Sterling Mining To Voluntarily File For Bankruptcy Protection Coeur d'Alene, Idaho -- March 2, 2009, Sterling Mining Company (OTCB:SRLM) today announced that the Company intends to file a voluntary petition under the provisions of Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court, Coeur d'Alene, Idaho. The Company believes the filing will occur by the close of business on March 3rd, 2009.
Sterling Mining Company has taken these actions after determining that seeking Chapter 11 bankruptcy protection is in the best interests of the Company, its creditors, stockholders and other interested parties in light of ongoing financial challenges and the inability to adequately fund operations and obligations. The Company will be debtor-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Code and orders of the Court.
Roger Van Voorhees, who was recently appointed as President, said, "Unfortunately, the burden of Sterling's debt coupled with recent legal actions against the Company, have limited our ability to restructure using out-of-court vehicles, leaving us with no alternative other than the actions announced today."
Sterling Mining Company has retained Elsaesser Jarzabek Anderson Marks Elliott & McHugh as bankruptcy counsel.
Steve, the problem for Sunshine Mines operators have been its pure silver ore and the silver prices been manipulated down to low prices by the cabals 666banksters gov. - and its a major reason why Sterling Mining Co. (SRLM) run into problems and had to declare chapter 11;
I have owned shares in Sunshine but prefer; to be in USSIF - (e.g., to that US have fair money again and not feds lavatory counterfeits of fiats) -
compared with e.g.; The Galena Mines & U.S. Silver (USSIF)' the Galena Mine silver is the cream on the cake smile and the copper and lead is paying most of the cost smile
January 1, 2009 U.S. Silver Ore Reserves and Resources:
good grade of Cu-copper-Ag-silver ore; Copper-Silver Ore Tons Ag Grade
about Ag 20 (oz/t) Contained Ounces
and about 0.6-0.7 % Cu Contained smile
and good grade of Pb-Lead-Ag-Silver Ore;
appr. Ag 10 Ounces/t and about 10 % Pb Contained smile
www.us-silver.com/s/RandR.asp
43-101 Compliant, Effective March 1, 2009, Coeur Mine Inferred Resource Included imo. tia. God Bless
KOOTENAY WITHDRAWS PARTICIPATION IN SUNSHINE BID; CONTINUES FOCUS ON PROMONTORIO SILVER PROJECT
Kootenay Gold Inc. (the "Company") (TSX.V: KTN ) announces the cancelation of its participation in the joint bid to acquire the Sunshine Mine pursuant to a bankruptcy auction to be held on April 21, 2010 (see news dated March 8, 2010) and its withdrawal from the syndicated brokered private placement announced on March 22, 2010.
Kootenay continues advancing the former producing Promontorio Silver Mine in Sonora State, Mexico. Significant intercepts include KP-25 with 386.64 meters of 46.15 g/t silver, 0.44 g/t gold & 1.54% lead/zinc -- including 97.67 meters of 100.4 g/t silver, 0.77 g/t gold & 3.24% lead/zinc. Intercepts encountered in KP 25 are associated with sulfides hosted in breccias and stockwork veining (see new Feb 5, 2009 news release). Since 2006, Kootenay has systematically advanced the Promontorio Silver Project with a 3D Induced Polarization Study, an Electromagnetic Airborne Study, Surface Sampling, Satellite Imagery, Trenching, Sampling, Mapping and more than 20,000 metres of Diamond Core Drilling. In addition, Kootenay has a portfolio of mineral projects in Sonora, Mexico and in British Columbia, Canada.
For additional information, please contact:
James McDonald, CEO and President at 403-238-6986 or
Ken Berry, Chairman at 604-601-5652; 1-888-601-5650
(www.kootenaygold.ca)
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. Cautionary Note: The Securities and Exchange Commission's mining guidelines strictly prohibit information of this type in documents filed with the Securities and Exchange Commission. Mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
This news release may contain forward-looking statements including but not limited to comments regarding the completion of the Offering, the completion of the Acquisition, the filing of a final short form prospectus, the acceptance by regulatory authorities to the Acquisition, the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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