SILVER FALCON MINING (SFMI) Purchases Land for Mill Site.
Murphy, Id. -- (MARKET WIRE) -- 06/23/09 -- Silver Falcon Mining, Inc. (OTCBB:SFMI.PK - News) acquires 20 acres of property at the base of War Eagle Mountain, Idaho. Management purchased this land parcel, located in the City of Murphy, Owyhee County, Idaho, on Ridge Road, the main road to Silver City, Idaho. The Company paid a total of $200,000US with payment terms; $25,000 at closing, $25,000 in 6-months, and the remaining balance paid-off over the next 10 years.
Immediately, management approved plans to commence a build-out of a 2,400 sq. foot warehouse structure as its mill facility at this Ridge Road location; contractors have been hired and permits are being pulled for this project.
Management and the Board of Directors of SFMI decided to move the mill circuit from its intended mill building location in Melba, Idaho for a number of reasons as follows:
1) The building at the Melba site was found to have numerous unacceptable deficiencies and the cost for such renovations out-weighed its benefits of operation. The Melba site was rented and could only be purchased at a premium above renovation cost.
2) Silver Falcon Mining, Inc. 100% owns this property and forthcoming building.
3) Approximately 45% less cost in fuel charges, transportation reload fees, and other mining/mill fees associated with the Company's new Ridge Road mill location.
An on-site web camera has been purchased and this will allow shareholders and other interested parties to visually review the construction status once the Company's webmaster completes the technical integration on to www.silverfalconmining.com.
Mr. Pierre Quilliam, President of Silver Falcon Mining, Inc., said, "We are very excited to start production at our 100% owned facility. We have a cadre of competent and dedicated associates under contract and are very excited at the prospects laid out before us. Mill installation and operation should be completed and start by September 2009 or sooner, thanks to the support and dedication of our contractors William Earl and Kim Moon. We look forward to a very rewarding year in 2009 both financially and operationally. SFMI appreciate your shareholder support and patience as we finally resolved this mill building issue."
Silver Falcon Mining, Inc. is an exploration and development Company specializing in high-grade Gold and Silver mining properties in North America.
Further Information contact Rich Kaiser, Investor Relations 800-631-8127 and/or the Company at 941-761-7819, 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.
ENDS
Investor Relations
Yes International Ltd.
Attn: Rich Kaiser
3419 Virginia Beach Blvd., #252
Virginia Beach, VA 23452
Tel: 757-306-6090 |
