CDE issues....wow.
posted on
Sep 15, 2008 04:28PM
Golden Minerals is a junior silver producer with a strong growth profile, listed on both the NYSE Amex and TSX.
This means .....shortage pressure...good for us...uhh, meaning ECU.... Monday, September 15, 2008 Coeur d'Alene, ID -- September 15, 2008 - Sterling Mining Company (TSX:SMQ / OTCBB:SRLM / FSE:SMX) today announced it has suspended commercial production activities at the Sunshine Mine in Idaho. Since 2003 Sterling Mining staff and employees have dedicated themselves to rehabilitating and resuming production at the Sunshine Mine. Despite resuming production in late 2007 and the significant progress made in the first half of 2008, the operation has encountered a series of unforeseen and unavoidable delays. Production through the end of August totaled approximately 354,000 ounces of silver, which is substantially less than management's expectations and less than what is required for self-sustaining operations. This, combined with volatility as it relates to precious metals stocks, ultimately prevented the Company from obtaining the financing required to continue operations at the current level. The workforce will be immediately reduced by approximately 60%. "This has been an extremely difficult decision to make and we share the disappointment of our employees and the local community, but we believe this is the only reasonable course of action at this time" said Sterling's interim President, Ken Berscht. Sterling continues to view the Sunshine Mine as a tremendous resource and will apply its limited resources to maintaining the mine, continuing to dewater the mine, and pursue a limited exploration plan. There is no assurance as to if and when market conditions will improve and additional financing will be secured, so the Company is unable to make any prediction or estimate with respect to the resumption of full operations at the mine
Sterling Mining Company Suspends Production at Sunshine Mine
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