Sounds like bad news for SRLM unless they have another suitor ready to go...
Tuesday, September 02, 2008
Sterling Mining Company and Minco Silver Corporation Agree Not to Proceed with Business Combination
Wallace, Idaho - September 2, 2008 - (Marketwire) - Sterling Mining Company (TSX:SMQ OTCBB:SRLM / FSE:SMX) Company") and Minco Silver Corporation (TSXV:MSV) ("Minco") today announced they have agreed not to proceed with the business combination previously announced on July, 23, 2008.The Board of Directors of Sterling Mining Company will continue the strategic review process announced on June 4, 2008.FOR FURTHER INFORMATION, visit the Company's website at www.SterlingMining.com or contact:Sterling Mining CompanyKen Berscht, PresidentTel: (403)830-7566Monique Hayes, Investor RelationsTel: (208) 699-6097
Tuesday, September 2, 2008
Wednesday, August 6, 2008
Hecla Q2 Conference Call
http://seekingalpha.com/article/89176-hecla-mining-company-q2-2008-earnings-call-transcript?source=d_email&page=-1
Some quick notes
- Higher input costs (duh!)
- Higher metal prices allowing economic processing of lower grades
- Optimistic about resource expansion in Idaho and Alaska
- Greens Creek soon going from diesel power to hydro
- Tight labor market, but their turnover is low
- Zn supplies higher globally, but expected to go lower
Some quick notes
- Higher input costs (duh!)
- Higher metal prices allowing economic processing of lower grades
- Optimistic about resource expansion in Idaho and Alaska
- Greens Creek soon going from diesel power to hydro
- Tight labor market, but their turnover is low
- Zn supplies higher globally, but expected to go lower
Wednesday, July 30, 2008
Azteca's Bunker Hill option terminated
http://www.azteca-au.com/july242008newsrelease.html
News Update
Bunker Hill Mine option terminated
July 24, 2008107,385,751
Symbol: TSX-V:AZG
Spokane, Washington – Matthew Russell, President of Azteca Gold Corp. (the "Company" or "Azteca") announces that the Company has let lapse its option agreement in respect to the Bunker Hill Mine property located in Kellogg, Idaho as a result of being unable to come to a commercially acceptable arrangement with the United States Environmental Protection Agency and the owner, with whom the Company is continuing to negotiate with respect to a potential new acquisition structure.
Azteca continues to be optimistic in the development potential of it's wholly owned projects: Tres de Mayo, Geroe Creek, and Marietta as well as its Two Mile joint venture. Geological evaluation work on these projects has continued and management is formalizing a technical and financial plan to move them ahead.For further information, please contact:Azteca Gold Corp.Matthew Russell, PresidentTelephone: 1-509-464-0172 Email: info@azteca-au.comWebsite: www.azteca-au.com
News Update
Bunker Hill Mine option terminated
July 24, 2008107,385,751
Symbol: TSX-V:AZG
Spokane, Washington – Matthew Russell, President of Azteca Gold Corp. (the "Company" or "Azteca") announces that the Company has let lapse its option agreement in respect to the Bunker Hill Mine property located in Kellogg, Idaho as a result of being unable to come to a commercially acceptable arrangement with the United States Environmental Protection Agency and the owner, with whom the Company is continuing to negotiate with respect to a potential new acquisition structure.
Azteca continues to be optimistic in the development potential of it's wholly owned projects: Tres de Mayo, Geroe Creek, and Marietta as well as its Two Mile joint venture. Geological evaluation work on these projects has continued and management is formalizing a technical and financial plan to move them ahead.For further information, please contact:Azteca Gold Corp.Matthew Russell, PresidentTelephone: 1-509-464-0172 Email: info@azteca-au.comWebsite: www.azteca-au.com
Wednesday, July 23, 2008
Wow! Minco to buy SRLM!
Canadian-based silver producer in China rescues SRLM! MGH has a C$95M Market Cap and SRLM.OB has ~$50M as of yesterday's close. Should be interesting to see the commentary from other silver bugs and see if Minco's cash and skills can bring back the "mighty Sunshine" to it's previous glory.
-------------
Press Release
Source: Sterling Mining Company
Sterling Mining and Minco Silver Announce Proposed Business CombinationWednesday July 23, 8:11 am ET
WALLACE, IDAHO--(MARKET WIRE)--Jul 23, 2008 -- Sterling Mining Company (Toronto:SMQ.TO - News)(OTC BB:SRLM.OB - News)(Frankfurt:SMX.F - News) and Minco Silver Corporation ("Minco Silver") (Toronto:MSV.TO - News) are pleased to announce that they have signed a letter of agreement whereby Minco Silver will acquire 100% of the issued and outstanding shares of Sterling (the "Transaction"). The transaction will result in Minco Silver controlling two world class silver deposits including the Fuwan Silver property in China and the Sunshine Mine in Idaho, USA.
ADVERTISEMENT
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Transaction
Under the terms of the Transaction, Minco Silver has offered 0.51 of a share for each one Sterling share which equates to an offer of US$1.58 per Sterling share based on Minco Silver's July 21, 2008 closing price. The offer values Sterling at US$62.3 million.
Upon completion of the Transaction, the combined company will have approximately 52 million common shares issued and outstanding, plus options and warrants. Minco Silver shareholders will own 61% and former Sterling shareholders will own 39% of the combined company.
Minco Silver has extended a US$15 million line of credit to Sterling, of which US$5 million is to be funded immediately, bearing 10% annual interest compounded monthly, to be used for continued operations at the Sunshine Mine.
A management committee has been established to supervise the day-to-day operations of Sterling during the transaction period. It is comprised of seven members, four from Minco Silver and three from Sterling.
The Transaction is subject to completion of confirmatory due diligence, definitive documentation, regulatory approvals, and obtaining shareholder approval at a special meeting of the shareholders of Sterling. The letter agreement includes a commitment by Sterling to not solicit alternative transactions to the Transaction. A break fee of US$2 million is payable to Minco Silver under certain conditions. The Transaction is expected to close by December, 2008.
Subject to regulatory approval, Minco Silver will pay at closing a finders' fee of 50,000 common shares to an arms-length third party related to the Transaction.
Compelling Combination
The combination will bring significant benefits to each of the companies and their shareholders. The Boards of Directors of each company have supported the proposed combination and management of the two companies believe that the Transaction will provide the shareholders of each company an opportunity to participate in the future growth of a larger and more established company with a broader range of prospects, a more diversified asset base, and a management team that has a proven ability to execute.
Upon completion of the Transaction, the combined company will have:
- Two world-class silver deposits containing 418 million ounces of silver resources;
- Potential annual silver production in excess of 10 million ounces by 2011;
- Solid platform for profitable growth and increased shareholder value; and
- Reduced risk profile.
Minco Silver's Chairman and CEO, Dr. Ken Cai, commented: "The combination of these companies will bring together two world-class silver deposits with significant exploration upside. The integrated board and management team is well positioned to build one of the world's leading primary silver producing companies through synergies in China and North America. Further, this consolidation should appeal to a broader investor audience and greater market liquidity."
Sterling's Interim President, Ken Berscht, added: "This merger represent the culmination of the strategic review process announced on June 4 and completed with the assistance and advice of our financial advisor TD Securities Inc. It provides the financial resources to fund the immediate requirements of Sterling and ensures that the Sunshine Mine will be a significant contributor going forward. We are excited about the premium offer and the opportunity for Sterling shareholders to participate in the new silver focused entity."
Minco Silver Conference Call
Minco Silver will host a conference call on Wednesday, July 23, at 9:00 AM Eastern or 6:00 AM Pacific Time. To participate, please dial 1-888-300-0053 for North American callers and 1-647-427-3420 for international callers. The ID# for the conference call is 57248259.
To view the new corporate presentation concerning this Transaction, please visit Minco Silver's website: www.mincosilver.ca.
About Minco Silver
Minco Silver Corporation (Toronto:MSV.TO - News) is a TSX listed company focusing on the acquisition and development of silver dominant projects. Minco Silver owns 100% interest in the World Class Fuwan Silver Deposit, situated along the northeast margin of the highly prospective Fuwan Silver Belt. Minco Silver is the exclusive vehicle for pursuing silver opportunities in China pursuant to a strategic alliance agreement between Minco Gold Corporation (Toronto:MMM.TO - News)(AMEX:MGH - News)(Frankfurt:MI5.F - News) and Silver Standard Resources (Toronto:SSO.TO - News).
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. Sterling Mining 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".
ON BEHALF OF THE BOARD
Dr. Ken Z. Cai, Chairman & CEO, Minco Silver Corporation
ON BEHALF OF THE BOARD
Ken Berscht, Interim President, Sterling Mining Company
To receive Sterling news via email, please email supertina@sterlingmining.com and specify "SMQ news" in the subject line.
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, 2007 and subsequent 10-Q and 8-K filings.
Contact: Contacts:
Minco Silver Corporation
Ute Koessler
Director Investor Relations
1-888-288-8288 or (604) 688-8002
Email: ir@mincomining.ca
Website: http://www.mincosilver.ca
Sterling Mining Company
Monique Hayes
Investor Relations
(208) 699-6097
Website: http://www.SterlingMining.com
Source: Sterling Mining Company
-------------
Press Release
Source: Sterling Mining Company
Sterling Mining and Minco Silver Announce Proposed Business CombinationWednesday July 23, 8:11 am ET
WALLACE, IDAHO--(MARKET WIRE)--Jul 23, 2008 -- Sterling Mining Company (Toronto:SMQ.TO - News)(OTC BB:SRLM.OB - News)(Frankfurt:SMX.F - News) and Minco Silver Corporation ("Minco Silver") (Toronto:MSV.TO - News) are pleased to announce that they have signed a letter of agreement whereby Minco Silver will acquire 100% of the issued and outstanding shares of Sterling (the "Transaction"). The transaction will result in Minco Silver controlling two world class silver deposits including the Fuwan Silver property in China and the Sunshine Mine in Idaho, USA.
ADVERTISEMENT
SRC="http://ad.doubleclick.net/adj/N4538.Yahoo/B2304017.13;abr=!ie;sz=300x250;dcopt=rcl;mtfIFrameRequest=false;click=http://us.ard.yahoo.com/SIG=14tb8ng3q/M=654460.12527666.13079116.8528784/D=fin/S=35228069:LREC/Y=YAHOO/EXP=1216827790/L=tlVOAESOxCb_1TuASF6AiAUhQvUII0iHNW4ABB8Q/B=lUJNAtG_fyE-/J=1216820590409514/A=5310625/R=1/*;ord=1216820590409514">
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Transaction
Under the terms of the Transaction, Minco Silver has offered 0.51 of a share for each one Sterling share which equates to an offer of US$1.58 per Sterling share based on Minco Silver's July 21, 2008 closing price. The offer values Sterling at US$62.3 million.
Upon completion of the Transaction, the combined company will have approximately 52 million common shares issued and outstanding, plus options and warrants. Minco Silver shareholders will own 61% and former Sterling shareholders will own 39% of the combined company.
Minco Silver has extended a US$15 million line of credit to Sterling, of which US$5 million is to be funded immediately, bearing 10% annual interest compounded monthly, to be used for continued operations at the Sunshine Mine.
A management committee has been established to supervise the day-to-day operations of Sterling during the transaction period. It is comprised of seven members, four from Minco Silver and three from Sterling.
The Transaction is subject to completion of confirmatory due diligence, definitive documentation, regulatory approvals, and obtaining shareholder approval at a special meeting of the shareholders of Sterling. The letter agreement includes a commitment by Sterling to not solicit alternative transactions to the Transaction. A break fee of US$2 million is payable to Minco Silver under certain conditions. The Transaction is expected to close by December, 2008.
Subject to regulatory approval, Minco Silver will pay at closing a finders' fee of 50,000 common shares to an arms-length third party related to the Transaction.
Compelling Combination
The combination will bring significant benefits to each of the companies and their shareholders. The Boards of Directors of each company have supported the proposed combination and management of the two companies believe that the Transaction will provide the shareholders of each company an opportunity to participate in the future growth of a larger and more established company with a broader range of prospects, a more diversified asset base, and a management team that has a proven ability to execute.
Upon completion of the Transaction, the combined company will have:
- Two world-class silver deposits containing 418 million ounces of silver resources;
- Potential annual silver production in excess of 10 million ounces by 2011;
- Solid platform for profitable growth and increased shareholder value; and
- Reduced risk profile.
Minco Silver's Chairman and CEO, Dr. Ken Cai, commented: "The combination of these companies will bring together two world-class silver deposits with significant exploration upside. The integrated board and management team is well positioned to build one of the world's leading primary silver producing companies through synergies in China and North America. Further, this consolidation should appeal to a broader investor audience and greater market liquidity."
Sterling's Interim President, Ken Berscht, added: "This merger represent the culmination of the strategic review process announced on June 4 and completed with the assistance and advice of our financial advisor TD Securities Inc. It provides the financial resources to fund the immediate requirements of Sterling and ensures that the Sunshine Mine will be a significant contributor going forward. We are excited about the premium offer and the opportunity for Sterling shareholders to participate in the new silver focused entity."
Minco Silver Conference Call
Minco Silver will host a conference call on Wednesday, July 23, at 9:00 AM Eastern or 6:00 AM Pacific Time. To participate, please dial 1-888-300-0053 for North American callers and 1-647-427-3420 for international callers. The ID# for the conference call is 57248259.
To view the new corporate presentation concerning this Transaction, please visit Minco Silver's website: www.mincosilver.ca.
About Minco Silver
Minco Silver Corporation (Toronto:MSV.TO - News) is a TSX listed company focusing on the acquisition and development of silver dominant projects. Minco Silver owns 100% interest in the World Class Fuwan Silver Deposit, situated along the northeast margin of the highly prospective Fuwan Silver Belt. Minco Silver is the exclusive vehicle for pursuing silver opportunities in China pursuant to a strategic alliance agreement between Minco Gold Corporation (Toronto:MMM.TO - News)(AMEX:MGH - News)(Frankfurt:MI5.F - News) and Silver Standard Resources (Toronto:SSO.TO - News).
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. Sterling Mining 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".
ON BEHALF OF THE BOARD
Dr. Ken Z. Cai, Chairman & CEO, Minco Silver Corporation
ON BEHALF OF THE BOARD
Ken Berscht, Interim President, Sterling Mining Company
To receive Sterling news via email, please email supertina@sterlingmining.com and specify "SMQ news" in the subject line.
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, 2007 and subsequent 10-Q and 8-K filings.
Contact: Contacts:
Minco Silver Corporation
Ute Koessler
Director Investor Relations
1-888-288-8288 or (604) 688-8002
Email: ir@mincomining.ca
Website: http://www.mincosilver.ca
Sterling Mining Company
Monique Hayes
Investor Relations
(208) 699-6097
Website: http://www.SterlingMining.com
Source: Sterling Mining Company
Tuesday, July 22, 2008
ASLM drill results (still) coming soon
I just called U.S. Silver Investor Relations at (604) 805-3530. The ASLM drill results are "coming soon". When I mentioned that's what I heard 2 months ago, he said it will happen, but it's not a priority right now. (...which I understand, unless ASLM was a real bonanza that can be used at the right time to boost the price...)
Thursday, July 17, 2008
SRLM.OB grants options
A normal action for new management, but "Mister Market" trimmed 8% off the share price this morning. Down 10 cents to $1.14
http://biz.yahoo.com/iw/080717/0416934.html
...now, tell me about pouring dore bars and tell me about positive cash flow...then maybe I'll buy back in!
http://biz.yahoo.com/iw/080717/0416934.html
...now, tell me about pouring dore bars and tell me about positive cash flow...then maybe I'll buy back in!
Monday, July 14, 2008
SRLM up 18% (21 cents) to $1.33
http://finance.yahoo.com/q?s=SRLM.OB
Sounds like somebody wanted "in" when spot silver rallied today, or rumors of positive news in SRLM's situation...a cash lifeline, perhaps?
Sounds like somebody wanted "in" when spot silver rallied today, or rumors of positive news in SRLM's situation...a cash lifeline, perhaps?
Thursday, July 10, 2008
Silverstar Mining and NJMC
New company in town, including David Bond and a JV with New Jersey Mining. Should be interesting to follow!
http://www.silverstarmining.com/
It is our pleasure to announce the launch of Silverstar Mining Corp. We are also proud to have Mr. David Bond as our chairman of the board. This is Mr. Bond’s first venture into the public market. Silverstar Mining Company (SLVM.OB) is in the business of acquiring and developing late-stage precious and strategic base metals exploration properties in the Americas with an eye toward putting them into near-term production, either by our own unique management team or in cooperation with joint-venture partners. We are proud of our success thus far. There is an old axiom amongst miners: If you want to hunt for elephants, you must first be in elephant country. Silverstar Mining Co. is there. Our first property, the Corby Mine in northern Idaho's fabled Silver Valley, represents production potential of immense value that was overlooked entirely by all but a handful of qualified geologists, overshadowed by its more famous neighbours, the Bunker Hill, Sunshine, Crescent and Page mines. It's now Corby's turn to be in the sun. We intend to acquire more properties like the Corby in ore-rich districts such as the Coeur d'Alenes. We have the expertise, the relationships, the financing and the enthusiasm to bring these valuable properties into production.
On July 9th 2008 Silverstar Mining Corp announced the entry into of a joint venture agreement with New Jersey Mining Co. whereby Silverstar will become a 50-50 partner with New Jersey in the Silver Strand silver mine in the Coeur d'Alene Mining District. The joint venture agreement is to close on or before July 31, 2008. New Jersey describes the Silver Strand as thus: “An underground gold and silver mine with exciting exploration potential, the Silver Strand is an intriguing deposit. Hosted by the prolific silver-producing Revett formation of the Coeur d’Alene Mining District, the Silver Strand is unique in its high gold content.”
Please visit our web site www.silverstarmining.com and register to receive updates on this exciting project as well as upcoming literature and events.
Yours sincerely
Jim MacKenzie
CEO
Silverstar Mining Corp
jim@silverstarmining.com
604 960 0535
http://www.silverstarmining.com/
It is our pleasure to announce the launch of Silverstar Mining Corp. We are also proud to have Mr. David Bond as our chairman of the board. This is Mr. Bond’s first venture into the public market. Silverstar Mining Company (SLVM.OB) is in the business of acquiring and developing late-stage precious and strategic base metals exploration properties in the Americas with an eye toward putting them into near-term production, either by our own unique management team or in cooperation with joint-venture partners. We are proud of our success thus far. There is an old axiom amongst miners: If you want to hunt for elephants, you must first be in elephant country. Silverstar Mining Co. is there. Our first property, the Corby Mine in northern Idaho's fabled Silver Valley, represents production potential of immense value that was overlooked entirely by all but a handful of qualified geologists, overshadowed by its more famous neighbours, the Bunker Hill, Sunshine, Crescent and Page mines. It's now Corby's turn to be in the sun. We intend to acquire more properties like the Corby in ore-rich districts such as the Coeur d'Alenes. We have the expertise, the relationships, the financing and the enthusiasm to bring these valuable properties into production.
On July 9th 2008 Silverstar Mining Corp announced the entry into of a joint venture agreement with New Jersey Mining Co. whereby Silverstar will become a 50-50 partner with New Jersey in the Silver Strand silver mine in the Coeur d'Alene Mining District. The joint venture agreement is to close on or before July 31, 2008. New Jersey describes the Silver Strand as thus: “An underground gold and silver mine with exciting exploration potential, the Silver Strand is an intriguing deposit. Hosted by the prolific silver-producing Revett formation of the Coeur d’Alene Mining District, the Silver Strand is unique in its high gold content.”
Please visit our web site www.silverstarmining.com and register to receive updates on this exciting project as well as upcoming literature and events.
Yours sincerely
Jim MacKenzie
CEO
Silverstar Mining Corp
jim@silverstarmining.com
604 960 0535
Tuesday, July 8, 2008
SRLM announces anti-takeover payoff for management
SRLM guys get $150K cash in case they get taken-over. I guess this is to keep them on-board for the duration?
http://biz.yahoo.com/e/080707/srlm.ob8-k.html
http://biz.yahoo.com/e/080707/srlm.ob8-k.html
USA.V Management changes
Management team now a bit more sparse and they have some new cheap shares in their pocket. "Mister Market" votes with high volume and a share price down 14% late in the day to C$0.34.
http://biz.yahoo.com/iw/080708/0413813.html
http://biz.yahoo.com/iw/080708/0413813.html
Monday, June 30, 2008
SRLM.OB touches $1.00
Ouch...SRLM touched $1.00 intra-day today. Crisis or opportunity? ...in Chinese it is one and the same. I absolutely love and believe in the properties that SRLM owns or controls, but this downtrend can't go on forever. They must get positive cashflow, a large investment at reasonable terms, or let someone like Hecla take over. (disclaimer: I do not own SRLM, but I do own HL, ILDS.PK, AZG.V and several other local Pinksheets stocks)
Wednesday, June 25, 2008
Sorry! Change of e-mail forwarding
Due to the extended outage at www.rssfwd.com I am switching my Blog forwarding service to www.feedburner.com
Please re-subscribe to e-mail forwarding at the top-right of the blog page http://idahosilver.blogspot.com
Please re-subscribe to e-mail forwarding at the top-right of the blog page http://idahosilver.blogspot.com
Monday, June 23, 2008
Is Sterling collapsing?
Today's outrageous terms for Sterling's bridge loan further reinforces the rumors that Sterling is collapsing. I expect that they will lose experienced employees to their neighbors. Can they get their cash flow going before things get worse?
The good news is that the impressive land position that DeMotte assembled might become available to drillers with money and motivation, should Sterling decide to sub-lease or give up some of their area leases to raise cash.
http://biz.yahoo.com/iw/080623/0409581.html
Sterling Mining Closes $2.4 Million Bridge LoanMonday June 23, 1:02 pm ET
WALLACE, IDAHO--(MARKET WIRE)--Jun 23, 2008 -- Sterling Mining Company (Toronto:SMQ.TO - News)(OTC BB:SRLM.OB - News)(Frankfurt:SMX.F - News) Company") announced today that it has arranged a debt financing for $2.4 million.
ADVERTISEMENT
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The Company entered into a bridge term loan with a group of lenders in the principal amount of $2,400,000. After a deduction for a reserve of $216,000 for interest and legal expenses, a payment to the lender for services of $144,000 and recording and other costs, the net proceeds to the Company were $2,021,740. The principal amount of the loan is due 120 days following the date the loan was made and bears interest at the rate of 24% per annum. Interest is payable monthly beginning July 1, 2008. The loan is secured by certain patented mining claims, property, equipment, inventory, leases (excluding the Sunshine Mine lease) and other personal property.
This strategic bridge loan provides Sterling Mining Company with timely and non-dilutive working capital to meet its short-term needs as it pursues opportunities for long-term financing.
The good news is that the impressive land position that DeMotte assembled might become available to drillers with money and motivation, should Sterling decide to sub-lease or give up some of their area leases to raise cash.
http://biz.yahoo.com/iw/080623/0409581.html
Sterling Mining Closes $2.4 Million Bridge LoanMonday June 23, 1:02 pm ET
WALLACE, IDAHO--(MARKET WIRE)--Jun 23, 2008 -- Sterling Mining Company (Toronto:SMQ.TO - News)(OTC BB:SRLM.OB - News)(Frankfurt:SMX.F - News) Company") announced today that it has arranged a debt financing for $2.4 million.
ADVERTISEMENT
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The Company entered into a bridge term loan with a group of lenders in the principal amount of $2,400,000. After a deduction for a reserve of $216,000 for interest and legal expenses, a payment to the lender for services of $144,000 and recording and other costs, the net proceeds to the Company were $2,021,740. The principal amount of the loan is due 120 days following the date the loan was made and bears interest at the rate of 24% per annum. Interest is payable monthly beginning July 1, 2008. The loan is secured by certain patented mining claims, property, equipment, inventory, leases (excluding the Sunshine Mine lease) and other personal property.
This strategic bridge loan provides Sterling Mining Company with timely and non-dilutive working capital to meet its short-term needs as it pursues opportunities for long-term financing.
Tuesday, June 10, 2008
Thursday, June 5, 2008
History of Independence Lead ILDM.PK ILDS.PK
I got my first true 10-bagger with ILDM.PK. HL has a pending buy-out of 1.2 HL Shares for eash ILDM.PK share. I bought most of my ILDM.PK under a buck and 1.2 HL shares is worth ~$12 as or today. Some personal history notes:
http://wallace-id.com/independence/index.html
HL was sued by ILDS.PK for high-grading the leased property. A buyout was the only logical conclusion, but it took a long time and HL's deep pockets finally are paying off. While they were in dispute, they silver kept coming out of the ground and the joint development debts were being paid off. ILDS.PK was getting ready to start paying a dividend in about a year
----------
MERG.PK and MEMLA.PK maps
http://www.hoytstation.com/merger/images/MERG800.jpg
----------------
Argentum Bug was a huge fan of ILDS.PK and one of the only regular posters on the internet, including the HL Forum on Yahoo. He cashed-out and now likes Baja Mining
http://www.argentum-bug.com/
-----------------
http://wallace-id.com/independence/index.html
HL was sued by ILDS.PK for high-grading the leased property. A buyout was the only logical conclusion, but it took a long time and HL's deep pockets finally are paying off. While they were in dispute, they silver kept coming out of the ground and the joint development debts were being paid off. ILDS.PK was getting ready to start paying a dividend in about a year
----------
MERG.PK and MEMLA.PK maps
http://www.hoytstation.com/merger/images/MERG800.jpg
----------------
Argentum Bug was a huge fan of ILDS.PK and one of the only regular posters on the internet, including the HL Forum on Yahoo. He cashed-out and now likes Baja Mining
http://www.argentum-bug.com/
-----------------
Long post of old research
This post is a long migration of research I did over the past 2 years for other Forums, particularly for the http://www.silverstockreport.com/ subscriber's Forum. Hold tight, soem good info here!
---------
A friend's post from 2006:
I had a chance to meet ASLM's 95 year old President Wofford Conrad in Spokane at his home - which doubles as the corporate office of ASLM.This was a wonderful chance to meet with one of the legends of the Silver Valley as Mr. Conrad surely is.While there, I got a copy of the lease that ASLM signed with CDE back in 1997. ASLM is entitled to a 20% net profits royalty. If Silver is priced @ $16.50 an ounce the royalty will go up to 40 %. Amazingly,ASLM was partially mined more than 70 years ago. The Silver Wire Vein, a rich Silver vein, has been traced by other operators to and shown to probably run through ASLM's 320 acre claim. Further, ASLM's claim is only 200' from CDE's closed down shaft. It looks like CDE's new owner (U S Silver Corp), headed by Silver Valley Native John Ryan ,is looking to invest $15 MM in expansion at the CDE mines. The bad news for ASLM holders like myself is that it is unlikely that US Silver, or any other company for that matter, would pay a 40% royalty to mine this claim. IMO, the CDE lease with ASLM was signed to tie up the property with no bona fide attempt ever really made by CDE to mine it. Also, US Silver can cancel this lease on 30 days notice.
-------------
More: The lease with CDE ( and its successor) runs to 2017. I have a copy of the lease that I obtained from Company President Wofford Conrad last year. The problem with the lease is that the terms are too good for ASLM. A 40% royalty at $16 Silver is unworkable for the lessee-developer. Look at ILDM and its "ARRANGEMENT" with Hecla. The royalty paid there is 18% to ILDM. BTW, That stock has never looked back since its litigation with HL ended a year ago,--. Closing in on a 1000% upmove. I talked with Mr.Conrad and his son Tay about options to get out of the lease but at 95 years old, Wofford Conrad sees no need to start a legal fight- and at his age I can't really blame him-Sigh. In any event I still believe ASLM is a long term call on Silver and will head to the skies when its time comes -as it certainly will.
-------------------
Note: July 2007 ASLM.PK hit $2.49!
------------
Maps of the area (note that I held ILDS.PK at the time and just started getting into ASLM.PK)
The best map of the Silver VAlley I know.http://www.pennaluna.com/maps.htmIt is dated! There have been many changes since then. I used the "Silver Pennies" book and alot of surfing and still am a bit fuzzy on all of the small claims near the Lucky Friday. I even bought Abot before I found out they sold out and are just a shell company in Pennsylvania...Here's a rough map of the area, but does not show the microcaps like ASLM, LFEX, MERG, MMMM, MEMLA, MSLM, etc. http://www.azteca-au.com/bunkerhill.htmlHere's a partial and outdated list of local companies http://www.silverminers.com/links.aspxAnd finally, here's a good article. http://www.silverbearcafe.com/private/sleepless.html
------------
My own post from July 24, 2007
I talked to the old guy at ASLM. He sounded about 96 years old, but I did not ask his name. My conversation seemed to take quite a bit of effort, so please don't everyone call him! He had a little trouble catching his breath as he talked...nice, friendly guy...He confirmed athere was a meeting last week with US Silver about drilling on ASLM land. They do not have a schedule or start date.
-------------------
July 2007: I noted a possible "area play" AUU.V's Pine Creek agreement with Sterling
(but given-up in Feb 2008: http://www.aurasilver.com/s/USA.asp
------------
Friend's post: ASLM 200 feet from CDE(!)
Tay Conrad returned my call today; he remembered my visit of last April to his Dad's home( Mr, Wofford Conrad the 96 year old President of ASLM). He did not know who was recently buying ASLM shares. He did confirm that US Silver will drill the lease as soon as a rig becomes available to do so.He did mention that US Silver has announced plans to open the abandoned Coeur D'Alene mine(that is only 200' from the Eastern limits of the ASLM claim.
---------------
Maps of Silver Valley and some ASLM info, scanned from paper copies
http://www.alpharomero.com/ASLM1.doc
http://www.alpharomero.com/ASLM2.doc
http://www.alpharomero.com/ASLM_info.doc
-------------
More friend's post:
If you have the time, please refer to the first post on this thread ; I told of how I visited the ASLM president at his home/office last year. The kind man was then 95 years old and a fountain of knowledge and experience in the Silver Valley. I saw assays,maps, and mappings of the property, a rock the size of a beachball that looked like pure silver, and documentation that the Wire Silver vein is 200' from ASLM's claims.US Silver is likely drilling the property right now. I saw the lease that ASLM has with CDE.I am glad that they have not mined the property-yet. When Silver goes skyward,it will likely be mined. But the stock will have already made its move.That is the plan... or the hope... or maybe just the dream. We'll see in time.
-------------
Nov 2007 mention os ASLM.PK
http://www.penntrade.com/cgi-bin/news.cgi
----------
HL to take ILDS.PK
http://www.reuters.com/article/marketsNews/idUKBNG19010520080213?rpc=44
http://biz.yahoo.com/e/080213/ilds.pk8-k.html
---------------
---------
A friend's post from 2006:
I had a chance to meet ASLM's 95 year old President Wofford Conrad in Spokane at his home - which doubles as the corporate office of ASLM.This was a wonderful chance to meet with one of the legends of the Silver Valley as Mr. Conrad surely is.While there, I got a copy of the lease that ASLM signed with CDE back in 1997. ASLM is entitled to a 20% net profits royalty. If Silver is priced @ $16.50 an ounce the royalty will go up to 40 %. Amazingly,ASLM was partially mined more than 70 years ago. The Silver Wire Vein, a rich Silver vein, has been traced by other operators to and shown to probably run through ASLM's 320 acre claim. Further, ASLM's claim is only 200' from CDE's closed down shaft. It looks like CDE's new owner (U S Silver Corp), headed by Silver Valley Native John Ryan ,is looking to invest $15 MM in expansion at the CDE mines. The bad news for ASLM holders like myself is that it is unlikely that US Silver, or any other company for that matter, would pay a 40% royalty to mine this claim. IMO, the CDE lease with ASLM was signed to tie up the property with no bona fide attempt ever really made by CDE to mine it. Also, US Silver can cancel this lease on 30 days notice.
-------------
More: The lease with CDE ( and its successor) runs to 2017. I have a copy of the lease that I obtained from Company President Wofford Conrad last year. The problem with the lease is that the terms are too good for ASLM. A 40% royalty at $16 Silver is unworkable for the lessee-developer. Look at ILDM and its "ARRANGEMENT" with Hecla. The royalty paid there is 18% to ILDM. BTW, That stock has never looked back since its litigation with HL ended a year ago,--. Closing in on a 1000% upmove. I talked with Mr.Conrad and his son Tay about options to get out of the lease but at 95 years old, Wofford Conrad sees no need to start a legal fight- and at his age I can't really blame him-Sigh. In any event I still believe ASLM is a long term call on Silver and will head to the skies when its time comes -as it certainly will.
-------------------
Note: July 2007 ASLM.PK hit $2.49!
------------
Maps of the area (note that I held ILDS.PK at the time and just started getting into ASLM.PK)
The best map of the Silver VAlley I know.http://www.pennaluna.com/maps.htmIt is dated! There have been many changes since then. I used the "Silver Pennies" book and alot of surfing and still am a bit fuzzy on all of the small claims near the Lucky Friday. I even bought Abot before I found out they sold out and are just a shell company in Pennsylvania...Here's a rough map of the area, but does not show the microcaps like ASLM, LFEX, MERG, MMMM, MEMLA, MSLM, etc. http://www.azteca-au.com/bunkerhill.htmlHere's a partial and outdated list of local companies http://www.silverminers.com/links.aspxAnd finally, here's a good article. http://www.silverbearcafe.com/private/sleepless.html
------------
My own post from July 24, 2007
I talked to the old guy at ASLM. He sounded about 96 years old, but I did not ask his name. My conversation seemed to take quite a bit of effort, so please don't everyone call him! He had a little trouble catching his breath as he talked...nice, friendly guy...He confirmed athere was a meeting last week with US Silver about drilling on ASLM land. They do not have a schedule or start date.
-------------------
July 2007: I noted a possible "area play" AUU.V's Pine Creek agreement with Sterling
(but given-up in Feb 2008: http://www.aurasilver.com/s/USA.asp
------------
Friend's post: ASLM 200 feet from CDE(!)
Tay Conrad returned my call today; he remembered my visit of last April to his Dad's home( Mr, Wofford Conrad the 96 year old President of ASLM). He did not know who was recently buying ASLM shares. He did confirm that US Silver will drill the lease as soon as a rig becomes available to do so.He did mention that US Silver has announced plans to open the abandoned Coeur D'Alene mine(that is only 200' from the Eastern limits of the ASLM claim.
---------------
Maps of Silver Valley and some ASLM info, scanned from paper copies
http://www.alpharomero.com/ASLM1.doc
http://www.alpharomero.com/ASLM2.doc
http://www.alpharomero.com/ASLM_info.doc
-------------
More friend's post:
If you have the time, please refer to the first post on this thread ; I told of how I visited the ASLM president at his home/office last year. The kind man was then 95 years old and a fountain of knowledge and experience in the Silver Valley. I saw assays,maps, and mappings of the property, a rock the size of a beachball that looked like pure silver, and documentation that the Wire Silver vein is 200' from ASLM's claims.US Silver is likely drilling the property right now. I saw the lease that ASLM has with CDE.I am glad that they have not mined the property-yet. When Silver goes skyward,it will likely be mined. But the stock will have already made its move.That is the plan... or the hope... or maybe just the dream. We'll see in time.
-------------
Nov 2007 mention os ASLM.PK
http://www.penntrade.com/cgi-bin/news.cgi
----------
HL to take ILDS.PK
http://www.reuters.com/article/marketsNews/idUKBNG19010520080213?rpc=44
http://biz.yahoo.com/e/080213/ilds.pk8-k.html
---------------
Monday, June 2, 2008
Extensive USA.V Press Release without mention of ASLM.PK. That must be in the next one (I hope!)
http://biz.yahoo.com/iw/080602/0402642.html
http://biz.yahoo.com/iw/080602/0402642.html
Friday, May 30, 2008
ASLM drill results coming soon
Just talked to USA.V Investor Relations today. They will be releasing the ASLM results "soon" in conjunction with other news about underground work on the main properties
Thursday, May 22, 2008
When ASLM.PK drill results?
Drilling completed Feb 11th on ASLM.PK property...where are the results?
http://biz.yahoo.com/iw/080311/0373297.html
http://biz.yahoo.com/iw/080311/0373297.html
Tuesday, May 13, 2008
HL's Q1 earnings call mentions that they have drill targets on the VINS.PK property that they leased last year.
http://www.postfallspress.com/articles/2007/06/15/business/bus02.txt
http://seekingalpha.com/article/76909-hecla-mining-co-q4-2008-earnings-call-transcript?source=d_email&page=1
I trust that HL will be quite interested in expanding into the VINS land via the Lucky Friday if the drills are good
http://www.postfallspress.com/articles/2007/06/15/business/bus02.txt
http://seekingalpha.com/article/76909-hecla-mining-co-q4-2008-earnings-call-transcript?source=d_email&page=1
I trust that HL will be quite interested in expanding into the VINS land via the Lucky Friday if the drills are good
ASLM .PK down well below $1.00
I have accumulated a fair amount of ASLM.PK based on USA.V having leased the property and their drilling last year. Today the share price got slammed due to a huge block of shares. I need to follow-up and see if/when USA.V will release drill results
Welcome to IdahoSilver!
I have been following Silver Valley companies in Idaho for about 5 years now. Many of the smaller companies are inactive and/or leased to bigger companies like USA.V, HL and SRLM.OB. Information on them can be hard to find, but a well-placed investment and lotsa patience can be rewarding! If you share my interest and have some information on the little guys in Idaho, please share it!
ILDS.PK is undergoing acquisition by HL at a huge premium. Who is next?
ILDS.PK is undergoing acquisition by HL at a huge premium. Who is next?
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