VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 2, 2012) - Further to its press releases of January 24th and January 31st, 2012, Starcore International Mines Ltd. (TSX:SAM) (the "Company") announces that it has repaid its outstanding loan with Investec Bank (U.K.) Limited ("Investec") of approximately US$3.2 million, which funds were used to acquire the San Martin Mine in Queretaro, Mexico.
"This is a huge milestone for Starcore," said Robert Eadie, President & CEO of the Company. "The Company is now debt free. We are aggressively continuing with our exploration and development program to keep increasing our reserves at San Martin Mine, as we are eager to reward our shareholders for their patience and support over the last five years."
The Company is still obligated under the Investec Loan agreement for forward sales contracts for the sale of 14,513 ounces of gold at a price of US$731 per ounce until January 31, 2013.
For more information on the Company visit our website at www.starcore.com.
ON BEHALF OF STARCORE INTERNATIONAL MINES LTD.
Robert Eadie, President & CEO
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.
Contact Information:
Robert Eadie
1-604-602-4935 or Toll Free: 1-866-602-4935
1-604-602-4936 (FAX)
www.starcore.com