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News Releases
| | December 22, 2005
Sterling Mining Shareholders Overwhelmingly Endorse Motions at Special Meeting
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| | Wallace, Idaho, December 22, 2005 - Sterling Mining Company (OTC: SRLM) announced today that shareholders at a special meeting yesterday voted in favor of management's two proposals by a decisive 92% of the votes cast.
The most significant of the motions approved at the meeting was for an authorized increase in the number of shares of common stock to 40 million shares from the current 20 million. Approval of the motion allows the Company to raise capital (when and as needed) to implement Sterling's three-phase plan to return the Sunshine Mine to long-term sustainable production. Sterling has assembled a highly experienced team and gathered local mining consultants who have guided Sterling's progress on the project since June 2003.
Sterling President Ray Demotte stated that at the meeting over 85% of Sterling's issued and outstanding shares were voted. The Company reports that in most cases these shareholders have held their stock for many years.
Sunshine Mine Manager Mike McLean stated that "the operations team at the mine appreciates shareholder support and that morale at the mine is running high." Mr. McLean noted that the Company recently added two new employees to the re-development team. Both are Sunshine veterans each with over 25 years mining experience. We expect to continue hiring in 2006 as the needs of the rehabilitation and startup dictate, he said.
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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| | You can view the Next News Releases item: Tue Jan 24, 2006, Sterling Mining Starts Upper Country Underground Development at the Sunshine Mine
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