Yesterday SFMI stock price opened the market above its 50- and 200- day moving averages and reported a total gain of 18.75% at the end of the day. SFMI closed at $0.19 on the almost three times the average trading volume of 3 million shares. Technically, the stock has improved its parameters, as it seems on the press release from the yearly morning, and maybe also on the trading alerts sent out afterwards and probably expected to continue during the week.
Silver Falcon announced that it has shipped to a smelter 508 pound of concentrate, from which 283.3 lbs of dore bars were produced and would now be examined for gold and silver content. According to the announced at the end of October contract with the smelter, the company is supposed to sell the concentrate produced so far from the processing of tailings from previous mining activities to the smelter in exchange for cash.
It has not been mentioned what amount of cash is expected to come in and the first revenues are again postponed for the forth quarter of this year. Despite the still missing value estimates, yesterday the share price of SFMI stock looked like a true milestone event has happened. The inventories of SFMI, consisting of concentrates and stock piled ore, have according to the latest 10-Q a value of about $560,000.
According to the third quarter report, Silver Falcon is still in the first Start-up Phase of the development of its property and does not have enough cash to start the second Confirmation Phase that is supposed to take 18 months and should cost $4.5 million.
