|February 23, 2009|
Minco Silver Forecloses on Sterling Mining Company
|Minco Silver Corporation (the "Company" or "Minco Silver") (TSX: MSV) announces that the Company has filed an action to foreclose on Sterling Mining Company ("Sterling") in the District Court of the First Judicial District of the State of Idaho for the County of Shoshone. |
Minco Silver extended a US$5 million loan to Sterling at an annual simple interest rate of 10% pursuant to the Credit Facility Agreement the parties entered into, announced on July 22, 2008. The loan was advanced to Sterling to meet general working capital and operating expenses of the Sunshine Mine. The loan was secured by all assets including all the personal and real property of Sterling Mining, including the Sunshine Mining Lease.
The Company has now been granted a temporary restraining order restraining Sterling, its officers, directors, agents, and employees from removing, selling, destroying, disposing of, or concealing collateral consisting of all of the real and personal property assets of the business known as Sterling Mining Company. The Court has appointed a receiver to handle the matter.
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. For more information on Minco Silver, please visit the website at www.mincosilver.ca or contact Ute Koessler at 1-888-288-8288 or (604) 688-8002 firstname.lastname@example.org.
ON BEHALF OF THE BOARD
"Dr. Ken Z. Cai"
Chairman & CEO
The Toronto Stock Exchange does not accept responsibility for the accuracy of this news release. 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.
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