SUNSHINE MINING ANNOUNCES DAMAGES AWARDED IN LITIGATION HAVE BEEN REDUCED
SUNSHINE MINING ANNOUNCES DAMAGES AWARDED
IN LITIGATION HAVE BEEN REDUCED
DALLAS, Jan. 22 /PRNewswire/ -- Sunshine Mining Company (NYSE: SSC)) announced today that its motion for judgment notwithstanding the verdict in certain litigation involving a project for the mining of diamonds in Sierra Leone had been granted in part, reducing the $39.6 million jury verdict to $24.25 million. The jury's findings of breach of fiduciary duty and the attendant award of exemplary damages were set aside by the court as a result of Sunshine's motion. The judgment as entered pertains to consequential damages for wrongful dissolution of the partnership and one-half the value of the surplus partnership property on the date of dissolution. Sunshine believes there is no evidence to support the judgment and that there are a number of legal bases upon which the judgment should be reversed. It intends to seek a new trial or, if unsuccessful, will appeal.
Sunshine believes that it ultimately will be successful in reversing this judgment so that there will be no material adverse effect on its liquidity or results of operations.
/CONTACT: William W. Davis of Sunshine Mining, 800-542-6161/
(SSC) CO: Sunshine Mining Company ST: Texas IN: MNG SU: SB -- NY091 -- 2444 01/22/92 16:00 EST