high-grade world-class silver ore body
Coeur d' Alene mining district - Big Creek Canyon, Idaho
Message: SNS Silver Clarifies
| May 29, 2009 |
| SNS Silver Clarifies |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 29, 2009) - SNS Silver Corporation ("SNS" or the "Company") (TSX VENTURE:SNS) wishes to clarify the status of the ongoing litigation to operate the Sunshine Mine located near Kellogg, Idaho. SNS and Sunshine Precious Metals ("SPMI") have agreed to modify the lease payments between SNS and SPMI under the existing lease. The current ruling from the bankruptcy court is that the lease between Sterling and SPMI was not terminated. However, this is not a final judgment and "notice of appeal" has been filed by SPMI. As it currently exists, SNS retains all the rights to the Sunshine Mine that were not under lease to Sterling, such as the surface rights and tailings lines. Both rights are crucial to operation of the mine, and regardless of the eventual outcome, SNS will remain an indispensible party. SNS believes that the eventual outcome will be favorable to SNS and its shareholders, because of its due diligence including verification of the Sterling/Sunshine lease, which all directors stated was terminated, and the fact that the lease was never assigned to any other party. SNS is continuing the development of the resource estimate issued last month on the Crescent Mine, proceeding into a scoping study phase which will be completed in mid-summer. The objective of the scoping study will be to produce a viable mine plan to return the Crescent Mine back into production. SNS Silver Corporation (TSX VENTURE:SNS) is an exploration mining company, whose assets include a number of near term production projects in geopolitically secure Idaho, USA. The 100% owned Crescent Mine consists of 24 patented mining claims over approximately 350 acres. A comprehensive drill and mine rehabilitation program was completed in 2008 and production will supplement the company's operations at its recently acquired Sunshine Mine. These adjacent properties operated independently to produce nearly 400 million ozs of silver historically and their recent merger is expected to enhance exploration opportunities on their once disputed boundary. SNS also benefits from a partnership arrangement with Premium Exploration Ltd. to jointly develop two near term gold production projects in central Idaho; Buffalo Gulch and Friday/Petsite. |
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