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Wallace, Idaho – May 12,
2008 – (Marketwire) – Sterling Mining
(TSX:SMQ/OTCBB:SRLM/FSE:SMX) today announced results from its ongoing
underground exploration activities accessed from the 2700 ft level at the
Sunshine Mine. In three holes
drilled in the West Chance vein system, Sterling
has intersected significant silver grades of 32.37 opt (1109.85 g/tonne),
19.40 opt (665.06 g/tonne) and 5.38 opt (184.55 g/tonne)
“The
West Chance Vein has produced over 20 million ounces” said Ray DeMotte, President, “To bring our inferred
resources to a higher category is a priority with the company in addition to
our primary focus of ramping up quarterly production.”
Testing
of the West Chance Vein below the 2700 level has led to drill results from
the most recent diamond drilling program. Three separate holes contained 32.37
opt (1109.85 g/tonne), 19.40 opt (665.06 g/tonne) and 5.38 opt (184.55
g/tonne). These are composite values over a diluted mining width of 7.0 ft (2.13 m). Our mining geologist believes that
these results confirm the importance of continuing to test exploration
targets outside the previously reported reserve blocks. Based on these drill results that are
proximate to a known reserve block, planning for additional exploration is
now being finalized to further evaluate and expand the inferred resources of
the Sunshine mine.
Mike
McLean, General Manger of the
Sunshine Mine stated “The results from these drill intercepts are
significant in that any potential production from this area would be in
addition to the planned production from proven reserves at the Sunshine Mine.
It also highlights the potential for exploration and resource conversion in
areas of the mine that are now being actively developed for production from
proven reserves.”
The
following results have been reviewed by Dr. K. Warren Geiger, P. Eng, P.
Geol, and Sterling’s
independent Qualified Person for this news release.
|
Hole
|
From
Feet (Meters)
|
To
Feet (Meters)
|
Width
Feet (Meters)
|
True Width
Feet (Meters)
|
Ag
oz/t (g/t)
|
|
27-2548
|
173.2 (52.79)
|
183.0
(55.78)
|
|
|
|
|
including
|
173.2
(52.79)
|
174.6
(53.22)
|
1.4
(0.43)
|
1.21
(0.37)
|
0.179
(6.14)
|
|
including
|
174.6
(53.22)
|
176.0
(53.65)
|
1.4
(0.43)
|
1.39
(0.42)
|
10.40
(356.57)
|
|
including
|
176.0
(53.65)
|
177.4
(54.07)
|
1.4
(0.42)
|
1.38
(0.42)
|
102.80
(3524.57)
|
|
including
|
177.4
(54.07)
|
181.0
(55.17)
|
3.6
(1.10)
|
3.38
(1.03)
|
20.60
(706.29)
|
|
including
|
181.0
(55.17)
|
183.0
(55.78)
|
2.0
(0.61)
|
1.93
(0.59)
|
0.76
(26.06)
|
|
27-2549
|
161.7 (49.29)
|
169.9 (51.79)
|
|
|
|
|
including
|
161.7
(49.29)
|
162.7
(49.59)
|
1.0
(0.30)
|
0.87
(0.26)
|
0.098
(3.36)
|
|
including
|
162.7
(49.59)
|
165.0
(50.29)
|
2.3
(0.70)
|
2.08
(0.64)
|
0.44
(15.09)
|
|
including
|
165.0
(50.29)
|
166.0
(50.60)
|
1.0
(0.30)
|
0.91
(0.28)
|
113.00
(3874.28)
|
|
including
|
166.0
(50.60)
|
167.9
(51.18)
|
1.9
(0.58)
|
1.79
(0.54)
|
17.60
(603.43)
|
|
including
|
167.9
(51.18)
|
169.9
(51.79)
|
2.0
(0.61)
|
1.88
(0.57)
|
0.53
(18.21)
|
|
27-2550
|
154.0 (46.94)
|
167.0
(50.90)
|
|
|
|
|
including
|
154.0 (46.94)
|
156.1
(47.58)
|
2.1
(0.64)
|
2.03
(0.62)
|
0.000
(0.00)
|
|
including
|
156.1
(47.58)
|
160.0
(48.77)
|
3.9
(1.19)
|
3.77
(1.15)
|
0.341
(11.69)
|
|
including
|
160.0
(48.77)
|
161.4
(49.19)
|
1.4
(0.43)
|
1.38
(0.42)
|
26.40
(905.14)
|
|
including
|
161.4
(49.19)
|
165.0
(50.29)
|
3.6
(1.10)
|
3.55
(1.08)
|
0.00
(0.00)
|
|
including
|
165.0
(50.29)
|
167.0
(50.90)
|
2.0
(0.61)
|
1.88
(0.57)
|
0.125
(4.29)
|
The
drill hole intercept intervals were spaced at a distance of 50 to 80 feet. Samples of the cores were sent to
American Analytical Services of Osburn, Idaho and assayed
using standard sample preparation and fire assay methods. The Company follows strict quality
assurance procedures as have been applied by the Sunshine Mine historically
and which are described in detail in Sterling’s NI 43-101 technical
report of April 16, 2007, titled “Technical Report on the Sunshine
Mine, Big Creek, Idaho, U.S. A.”
About
Sterling Mining Company
Sterling
Mining controls the Sunshine Mine,
which began initial production in December 2007, and related exploration
lands in the prolific Silver Valley of northern Idaho. The Company also holds several
silver properties in Mexico,
including the Barones Tailings Project in the
Zacatecas Silver District. Shares of Sterling Mining Company trade on the TSX
under the symbol “SMQ”, on the OTCBB under the symbol
“SRLM”, and also on the Frankfurt Stock Exchange under the
trading symbol “SMX”.
FOR FURTHER INFORMATION, visit the
Company’s website at www.SterlingMining.com or contact:
Sterling Mining
Company CHF
Investor Relations
www.SterlingMining.com www.chfir.com
Raymond De Motte, President or Alison
Tullis, Account Manager
Monique Hayes, Marketing/Communications Tel:
(416) 868-1079 x233
Tel: (208) 699-6097 alison@chfir.com
To
receive Sterling news via email, please
email juliane@chfir.com and specify
“SMQ news” in the subject line.
Dr. K. Warren
Geiger, P. Eng, P. Geol, qualified person under NI-43-101, supervised the
preparation of the technical information contained in this press release. Dr.
Geiger is independent of the Company. For complete and additional information
regarding the technical aspects discussed in this press release, including disclosure
with respect to assumptions and parameters regarding the future production
estimates discussed herein, the reader is referred to Sterling's technical report with respect to
the Sunshine Mine, available at www.sedar.com.
Cautionary
Language and Forward Looking Statements
This
press release may contain “forward-looking statements”, which are
subject to various risks and uncertainties that could cause
actual results and future events to differ materially from those expressed or
implied by such statements. Investors
are cautioned that such statements
are not guarantees of future performance and results. Risks and uncertainties about the
Company’s business are more fully discussed in the Company’s
disclosure documents filed from time to time with the Canadian securities authorities
This press release does not constitute an offer to
sell or a solicitation to buy securities, and contains forward-looking
statements regarding the Company within the meaning of Section 27A of the
Securities Act and Section 21E of the Exchange Act. These statements are
based on assumptions that the Company believes are reasonable but that are
subject to uncertainties and business risks. Actual results relating to
any and all of these subjects may differ materially from expected
results. Factors that could cause
results to differ materially include economic and political events, the
ability to raise capital in the financial markets, and other factors
discussed in the Company’s periodic filings with the Securities and
Exchange Commission, including its annual report on Form 10-K for the year
ended December 31, 2006 and
subsequent 10-Q and 8-K filings.
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