SOURCE: Silver Falcon Mining, Inc.

SFMI, War Eagle Mountain, Idaho, Gold, Silver, Mining

June 16, 2010 12:15 ET

Silver Falcon Mining, Inc. (SFMI) Makes Mining Lease Payment to GoldCorp Holdings Co.

MURPHY, ID--(Marketwire - June 16, 2010) - Silver Falcon Mining, Inc.'s (OTCBB: SFMI) management announces that its first lease payment has been made to GoldCorp Holdings Co. (OTCBB: GHDC). SFMI, using the proceeds from the historic tailings, made this first payment (approximately $83,000 US) under the terms of the lease agreement with GHDC. Future payments will go on for the length of the contract covering the War Eagle properties in Owyhee, Idaho.

Silver Falcon Mining, Inc.'s mill opened April 14, 2010 and became fully operational on May 17, 2010.  Current milling operations produce gold/ silver concentrate from the historic War Eagle Mountain tailings. The byproduct concentrate is shipped to a smelter where it becomes dore bars. At the Company's choice, the bars can be sold for cash based on prevailing gold commodity prices or stored for sale at a later date.

Pierre Quilliam, CEO, states, "The Company continues to meet its scheduled commitments in terms of operational status. This payment, made about two-weeks ahead of the schedule payment date of July 1, 2010, demonstrates to GoldCorp Holdings, Co. that Silver Falcon Mining, Inc. has the ability to be a fully functional and committed mining operation."

Further Information: contact Rich Kaiser, Investor Relations, 800-631-8127

SFMI 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.

Contact Information

  • Contact:
    Rich Kaiser