Printer Friendly

Sterling Mining's Pine Creek Properties to be Explored by Aura Silver.

WALLACE, Idaho -- Sterling Mining Company (OTCBB: SRLM) has entered into an agreement with Aura Silver Resources to explore Sterling's Pine Creek properties. Sterling's Pine Creek claims lie adjacent to the New Bunker Hill Mine property.

Once the terms of this agreement are completed, Aura Silver will have exploration rights as well as access to Sterling's extensive geological database on the Pine Creek District of the Silver Valley in order to assess the data and generate new exploration programs by 2007. Exploration will fall within the defined area of interest and may extend into areas beyond Sterling's current Pine Creek land holdings.

"Less than 15% of this area has previously been explored using modern geochemical and geophysical methods. This agreement with Aura Silver will expedite and support our existing exploration efforts in the Silver Valley concurrently with work being completed to advance the Sunshine Mine to long-term sustained production by early 2008," stated Sterling Mine President, Ray De Motte.

The terms of the agreement are that Aura Silver will provide exploration expertise and conduct the exploration programs from 2006 to 2010 to earn a 50% interest in certain mining claims. Subject to TSX Venture approval, during the first year, Aura Silver has committed to exploration expenditures of US$200,000 and the issuance of 150,000 common shares. During the four year earn in period, at Aura Silver's option, exploration expenditures would total up to US $3 million and the issuance of up to an additional 850,000 Aura Silver common shares.

If a NI 43-101 compliant deposit of greater than 25 million ounces of silver is discovered, Sterling Mining will become operator to develop and mine the deposit.

About Sterling Mining Company

Sterling Mining controls the historically significant Sunshine Mine and related exploration lands in the Silver Valley of North Idaho. The Company also holds several silver properties in Mexico, including the producing Baroness Tailings Project in the Zacatecas silver district. Sterling Mining trades on the OTC Bulletin Board under the symbol "SRLM" and also on the Frankfurt Stock Exchange, trading symbol "SMX."

FOR FURTHER INFORMATION, visit the Company's website at www.SterlingMining.com.

To receive Sterling news via email, please email Alison@chfir.com and specify "SRLM news" in the subject line.

Certain statements contained in this press release are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on beliefs of management as well as assumptions made by and information currently available to management. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results.
COPYRIGHT 2006 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Oct 2, 2006
Words:437
Previous Article:Commonwealth Biotechnologies, Inc. Modifies and Extends Term Sheet to Acquire Mimotopes Pty Ltd.
Next Article:Four-City J.P. King Auction Draws 161 Bidders; Sales Exceed $8.68 Million.
Topics:


Related Articles
Coeur Silver Valley Encounters Silver Mineralization on Sterling Mining's Link Property.
Sterling Mining to Begin Underground Drill Program on Untested Silver Summit-Polaris-Sunshine Ground.
Company Profile for Hecla Mining Company.
Sterling Mining Approves Option Agreement with Red Lake Resources to Explore the JE Project in Montana.
Sterling Mining Advances Tunnel & Commences Underground Drilling.
Sterling Mining Adds to Silver Valley Holdings.
Sterling Mining Receives Prestigious Safety Award at the Sunshine Mine.
Sterling Mining Announces Exploration Program for Metropolitan Mines Property.
Sterling Mining Acquires Exclusive Rights to Big Creek Tailings Facility.
Sterling Mining Appoints Ackerman as Mill Manager.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters