Vancouver, B.C. - Starcore International Mines Ltd. (the “Company”) is pleased to announce results from drilling west and north of the 29 area mantos at its San Martin Mine in Queretaro, Mexico.
The Company has regained access to the manto area of area 29 and has commenced production on a part of the mantos west zone but continues to drill for additional extensions of the previously exploited orebodies. Results of an additional 5 holes along with check samples have been received. The mineralization in this area is generally horizontal. The hole intersections are extending blocks of probable reserves which were estimated in the previous reserve estimated (see News Release dated September 22, 2011). The Company is continuing to drill in this area and work is progressing to develop stopes on these intersections.
The following table summarizes recent drill results:
| Mine Area | ddh ID | from (m) |
To (m) |
Intersection (m) |
True width (m) |
Assay results | |
|---|---|---|---|---|---|---|---|
| Au g/t | Ag g/t | ||||||
Area 29 North Mantos Extension |
DC29-232 | 1.5 | 18.4 | 16.9 | 11.9 | 7.94 | 75.3 |
| Including | 2.95 | 7.75 | 4.8 | 4.8 | 24.9 | 184.9 | |
| Including | 4.9 | 6.5 | 1.6 | 1.05 | 62.2 | 390.7 | |
| And incl. | 15.75 | 18.4 | 2.65 | 1.85 | 1.54 | 24 | |
| DC29-235 | 2.75 | 4.3 | 1.55 | 1.26 | 1.61 | 56 | |
| and | 12.1 | 13.65 | 1.55 | 1.26 | 2.00 | 8 | |
| DC29-238 | 3.2 | 7.4 | 4.2 | 3.14 | 4.06 | 55.4 | |
| 29 Mantos West |
DC29-234 | 45.7 | 50.05 | 4.25 | 2.04 | 3.97 | 155 |
| DC29-237 | 22.05 | 23.35 | 1.2 | 0.98 | 15.88 | 135 |
The assay results are the average of mine lab results with certified commercial lab results. True widths are based on the dip of the hole and the known or estimated dip of the structure in the mine. Due to the number of faults in this area of the mine, there are some additional holes that have no economic values.
Previous holes in these areas were used in the 2011 reserve estimate; probable reserves in the North area were estimated to average 1.66 g/t Au and 51 g/t Ag. Holes 232 and 238 in this same area indicate that a higher average grade may be present in this area. The same is true for the west zone where the reserve grade was estimated to be 3.61g/t Au with 155g/t Ag and hole 237 is significantly higher grade in gold even if it is diluted with zero grade.
“The pilotos area is currently providing high grade ore that is helping the mine keep production where it was in the first 5 months of this year.” said Robert Eadie, Executive Chairman and CEO of the Company. “These holes are adding volume to areas which were discovered last year and are another indication of how our exploration team is continuing to replace reserves.”
David Gunning, P.Eng., a director of the Company and Chief Operating Officer, is the Company’s qualified person on the project as required under NI 43-101and has prepared the technical information contained in this press release.
ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.
Signed “Robert Eadie”
_____________________________________________
Robert Eadie, Executive Chairman & CEO
FOR FURTHER INFORMATION PLEASE CONTACT: CEO
Telephone: 1-604-602-4935
Toll Free: 1-866-602-4935 / Facsimile: 1-604-602-4936
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