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

Fri Mar 15, 2013 3:20pm EDT

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Starcore International Mines Ltd.

March 15, 2013 - 03:19:42 PM

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") (TSX:SAM) 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     Six months
                                                        ended          ended
                                                  January 31,    January 31,
(unaudited) (in thousands of Canadian dollars)           2013           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:

                                       Actual results for Actual results for
                                           3 months ended     6 months ended
(Unaudited)        Unit of measure       January 31, 2013   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(i)             8.7(i)
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
(i) 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, 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


Gary Arca, Chief Financial Officer and Director

Starcore International Mines Ltd.
1-604-602-4935 or Toll Free: 1-866-602-4935
1-604-602-4936 (FAX)


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