Starcore International Mines Ltd. (SAM.TO: Quote) announced that in 2013 it will focus on increasing shareholder value through exploration and development at its wholly-owned San Martin gold and silver mine in Queretaro, Mexico.
Starcore said that in order to achieve this goal, it has scheduled an enhanced exploration program to commence in February 2013, comprised of 5000 meters of drilling to unlock the potential at the San Martin gold-silver mine.
The company noted that it has renegotiated its loan facility with Sprott Resource Lending Corp. (SILU: Quote,SIL.TO: Quote) whereby Starcore will not be required to make any further principal payments on its outstanding loan with Sprott Lending until October 31, 2013.
The company and Sprott Lending have amended the terms of the outstanding credit facility to allow Starcore the flexibility to make one balloon payment by October 31, 2013, thus enabling the Company to immediately allocate surplus revenue to exploration.
As consideration for amending the loan agreement, Sprott Lending will receive, subject to TSX approval, 300,000 shares of the company.
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by RTT Staff Writer
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