Starcore Pays Final $3.68 Million of Debt
September 03 2013 - 9:00AM
Marketwired
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."
About Starcore
Starcore is engaged in exploring, extracting and processing gold
and silver through its wholly-owned subsidiary, Compania Minera
Pena 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.
Contacts: Starcore International Mines Ltd. Robert Eadie
1-604-602-4935 or Toll Free: 1-866-602-4935 1-604-602-4936
(FAX)info@starcore.com www.starcore.com
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