Silver Falcon Mining, Inc. (SFMI) Moves Forward With Sinker Tunnel Exploration Program and Provides Other Operational Updates
BRADENTON, FL -- (Marketwire) -- 12/14/11 -- Silver Falcon Mining, Inc. (OTCBB: SFMI) announces that a bid request will be tendered for underground exploration services for the Company's Sinker Tunnel project. The successful bidder will provide a comprehensive cost-service breakdown for blasting and drilling on the proposed project. A sizable chamber at the far end of the Sinker Tunnel is necessary, whereas a drill room will be created to provide drilling equipment access and mobility. Once the drill room is completed, SFMI plans on drilling 5,000 feet, using both RVC-reverse circulation drilling and diamond core drilling methods on predetermined geological targets within the Sinker.
The Company further states that its Canadian National Instrument 43-101- Standards of Disclosure for Mineral Projects is progressing under the direction of a third party contracted geological team, with the expectation of it being filed with the necessary Canadian regulatory agencies sometime during the first quarter of 2012.
The Company confirms that deliveries of 'Bullion Dore' have been made so far this year, producing revenue as per their planned operations. Total revenue amounts will be included in the year end filing (10K) with the United States Securities and Exchange Commission (US SEC). Deliveries of dore will ensue throughout 2012.
On December 7, 2011, a FORM S-1 Registration Statement was filed with the US SEC. This registration, pending exchange approval, allows SFMI to exercise, at its discretion, a line of credit provided through Centurion Private Equity, LLC.
The Company's Diamond Creek Mill Facility has begun to process the 15,249 tons of ore brought down this year from War Eagle Mountain. This ore, combined with the material already on site at the mill, will enable SFMI to carry on uninterrupted mill production until the weather allows road access to the top of the mountain again next spring.
Additionally, GOLDLAND HOLDINGS CORP. 's (OTCBB: GHDC) management has granted SILVER FALCON MINING, INC. an additional 18-month deferment on rents and royalties owed per terms and conditions of its lease agreement. Both Companies have agreed to a deferment without accrued interest within the first 9-months of this agreement. At the end of 9-months both SFMI and GHDC will review operational status and make further adjustments, if needed.
The smelter facility is progressing as planned and the building should be ready to receive the various components of the laboratory and the furnace room, along with ancillary equipment shortly.
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.
Further Information contact: Rich Kaiser, Investor Relations, 800-631-8127 and/or visit http://www.silverfalconmining.com.
SFMI cautions that statements made in press release constitute forward-looking statements, and makes no guarantees of future performance and actual results/developments may differ materially from projections in forward-looking statements. Forward-looking statements are based on estimates and opinions of management at time statements are made.
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Contact:
Rich Kaiser
800-631-8127
