Starcore Pays Final $3.68 Million of Debt
September 03, 2013 (Source: Marketwire) — Starcore International Mines Ltd. (the “Company”) (TSX:SAM) is debt-free and now owns the San Martin gold mine free and clear. The Company paid off the amount owing of $3,681,119.48 on the credit facility extended to it by Sprott Resource Lending in May, 2012, rendering the Company free of debt. (See news releases of May 10 and May 15, 2012.)
“We now own the San Martin Mine, free and clear of any encumbrances,” said Robert Eadie, President & CEO of the Company. “We retired all of the debt we incurred to acquire the Mine, and we did this just six months outside of the original business plan we formulated in 2007,” continued Eadie. “Paying off the debt in an environment marked by economic strains and severe market deterioration is a tremendous achievement. What we have accomplished is the sum of everyone’s efforts, from our Board of Directors and management, to our technical advisors and all of our employees at head office and the minesite. We hope our shareholders will recognize this milestone as a reflection of our focus and commitment.”
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Starcore is engaged in exploring, extracting and processing gold and silver through its wholly-owned subsidiary, Compañia Minera Peña de Bernal, S.A. de C.V., which owns the San Martin mine in Queretaro, Mexico. The Company is a public reporting issuer on the Toronto Stock Exchange. The Company is also engaged in owning, acquiring, exploiting, exploring and evaluating mineral properties, and either joint venturing or developing these properties further. The Company has interests in properties which are exclusively located in Mexico.
ON BEHALF OF STARCORE INTERNATIONAL MINES LTD.
Robert Eadie, Executive Chairman, Interim President and Chief Executive Officer
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>