The best defence is attack. Is it guys from SNS Silver caught with a double deck are pressing charges or Sunshine Precious Metals, Inc., "owner of the fabled Sunshine silver mine in northern Idaho" is trying to get themselves out of criminal charges to follow - as victims, maybe from both sides? It is a great news in any case! SNS Silver Chicago style play will be apparent to any investigation and last management of Sterling Mining have never really thought about shareholders. Any transparency will benefit the situation with the mine ownership and who and how has defrauded shareholders of Sterling Mining. We are waiting for a civil and criminal actions against all involved parties from Sterling Mining shareholders, who were apparently silent victims so far during Sunshine Mine stealing attempt. As we have mentioned before we have enough business risk in this business to have any scam messing around. It could be a show case for mining property rights, which will confirm or disillusion us about rule of law in Idaho.
KELLOGG, Idaho--(BUSINESS WIRE)--Sunshine Precious Metals, Inc., owner of the fabled Sunshine silver mine in northern Idaho, will pursue all legal remedies at hand to regain control of the property and seek civil and criminal remedies against those who have worked to defraud or otherwise encumber SPMI's rights.
“The time has come for us to seek both civil and criminal actions against those parties we believe conspired illegally against our interests and the interests of the Sunshine mine, its workforce, and Sterling's shareholders,” said SPMI president Robert Mori.
Mori continued, “As a property owner and, since 2003 a major shareholder in Sterling, we seek full disclosure and exposure of the relationship between former Sterling Mining Co. acting CEO J. Kenny Berscht, current Sterling CEO Roger Van Voorhees, and Minco Silver Corp. of Vancouver, B.C., which latter entity claims an interest in the Sunshine mine lease adverse to the interests of SPMI.
“We demand that the Canadian and U.S. exchanges, by and through their federal regulators, investigate and report to the public the cozy relationship that developed between Minco, Berscht and Van Voorhees commencing during the summer of 2008 and continuing today.
“It is clear to us that Minco and one or more Sterling directors conspired to bankrupt Sterling Mining, in attempt to acquire rights to the Sunshine mine for $5 million, not for the $15 million plus shares for a total transaction value of $62 million that the proposed merger between Minco and Sterling called for Minco to pay in their joint July 23, 2008 announcement,” Mori said.
Mr. Mori quoted a Feb.24, 2009 article by Minco consultant Robert Moriarty appearing on the website 321gold.com: “For a total of about $6 million in a loan and expenses, Minco Silver is going to end up with a 10-year lease on the famous Sunshine mine with 231.5 million ounces of silver in resources.”
“This is clear proof to me that Minco sought to acquire rights to the Sunshine for one-tenth what they had originally agreed to pay to Sterling's shareholders, and it's obvious to us that Minco had inside help from one or more Sterling directors,” Mori said.
“Sunshine Precious Metals also wants explained to us and other Sterling shareholders, and to the public, the dual role that TD Securities of Toronto played in representing both companies while it brokered the Minco-Sterling merger deal last summer, especially in light of the fact that Sterling directors were presented with better merger options than the one TD, as Sterling's advisor, advised them to take with their client, Minco,” Mori continued.
“As owners of the Sunshine mine, we demand to know the nature of the financial relationships Minco has now, and has had in the past, with Mr. Berscht and Mr. Van Voorhees, and whether it is either ethical or legal for Minco Silver to have been consulting privately with Berscht and Van Voorhees, including receiving from them confidential minutes of Sterling directors' meetings last winter, while Berscht and Van Voorhees were ostensibly working on behalf of Sterling's shareholders as Sterling board chairmen,” Mori said.
“Minco and Sterling officers and directors are conspiring deliberately to cloud SPMI's ownership rights, and to impede out efforts to maintain the Sunshine mine in operating condition and return it to production with SNS Silver Corp. as operator. We stand ready to work with law enforcement on both sides of the U.S.-Canada border to ensure that those who would, for personal profit, endanger Sunshine's future, are fully exposed and appropriately punished,” Mori concluded.
Contacts
for Sunshine Precious Metals, Inc.Carlos Betancourt, +521 662 124 05 29"
“The time has come for us to seek both civil and criminal actions against those parties we believe conspired illegally against our interests and the interests of the Sunshine mine, its workforce, and Sterling's shareholders,” said SPMI president Robert Mori.
Mori continued, “As a property owner and, since 2003 a major shareholder in Sterling, we seek full disclosure and exposure of the relationship between former Sterling Mining Co. acting CEO J. Kenny Berscht, current Sterling CEO Roger Van Voorhees, and Minco Silver Corp. of Vancouver, B.C., which latter entity claims an interest in the Sunshine mine lease adverse to the interests of SPMI.
“We demand that the Canadian and U.S. exchanges, by and through their federal regulators, investigate and report to the public the cozy relationship that developed between Minco, Berscht and Van Voorhees commencing during the summer of 2008 and continuing today.
“It is clear to us that Minco and one or more Sterling directors conspired to bankrupt Sterling Mining, in attempt to acquire rights to the Sunshine mine for $5 million, not for the $15 million plus shares for a total transaction value of $62 million that the proposed merger between Minco and Sterling called for Minco to pay in their joint July 23, 2008 announcement,” Mori said.
Mr. Mori quoted a Feb.24, 2009 article by Minco consultant Robert Moriarty appearing on the website 321gold.com: “For a total of about $6 million in a loan and expenses, Minco Silver is going to end up with a 10-year lease on the famous Sunshine mine with 231.5 million ounces of silver in resources.”
“This is clear proof to me that Minco sought to acquire rights to the Sunshine for one-tenth what they had originally agreed to pay to Sterling's shareholders, and it's obvious to us that Minco had inside help from one or more Sterling directors,” Mori said.
“Sunshine Precious Metals also wants explained to us and other Sterling shareholders, and to the public, the dual role that TD Securities of Toronto played in representing both companies while it brokered the Minco-Sterling merger deal last summer, especially in light of the fact that Sterling directors were presented with better merger options than the one TD, as Sterling's advisor, advised them to take with their client, Minco,” Mori continued.
“As owners of the Sunshine mine, we demand to know the nature of the financial relationships Minco has now, and has had in the past, with Mr. Berscht and Mr. Van Voorhees, and whether it is either ethical or legal for Minco Silver to have been consulting privately with Berscht and Van Voorhees, including receiving from them confidential minutes of Sterling directors' meetings last winter, while Berscht and Van Voorhees were ostensibly working on behalf of Sterling's shareholders as Sterling board chairmen,” Mori said.
“Minco and Sterling officers and directors are conspiring deliberately to cloud SPMI's ownership rights, and to impede out efforts to maintain the Sunshine mine in operating condition and return it to production with SNS Silver Corp. as operator. We stand ready to work with law enforcement on both sides of the U.S.-Canada border to ensure that those who would, for personal profit, endanger Sunshine's future, are fully exposed and appropriately punished,” Mori concluded.
Contacts
for Sunshine Precious Metals, Inc.Carlos Betancourt, +521 662 124 05 29"
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