The Auction for The Sunshine
Apr 23, 2010
The bankruptcy court in Idaho held the auction for the Sunshine mine on Wednesday April 21, 2010. Three bidders qualified for the auction, Minco Silver, Alberta Star and a new private company called Silver Opportunity Partners.
Alberta Star chose not to participate and there was no bid from them. There was spirited bidding between Minco Silver and Silver Opportunity Partners. At this time, subject to court approval and payment, it appears that Silver Opportunity Partners will be declared the winner of the bidding.
I think the long sad saga of the Sunshine Mine is over. I know the bidding was a lot higher than the costs approved by the court and frankly I don't know where the extra money goes. It's possible that Sterling shareholders may receive something for their shares.
No one knows who Silver Opportunity Partners is but there will be a court ordered hand over of the Sunshine mine to them in May.
I personally am glad Minco did not win the auction. It's hardly a slam-dunk project. With the mess Ray Demotte left in the Silver Valley it will take years to get a good operation going. There is still in place a crippling NSR with the EPA and a lot of problems left to be sorted out.
Minco has far more opportunity in their Fuwan project in China. This way MSV gets all of their investment back with interest.
We hope for good luck to Silver Opportunity Partners. I wish I could be there when they pay Bob Mori his $5 million dollars and get him out of the equation.
We are shareholders; I do have options on both Minco Gold and Minco Silver as a consultant to Minco. I am biased. Minco is an advertiser.
Minco Silver Corp.
MSR-T $2.00 (Apr 22, 2010)
MISVF-OTCBB 40.7 million shares
Minco Silver website