Sunshine Calls on Sterling Mining Company to Comply With Lease, Federal and State Law
Posted on: Friday, 29 August 2008, 03:00 CDT
KELLOGG, Idaho, Aug. 29 /PRNewswire-FirstCall/ -- Today, Sunshine Precious Metals, Inc. announces that Sterling Mining Company (BULLETIN BOARD: SRLM) is in breach of the lease agreement (Sec. 13.6.3) by failing to " ... provide evidence [of annual advance maintenance fee] on/or before the 15th day of August ... "
"The agreement clearly specifies what is required, and since Sterling has failed to timely provide the proper evidence of payment it appears the mine is in danger of falling out of compliance with federal regulations," said Andrew Grundman spokesman for Sunshine. Mr. Grundman further went on to say "Sunshine's representatives are currently investigating what we believe are additional compliance issues with Federal and State law, as well as what may well be additional material breaches."
In a recent letter to Sterling Mining Company and its attorney, Michael K. Branstetter, Sunshine clearly outlines a course of action needed to bring this project back into Federal and State compliance. Among many key issues raised in the letter, lack of access to project site for inspection, no evidence of BLM assessment payments or adequate insurance coverage. Additionally recent SEC filings concerning an alarming number of high interest loans, raises questions about Sterling's ability to satisfy the lessor's demands and continue operations.
Similarly, Sterling Mining Company has been issued a mechanics lien from Miller Sales and Engineering, Inc for failure to pay Miller for services rendered. This lien has encumbered property owned by Sunshine that Sterling only leases. Upon hearing about the mechanics lien against Sterling Mining Company, Mr. Grundman said, "Sterling has failed to protect our property and this raises concerns about their ability to pay contractors and their solvency to maintain the infrastructure of the mine."
For additional information please contact Andrew Grundman, Esq. at (208) 215-8475 or info@sunshinemine.com.
Sunshine Precious Metals, Inc.
CONTACT: Andrew Grundman of Sunshine Precious Metals, Inc., Esq.,+1-208-215-8475
Source: PRNewswire-FirstCall
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