Kootenay Gold Joins Alberta Star's Bid to Acquire One of the Worlds Largest Producers of Silver-the Sterling Mining Company & the Sunshine Silver Mine
March 8, 2010
(Source: MARKETWIRE)Alberta Star Development Corp. (the "Company") (TSX VENTURE: ASX)(OTCBB: ASXSF)(FRANKFURT: QLD) is pleased to announce that has entered into a letter agreement with Kootenay Gold Inc. ("Kootenay"), whereby the Company and Kootenay have agreed to cooperate in a joint bid to acquire a 100% interest in Sterling Mining Company ("Sterling") and its assets, and provide for financing of Sterling's continuing operations and development. The Company is a "qualified bidder" under the Sterling plan of reorganization.
STERLING MINING COMPANY-THE SUNSHINE MINE
Sterling's "Sunshine Mine" located near Coeur d'Alene, Idaho, USA, has been one of the world's largest producers of silver, having recorded production of over 360 million ounces of silver since 1904. A 2007 Canadian "National Instrument 43-101- Standards of Disclosure for Mineral Projects" report (the "Report") by Behre Dolbear & Company estimated remaining resources as follows:
-- Measured and Indicated resources of 31.51 million ounces of silver in
1.43 million tonnes at 21.8 ounces of silver per tonne
-- Inferred resources of 231.5 million ounces of silver in 2.28 million
tons at 101.6 ounces of silver per tonne.
A qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon. The Report can be found under Sterling's profile with the U.S. Securities and Exchange Commission and available in Canada at www.sedar.com.
Sterling is currently a debtor-in-possession in Chapter 11 Bankruptcy in the District of Idaho, U.S.A. Sterling is engaged in the business of acquiring, exploring, developing and mining mineral properties primarily those containing silver and associated base and precious metals. Sterling operates the Sunshine Silver Mine in Idaho and has exploration projects in Idaho, U.S.A. Sterling was incorporated under the laws of the State of Idaho on February 3, 1903 and its common shares are currently listed on the (OTCBB: SRLMQ).
THE GROUP-ALBERTA STAR & KOOTENAY GOLD
Alberta Star and Kootenay both maintain strong balance sheets, maintain seasoned and qualified management in both exploration & underground mining. Both companies are seeking to fulfill their stated mandates of creating long term shareholder value through the discovery of base and precious metals and by acquiring additional world class, advanced stage exploration and production projects.
