Sterling Mining Company
OTC Bulletin Board : SRLM

Sterling Mining Company

January 02, 2008 15:17 ET

Sterling Adds to Executive & Mine Management Teams

WALLACE, IDAHO--(Marketwire - Jan. 2, 2008) - Sterling Mining Company (TSX:SMQ)(OTCBB:SRLM)(FRANKFURT:SMX) today announced the appointment of Matthew Kavanagh as the Company's new Vice President Corporate Development as well as the promotions of Fred Peck and Mike McLean.

Mr. Kavanagh is a Chartered Accountant with 20 years of extensive experience in finance and Canadian markets, most recently as Chief Financial Officer at Minco Mining Group and as Director of Finance and Corporate Compliance with Dragon Pharmaceuticals Inc. He has also worked with the accounting firm Coopers and Lybrand for four years in both Canada and New Zealand. As VP Corporate Development, Mr. Kavanagh will contribute organizational and developmental expertise and provide for implementation of a strategic plan to add value to Sterling's non-core exploration land position of over 65,000 acres of silver prospects and projects in key silver districts in the United States and Mexico.

Several other personnel changes have been made.

Sterling has promoted Fred Peck, formerly Accounting Manager, to Assistant Controller. Mr. Peck, a Certified Public Accountant, has been with Sterling Mining Company since February 2006.

Mike McLean has been promoted to General Manager of Sterling's Sunshine Mine Division. Mr. McLean was Chief Engineer and Mine Manager for Sunshine Mine before its closure under the former operators in 2001. Since February 2004, Mr. McLean has been Sterling's Mine Manager for the Sunshine Mine project.

Frank Maciosek, formerly Mine Superintendent, was also recently promoted to become Mine Manager of the Sunshine Mine in light of his mining and technical experience that spans several decades. He has spent 34 years in Idaho's Silver Valley with Asarco, Silver Valley Resources and Coeur Silver Valley in various technical supervisory positions.

Sterling's President Ray De Motte stated, "Sterling has experienced rapid growth throughout 2007 and will continue intense growth in 2008. Our employees and consultants now number 150 in the United States and Mexico combined. These appointments and promotions are part of an ongoing process to build management depth in the Company that supports our goals. Since February 2004, Mike McLean and I have very worked closely together; his promotion to GM recognizes his leadership of the Sunshine Mine Division of the Company. Mr. Maciosek's solid experience and proven track record will a great benefit as we move into our first year of production. Mr. Kavanagh will assist guiding Sterling's development to maximize the value of our silver exploration assets."

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. The Company 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 SLRM, and also on the Frankfurt Stock Exchange under the trading symbol "SMX".

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Cautionary Language and Forward Looking Statements

Certain statements contained in this news release and subsequent oral statements made by and on behalf of the Company may contain forward-looking information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation. Such forward-looking statements are identified by words such as "intends", "forecast", "anticipates", "believes", "expects", and "hopes" and include, without limitation, statements regarding the Company's plan of business operations and future production. Such forward looking information is based entirely on management's estimates based on information available at the time of this news release. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, the uncertainties involved in interpreting drilling results and those set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2006 filed with the U.S. Securities and Exchange Commission ("SEC") and other filings made from time to time by the Company with the SEC and Canadian securities regulators. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Except as otherwise required by applicable securities statutes or regulation, the Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.

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, 2006 and subsequent 10-Q and 8-K filings.

Contact Information

  • Sterling Mining Company
    Raymond De Motte
    (208) 699-6097
    Sterling Mining Company
    Monique Hayes
    (208) 699-6097
    CHF Investor Relations
    Alison Tullis
    Account Manager
    (416) 868-1079 x233