UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                  STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ]  Check  box if no  longer  subject  to  Section  16.  Form 4 or  Form 5
obligations may continue. See Instruction 1(b)

                                     FORM 4

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section
17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the
Investment Company Act of 1940

1.     Name and Address of Reporting Person*

       Elliott Associates, L.P.
       712 Fifth Avenue
       New York, New York 10019

2.     Issuer Name and Ticker Trading Symbol

       Sunshine Mining and Refining Company (SSMR)

3.     IRS or Social Security Number of Reporting Person (Voluntary)

4.     Statement for Month/Year

       03/02

5.     If Amendment, Date of Original (Month/Year)

6.     Relationship of Reporting Person to Issuer (Check all applicable)

       [ ] Director
       [ ] Officer (give title below)
       [x] 10% Owner
       [ ] Other (specify below)

7.     Individual or Joint/Group Filing (Check applicable line)

       [x] Form filed by one Reporting Person
       [ ] Form filed by more than one Reporting Person





Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.     Title of Security (Instr. 3)

       (a) Common Stock
       (b) Common Stock
       (c) Common Stock
       (d) Common Stock
       (e) Common Stock
       (f) Common Stock
       (g) Common Stock
       (h) Common Stock

2.     Transaction Date (Month/Day/Year)

       (a) 03/19/02
       (b) 03/20/02
       (c) 03/21/02
       (d) 03/22/02
       (e) 03/26/02
       (f) 03/27/02
       (g) 03/28/02
       (h) 03/08/02

3.     Transaction Code (Instr. 8)

       (a) S
       (b) S
       (c) S
       (d) S
       (e) S
       (f) S
       (g) S
       (h) S

       V

4.     Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)

             Amount:

       (a)  20,000
       (b)  27,500
       (c)  10,000
       (d)  12,500
       (e)  10,000
       (f)  18,500
       (g)  25,000
       (h) 728,206









             (A) or (D):

       (a) D
       (b) D
       (c) D
       (d) D
       (e) D
       (f) D
       (g) D
       (h) D

             Price:

       (a) $.12
       (b) $.10
       (c) $.09
       (d) $.09
       (e) $.10
       (f) $.09
       (g) $.10
       (h)  #

5.     Amount of Securities Beneficially Owned at End of Month (Instr. 3 and 4)

       (a) - (h) 11,714,470


6.     Ownership Form: Direct (D) or Indirect (I) (Instr. 4)

       (a) - (h) D

7.     Nature of Indirect Beneficial Ownership (Instr. 4)

       Not applicable.



*If the Form is filed by more than one Reporting Person, see Instruction
4(b)(v).

Reminder:   Report  on  a  separate  line  for  each  class  of  securities
            beneficially owned directly or indirectly.








Table II - Derivative  Securities  Acquired,  Disposed of, or  Beneficially
Owned (e.g. puts, calls, warrants, options, convertible securities)

1.     Title of Derivative Security (Instr. 3)


2.     Conversion or Exercisable Price of Derivative Security


3.     Transaction Date (Month/Day/Year)


4.     Transaction Code (Instr. 8)

             Code

             V

5.     Number of Derivative Securities Acquired (A) or Disposed of (D)
       (Instr. 3, 4 and 5)

             (A)

             (D)

6.     Date Exercisable and Expiration Date (Month/Day/Year)

                                Date Exercisable:

                                Expiration Date:


7.     Title and Amount of Underlying Securities (Instr. 3 and 4)

             Title:

             Amount or Number of Shares:


8.     Price of Derivative Security (Inst. 5)


9.     Number of Derivative Securities Beneficially Owned at End of Month
       Instr. 4)


10.    Ownership Form of Derivative Security:  Direct (D) or Indirect (I)
       (Instr. 4)


11.    Nature of Indirect Beneficial Ownership (Instr. 4)








Explanation of Responses:

     # Reporting  person purchased 284 Shares of Sunshine  Argentina,  Inc. from
Sunshine Mining and Refining Company (the "Issuer"), the purchase price of which
was 728,206 shares of the Issuer's common stock.


     **Intentional   misstatement  or  omissions  of  facts  constitute  Federal
Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

       Dated: April 10, 2002

         ELLIOTT ASSOCIATES, L.P.
         By: Elliott Capital Advisors, L.P., as General Partner
             By: Braxton Associates, Inc., as General Partner


                 By: /s/ Elliot Greenberg
                           Elliot Greenberg
                           Vice President

             **Signature of Reporting Person