Minco Silver Forecloses on Sterling Mining Company
23 Febbraio 2009 - 3:28PM
Marketwired
Minco Silver Corporation (the "Company" or "Minco Silver") (TSX:
MSV) announces that the Company has filed an action to foreclose on
Sterling Mining Company ("Sterling") in the District Court of the
First Judicial District of the State of Idaho for the County of
Shoshone.
Minco Silver extended a US$5 million loan to Sterling at an
annual simple interest rate of 10% pursuant to the Credit Facility
Agreement the parties entered into, announced on July 22, 2008. The
loan was advanced to Sterling to meet general working capital and
operating expenses of the Sunshine Mine. The loan was secured by
all assets including all the personal and real property of Sterling
Mining, including the Sunshine Mining Lease.
The Company has now been granted a temporary restraining order
restraining Sterling, its officers, directors, agents, and
employees from removing, selling, destroying, disposing of, or
concealing collateral consisting of all of the real and personal
property assets of the business known as Sterling Mining Company.
The Court has appointed a receiver to handle the matter.
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.
ON BEHALF OF THE BOARD
Dr. Ken Z. Cai, Chairman & CEO
Certain terms or statements made that are not historical facts,
such as anticipated advancement of mineral properties or programs,
productions, sales of assets, exploration plans or results, costs,
prices, performance are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
and involve a number of risks and uncertainties that could cause
actual results to differ materially from those projected,
anticipated, expected or implied. These risks and uncertainties
include, but are not limited to; metals price volatility,
volatility of metals production, project development risks and
ability to raise financing. The Company undertakes no obligation
and has no intention of updating forward-looking statements.
The Toronto Stock Exchange does not accept responsibility for
the accuracy of this news release.
Contacts: Minco Silver Corporation Ute Koessler 1-888-288-8288
or (604) 688-8002 Email: ir@mincosilver.ca Website:
www.mincosilver.ca
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