Starcore to Step Up Mexican Exploration Drilling
Starcore International Mines Ltd. (SAM.TO) announced plans to focus on increasing shareholder value next year through exploration and development at its wholly-owned San Martin gold and silver mine in Queretaro, Mexico.
In order to achieve this goal, Starcore has scheduled an enhanced exploration program to commence in February 2013, comprised of 5,000 metres of drilling to unlock the potential at the San Martin mine.
To facilitate this objective, the company has renegotiated its loan facility with Sprott Resource Lending Corp. whereby Starcore will not be required to make any further principal payments on its outstanding loan with Sprott Lending until October 31, 2013.
The loan payment holiday will enable the company to immediately allocate surplus revenue to exploration, Starcore said. As consideration for amending the loan agreement, Sprott Lending will receive, subject to TSX approval, 300,000 shares of the company.
SAM shares edged half-a-cent higher to $0.245 on volume of 55,000.
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