COEUR D’ALENE, Idaho--(BUSINESS WIRE)--Silver Opportunity Partners LLC, a member of the Electrum Group of companies, announced today that it has concluded its acquisition of all of the assets of Sterling Mining Company, including the right to own the historic Sunshine Mine. Approval for this transaction was granted by the U.S. Bankruptcy Court in Coeur d’Alene, Idaho on May 7, 2010.
“We are pleased to become the owner of the historic Sunshine Mine. We are respectful of the Mine’s rich history and tradition. We look forward to working with all its current employees and in partnering with the local community,” said Mark Wallace, head of the transition team for Silver Opportunity Partners. “We pledge to hold, explore and develop the mine in a sustainable and pragmatic manner, after comprehensive technical and financial analysis.”
The privately held Electrum Group of Companies is involved in mining exploration and development around the world with its principal focus on precious metals. Other members of the Electrum Group include Electrum Ltd., which holds one of the world's largest and most diversified exploration portfolios comprising over 100 projects located in nearly 20 countries in the Americas, Africa, Asia and Eastern Europe; Electrum Strategic Holdings LLC, which owns a strategic stake in Gabriel Resources Ltd., the owner of 80.5% of the Rosia Montana gold project in Romania; Electrum Strategic Resources LLC, which owns a substantial interest in NovaGold Resources Inc., the owner of a 50% interest in the 30 million ounce Donlin Creek deposit in Southwest Alaska; and Electrum USA Ltd., headquartered in Denver, Colorado, which manages the Electrum Group's exploration and development activities.
The Electrum Group’s team of professionals has expertise and experience in every aspect of mining, and includes geologists, operators, legal and business transactional experts, back office and administrative support, risk management experts and regulatory agency liaison officers.
Sterling Mining is a publicly held company focused on the care and maintenance of the Sunshine Mine located in North Idaho’s prolific Coeur d’Alene Mining District. Along with the Sunshine Mine, the Company held a substantial land package in the prolific Coeur d’Alene Mining District, which has produced over 1 billion ounces of silver.