Sunshine Reports Best Production Since 1990
Sunshine Mining and Refining Co. Thursday announced it achieved its highest level of production last year during any period since 1990.
Silver production at the Sunshine Mine in the Silver Valley was 4.2 million ounces in 1997, an increase of 65 percent over the previous year.
The Sunshine Mine is expected to increase production another 42 percent this year to a total 6 million ounces of silver, according to John Simko, Sunshine’s chairman and chief executive officer.
Silver reserves at Sunshine Mine increased 4.3 million ounces to 40.6 million ounces as of Dec. 31, 1997.
Meantime, Sunshine’s net cost of production decreased 22 percent to $4.16 per ounce in the fourth quarter of 1997. The mining company’s average selling price for silver was $5.45 during the fourth quarter.
Sunshine Mining and Refining Co. is one of the world’s leading silver producers, with 112 million ounces of proven and probable reserves. The company owns the Sunshine Mine in North Idaho and the Pirquitas Mine in northwest Argentina.