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No assay results for the month of June yet??? few if any reports of activity at the mill/smelter/tunnel/permitting/drilling??? Are we still waiting on the money from the big boys? Third quarter will be over before we know it. Geomine
IW You may be right that the 40,000,000 is somehow going to be paid to the drilling contractor, But,There are a lot of expenses associated with a drilling company and there never is a lot of extra cash laying around to pay bills. The contractor would need to be a large company to float those expenses, and large contractors do not often work that way. It could happen, but I would not bet on that. I guess we just get to wait and see what happens over the next month or so if we are going to get the surface drilling done this year, and drilling inside the tunnel is not going to happen until they get the rest of the bolting done and room for the rig to operate completed. I thought the last idea was that the big money boys that the Board was lining up were going to put up the money for drilling (maybe they are the ones getting the stock)? Geomine
well the new marketing guy just posted something on his blog about SFMI. Looks like a rehash of same old story that has been told in all the other paid advertizing media that SFMI wasted money on. It even has the 800 lb silver nugget story that has been told so many times, by SFMI and by other miners who claim bigger nuggets in Colorado.I really don't see how anyone that is a real long investor in this or any other mining company can believe all that Hype. While I am long, I now view my investment as speculation, and although I will keep my stock, I think I would have done better just taking it to Vegas. Geomine
There is a lot of stuff being posted here, both running down and building up the potential here, From my point of view, most of this is speculation and a lot of it is wrong. First for the permitting. They received the building permit from the county for the smelter, vault, building that we see being built in the background of several of the most recent photo. There were some taken, but not posted on this board last week. Looks about the same as the last photos we saw here. They are in the process of receiving an Air permit from the state to operate the crushing, milling generators and small furnaces that they have on site. Based on the permit, looks like they will not be increasing the mill crushing operations much if any. They have almost completed the add on building for the floatation unit. From an operations stand point, we should not expect much more than they have been able to process in the past. With the floatation unit they may recover more, but will need to wait for the leach system to get the gold and silver out into a dore bar. As for the leach permit the DEQ web site says it will take 6 months to process the permit once the application is received. We have no info on if the permit has been filed. At this point, we should not be expecting the system to be on line by the end of the year.
Hiring of people: I have assumed in the past that most of the employees were contract not actually employees. Even the Geologist were not employees, as Rick Walker works for a number of different mining companies. Hiring of full time people would be a plus, but??? I don't think they have the money.
Mining of new ore: This is a long way out. According to an individual that talked to the locals, there is only 2000 feet or so of the tunnel that has been bolted and screened. So it is unlikely that there will be any mining this year.
Drilling; No snow on the mountain, so they could be drilling if they had the money. The permits for exploration drilling are very easy to get, so permits are not the hold up. Money is the problem, they do not have the cash to drill and pay the Q's and the other consultants. SO, All we can do is wait and see what happens by the end of the year. Geomine
Someone removed my cheese from the board?? Anyway, I guess we can all expect the stock to really go up if one person is buying a million shares. Since all the longs are hoping that there will be more than one person buying, could you tell us when you make a purchase so we can see if it is you or other investors. Geomine
Well you must know a lot more about blogs than I do, and I really don't know who follows Stuart Fine's blogs, I am not interested in what blogs, twitter, paid commercials, reality shows, etc say avout this company. I invested in SFMI and GHDC because I think there is silver and gold in commercial grades still left in War Eagle Mountain. Blogging, twittering, paid commercials, etc will not get real investors interested, maybe penny investors, but not the big boys. They like to make their investments based on drilling, ore reserve calculations and cost of mining, recovery, royalties, smelting and final profit. This is really just more of the same BS. Geomine
What is a real PR firm? and why would SFMI need another electronic media company? I am sure that Carpe Diem will try , but what can they do? With all that new money that we have coming in from the deep pocket investors and AS's deep pockets, why do you need more info to follow on twitter, etc. What is needed is put the money into the exploration budget, hire a drilling contractor, geologist and get on with the program. Geomine
Does anyone know if the mill was operating during the month of May?? I do not see any assays posted on the web site. Geomine
This is the second application for the air permit. The first permit which they received several years ago, which you can read on the DEQ web site, for the Diamond Creek Mill was for a portable crusher. How much of the original equipment was associated with Bill Earl?? The most interesting thing is that there is no smelter or leaching system mentioned in this permit application. Geomine
went back and checked the math on the information contained in the April 2012 permit application for the mill. I was wrong in saying there would have been very little gold. Looks like they are saying they brought down 20,000 tons of tailings per year for three years, or 60,000 tons. If they have processed all of that and they are getting .5 oz or better gold per ton then that is about 30,000 oz of gold. even if they are only recovering 15% at say 1500 per oz, then that would be over $6,000,000??? Something not right here. None of the numbers seems to add up to what they say. Really time for them to issue some type of pr to clear up all the stuff they say they are doing or not doing. Geomine
In march 2012 Silver Falcon Mining filed an Air Permit application with the Idaho DEQ for the Diamond Creek Mill. The application was for the mill and lab, did not mention a smelter. Looks like the permit application is for just what they have now (processing tailings, no mention of ore), and the application stated that they had processed
about 20,000 tons of tailings per year for the last 3 years. If that is true, and the assays are correct, and the recovery rate is as stated, then they have not processed or recovered very much gold and silver, so probably don't have a lot stored or shipped? Wonder why this info was not sent out in a pr? Filing for a permit sounds like a big deal. Also, do not know if there was a public hearing on this permit. Anyone local know anything about this. Geomine
Yes, this is a small amount of funding and will not support the administrative overhead, that is why I said if this money does not go into a drilling program (and without more funds it will not drill enough to support a good reserve calculation) then we are going to be trouble. But any funding is good news, may not be enough good news or funding, but at least it is some funding. I am not buying more stock on the news, just holding what I got. Geomine
I am glad to see some money being invested in this. Now we can all hope that the money will be invested in a drilling program. If this money does not go into a drilling program, then I think those of us who have been holding the stock will be in deep trouble. Hopefully we will see some results in the third quarter. Geomine
Carmine, that will be good news when it happens. I see that there is a prediction for .25 in the short term. Do you have a date for that short term. Even though I have faith that there is gold and silver in the mountain, I have decided that it it ever goes to .25 that I will cash out so give me a date that I can take that vacation. Geomine
All of us that have bought and held our stock are betting or hoping that SFMI will at some point pay off. BUT anyone claiming that they will find gold and silver ore that averages over 300 oz per ton has to have been drinking. That kind of talk just reinforces the idea that SFMI is a scam. Geomine
Mont20: Your do not need RS. While apparently he is a capable Geologist, there are many good mining geologists available. In addition, you do not need a geologist to do the milling and smelting. you need a good mining engineer to design the mine development plan and a good chemical or mining engineer to tell you how to process the ore. In fact, if you talk to anyone in the mining industry, they would have told them what to do (just do what the big boys do). I was told during my research that PQ was told by several people that his original idea that he was going to process the gold and silver without leaching and he was going to sell the concentrates to some one to smelter was not going to work. This project is not rocket science. The exploration methods are well known to mining geologist. They know how and where to drill and how to calculate ore reserves. Once this is known, a mining engineer can design a mining plan to take out the most ore at the lowest cost. Then a chemical leach system can be designed. You need to know how much ore is to be mined, the rate at which the ore can be mined, and then design the rate that the processing plant can operated. If you want to see how this is done, look at the shafter mine in Texas. They hired good people, have a good plan, followed the plan and will bring this old silver mine on line this year. They knew before they started, what permits they would need, how big the processing plant should be and how long and what the operation would cost. Geomine
we all know that there is no profit, and we know that expenses have exceeded income (by millions), but as a mater of fact there is some income or revenue regardless of how small. So I think my statement that there has been no significant income or revenue is correct. I think there are so many things wrong with this company, that we do not have to make things worse by not not acknowledging what they have accomplished. Geomine
Look at the sec filings, they have no significant income. Geomine
I don't think they are spending much revenue from the ore tailings, they have not sold very much dore according to their filings. geomine
Southpen: once again, in my opinion, the minority owners whould get paid for the about of gold extracted period regardless if there is a profit or not. Geomine
Southpen: The claims on the mountain are complicated, and it is unlikely that decendents of many of the old claims will be found. BUT, If I own a claim and someone else mines it and does not pay me for the gold (and that does not mean after you take all your big pay checks out) then you will be in a lot of trouble. Again, i am not sure exactly about gold, but if it as other mineral rights are paid before expenses (I own and receive royalties on several oil wells and i get that before expenses), then I am due my gold. As to the new claims, they did not buy them, most of them are all blm land and they just filed a claim with minimum filing fees and annual upkeep fees. Geomine
Southpen: The piles may be free for the taking, one rock at a time, but someone driving a dump truck up to the piles and taking is probably not going to happen. What would they do with it, use it for building material. One load at a time, with no mill, leach system, etc, is not worth much. As to the royalty on gold ore, I am not an expert in this, but most royalty payments are paid on the ore value extracted, not the profit. Geomine
when were the stocks awarded or purchased?, recently or in december 2011??? geomine
$4.5 million profit??. That is an interesting number. They reported they have 30,000 tons of concentrate on hand. They have previously reported they are recovering about 20-25 percent of the gold/silver content. Leaving about 75% in the concentrate stockpiled. They have also reported .60-.65 oz gold equiv per ton in the mill feed. Thus, you could say they originally had around 18000 oz of gold equv in the concentrate and at 20% recovery rate that would be about 3600 oz and if milling, smelting, refining costs were about 400/ton, then at 1550/oz gold that would leave a profit of a little over four million dollars.(does not include admin and consultant costs). really not sure what the reported profit numbers mean. If all of their past prs were true (routine dore shipments, etc) than they would have already accumulated that kind of cash but it was not in the quarterly? In any event, the pr is interesting, but they could have been clear in where the projected profit is going to come from???(sales of already extracted gold/silver??). I would bet money that there will not be a $4.5 million dollar profit show up in the end of year report. Geomine
Carmine, I never said that the company has done nothing, but they have not done much except spend a lot of money on the family and consultants. As far as Al Simon goes, lets see the color of his money to go for the drilling. If after the big meeting next week, and nothing happens that will get to a resource assessment, then I wonder what the next big thing is going to be. What we need here is facts or real progress, not fiction or half truths, or hype. Geomine
carmine: I would like nothing better than for SFMI to obtain funding to complete the drilling and reserve study. But we have been hearing that from you and others for so long that it is like crying the sky is falling. I will believe it when I see the drilling (not just 10 feet or so to say we have drilled) but a real drilling program, developed by a professional geologist/mining engineer, and sufficient for reserve calculations. As I have requested before, if you know this for sure, then post dates that it will happen, I did not get a response the last time I requested that you provide some firm dates for all the things that people claim are going to happen. With some firm facts, this is pure pumping. Geomine
If I had took that advise for the last two years, I guess I would still be staring out in space. What does don't blink mean. Does that mean they will get the money this week, next week, next month , next year or what. Geomine
Garick; The problem is money, with the exception of money they have paid to consultants and to family, they have spent very little money. (yes they have a mill). The things that they need to do cost a lot of money and they don't have any. They need a lot of funds to complete the drilling, tunnel,leach system and smelter. As I have said before, they got the cart before the horse on this, due to their lack of mining experience. They should have done the surface drilling first, completed a reserve assessment and then maybe someone would invest the funds (also assumes that the family gets off the board and hire some full time people with experience). Many of us invested because we thought (and still do) that a lot of silver and gold still exist in the mountain. All they had to do was put real miners on the board and key positions, and complete the reserve study and they would have had the funds. Geomine
Carmine, your posts could have several meanings just like the PRs from SFMI. The questions are direct. How about a direct answer if you know them, if not why not just say I don't know.
So the questions are:
1. When will the drilling on top of the mountain start and how many feet will they drill?
2. When will the drilling inside of Sinker Tunnel start , how many holes and how many feet?
3. When will sinker tunnel be ready for mining or drilling?
4. When will the permit for the leach system be filed?
5. When will the permit for the smelter be filed?
The answer to these questions (if you know them) would be helpful to most of the people on this board. The answer, full steam ahead in June really means nothing. Geomine
LIE??? maybe, but what they do is play a lot of word games, designed to misled the public. Maybe that is a lie, and maybe it is just what people like PQ do. All mis-direction. Regular shipments could mean anything, once a month (what most thought), once ever three months, once each six months or once a year could all be regular. The amount of dore they are selling is a reflection of several things. One, the concentration in the ore is not as high as the original hype had one believe. Two, the mill and concentrate recovery system is not the right system for this ore (most people with mining experience knew this. Three, the combination of one and two led to a relative low volume of gold and silver recovery, so the amount of dore is relatively small. We have known that for some time. All of the discussion of what they are going to do this year is just speculation, most of it it not likely to happen this year, because of the lack of funds. (not that the mill cost have decreased (probably means the mill is not operating. Also note the value of equipment (and lack of dump trucks, loaders, etc.) This equipment was owned by Bill earll and it is unlikely that they will find another local contractor to take over when Bill left off, so they will need cash to pay them. So, SFMI just plays word games. I hope they have some really good ones to tell the people who are to arrive next week so that they can get the money they need to bring this thing on line and make a profit. Geomine
Sorry,but there is not much that is good about this report, but is about what I expected. No drilling in or on top of the mountain. Smelter not complete (not sure if permits have been filed??) $50,000 +++++ from sale of dore bars? O YES, O YES, money going to roll in like honey. They need several million dollars to get the leach system in, and complete the smelter, not counting what they are spending on a monthly basis just to be there and pay the officers and loans, MY bet is they we see nothing of real substance until 4th Q and maybe not even this year. I hope they have a better line for the people meeting at the site next week. Geomine
To give them credit, they have accomplished some things, but little has come from their effort. They are sort of like the gang that could not shoot straight (either with words or actions). They built a mill (does not work right for the type of ore). They should have first conducted a feasibility study, to determine the type of ore and the best method of milling and processing it (they would have found out that the cyanide leach system was what they needed). If they had they would never have constructed what the did. They could have hired a geologis and completed a report on the geology and grades of ores and then outlined a drill program. Did not need RS or any other big name. There are many exploration geologist that do this for a living. There is nothing very complex about the ore bodies on war eagle mountain. They could have contracted with a drill company to complete the surface drilling and filled a 43-101. Instead They rushed out and put together a mill and released PR after PR of good tidings but actually not much more than BS. They have started to work on the tunnel, but have not finished it? Why? The answer to the questions is that all this takes money and SFMI likes to keep that in the family and friends. Geomine
Garick: I agree with you that mining takes time and money. but about the 43-101. SFMI is working on it??? That could mean anything, they have been working on it for some time and they could be working on it next year. If they have a plan and a date, then put it out. If you jdon't have a plan then you can just say, we are working on it.
As far as the leach system is comming?? when is that, it is not really in the governments hands until the permit is filed. If they are going to do that then put out a date, It does not take that long to develop the permit application. If you don't have a plan then you can just say we are working on it.
And SFMI will be doing smelting for outside companies?? OK, they are going to need a permit for the smelter and that takes a while to get. They are going to need professional help on the permit for the smelter and probably for the leach system. Have they hired the consultants to develop these permits (TYPICALLY NEED REGISTERED ENGINEERS). If so then tell us who the consultants are and when will the permit applications be ready. If you do not have a plan or have not hired the consultants, then just say, we are working on it.
And if Mr Allen Simon is going to invest, then let him put up the money, or if we don't know if he is going to put up some money, we can just say, we are working on it.
If people are so sure that this is going to fly, then you must have some date in mind that something will happen. If we are talking about possible drilling, permits, leach systems, etc next year at this time, what will be the reasons then. Maybe SFMI will still be working on it. Geomine
Is it possible to go back to .42???? that would be nice. If it gets back that high, I think I will cash out, but i don't see that anytime soon. Why did this stock take such a quick run from 4 to 40 in early 2010. Well there were some really hyped up PRs. Later, it looks like the hype was too much and they could not deliver and it became clear that they were leading the stockholders on. It is now harder to hype this stock, because now they have to deliver and that will be hard to do in the short term (going to take some time to get the permits for the smelter and cyanide leach system. Anyone know for a fact what the status of the permits are??? I do not think they have been filed. In my opinion, people want to see results,and that takes some money and someone that knows something about mining. Right now they are a little short on both. Geomine
The gov does sometimes move at a slow pace, but the permits that they need have general time limits that the gov has to process these. BUT first SFMI has to file for these permits. So far there has been no press release that states that the permit application for the cyanide leach has been filed. Do not remember them saying they had filed a permit for the smelter. As for as the drilling permits, that does not take long and for mining or drilling in sinker tunnel, do you still think we are waiting on a blasting permit? These prs are just a bunch of BS. Geomine
the $800 in stock sales is not important, I think most of the daily stock sales is stock given to contractors or employees, etc and they are cashing in to meet their bills, we need for simon to put up the money for drilling or completion of the work necessary to get this thing off the ground. A guy worth 350 million could do this in a flash if he wanted to, so when is it going to happen. geomine
sure hope that he invest just a little of that 350 million in drilling. But back to your questions. From what I can find on the man, he does have some money, could not find out how much. At least one poster here claimed he was a billionaire, but if he only has 350 million that is ok, just so he puts it into drilling or completion of the tunnel, mill, smelter, etc and not into the family pockets. He does not need any friends to invest, if he believes, then he can just pay for the completion, when do you think we will hear about that? Geomine
Macod. OK, the money will be nice seems like we would get a pr on that, but it does not take that long to get a permit and they have been talking about a permit for a long time. Also takes a drill rig and at least one Idaho mine signed a contract in January to drill in July. Give me a date that the drill will start to turn on WEM?? Geomine
Macod. I did not say that Al Simon thought it was a scam. I said I thought that mining companies may think it is a scam, because it looks like one with all the family members on board and waste of money by management. In my opinion a mining company wants to see drill results and reserve calculations. I don't know what a person like Al Simon would think of a mining operation, If I see him and his friends invest their money (several million needed) in SFMI then I guess they don't think it is a scam. Do you want to venture a guess when they will put up the money??? If they are going to drill on the mountain this year, now would be the time to get the money and contracts in place. Should we say money in the bank and drilling contracts in place by the end of May?? June?? July?? Geomine
Garick: I also think the glass is half full, and that half is the silver and gold that is in WEM. The problem is that it will take the other half to get that ore out of the mountain and process it. That takes a lot of money. One way would be to complete the exploration phase and file a 43-101 so that potential JV or takeovers could feel confident in their investment. Right now,I think this thing looks like a scam to them and with no proven reserves. The other way would be to complete the mill, mine, smelter and actually mine the mountain, smelt the gold and silver and make a profit (what I was hoping for when I invested). Either way, the Qs seem to be drinking this half of the glass (money need to make this thing go), so until that is stopped,we will just be setting here looking at that half filled glass. The money that is being spent on stock on this board is not going to be enough to do either, until they stop this cash drain. This could have been on line some time ago with all the money they have wasted. Geomine