Vancouver, B.C. - Starcore International Mines Ltd. (the “Company”) has filed the results for the third quarter ended April 30, 2013 for the Company and its mining operations. The full version of the Company’s Financial Statements and Management’s Discussion and Analysis can be viewed on the Company’s website at www.starcore.com, or SEDAR at www.sedar.com. All financial information is prepared in accordance with IFRS and all dollar amounts are expressed in thousands of Canadian dollars unless otherwise indicated.
Three months ended April 30, 2013 Third Quarter Highlights:
- Earnings from mining operations was $2.3 million compared to $2.4 million in the prior quarter;
- Income for the quarter was $1,517, or $0. 01 per share compared to $2,319, or $0.02 per share for the prior quarter;
- The following table contains selected highlights from the Company’s unaudited consolidated statement of operations for the three and nine months ending April 30, 2013:
| Three months ended | Nine months ended | ||
| (unaudited) (in thousands of Canadian dollars) | April 30, 2013 | April 30, 2013 | |
| Revenues | |||
| Mined ore | $ 6,872 | $ 20,586 | |
| Cost of Sales | |||
| Mined Ore | 4,547 | 14,644 | |
| Earnings from mining operations | $ 2,325 | $ 5,942 | |
| Net income | |||
| (i) Net income | $ 1,517 | $ 3,490 | |
| (ii) Income per share - basic | $ 0.01 | $ 0.02 | |
| (iii) Income per share - diluted | $ 0.01 | $ 0.02 |
- Despite fewer operating days and lower tonnage of production in the quarter, the mine improved ore grade to 2.38 g/t and 24.3 g/t for gold and silver, respectively, and held recovery at approximately 79% and 56%, respectively, resulting in an increased metal production to 5,100 equivalent ounces (“EqOz”) of gold compared to 4,800EqOz in the prior quarter;
- Mine operating cash costs reduced to $784/EqOz compared to $906/EqOz in the prior quarter;
- The following table is a summary of mine production statistics for the San Martin mine for the three and nine months ended April 30, 2013:
| (Unaudited) | Unit of measure | Actual results for 3 months ended April 30, 2013 |
Actual results for 9 months ended April 30, 2013 |
|
| Production of Gold in Dore | thousand ounces | 4.5 | 12.4 | |
| Production of Silver in Dore | thousand ounces | 32.6 | 78.9 | |
| Equivalent ounces of Gold | thousand ounces | 5.1* | 13.9* | |
| Gold recovery | percent | 79.3% | 75.7% | |
| Silver recovery | percent | 55.6% | 54.9% | |
| Gold grade | grams/tonne | 2.38 | 2.21 | |
| Silver grade | grams/tonne | 24.3 | 19.4 | |
| Milled | thousands of tonnes | 75.6 | 231.3 | |
| Operating Cost per tonne milled | US dollars/tonne | 53 | 54 | |
| Operating Cost per Equivalent Ounce | US dollars/ounces | 784 | 908 |
* BASED ON ACTUAL GOLD TO SILVER EQUIVALENCY RATIOS OF 56:1 FOR THE 3 MONTHS AND 54:1 FOR THE 9 MONTHS ENDED APRIL 30, 2013.
About Starcore
Starcore is engaged in exploring, extracting and processing gold and silver through its wholly-owned subsidiary, Compañia Minera Peña de Bernal, S.A. de C.V., which owns the San Martin mine in Queretaro, Mexico. The Company is a public reporting issuer on the Toronto Stock Exchange. The Company is also engaged in owning, acquiring, exploiting, exploring and evaluating mineral properties, and either joint venturing or developing these properties further. The Company has interests in properties which are exclusively located in Mexico.
ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.
Signed “Gary Arca”
Gary Arca, Chief Financial Officer and Director
FOR FURTHER INFORMATION PLEASE CONTACT GARY ARCA
Telephone: 1-604-602-4935
Toll Free: 1-866-602-4935 / Facsimile: 1-604-602-4936
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.