8-K

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                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D. C. 20549



                                    FORM 8-K


                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                        SECURITIES EXCHANGE ACT OF 1934


               DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED):

                                 MARCH 22, 1996

                      SUNSHINE MINING AND REFINING COMPANY




   STATE OF DELAWARE              1-10012                        75-2231378
(STATE OF ORGANIZATION)      (COMMISSION FILE NO.)             (IRS EMPLOYER
                                                             IDENTIFICATION NO.)


               877 W. MAIN STREET, SUITE 600, BOISE, IDAHO 83702
              (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)


       REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (208) 345-0660





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ITEM 5.   OTHER EVENTS.

The News Release dated March 22, 1996 of Sunshine Mining and Refining Company
is being filed with the Commission herewith as an exhibit to this Form 8-K
pursuant to Rule 135c(d). The News Release relates to the closing of the
offering of $30,000,000 8% Senior Exchangeable Notes due 2000 (the "Notes") by
Sunshine Precious Metals, Inc. The Notes will be guaranteed by and exchangeable
into shares of Common Stock of Sunshine Mining and Refining Company.

ITEM 7.   FINANCIAL STATEMENTS AND EXHIBITS.

99.1         News Release dated March 22, 1996 of Sunshine Mining and Refining
             Company relating to the closing of the offering of $30,000,000 8%
             Senior Exchangeable Notes due 2000.





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                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.


                                       SUNSHINE MINING AND REFINING COMPANY


April 1, 1996                          By:  /s/  JOHN S. SIMKO           
                                           --------------------------------
                                           John S. Simko
                                           President and Chief Executive Officer





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                               INDEX TO EXHIBITS


Exhibit            Description                                             Page
- -------            -----------                                             ----

99.1               News Release dated March 22, 1996 of Sunshine
                   Mining and Refining Company relating to
                   the closing of the offering of $30,000,000 8% Senior
                   Exchangeable Notes due 2000.





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EX-99.1

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                                  NEWS RELEASE

                      SUNSHINE MINING AND REFINING COMPANY

FOR IMMEDIATE RELEASE                                          WILLIAM W. DAVIS
CONTACT:                                                        (214) 265-1377


         BOISE, IDAHO, March 22, 1996 -- Sunshine Mining and Refining Company
("Sunshine" or "the Company") (NYSE-SSC) announced today that its subsidiary,
Sunshine Precious Metals, Inc., has closed an offering of $30 million 8% Senior
Exchangeable Notes. The Notes, which will be listed on the Luxembourg Stock
Exchange, were issued pursuant to an exemption from registration under
Regulation S of the U.S. Securities Act of 1933 (the Securities Act).
Therefore, neither the Notes nor the shares issuable upon exchange of the Notes
may be offered or sold in the U.S. or for the account or benefit of any U.S.
person without registration under the Securities Act or an applicable exemption
from registration requirements.

         The Notes are guaranteed by Sunshine and exchangeable into shares of
Sunshine at an initial exchange price of $1.4375 per share subject to reset and
adjustment in certain events. At any time after one year from the date of
issuance, the Company may force the exchange of the Notes, subject to certain
restrictions.

         Proceeds from the offering will be used to fund the Company's
development and exploration opportunities.

         Sunshine, through its Sunshine Precious Metals, Inc. subsidiary, owns
and operates the Sunshine Mine and Refinery Complex in the Coeur d'Alene Mining
District in northern Idaho. The Sunshine Mine has been in operation for over
100 years, over which time it has been the largest primary silver producing
mine in North America. The Company has recently become active in South America,
with the opening of exploration offices in Lima, Peru and Mendoza, Argentina.

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