|June 01, 2009|
Minco Silver Updates Sterling's Bankruptcy
|Minco Silver Corporation (the "Company" or "Minco Silver") (TSX: MSV) is pleased that the US Bankruptcy Court (the "Court") has taken the first necessary step to protect Sterling's creditor and shareholder value from the loss of substantially all of Sterling's assets by finding that the Lease to the Sunshine Mine was not terminated and can be assumed and cured by Sterling. |
Minco Silver wishes to respond to the various media statements and news releases and to clarify that all matters relating to Sterling, the Lease to the Sunshine Mine, and its creditors remains before the Court, subject to court scrutiny, and has every confidence the Court will continue to protect creditor and shareholder rights.
The Company also wishes to make clear that the surface rights necessary to the operation of the Sunshine Mine form part of the Sunshine Mine Lease as set out in section 1.3 :
"The term "Property", being leased herein to Sterling, means all mineral rights, title and interest of Sunshine, including leased rights, in the asset commonly known as Sunshine Mine & Mill, including equipment and all mineral and ore in place in that portion of Sunshine's property ...... Surface rights are not included herein, except to the extent they are necessary for specific mine-related operations, such as, but not by way of limitation, the surface of the mine and mill facilities, mine yard, storage yards, and parking lots."
The tailings lines form part of the mine-related operations.
Minco Silver is committed to caring and maintaining the Sunshine Mine, curing all defaults under the Lease and financing Sterling through the restructuring process.
Minco Silver is confident that the final order approving Sterling's motion to assume and cure the Sunshine Mine Lease and the Company's Post Petition Secured Financing Agreement will be entered shortly. The Company is also confident that Sterling will assume the control and possession of the Sunshine Mine.
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 email@example.com.
"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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