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SUNSHINE MINING MAKES ANNOUNCEMENT

 SUNSHINE MINING MAKES ANNOUNCEMENT
 DALLAS, Jan. 31 /PRNewswire/ -- Sunshine Mining Company (NYSE: SSC)


and its subsidiary, Sunshine Precious Metals, Inc., announced that approximately $28 million principal amount of silver indexed bonds, representing approximately 71 percent of the aggregate bonds responding, had voted to approve the proposed restructuring of Sunshine Precious Metals debt pursuant to a prepackaged bankruptcy plan. This level of approval by bondholders is sufficient to approve the prepackaged plan, however, the plan will not be filed at this time. Additionally, approximately $34 million principal amount of silver indexed bonds had been tendered pursuant to the companies' proposed exchange offer. There are currently outstanding eight series of silver indexed bonds totalling $71.5 million in principal amount.
 The companies further stated that the expiration date of the exchange offer and for voting on the prepackaged plan had been extended until 5:00 p.m. Boise, Idaho time, Feb. 28, 1992, or unless subsequently extended. The extension is being made because California residents have not yet received the offer and solicitation. An application for a permit is presently being considered by the Commissioner of Corporations of the State of California. The company believes this will be resolved in the near future. Holders of bonds may withdraw previously tendered bonds and/or revoke votes on the prepackaged plan, at any time prior to the expiration date.
 Pursuant to the exchange offer and the prepackaged plan, holders will receive for each $1,000 principal amount of Sunshine Precious Metals silver indexed bonds, $200 of Sunshine Mining common stock and $800 principal amount of new silver indexed bonds of Sunshine Precious Metals. The restructuring is being undertaken in response to historically low silver prices that have largely predominated since 1983. The companies believe that silver prices will improve in the future, based on industry data which reflects a recent turnaround in the silver supply and demand balance. The restructuring is being undertaken to reduce debt service and conserve cash, giving the companies the capability to await higher prices.
 -0- 1/31/92
 /CONTACT: William W. Davis of Sunshine Mining, 800-542-6161/
 (SSC) CO: Sunshine Mining Company ST: Texas IN: MNG SU:


JT -- NY074 -- 5841 01/31/92 18:07 EST
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Publication:PR Newswire
Date:Jan 31, 1992
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