

03/01/12: (SFMI) CEO, PIERRE QUILLIAM, ADDRESSES SHAREHOLDERS REGARDING OPERATIONAL MODIFICATIONS AT ITS 100% OWNED DIAMOND CREEK MILL FACILITY, MURPHY, IDAHO, USA

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