🕐04.08.11 - 15:54 Uhr
NEWS OUT(GOLD):SFMI.OTCBB-SILVER FALCON MINING- PRECIOUS METAL REFINERY
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SFMI:OTCBB
Silver Falcon Mining, Inc.
(SFMI) Enters into a Refinery Contract with
International Precious Metal Refiners
Bradenton, Florida August 4, 2011 - Silver Falcon Mining, Inc.
(OTCBB; SFMI)
has entered into a 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.
IPMRs refining facility at Abu Dhabi, United Arab Emirates, will, at SFMIs
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 SFMIs 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.
Mr.
J.P.
Rosso, Senior Vice President of IPMR, said, IPMR is pleased to
announce that Silver Falcon Mining has signed a three (3) year refining
agreement with IPMR.
Under the terms of this agreement IPMR will provide
toll refining of gold and silver dore for Silver Falcons rapidly expanding
output from their Murphy, ID, mill and mine operations.
The Company evaluated a number of domestic and international refiners and
chose IPMR.
IPMR has an impeccable reputation and they will be providing
immediate interactions, as necessary, with SFMIs management regarding
production platforms, delivery schedules, transportation needs, security
concerns, secure payment processing, and other refinery services.
Pierre Quilliam, CEO of SFMI, states, We have now completed the circle by
bringing the ore from the mountain to the mill, treating and extracting the
precious metals out of it, then smelting and producing Bullion Dore
which will then be shipped and sold to our contracted refinery for immediate
or later sale as directed by management. He further stated, This will also
transform SFMI from an investment dependant corporation to a revenue
producing entity and will allow it to grow its bottom line.
Our shareholders
allowed us to go forward in the past and will now be rewarded by having a
stake in a young and vibrant corporation involved in one of the most
exciting business segment of the time.
As I related before, the mill
circuit, as configured, will allow SFMI to create capital from the sale of
Bullion Dore, as well as ready the whole production line to handle prime ore
from the underground veins of War Eagle Mountain.
Our near-term efforts
include augmenting our production capacity to produce more gold and silver
from the old works on War Eagle Mountain and our long term efforts go
towards the identification and the extraction of the ore bodies hidden
inside the mountain.
About Silver Falcon Mining, Inc.
SFMI has mineral rights to approximately 2,000 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.
The Company employs from a local and skilled mining oriented local
workforce.
On behalf of the Board of Directors of Silver Falcon Mining, Inc.:
Pierre Quilliam, Chief Executive Officer
For further information, contact Mr.
Richard Kaiser, Investor Relations, at
757-306-6090; email: and/or
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.
If you have received this release in error or would like to be removed from
further notifications, send REMOVE-SFMI to or
call 757-306-6090
SFMI.OTCBB