EXHIBIT 99.1

                                  NEWS RELEASE

                      SUNSHINE MINING AND REFINING COMPANY
FOR IMMEDIATE RELEASE                                        CONTACT: MIKE OWENS
                                                                  (214) 265-1377

                 SUNSHINE MINING ANNOUNCES DIRECTOR RESIGNATIONS
                             AND SALE OF SUBSIDIARY

         DALLAS, TEXAS, March 8, 2002 - Sunshine Mining and Refining Company
(SSMR-OTCBB) announced today that four of its five directors have resigned
effective March 6, 2002. Due to continued depressed silver prices, the Company
is going into a period of limited activity. John Simko has resigned as president
and has been succeeded in that role by the Company's sole remaining director,
Keith McCandlish. Mr. McCandlish will not devote a substantial amount of his
time to the Company's affairs. The Company's remaining officers and employees
are being terminated during the month of March due to insufficient funding.
Certain former employees are expected to provide the Company limited services on
a consulting basis following their termination of employment.

         During 2001, affiliates of Elliott Associates, L.P. and Stonehill
Capital Management LLC (the "Lenders") entered into a secured credit facility
with Sunshine Argentina, Inc. that has been the Company's only source of working
capital, other than asset disposals, for more than the last 12 months. As of
October 3, 2001, the Company had borrowed the full $6.5 million commitment under
the secured credit facility. Subsequently, the Lenders agreed to advance
approximately $900 thousand of an optional $1.5 million credit facility amount.
The Company is in default under the secured credit facility. The future activity
of the Company and its remaining subsidiaries likely will be limited to
preservation and realization of any remaining assets. No proceeds will be
available to the Company or its subsidiaries outside of the Lenders' discretion
until they have been paid in full. The Company does not expect the Lenders to
recover the full amount due under the loan. The Lenders have advised the Company
that they do not plan to make additional funds available to the Company except
with regard to certain payments in connection with the protection or realization
of their collateral and certain wind down activities.





         Elliott International, L.P., The Liverpool Limited Partnership,
Stonehill Institutional Partners, L.P. and Stonehill Offshore Partners Limited
(together the "Holders") each have exercised their Call Options under the Call
Option Agreement entered into as of February 5, 2001 in connection with the
Company's emergence from bankruptcy. Pursuant to the Call Options, the Holders
purchased 100% of the stock of Sunshine Argentina, Inc. (which owns the
Pirquitas silver mine in Argentina subject to a mortgage under the secured
credit facility) by tendering shares of the Company's common stock having a
value of $1,000,000 based on the last quoted bid price on the day preceding the
date of the purchase. The Pirquitas mine was one of the Company's principal
assets.

         The Company does not have the resources to prepare its financial
statements and make filings with the Securities and Exchange Commission and,
therefore, will not make such filings unless its financial circumstances
improve, which the Company believes is unlikely.

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