Tuesday, February 24, 2009

Legendary Sunshine mine has been lost or maybe it looks like stolen finally from Sterling Silver shareholders. SRLM.ob, SNS.v, MSV.to

Very dodgy play from SNS Silver SNS.v and David Greenway, they can make more money selling "Manual how to get cheap a mine" then mining. Sterling Mining SRLM.ob was always struggling and Sunshine mine deserves better management, but this combination which looks like outright stealing is too much. We guess that lawsuits to follow Minco Silver MSV.to is defenetly not happy, will somebody stand for Sterling Mining shareholders? Chain of events included signing of merger agreement between Minco Silver and Sterling Mining in summer 2008, Minco gave Sterling 5 mln dollars loan. In September Minco dropped the transaction, but loan stayed with Sterling secured by all assets including Sunshine mine lease. Clever Mr Greenway came into picture late 2008. His team joined Sterling's Board and in a short order Board pronounced drop of lease of Sunshine mine. Guess who gets the lease the very next day after it - you know it already: Mr Greenway and SNS Silver.
January 12, 2009Sterling Mining Names John Ryan As President, CEO Mr Greenway joined the Board of sterling Mining.
http://www.kitco.com/pr/1267/article_02232009094844.pdf Minco Silver Foreclosure on Sterling Mining.
http://www.kitco.com/pr/1267/article_02242009094117.pdf Minco Silver Comments on Sterling Mining NR.
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Feb 23, 2009 -- Mr. David Greenway, President and Chief Executive Officer of SNS Silver Corp. ("SNS" or the "Company") (CDNX:SNS.V - News) announces that it has entered into an agreement with Sunshine Precious Metals, Inc. ("SPMI") to assume operation of the Sunshine Mine.
Sterling Mining Company, the prior lessees, abandoned the Sunshine Mine to SPMI on Thursday, February 19th at their 9:00 a.m. board meeting because of their lack of funds and inability to maintain the properties as required.
Immediately following the abandonment, SPMI reached a tentative agreement with SNS to take over operation of the historic Sunshine Mine to preserve the integrity and safety of the mine. SNS is currently negotiating a formal lease or purchase of the property, and will provide care, maintenance and security of the mine on behalf of SPMI until negotiations are concluded. Effective February 19, 2009 at 1:00 p.m., SNS assumed all utility expenses and provided personnel and security to the mine site.
Robert Mori, President of SPMI, commented, "Preserving the safety and integrity of the mine has always been our primary concern." He further commented: "We are pleased to be working with the owners of the Crescent Mine, as they share our concern for the integrity of the property, protection of the environment and the economic value that the mine can provide to the local economy and the State of Idaho. Mr. Mori further commented: "We are pleased to be working with the owners of the Crescent, as they are an adjacent mine, and exhibit the utmost in honesty and integrity both as professional businessmen and their stewardship of the beautiful properties that make up north Idaho."
In addition to Sterling Mining Company's financial inability to maintain the Sunshine Mine, it is understood that various creditors have filed legal actions against Sterling Mining Company. When asked as to the impact of these actions by the Creditors, David Greenway, President and CEO, commented, "It is my understanding that these actions have no impact on SNS. Our negotiations have been solely with the owners of the property, and they (SPMI) have informed us that as far as assignment of the lease between SPMI and Sterling have never been approved by SPMI." (as required by the agreement between Sterling and SPMI)
Changes to the Board of Directors
John Ryan has resigned from the Company's Board of Directors effectively February 18th, 2009. Mr. Ryan has decided to focus his attention on his responsibilities with Sterling Mining Company and has, therefore, decided to step down as a director of the Company. All options granted to Mr. Ryan will be cancelled immediately. David Greenway, CEO, commented, "We are sorry to lose Mr. Ryan from our board of directors and wish him success in his future endeavours."
Everything is getting even more interesting when Minco Silver has declared:
Minco Silver wishes to clarify and respond to Sterling's February 23, 2009 news release, in order to protect the value of the Sunshine Mine for the creditors and Sterling's shareholders, Minco Silver has offered on several occasions to step in and cure any potential defaults and to maintain the Sunshine Mine Lease in good standing including any applicable lease payments and to maintain a care and maintenance program. This offer by Minco Silver is still in effect.
Why nobody at Sterling used this opportunity?
Al Korelin is not getting well into this picture with his reputation.
"Mr. Korelin has worked with mining and resource companies for the past twenty years as both an advisor and a Director and he has been involved with the Silver Valley Mining Association in Idaho for the past five years. Mr. Korelin founded A.B. Korelin and Associates, specializing in U.S. Securities and Exchange Commission regulatory compliance filing for foreign-based public mining companies. Mr. Korelin is also the host of the Korelin Economics Report, an internationally syndicated radio program dealing with finance and politics. Mr. Korelin holds an MBA from the University of Puget Sound in Finance and International Trade and a Bachelor of Arts Degree in Economics."
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