2009-02-19 19:49:03 -
Shoshone Silver Mining Company (OTCBB:SHSH) is pleased to report it is moving forward rapidly with its proposed acquisition of Kimberly Gold Mines Inc. Pursuant to Idaho Code, Section 30-14-202A, a "Fairness Hearing" was held in Boise on February 5, 2009 by the Idaho Department of Finance concerning the merger of Shoshone and Kimberly. During the hearing Shoshone's President and Director,
Lex Smith, and Kimberly's President and Director, Don Rolfe, presented testimony to the Hearings Officer enumerating the benefits this merger will bring to each company and to its respective shareholders. The Hearings Officer issued a Preliminary Order on February 16th approving the terms and conditions of the merger as fair and equitable. This sets the stage for a special meeting Kimberly shareholders' meeting on March 12, 2009 in Wallace Idaho which has been called to approve the merger.
When the merger is completed, Shoshone expects to begin work on reopening the Rescue Mine in Warren, Idaho, and on remodeling and updating the on-site mill at the Rescue as soon as the weather permits. "It is not inconceivable if all things go according to plans," said Lex Smith, "for Shoshone to be in a position to begin limited gold recovery from the Rescue Mine operation by late summer, early fall, 2009. I think this will be a very exciting year for Shoshone and its shareholders."
In other news, Shoshone today reports that it has met all of its 2008 goals and the company is very optimistic about its position as it moves forward into 2009, making the transition from an exploration company back into a producer of precious metals.
"Shoshone stayed on course during 2008 despite the world economic downturns and did not stray from our long term business plan," says Lex Smith. "By running a tight ship; by keeping the company out of debt; by taking advantage of opportunities to increase the value of the company for our shareholders whenever they arise, Shoshone is still very much alive and well."
With good planning and the hard work of a great on-site crew, Shoshone saw much progress in the 2008 season with its Lakeview, Idaho project. Shoshone began a limited production of silver concentrates in the summer of 2007 by running stockpiled ore through its newly renovated mill. 2008 saw a marked increase in the production of silver concentrates. This winter the Company will have a crew operating the mill to continue production. Shoshone will have stockpiled silver concentrates ready for sale to a smelter in the spring of 2009.
About Shoshone Silver Mining Company
Founded in 1969 as a silver exploration, development and production company, Shoshone maintains a diverse portfolio of mineral explorations projects in Idaho, Montana, Arizona and Washington. Shoshone stock trades on the Over the Counter Bulletin Boards under the symbol "SHSH", and on the Frankfort Stock Exchange under the symbol, "9IT".
Shoshone Silver Mining Company
Investor Relations Department
Director of Business Development & Marketing
Keith Wallace, 208-752-1070
kwallace@shoshonesilvermining.com
www.shoshonesilverming.com
