SilverCrest Mines Inc SVLC

RE:10 mil more in the kitty

[thedave2006]

tsx listing, now a deal with a streaming company. cheers, dave. Silvercrest partner exercises $10-million (U.S.) option 2014-02-25 08:11 ET - News Release Mr. Eric Fier reports SILVERCREST RECEIVES US$10 MILLION COMMITMENT FROM SANDSTORM GOLD FOR UNDERGROUND MINE OPTION AT SANTA ELENA Silvercrest Mines Inc. has received notice of exercise of the underground mine option from Sandstorm Gold Ltd. for the Santa Elena mine, Sonora, Mexico. This option allows Sandstorm to purchase 20 per cent of the gold produced from underground operations at the Santa Elena. In consideration of exercise of the option, Sandstorm will make an additional upfront deposit of $10-million (U.S.) to the company on or before March 17, 2014, and will continue to make continuing per-ounce payments of $350 (U.S.) until 50,000 ounces of gold have been delivered to Sandstorm, inclusive of 18,593 ounces already received from open-pit production, at which time the payments will increase to $450 (U.S.) per ounce of gold. Eric Fier, president and chief operating officer, commented: "The upfront deposit of $10-million (U.S.) will improve our cash balance and further enhance the company's financial position to achieve its 2014 goals for the mine expansion at Santa Elena. We are pleased with Sandstorm's expression of confidence in Santa Elena mine and our continued mutually beneficial relationship."