Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
Silver Falcon Mining, Inc. brings its shareholders up to date on the company’s work-in-progress at its mill/mine in Murphy, Idaho.
Smelter and Refinery Update
Silver Falcon Mining, Inc. has received a conditional use permit on its application for a building and for operating a smelting complex on the site of its Diamond Creek Mill in Murphy, Idaho. Building plans have been submitted for approval by the county and tenders have been put out for erection and commissioning of its permanent assay laboratory and smelter complex on the already prepared high security area. Even though the smelter complex building has yet to be completed, the company has a temporary secure location that is being readied for July 2011 smelting of its stored ore-bearing concentrates into bullion dore.
An agreement has been reached in principle with a foreign refinery and contracts are being drawn up to finalize the last stage of what will be a revenue producing operation; details on this agreement and subsequent sales of bullion dore will be forthcoming in ensuing releases.
Mill Update
The mill is producing steadily with minimum interruptions, kept in reserved for planned insertion of new equipment and maintenance on the current mill circuit. During the past six months, the Diamond Creek Mill facility has processed material for a total of 2,800 hours or 67% of the available time elapsed based on 24/7 operations. The installation and commissioning of the clarifier tank, belt press, and flocculent mixers will do away with the outdoor ponds and their associated maintenance. The indoor self-contained pond will significantly lower milling operating costs.
A coming expansion of the mill building and the addition of another line of ore processing equipment, will allow for an increase in precious metal output with the anticipation of only a very small increase in operating costs, if any.
Sinker Tunnel Update
Work in the Sinker Tunnel has been completed and subject to MSHA’s inspection and ongoing approvals, SFMI will start its exploration phase by drilling under the direction of the company’s President, Mr. Roger Scammell, P. Geo. and of an independent geologist who will produce a43-101 based on his observations and studies of the core drilling in War Eagle Mountain. Exploration will be conducted under strict QA/QC protocols including mineralized standards, half of all sampled core will be retained for future reference, and analyses will be performed by SFMI’s laboratory on site and by an Independent laboratory to be named at the beginning of core drilling operations.
Read the full news release here
