TORONTO, May 8, 2014 /CNW/ - St Andrew Goldfields Ltd. (TSX-SAS) (OTCQX-STADF), ("SAS" or the "Company") is pleased to announce that it has retired the
entire US$7 million owing on the Term Credit Facility with Scotiabank
and extended the US$10 million Revolving Credit Facility ("Facility"),
which remains undrawn, for two years to mature on May 6, 2016.
Interest rates on the extended facility range from 2.50% to 3.25% on
prime rate based advances and from 3.50% to 4.25% on LIBOR based
advances. Depending on the level of the Company's financial strength,
standby charges on the facility range from 0.875% to 1.0625% per annum.
"We are happy to have extended the revolving facility" said Duncan
Middlemiss, President & CEO of SAS. "Gold prices remain depressed and
the US$10 million Facility gives us the financial flexibility should we
need it. We feel comfortable with our current cash position and we are
confident we have the financial flexibility to achieve our 2014 goals."
SAS (operating as "SAS Goldmines"), is a gold mining and exploration
company with an extensive land package in the Timmins mining district,
northeastern Ontario, which lies within the Abitibi greenstone belt,
the most important host of historical gold production in Canada.
SAS owns and operates the Holt, Holloway and Hislop mines and produced
approximately 100,000 ounces of gold in 2013. The Company is also
advancing the Taylor Project and is conducting aggressive exploration
across 120km of land straddling the Porcupine-Destor Fault Zone.
This news release contains forward-looking information and
forward-looking statements (collectively, "forward-looking
information") under applicable securities laws, concerning the
Company's business, operations, financial performance, condition and
prospects, as well as management's objectives, strategies, beliefs and
intentions. Forward-looking information is frequently identified by
such words as "may", "will", "plan", "expect", "estimate",
"anticipate", "believe", "intend" and similar words referring to future
events and results, including in respect of the Company's financial
position, and its ability to achieve its 2014 stated goals and
This forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause actual results to differ
materially from those expressed or implied by the forward-looking
information. Factors that may cause actual results to vary materially
include, but are not limited to, unanticipated operational or technical
difficulties which could escalate operating and/or capital costs and
reduce anticipated production levels; uncertainties relating to the
interpretation of the geology, continuity, grade and size estimates of
the mineral reserves and resources; the Company's dependence on key
employees and changes in the availability of qualified personnel;
fluctuations in gold prices and exchange rates; operational hazards and
risks, including the inability to insure against all risks; changes in
laws and regulations; and changes in general economic conditions. Such
forward looking information is based on a number of assumptions,
including in respect of the ability to achieve operating cost
estimates, the level and volatility of the price of gold, the accuracy
of reserve and resource estimates and the assumptions on which such
estimates are based and general business and economic conditions.
Should one or more risks and uncertainties materialize or should any
assumptions prove incorrect, then actual results could vary materially
from those expressed or implied in the forward-looking information.
Accordingly, readers are cautioned not to place undue reliance on this
forward-looking information. SAS does not assume the obligation to
revise or update this forward-looking information after the date of
this release or to revise such information to reflect the occurrence of
future unanticipated events, except as may be required under applicable
securities laws. A further description of the risks and uncertainties
facing the Company may also be found in the Company's Annual
Information Form available on SEDAR at www.sedar.com.
SOURCE: St Andrew Goldfields Ltd.
For further information:
Tel: 1-800-463-5139 or (416) 815-9855; Fax: (416) 815-9437; Website: www.sasgoldmines.com
Suzette N Ramcharan
Director, Investor Relations
President & CEO
CFO, VP Finance & Administration