Sunshine Investors Ok New Stock Issue

Stockholders of the Sunshine Mining and Refining Co. approved increasing the company’s authorized shares from 400 million to 600 million at the annual meeting in Boise on June 11.

They also voted to give directors authority to execute a reverse split of the stock, although company officials said no such action is anticipated in the near term.

Also at the annual meeting, stockholders discussed company plans to increase the number of stoping areas from 6 to 15 at the Sunshine Mine’s West Chance before October. Mine officials said the resulting increase in production will make workings here more cost-effective.

The Kellogg-based firm, one of the world’s biggest silver producers, owns the Sunshine Mine in the Silver Valley and the Pirquitas Mine in northwest Argentina. Sunshine officials said the Pirquitas site contains over 300 million ounces of silver resources, and helps position the company for participation in an expected improvement in silver prices. , DataTimes