Friday, August 21, 2009

Sunshine Mine: Sterling Silver takes the keys, MSV.v, SNS.v, HUI, XAU, SSRI, SLW, ASM.v,, KTN.v, EPZ.v, CZX.v,

" We still see a remote opportunity of reincarnation of Sterling Mining for its shareholders in the form of out of court arrangements with debentures issued to creditors and Minco Silver taking Sterling Mining effectively over as a subsidiary in a share exchange. By the SNS Silver price indication our take is that not a lot of people would like to be in the boat with fast guns any more."

"Sterling takes the keys

Posted: Friday, Aug 21, 2009 - 08:46:36 am PDT


Staff writer

BIG CREEK — At 12:05 p.m. Wednesday, Sterling Mining Company took possession of the Sunshine Mine from Sunshine Precious Metals, Inc.Sterling Spokesman Bob Higdem said Chief U.S. Bankruptcy Judge Terry L. Myers ordered Friday, Aug. 14, for SPMI to give the Sunshine Mine property back to Sterling. There were plans to meet with SPMI representatives on the Sunshine property at noon, he continued, but no such members arrived. Sterling representatives waited a brief period before Higdem walked on the premises and obtained keys from SPMI security personnel.
“That was short and sweet,” Joe Guardipee with Sterling said.Higdem then said that a team of security would be established while qualified experts in the field assessed the property to determine the condition of assets. “They’re former Sunshine workers who know what to look for,” he explained.February was the last time the mine was evaluated, Higdem continued, and one of the main concerns is how much groundwater has filled up the holes in the property.“We believe at the current rate it measures between nine and 14 inches per day,” he added. “We hope to have pumps going as soon as possible, but that will take time.” Higdem declined to estimate the value of the property and said this issue is still being debated between the property owners (SPMI) and the lease holders (Sterling). Prepping the mine for freezing temperatures will also need to be taken into consideration, he stated, and Sterling already has an 11-person team of knowledgeable personnel picked to work full time on assessing and preparing the property. “These are things that need to be examined,” Higdem said"
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