Post by
LexMark747 on Jun 05, 2014 12:50pm
.......Hey Mr. Nugget .... This Pretty Much Say's It All
gold miner survivor Lake Shore Gold Announces $10 Million Debt Prepayment Driven by Continued Strong Operating Results and Increasing Cash Position Marketwired Lake Shore Gold Corp. 9 minutes ago • • • • • • • Content preferences Done TORONTO, ONTARIO--(Marketwired - Jun 5, 2014) - Lake Shore Gold Corp. ("Lake Shore Gold" or the "Company") (LSG.TO)(NYSE MKT:LSG) announced today that, on June 4, 2014, the Company made a $10 million prepayment on its standby line of credit ("standby line") with Sprott Resource Lending Partnership ("Sprott"), reducing the outstanding principal on the standby line from $30 million to $20 million. Under terms of the credit facility agreement with Sprott, the Company is entitled to prepay up to $10 million of the standby line in 2014 without penalty. The prepayment brings total debt repayments to date in 2014 to approximately $16 million, with the other $6 million related to monthly payments on the Company's gold loan, also with Sprott. The remaining principal owing on the gold loan totals approximately $15 million, with the total debt owing to Sprott having been reduced to approximately $35 million. Supported by strong operating results, the Company's cash position has grown significantly, with cash and bullion increasing from a low of $15 million at the end of September 2013, to approximately $55 million at June 3, 2014. Based on the progress made with strengthening its balance sheet, the $10 million prepayment was made on June 4, 2014. Production in the first quarter of 2014 totaled 44,600 ounces, with the Company on track to exceed that level of production in the second quarter of the year. The Company's operating results for the second quarter of 2014 will be released in early July. Excluded from the $55 million of cash and bullion at June 3, 2014 was an additional $5 million raised through a non-brokered flow-through financing completed on May 22, 2014. The financing, which will fund drilling outside the Company's current operating mines, is part of a plan to advance the Company's projects and to begin to realize the significant potential of its highly prospective exploration properties. Tony Makuch, President and CEO of Lake Shore Gold, commented: "Our operating results continue to be strong, with both our mines and our mill performing very well. Solid production, coupled with low unit operating costs, have driven our cash and bullion higher and positioned us to make the $10 million prepayment on our standby line. Following this payment, we have total cash and bullion of approximately $50 million and expect to grow our cash position throughout the year through internally generated cash flow. With our strengthening balance sheet, we are well financed to fund all of our capital, operating and exploration programs through the end of 2014 while also continuing to pay down debt, with a target for total debt repayments in 2014 of $25 million. "Going forward, our overriding priority remains to build on our growing track record of meeting and exceeding our production and cost targets, which is the key to further growth in our cash position and additional debt reduction. We are also drilling to extend mine life at both our Timmins West and Bell Creek mines, with a goal of at least replacing the reserves we mine each year going forward. In addition, supported by our recent flow-through financing, we are planning to resume work in order to advance our projects, to more fully realize and demonstrate their value potential, and to bring exploration excitement back into our company. We have a number of highly prospective exploration properties, with the 144 property, located directly adjacent to Thunder Creek, expected to be a primary target for drilling over the remainder of this year and next." Reply | Quote | Add Post To Favorites Report abuse New Post « Older Post Newer Post » View All Posts Latest Sector News Cangold Increases Non-Brokered Financing Fitch Rates Goldcorp Inc.'s Prospective $1B Notes 'BBB'; Outlook Stable Bullfrog Gold Drills Nevada Project and Terminates Arizona Project Centamin plc: PDMR Dealing Notice Bold Ventures and Northern Superior Sign Formal Option Agreement for Lac Surprise Gold Project in... Banyan Gold Announces Results of AGM Tembo Reports Progress of Work on the Buly Trend Target on the Tembo Project in Tanzania Nevada Sunrise JV Partner Pilot Gold Reports 3.35 G/T Gold Over 41.1 Metres From Surface at the... 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