Starcore 2013 Vision VANCOUVER, BRITISH COLUMBIA--(Marketwire - Mar 4, 2013) - Starcore International Mines Ltd. (TSX:SAM) ("Starcore" or the "Company") is pleased to present the following:
2012: WHAT WE DID
- We discovered and developed the San Martin footwall structure (see press release of June 5, 2012);
- We extinguished the hedge with Investec Bank plc (see press release of May 15, 2012);
- We reclassified the zoning on the San Pedrito land from ''industrial'' to ''high-density residential'';
- We resolved the metallurgical recovery problem at San Martin;
- We commenced our Surface Exploration Program.
Having met the challenges of 2012, the Company has set its goals for 2013. "With our shareholders'' continued support, we are invigorated in our efforts to grow our asset base and increase shareholder value in a market that continues to present difficulties globally," said Robert Eadie, President and CEO of the Company. "Our focus is steadfast."
2013: WHAT WE WANT TO DO
- PAY OFF DEBT:
- March 4, 2013: Paid $1 million to Sprott Resource Lending Corp., leaving a balance of $3.85 million owing.
- Enhance shareholder value through new strategic exploration program at San Martin.
- Undertake the sale of the San Pedrito land, with proceeds being applied towards paying down debt and freeing up cash flow earlier than originally projected, in order to enable the Company to declare dividends;
- Declare dividends once debt-free.
About Starcore
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