Minco Silver Updates Sterling's Bankruptcy
01 Giugno 2009 - 7:22PM
Marketwired
Minco Silver Corporation (the "Company" or "Minco Silver") (TSX:
MSV) is pleased that the US Bankruptcy Court (the "Court") has
taken the first necessary step to protect Sterling's creditor and
shareholder value from the loss of substantially all of Sterling's
assets by finding that the Lease to the Sunshine Mine was not
terminated and can be assumed and cured by Sterling.
Minco Silver wishes to respond to the various media statements
and news releases and to clarify that all matters relating to
Sterling, the Lease to the Sunshine Mine, and its creditors remains
before the Court, subject to court scrutiny, and has every
confidence the Court will continue to protect creditor and
shareholder rights.
The Company also wishes to make clear that the surface rights
necessary to the operation of the Sunshine Mine form part of the
Sunshine Mine Lease as set out in section 1.3:
"The term "Property", being leased herein to Sterling, means all
mineral rights, title and interest of Sunshine, including leased
rights, in the asset commonly known as Sunshine Mine & Mill,
including equipment and all mineral and ore in place in that
portion of Sunshine's property ...... Surface rights are not
included herein, except to the extent they are necessary for
specific mine-related operations, such as, but not by way of
limitation, the surface of the mine and mill facilities, mine yard,
storage yards, and parking lots."
The tailings lines form part of the mine-related operations.
Minco Silver is committed to caring and maintaining the Sunshine
Mine, curing all defaults under the Lease and financing Sterling
through the restructuring process.
Minco Silver is confident that the final order approving
Sterling's motion to assume and cure the Sunshine Mine Lease and
the Company's Post Petition Secured Financing Agreement will be
entered shortly. The Company is also confident that Sterling will
assume the control and possession of the Sunshine Mine.
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 ir@mincosilver.ca www.mincosilver.ca
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