I find this odd for a couple of reasons. While silver prices are rocketing higher, SRLM is not showing any positive price action. This smells fishy to me as Sterling appears to be on the verge of being one of the premier silver mining companies in the world in the near future.
Sterling Mining Company has strengthened its status as one of the world's few primary silver producers by restoring the Sunshine Mine in North Idaho's "Silver Valley" to production. The Company acquired the rights to the mine and related assets in mid-2003, and officially commenced initial production in December of 2007.
Along with the Sunshine Mine and exploration properties encompassing over 25,000 acres in North Idaho's "Silver Valley" and neighboring Montana, the Company is exploring and developing properties totaling over 62,500 acres in the historic Zacatecas Silver District of Mexico.
Some recent Sterling Mining Highlights include:
Sterling Mining Company Geographically Diverse Project Portfolio
- The Company's core projects are situated in two of the world's most geologically prospective silver-mining districts, Idaho's renowned Coeur d'Alene (Silver Valley) district and Mexico's historic Zacatecas silver-mining district.
- The Company's advanced projects and newly expanded portfolio of silver properties are situated in politically stable regions with a strong mining heritage. The United States and Mexico are signatories to free-trade agreements and have laws and legislation governing investment in their mineral sectors.
- Sterling Mining has assembled a strong technical and management team to achieve its growth plans in the United States and Mexico, including many Sunshine Mine veterans who contributed their expertise to restoring the Sunshine Mine to production.
- Commenced initial production at the Sunshine Mine in late 2007.
- Assembled a team of more than 120 employees at the Sunshine Mine by year-end 2007, including many Sunshine Mine veterans.
- Secured a listing with the Toronto Stock Exchange under the trading symbol "SMQ," reflecting a strategy to raise Sterling's global profile and shareholder base. The company's shares began trading on this resource-based exchange on October 2, 2007.
- Began processing Sunshine vein ore from the Mine's Upper Country development in the newly refurbished mill in September of 2007.
- Sterling common shares began trading on the OTC Bulletin Board under the symbol "SRLM" on August 14, 2006. The company is also listed on the Frankfurt Stock Exchange (FSE:SMX).
- Completed a successful financing of US$24.7 million in August of 2007.
- Retained the independent engineering firm to complete a NI 43-10 technical report which identifies a reserve of 23.48M oz and a resource of 231M oz.
- Completed the 5,700-foot Sterling Tunnel Project, and also renovated the Silver Summit Hoist and rehabilitated the Silver Summit shaft to the 3,000-foot Level to complete the Sunshine Mine's secondary escapeway system.
- Expanded landholdings in the United States and Mexico, while continuing to explore priority projects independently or through industry joint ventures.
In the meantime, this may be a great opportunity for those who wish to load up on some shares of SRLM at bargain prices.
Disclaimer: I own shares of Sterling Mining Company (SRLM) and stand to make profits on a rise in the common shares of this company. Do your own due dilligence before you make any investing decision including this one.