Silver Falcon Mining, Inc. (SFMI): Poorman Mine Tailings Show Significant Recoverable Values
Posted on: Friday, 30 November 2007, 06:00 CST
Silver Falcon Mining, Inc. (PINKSHEETS: SFMI) today released the results of an independent sampling study conducted on the Poorman mine's tailings of War Eagle Mountain, a gold/silver property.
The survey of the waste dumps was performed by D.A. Yeager, and C.K. Ikona, of Pamicon Developments, Ltd. "The dumps were created in the 1800s with ore that was considered low in value and was stockpiled for the day when metal prices were higher. Generally speaking, the cut-off value for ore to be further processed and transported to the refinery was 2 ounces of Gold per ton. The ore that did not meet this requirement was stockpiled. It seems apparent, both from a perusal of the history of the mines and from the results of the preliminary sampling, that the mineral reserves of War Eagle Mountain were by no means exhausted," wrote Mr. Yeager.
Initial findings estimate that probable recoverable gold and silver metals from the tailings stockpiles could exceed 19,200 Gold oz, and 221,440 Silver oz, or approximately $19 Million gross ore value.
Mr. Pierre Quilliam, President of Silver Falcon Mining, Inc., added, "The tailings stockpiles are a minor part of the overall picture. They do, however, represent a potential short-term source of cash-flow; and could be processed to offset general development costs of the mines on the Mountain. We will begin processing the stockpiles in the spring of 2008."
He further adds, "War Eagle Mountain's ore sampling results to date (taken in conjunction with exploratory drilling), and the actual previous production figures, reinforces the opinion that the extensive mineralized fault trend, underlying the nearby DeLamar Mountain and Florida Mountain open-pit mines, clearly extends to War Eagle Mountain."
Silver Falcon Mining, Inc. is an exploration and development Company specializing in high-grade Gold and Silver mining properties in North America.
For further information on this release, contact Rich Kaiser, Investor Relations, 800-631-8127.
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.
Contact: Rich Kaiser Investor Relations 800-631-8127
SOURCE: Silver Falcon Mininig
Source: MARKET WIRE
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