Starcore International Mines Ltd.: Return to Profit for Second Quarter of 2013


VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 15, 2013) - Starcore International Mines Ltd. (the "Company") (SAM.TO) has filed the results for the second quarter ended January 31, 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, or SEDAR at 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 January 31, 2013 Second Quarter Highlights:

  • Earnings from mining operations increased to $2.4 million compared to $1.25 million in the prior quarter;
  • Income for the quarter was $2,319, or $0.02 per share compared to a loss of $346, or $nil 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 six months ending January 31, 2013:
  Three months ended Six months ended
(unaudited) (in thousands of Canadian dollars) January 31, 2013 January 31, 2013
  Mined ore $ 7,233 $ 13,714
Cost of Sales        
  Mined Ore   4,867   10,097
Earnings from mining operations $ 2,366   3,617
Net loss        
  (i) Net income (loss) $ 2,319 $ 1,973
  (ii) Income (loss) per share - basic $ 0.02 $ 0.01
  (iii) Income (loss) per share - diluted $ 0.02 $ 0.01
  • The Company resolved its metallurgical recovery problems and gold recovery has subsequently improved to over 82% in January, averaging 78.4% for the quarter;
  • As a result of the above, the Company increased metal production to 4,800 equivalent ounces ("EqOz") of gold compared to 3,900EqOz in the prior quarter;
  • Mine operating cash costs reduced to $906/EqOz compared to $1,073/EqOz in the prior quarter;
  • The following table is a summary of mine production statistics for the San Martin mine for the three and six months ended January 31, 2013:
(Unaudited) Unit of measure Actual results for
3 months ended
January 31, 2013
Actual results for
6 months ended
January 31, 2013
Production of Gold in Dore thousand ounces 4.4 7.9
Production of Silver in Dore thousand ounces 23.9 46.3
Equivalent ounces of Gold thousand ounces 4.8* 8.7*
Gold recovery percent 78.4% 73.9%
Silver recovery percent 55.0% 54.5%
Gold grade grams/tonne 2.23 2.12
Silver grade grams/tonne 17.7 17.0
Milled thousands of tonnes 78.2 155.6
Operating Cost per tonne milled US dollars/tonne 56 55
Operating Cost per Equivalent Ounce US dollars/ounces 906 980
* Based on actual gold to silver equivalency ratios of 53:1.

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.


Gary Arca, Chief Financial Officer and Director

Starcore International Mines Ltd.
1-604-602-4935 or Toll Free: 1-866-602-4935

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