WALLACE, IDAHO, April 30 /CNW/ - 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.
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 see contact below.
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.
For further information:
For further information: Sterling Mining Company Raymond De Motte,
President, 208-666-4070 www.SterlingMining.com or CHF Investor Relations Cathy
Hume, CEO, 416-868-1079 x231 firstname.lastname@example.org www.chfir.com