Lake Shore Gold (LSG-T) May 29, '15 today announced that the Company has made the final payment on its senior secured debt with Sprott Resource Lending Partnership ("Sprott"). The $70 million senior secured facility was first arranged in the summer of 2012 as part of the financing required to expand the Bell Creek Mill.
Tony Makuch, President and CEO of Lake Shore Gold, commented: "This is an important accomplishment for Lake Shore Gold, and is a testament to the strong performance achieved over the last two years. We have generated considerable free cash flow over that period, which is a reflection of the excellent work of our people and the quality of our operations and assets in Timmins. After achieving record production last year, we are poised for another solid year of results in 2015. We are also achieving very encouraging exploration results at our 144 Gap discovery, where a first resource is targeted for the end of 2015, to be released early next year.
"We would like to thank Sprott for their ongoing support during an important period for Lake Shore Gold as we were investing in building our operations in Timmins. The access to capital they provided during a period of restricted financial market conditions helped to get Lake Shore Gold to where it is today."
About Lake Shore Gold
Lake Shore Gold is a Canadian-based gold producer with operations based in the Timmins Gold Camp of Northern Ontario. The Company produces gold from two mines, Timmins West and Bell Creek, with material being delivered for processing to the Bell Creek Mill. In addition to current mining and milling operations, the Company also has a number of highly prospective projects and exploration targets, all located in and around the Timmins Camp. The Company's common shares trade on the TSX and NYSE MKT under the symbol LSG.
Lake Shore Gold Corp.
Tony Makuch
President & CEO
(416) 703-6298
Lake Shore Gold Corp.
Mark Utting
Vice-President, Investor Relations
(416) 703-6298 |
