Minco Silver Corporation (the "Company" or "Minco Silver") (TSX: MSV) announces that, as outlined in the news release dated April 23, 2010, the Company has received US$11,675,522.20 from Sterling Mining Company ("Sterling"). This amount represents the repayment of all the investments made to Sterling by the Company.
"We are very pleased to see the conclusion of the final sale of Sterling and be in receipt of the funds from the sale," commented Dr. Ken Cai, Chairman & CEO of Minco Silver. "With over C$21 million working capital, Minco Silver will continue to focus on bringing its flagship Fuwan Silver Project into production."
Minco Silver is entitled under the "Amended and Restated Letter of Agreement" entered into between Sterling and Minco Silver on July 30, 2008 to a termination fee of US$2.75 million. The funds received to date by Minco Silver do not include the termination fee. Thus, Minco Silver will make the necessary applications for the termination fee.