VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 4, 2013) - Starcore International Mines Ltd. (TSX:SAM) ("Starcore" or the "Company") is pleased to present the following:
2012: WHAT WE DID
- We discovered and developed the San Martin footwall structure (see press release of June 5, 2012);
- We extinguished the hedge with Investec Bank plc (see press release of May 15, 2012);
- We reclassified the zoning on the San Pedrito land from 'industrial' to 'high-density residential';
- We resolved the metallurgical recovery problem at San Martin;
- We commenced our Surface Exploration Program.
Having met the challenges of 2012, the Company has set its goals for 2013. "With our shareholders' continued support, we are invigorated in our efforts to grow our asset base and increase shareholder value in a market that continues to present difficulties globally," said Robert Eadie, President and CEO of the Company. "Our focus is steadfast."
2013: WHAT WE WANT TO DO
- PAY OFF DEBT:
- March 4, 2013: Paid $1 million to Sprott Resource Lending Corp., leaving a balance of $3.85 million owing.
- Enhance shareholder value through new strategic exploration program at San Martin.
- Undertake the sale of the San Pedrito land, with proceeds being applied towards paying down debt and freeing up cash flow earlier than originally projected, in order to enable the Company to declare dividends;
- Declare dividends once debt-free.
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.
Robert Eadie, Executive Chairman, Interim President and Chief Executive Officer
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including the planned enhanced exploration programs and the results thereof, and the expectation that the identification of new structures will result in the identification of additional reserves, are forward-looking statements. Although Starcore believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include fluctuations in the price of gold and general economic, market or business conditions, that there are no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, damage to or loss of equipment, whether as a result of natural occurrences including flooding, political changes, title issues, intervention by local landowners, loss of permits, or environmental concerns or otherwise; and the Company does not change its development and exploration plans; that the exchange rate between the Canadian dollar, Mexican peso and the United States dollar remains consistent with current levels or as set out in this press release; that prices for gold and silver remain consistent with the Company's expectations; that prices for key mining supplies, including labour costs and consumables, remain consistent with the Company's current expectations; that production meets expectations; that the Company identifies higher grade veins in sufficient quantities of minable ore; that the geology in as yet to be identified structures are as expected; Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward looking statements are subject to a number of risks, including those set out in Starcore's Annual Information Form and annual Management Discussion & Analysis in Canada available on the SEDAR website at www.sedar.com. Starcore does not undertake any obligation to release publicly any revisions to any "forward-looking statement" to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not place undue reliance on forward looking statements.