Sutter Gold Mining Inc. Announces Management Changes; Eliminates One-Third of the Current Staff at the Lincoln Mine Site; Announces Reduction in the Interest Rate on the Existing Secured, Short Term Credit Facility
The company announced that approximately one-third of the current staff positions have been eliminated at the Lincoln Mine site. The remaining personnel will continue with execution of the next phase of planned development at the project.
The company announced the implementation of several cost-cutting measures in response to recent gold market volatility and uncertainty in financing markets. In concert with the company's cost cutting efforts, RMB has agreed to reduce the interest rate on the existing secured, short term credit facility. Beginning July 1, 2013, the interest rate on the facility will be reduced from Libor plus 15% per annum. to Libor plus 10% per annum. This measure will reduce interest burden and direct increased funding for the next phase of development at the Lincoln project.