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Starcore International Mines Ltd.: Profitable Q3

Jun 13 2013 12:00AM

Marketwire

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VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/13/13 -- Starcore International Mines Ltd. (TSX: SAM) (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:(unaudited) (in thousands of Canadian Three months ended Nine months ended dollars) April 30, 2013 April 30, 2013----------------------------------------------------------------------------RevenuesMined ore $ 6,872 $20,586----------------------------------------------------------------------------Cost of SalesMined 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:---------------------------------------------------------------------------- Actual results for Actual results for 3 months ended 9 months ended(Unaudited) Unit of measure April 30, 2013 April 30, 2013----------------------------------------------------------------------------Production of Gold in Dore thousand ounces 4.5 12.4Production of Silver in Dore thousand ounces 32.6 78.9----------------------------------------------------------------------------Equivalent ounces of Gold thousand ounces 5.1(i) 13.9(i)Gold recovery percent 79.3% 75.7%Silver recovery percent 55.6% 54.9%Gold grade grams/tonne 2.38 2.21Silver grade grams/tonne 24.3 19.4Milled thousands of tonnes 75.6 231.3Operating Cost per tonne milled US dollars/tonne 53 54Operating Cost per Equivalent Ounce US dollars/ounces 784 908----------------------------------------------------------------------------(i) based on actual gold to silver equivalency ratios of 56:1 for the 3months 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, Compania Minera Pena 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.

Gary Arca, Chief Financial Officer and Director

The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.



Contacts:
Starcore International Mines Ltd.
Gary Arca
Chief Financial Officer and Director
1-604-602-4935 or Toll Free: 1-866-602-4935
1-604-602-4936 (FAX)
www.starcore.com





Source: Marketwire


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