Starcore International Mines Ltd.: Year End Results
October 29 2013 - 2:30AM
Marketwired Canada
Starcore International Mines Ltd. (TSX:SAM) (the "Company") has filed the
results for the year ended July 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
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.
Year Ended July 31, 2013 Highlights:
-- Earnings from mining operations was $8.3 million compared to $21.7
million in the prior year. The main reasons for the differences from the
prior year were lower metal prices coupled with higher mining costs and
approximately 12% lower metal production this year due to the very poor
first quarter production;
-- Income for the year was $4,702, or $0.03 per share compared to $14,335,
or $0.11 per share for the prior year;
-- The following table contains selected highlights from the Company's
audited consolidated statement of operations for the years ended July,
2013 and 2012:
(in thousands of Canadian dollars) July 31, 2013 July 31, 2012
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Revenues $ 30,246 $ 57,039
Cost of Sales (21,948) (35,349)
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Earnings from mining operations 8,298 21,690
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Net income
(i) Net income $ 4,702 $ 14,335
(ii) Income per share - basic $ 0.03 $ 0.11
(iii) Income per share - diluted $ 0.03 $ 0.10
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-- The mine improved ore grade for the year to 2.36 g/t and 21.0 g/t for
gold and silver, respectively, over the prior year, however, poor
recovery over the first two quarters reduced average recovery to 77.9%
and 54% for the year despite much improved gold recovery of 84.6% for
the last quarter of the year. As a result, overall metal production was
much improved for the last quarter at 6,300 equivalent ounces ("EqOz"),
however, the annual gold production was 2,700 EqOz lower at 20,100 EqOz
than in the prior year;
-- Mine operating cash costs increased to US$844/EqOz compared to
US$724/EqOz in the prior year. All-in Sustaining Costs, which includes
sustaining capital expenditures, exploration, reclamation and corporate
and administrative cost were US$1,194/EqOz compared to US$1,131 in the
prior year;
-- The following table is a summary of mine production statistics for the
San Martin mine for the three months ended July 31, 2013 and for the
years ended July, 2013 and 2012:
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Actual results Actual results Actual results
for 3 months for 12 months for 12 months
Unit of ended July 31, ended July 31, ended July 31,
(Unaudited) measure 2013 2013 2012
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Production of Gold thousand
in Dore ounces 5.8 18.2 18.2
Production of Silver thousand
in Dore ounces 31.4 110 232
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Equivalent ounces of thousand
Gold ounces 6.3 20.1 22.8
Silver to Gold
equivalency ratio 64:1 57:1 51:1
Gold recovery percent 84.6% 77.9% 84.4%
Silver recovery percent 50.0% 53.7% 69.2%
Gold grade grams/
tonne 2.81 2.36 2.17
Silver grade grams/
tonne 25.7 21.0 33.6
Milled thousands
of tonnes 76.1 307.3 308.3
Operating Cost per US
tonne milled dollars/
tonne 59 55 54
Operating Cost per US
Equivalent Ounce dollars/
ounces 705 844 724
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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.
FOR FURTHER INFORMATION PLEASE CONTACT:
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)
info@starcore.com
www.starcore.com
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