Abstract: A releasable sinker assembly includes a sinker having an opening and a spindle having a main body adapted to extend through the sinker opening, an enlarged base at one end of the spindle and attaching means for attaching the spindle to a fishing line at the other end of the body. The base is formed of an elastomeric material and is larger in size than the sinker opening. The sinker opening and the base are sized such that the base cannot pass freely through the opening when the base is in its free state but the base may be deformed and pulled through the opening when the sinker is held in place.