Starcore Earns $2.3 Million in the First Quarter
December 11 2013 - 7:00AM
Marketwired Canada
Starcore International Mines Ltd. (the "Company") (TSX:SAM) has filed the
results for the first quarter ended October 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.
First Quarter, October 31, 2013 Highlights:
-- Earnings from mining operations was $3.1 million, or 36% of gross
revenue, compared to $1.3 million, or 19% of gross revenue, in the prior
year;
-- Income for the quarter was $2.3 million, or $0.02 per share compared to
a loss of $(346), or $(0.00) per share for the prior year;
-- The following table contains selected highlights from the Company's
audited consolidated statement of operations for the quarters ended
October 31, 2013 and 2012:
October 31, October 31,
(in thousands of Canadian dollars) 2013 2012
---------------------------------------------------------------------------
Revenues $ 8,749 $ 6,481
Cost of Sales (5,632) (5,230)
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Earnings from mining operations 3,117 1,251
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Net income (loss)
(i) Net income (loss) $ 2,296 $ (346)
(ii) Income per share - basic $ 0.02 $ (0.00)
(iii) Income per share - diluted $ 0.02 $ (0.00)
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-- The mine improved ore grade significantly for the quarter to 2.89 g/t
and 27.0 g/t for gold and silver, respectively, and recovery improved in
the first quarter averaging 88.2% and 56%, respectively, well over the
results from the prior year when the mine was experiencing recovery and
grade issues. As a result, overall metal production was much improved
for the last quarter at 6,900 equivalent ounces ("EqOz"), compared to
6,300 EqOz in the previous quarter and only 3,900 EqOz in the prior
year;
-- Mine operating cash costs decreased to US$628/EqOz compared to
US$705/EqOz in the previous quarter and US$1,073/EqOz in the prior year.
All-in Sustaining Costs, which includes sustaining capital expenditures,
exploration, reclamation and corporate and administrative cost were
US$989/EqOz;
-- The following table is a summary of mine production statistics for the
San Martin mine for the three months ended October 31, 2013 and for the
year ended July, 2013:
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Actual results Actual results for
for 3 months ended 12 months ended
(Unaudited) Unit of measure October 31, 2013 July 31, 2013
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Production of Gold thousand ounces 6.3 18.2
in Dore
Production of thousand ounces 37.7 110
Silver in Dore
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Equivalent ounces thousand ounces 6.9 20.1
of Gold
Silver to Gold 60:1 57:1
equivalency ratio
Gold recovery percent 88.2% 77.9%
Silver recovery percent 56.4% 53.7%
Gold grade grams/tonne 2.89 2.36
Silver grade grams/tonne 27.0 21.0
Milled thousands of tonnes 77.0 307.3
Operating Cost per US dollars/tonne 56 55
tonne milled
Operating Cost per US dollars/ounces 628 844
Equivalent Ounce
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"I am very pleased with our financial results, especially in light of lower
metal prices," said Robert Eadie, President and CEO of the Company. "Our
positive cash flow continues to improve dramatically, highlighting this quarter
with record production of 6,900 ounces. We thank the joint efforts of our
production team at the mine and our staff at corporate headquarters for making
this possible through their hard work and dedication."
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
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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