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Comments on Sterling's News Release
Feb 24, 2009 07:57AM
February 24, 2009
Minco Silver Comments on Sterling's News Release
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 24, 2009) - Minco Silver Corporation (the "Company" or "Minco Silver") (TSX:MSV) wishes to restate that Minco Silver has a secured interest in all of the personal and real property of Sterling Mining Company ("Sterling") including the Sunshine Mine Lease.
As a secured creditor, Sterling is obligated to notify Minco Silver and obtain Minco Silver's consent to sell, transfer or dispose of any of Sterling's personal or real property including the Sunshine Mine Lease. Sterling has not notified Minco Silver of its intention as set out in Sterling's news release of February 23, 2009 nor has Minco Silver provided consent.
The Company was granted on February 18, 2009 a Temporary Restraining Order restraining Sterling, its officers, directors, agents, and employees from removing, selling, destroying, disposing of, or concealing collateral that Minco Silver has a secured interest consisting of all of Sterling's real and personal property assets including the Sunshine Mine Lease as announced in Minco Silver's news release of February 23, 2009.
Minco Silver wishes to clarify and respond to Sterling's February 23, 2009 news release, in order to protect the value of the Sunshine Mine for the creditors and Sterling's shareholders, Minco Silver has offered on several occasions to step in and cure any potential defaults and to maintain the Sunshine Mine Lease in good standing including any applicable lease payments and to maintain a care and maintenance program. This offer by Minco Silver is still in effect.
About Minco Silver
Minco Silver Corporation (TSX:MSV) is a TSX listed company focusing on the acquisition and development of silver dominant projects. The Company owns 90% interest in the world class Fuwan Silver Deposit, situated along the northeast margin of the highly prospective Fuwan Silver Belt. For more information on Minco Silver, please visit the website at www.mincosilver.ca.