Minco Silver Makes a Firm Offer to Acquire Sterling Mining Company
09 Dicembre 2009 - 8:38PM
Marketwired
Minco Silver Corporation (the "Company" or "Minco Silver") (TSX:
MSV) is pleased to announce that the Company has made a firm offer
of USD$12,500,000 to acquire a 100% interest in Sterling Mining
Company ("Sterling").
On December 2, 2009 Sterling filed with the United States
Bankruptcy Court in the District of Idaho (the "Court") a
disclosure statement providing information concerning Sterling's
proposed plan of reorganization indicating that Minco Silver's
offer is the best offer.
Pursuant to the provisions of Sterling's plan of reorganization
Minco Silver will credit bid the full amount of its' secured claim
estimated at USD$9,400,000, with the balance (approximately
USD$3,100,000) paid in cash.
Minco Silver continues to fund Sterling's expenses associated
with the care and maintenance of the Sunshine Mine and all of its'
administrative costs pursuant to the terms and conditions of the
Court approved Supplemental Post Petition Secured Financing
Agreement.
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. Minco Silver is extremely pleased
with the positive results of its Bankable Feasibility Study
demonstrating a robust deposit is and is working towards bringing
the Fuwan Silver Deposit into production.
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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