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News Releases
| | December 12, 2005
Sterling Mining to Begin Underground Drill Program on Untested Silver Summit-Polaris-Sunshine Ground
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| | Wallace, Idaho - December 12, 2005 - (BUSINESS WIRE) - Sterling Mining Company (OTC: SRLM) announced today that it is installing utilities in the Silver Summit - Polaris Tunnel to commence a multi-hole underground diamond drill program aimed at increasing resources in the Company's Sunshine Mine property in Idaho. This program will initially consist of 3,000-4,000 feet of diamond drilling into the Yankee Girl Vein which is some 2,000 feet south of the Sunshine Vein. The target area underlies geophysical anomalies identified in 2003 and 2004 and has had minimal exploration due to property positions which existed until Sunshine purchased the Silver Summit (Consolidated Silver) property in 1995. Drilling in this location has been made possible by rehabilitation work completed earlier in the year in the Silver Summit and Silver Dollar Tunnels.
"The initiation of the underground exploration program is a significant part of our overall mine plan to return to long- term sustained production, our principal objective. For decades the district focused on "deeper is better" and, while generally correct, the reality is that some of district's historical bonanza grades were found in relatively shallow ground," said Mike McLean, Sterling's mine manager and former manager of the Sunshine mine.
Sterling has been expanding its position around the Sunshine mine and in the district generally. This has resulted in the Sunshine Mine not being constrained as it was historically by intervening land positions; thus, we have in our mine planning and land exploration, territory the former operator was not able to effectively integrate into their activities, Mr. McLean said.
This current drill program is part of Sterling's ongoing 2005-2006 exploration plan that includes a surface geophysical investigation on Merger ground south of the Silver Summit, underground vein and stope examinations of portions of the Sunshine and West Chance veins on the Jewell Shaft side of the mine and the Yankee Girl vein on the Silver Summit side of the mine, as-well-as unprecedented research and review of the mine's extensive database to further expand exploration activities and assist the mine planning during 2006.
In addition to categorizing and evaluating historical reserves, Sterling's Chief Geologist, Jeff Moe, is analyzing and modeling vein projections and extensions throughout the mine. The next area targeted for drilling in 2006 is the eastern projection of the Sunshine Vein on the Polaris Mine 1000 Level. This is directly east of what was the heart of production for the Polaris Mining Company in the 1930's and early 1940's. Limited by historic property boundaries and ownerships, comprehensive exploration of this area was never pursued. Ores identified in the upper levels of the mine could be developed quickly with rubber-tired LHD (load-haul-dump) equipment and mined at a lower cost than anywhere else in the district.
Mr. McLean also noted that investigation of conditions underground in September and October revealed that 3100 and 3000 Levels were in excellent condition, as were the adjacent ramp systems in the West Chance and Sunshine production areas. Current lower mine planning is focused on development to replace the No. 3 Shaft portion of the primary ventilation exhaust system between 3100 and 2700 Levels. This development is also being designed to access historic Sunshine reserves around No. 4 Shaft, explore unmined ground adjacent to No. 3 Shaft and create access to explore 2900 Level and above.
Sterling Mining Company controls the legendary Sunshine Mine, the richest silver mine in American history with more than 360 million ounces of production over the past century. The Company also holds several properties in Mexico, including the Baroness Tailings Project in the Zacatecas silver district, which began production in 2005. Sterling stock trades on the OTC Market Exchange under the symbol "SRLM". Please visit the Sterling website at www.sterlingmining.com for more information.
Certain statements contained in this press release are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on beliefs of management as well as assumptions made by and information currently available to management. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results.
For more information contact:
Sterling Mining Company
Raymond De Motte, (208) 666-4070
www.sterlingmining.com
Investors Relations Contacts:
Cavalcanti Hume Funfer Inc. (CHF Inc.)
Olav Svela, Vice President & Account Manager,
Tel: (416) 868-1079 ext: 242
olav@chfir.com
If you would like to receive press releases via email contact Alison Tullis at Alison@chfir.com. and specify "Sterling press releases" in the subject line. |
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