|
News Releases
| | October 02, 2006
Sterling Mining's Pine Creek Properties to be Explored by Aura Silver
|
| | Wallace, Idaho - October 2, 2006 - (BUSINESS WIRE) - Sterling Mining Company (OTC: SRLM) has entered into an agreement with Aura Silver Resources to explore Sterling's Pine Creek properties. Sterling's Pine Creek claims lie adjacent to the New Bunker Hill Mine property.
Once the terms of this agreement are completed, Aura Silver will have exploration rights as well as access to Sterling's extensive geological database on the Pine Creek District of the Silver Valley in order to assess the data and generate new exploration programs by 2007. Exploration will fall within the defined area of interest and may extend into areas beyond Sterling's current Pine Creek land holdings.
"Less than 15% of this area has previously been explored using modern geochemical and geophysical methods. This agreement with Aura Silver will expedite and support our existing exploration efforts in the Silver Valley concurrently with work being completed to advance the Sunshine Mine to long-term sustained production by early 2008." stated Sterling Mine President, Ray De Motte.
The terms of the agreement are that Aura Silver will provide exploration expertise and conduct the exploration programs from 2006 to 2010 to earn a 50% interest in certain mining claims. Subject to TSX Venture approval, during the first year, Aura Silver has committed to exploration expenditures of US$200,000 and the issuance of 150,000 common shares. During the four year earn in period, at Aura Silver's option, exploration expenditures would total up to US $3 million and the issuance of up to an additional 850,000 Aura Silver common shares.
If a NI 43-101 compliant deposit of greater than 25 million ounces of silver is discovered, Sterling Mining will become operator to develop and mine the deposit.
About Sterling Mining Company
Sterling Mining controls the historically significant Sunshine Mine and related exploration lands in the Silver Valley of North Idaho. The Company also holds several silver properties in Mexico, including the producing Baroness Tailings Project in the Zacatecas silver district. Sterling Mining trades on the OTC Bulletin Board under the symbol "SRLM" and also on the Frankfurt Stock Exchange, trading symbol "SMX."
FOR FURTHER INFORMATION, visit the Company's website at www.SterlingMining.com or contact:
Sterling Mining Company
www.SterlingMining.com
Raymond De Motte, President
Tel: (208) 666-4070
CHF Investor Relations
www.chfir.com
Mara Strazdins B.Sc.Geol.
Tel: (416) 868-1079 ext. 222
mara@chfir.com
To receive Sterling news via email, please email Alison@chfir.com and specify "SRLM news" in the subject line.
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. |
| |
| | You can view the Next News Releases item: Wed Oct 4, 2006, Sterling Mining Acquires Exclusive Rights to Big Creek Tailings Facility
You can view the Previous News Releases item: Tue Sep 19, 2006, Sterling Mining Receives Prestigious Safety Award at the Sunshine Mine
You can return to the main News Releases page, or press the Back button on your browser.
|
|
