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COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Jan.
26, 2004
Sterling
Mining Company (OTC:SRLM) is pleased to announce
that it has signed a Memorandum of Understanding (MOU) for a 60-day option
period to acquire the Baroness Silver Tailings Project near Zacatecas, Mexico.
The
Baroness Project reportedly consists of up to 5 million tons of finely ground
tailings with an average grade of 3.0 ounces per ton (oz/t) silver and 0.02
oz/t gold, yielding an in-situ total of up to 15 million ounces of silver and
100,000 ounces
of gold. Estimated mineral recovery, using environmentally-friendly calcium
or sodium thiosulphate leaching, is reportedly at
least 60 percent, although the Company is confident that this figure can be
improved significantly with additional metallurgical research. The project
includes necessary processing infrastructure.
Sterling
Vice-President Jim Williams has previously undertaken mineral project due
diligence in the Zacatecas area and will spearhead the Sterling due diligence efforts over the
next month. These efforts will include a small auger drilling program to test
the volume and representative grade of the tailings and to verify earlier
professional reports. Mr. Williams commented, "Mexico is the world's largest
silver-producing country and retains numerous untapped resources, several of
which are currently under Company review as potential acquisitions."
Sterling
President Ray De Motte added, "Our primary
mission at Sterling
is to provide superior leverage to future silver price increases by adding to
and enhancing our silver assets. The Baroness Tailings Project, should it meet
our investment criteria, offers the exciting possibility of near-term silver
production. Any Sterling profits realized
from Baroness operations would be reinvested in additional silver exploration
efforts, principally at the Sunshine Mine."
Please
visit the Sterling website at
www.sterlingmining.com for more information.
Sterling
Mining Company controls the legendary Sunshine Mine, the richest silver mine
in American history, with more than 360 million ounces of production over the
past century. Sterling offers investors
superior leverage to silver price increases through its extensive portfolio
of "Silver
Valley"
landholdings and through strategic alliances and equity stakes in neighboring
companies. Sterling stock trades on the OTC Market under the symbol
"SRLM."
Certain
statements contained in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements are based on beliefs of management as well
as assumptions made by and information currently available to management.
Forward-looking statements are subject to risks, uncertainties and other
factors that could cause actual results to differ materially from expected
results.
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