Starcore Earns $1.6 Million in the Second Quarter
March 05 2014 - 7:00AM
Marketwired Canada
Starcore International Mines Ltd. (TSX:SAM) (the "Company") has filed the
results for the second quarter ended January 31, 2014 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.
Second Quarter, January 31, 2014 Highlights:
-- Earnings from mining operations was $2.4 million, or 29% of gross
revenue, compared to $3.1 million, or 36% of gross revenue, in the prior
quarter;
-- Income for the quarter was $1.6 million, or $0.01 per share compared to
$2.3 million, 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 six
months ended January 31, 2014:
Three months ended Six months ended
(in thousands of Canadian dollars) January 31, 2014 January 31, 2014
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Revenues $ 8,378 $ 17,127
Cost of Sales (5,990) (11,622)
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Earnings from mining operations 2,388 5,505
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Net income
(i) Net income $ 1,600 $ 3,896
(ii) Income per share - basic $ 0.01 $ 0.03
(iii) Income per share - diluted $ 0.01 $ 0.03
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-- The mine ore grade was lower for the quarter averaging 2.55 g/t and
21.27 g/t for gold and silver, respectively, compared to 2.89 g/t and 27
g/t for the prior quarter, respectively. Recovery was on par with the
first quarter averaging 86.9% and 51.7%, respectively, for the second
quarter. As a result, overall metal production was lower than the first
quarter at 6,000 equivalent ounces ("EqOz"), compared to 6,900 EqOz in
the previous quarter when we achieved a record quarter of production as
previously announced, however, the mine exceeded budgeted metal
production targets for the quarter;
-- Mine operating cash costs increased to US$718/EqOz compared to
US$628/EqOz in the previous quarter due mainly to the record production
in the previous quarter. All-in Sustaining Costs, which includes
sustaining capital expenditures, exploration, reclamation, corporate and
administrative and share-based compensation cost were US$1,020/EqOz.
The following table is a summary of mine production statistics for the San
Martin mine for the three and six months ended January 31, 2014 and for the year
ended July, 2013:
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Actual Actual
results for results for Actual
3 months 6 months results for
ended ended 12 months
Unit of January 31, January 31, ended
(Unaudited) measure 2014 2014 July 31, 2013
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Production of Gold in thousand
Dore ounces 5.6 11.9 18.2
Production of Silver thousand
in Dore ounces 27.8 65.5 110
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Equivalent ounces of thousand
Gold ounces 6.0 12.9 20.1
Silver to Gold
equivalency ratio 62:1 60:1 57:1
Gold grade grams/tonne 2.55 2.71 2.36
Silver grade grams/tonne 21.27 24.12 21.0
Gold recovery percent 86.9% 87.6% 77.9%
Silver recovery percent 51.7% 54.3% 53.7%
thousands of
Milled tonnes 78.5 155.5 307.3
US
Operating Cost per dollars/ton
tonne milled ne 55 56 55
US
Operating Cost per dollars/oun
Equivalent Ounce ces 718 670 844
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"We continue to be pleased with our financial results which are as a result of
consistent metal production which is exceeding our budget expectations. At these
production levels, we are positioned to gain full benefit from any rise in metal
prices," said Robert Eadie, President and CEO of the Company.
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)
www.starcore.com
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