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News Releases
| | April 30, 2007
Sterling Tunnel Completed Ahead of Schedule at Sunshine Mine
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Wallace, Idaho - April 30, 2007 - (BUSINESS WIRE) - Sterling Mining Company (OTCBB: SRLM) today announced that the 5,700 foot Sterling Tunnel Project at the Sunshine Mine has been completed ahead of schedule. The Sterling Tunnel begins on the west side of the Mine north of the Jewell Shaft at an elevation of 2,742 feet. It connects at a point approximately 1,200 feet below surface to the Polaris Drift-Silver Summit Tunnel which continues another 5,850 feet to the Silver Summit Shaft on the east side of the mine and then another 5,225 feet to the Silver Summit portal, or east side mine entrance.
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Raymond DeMotte, Sterling's President commented "This was a major project. It is with great pride that I can announce that it has been completed on time and, from our early examinations, on budget, which was cause for a nice little celebration for our crew!"
Development on the Sterling Tunnel project was initiated in January of 2006. Atlas Fausett Contracting of Osburn, Idaho performed all mining work and their crews began underground diamond drilling in October of 2006.
Together the two workings create a new secondary escapeway from the Silver Summit hoist area and improve the ventilation capacity of the Mine as a whole as well as provide a secondary escapeway required for any production from the Sterling Tunnel area.
"The Sterling Tunnel has also been the anchor of our Upper Country exploration strategy designed to access highly prospective areas that were previously under-explored or not accessible. The drilling program targets areas identified in our 2003-2005 exploration programs, as well as older workings and adjacent areas that were previously not explored due to historical boundaries. Continuous drilling is underway as part of an initial 60,000-foot program with approximately 25,000 yet to go in 2007," stated Sterling's Mine Manager, Mike McLean.
Ray De Motte further commented "Exploration and development work within the Upper Country areas is being done concurrently with work to renovate the Silver Summit shaft and hoist which is required to return lower levels of the mine to production scheduled to begin in December 2007. In addition to diamond drilling, near term plans for the Sterling Tunnel include development intended to cross-cut projected vein structures identified by diamond drilling and gain access to old workings for the purpose of bulk sampling hand-sorted backfill."
About Sterling Mining Company
Sterling Mining controls the Sunshine Mine, currently forecasted to begin production in December 2007, and related exploration lands in the prolific Silver Valley of northern Idaho. The Company also holds several silver properties in Mexico, including the Barones Tailings Project in the Zacatecas Silver District. Shares of Sterling Mining Company trade on the OTC Bulletin Board under the symbol "SRLM" and also on the Frankfurt Stock Exchange under the 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
Cathy Hume, CEO
Tel: (416) 868-1079 x231
cathy@chfir.com
To receive Sterling news via email, please email Alison@chfir.com and specify "SRLM news" in the subject line.
This press release does not constitute an offer to sell or a solicitation to buy securities, and contains forward-looking statements regarding the Company within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements are based on assumptions that the Company believes are reasonable but that are subject to uncertainties and business risks. Actual results relating to any and all of these subjects may differ materially from expected results. Along with additional underground rehabilitation and restoration of site facilities, the timetable for the continuing work program anticipates production beginning in December 2007. If we are able to stay on schedule with the mine work and obtain the funding, equipment, and qualified operations personnel as needed for the work program, we believe production by December is doable. Factors that could cause results to differ materially include economic and political events, the ability to raise capital in the financial markets, and other factors discussed in the Company's periodic filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2006 and subsequent 10-Q and 8-K filings.
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