Starcore Reports Second Quarter 2015 Results
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 17, 2015) - Starcore International Mines Ltd. (TSX:SAM) (the "Company") has filed the results for the second quarter ended January 31, 2015 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, 2015 Highlights:
| (in thousands of Canadian dollars) (Unaudited) | Three months ended January 31, | Six months ended January 31, | |||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||
| Revenues | $ | 7,143 | $ | 8,378 | $ | 14,812 | $ | 17,127 | |||||
| Cost of Sales | (6,930 | ) | (5,990 | ) | (14,148 | ) | (11,622 | ) | |||||
| Earnings from mining operations | 213 | 2,388 | 664 | 5,505 | |||||||||
| Net income | |||||||||||||
| (i) Net income (loss) | $ | (116 | ) | $ | 1,600 | $ | 754 | $ | 3,896 | ||||
| (ii) Income per share - basic | $ | 0.00 | $ | 0.01 | $ | 0.01 | $ | 0.03 | |||||
| (iii) Income per share - diluted | $ | 0.00 | $ | 0.01 | $ | 0.01 | $ | 0.03 | |||||
The following table is a summary of mine production statistics for the San Martin mine for the three and six months ended January 31, 2015 and for the year ended July, 2014:
| Unit of measure | Actual results for 3 months ended January 31, 2015 | Actual results for 6 months ended January 31, 2015 | Actual results for 12 months ended July 31, 2014 | |||||
| Production of Gold in Dore | thousand ounces | 4.8 | 9.8 | 22.0 | ||||
| Production of Silver in Dore | thousand ounces | 23.5 | 49.4 | 126.5 | ||||
| Equivalent ounces of Gold | thousand ounces | 5.1 | 10.5 | 24.0 | ||||
| Silver to Gold equivalency ratio | 73.6:1 | 70.4:1 | 62.7:1 | |||||
| Gold grade | grams/tonne | 2.22 | 2.29 | 2.55 | ||||
| Silver grade | grams/tonne | 18.91 | 18.6 | 24.2 | ||||
| Gold recovery | percent | 84.4% | 84.1% | 87.1% | ||||
| Silver recovery | percent | 48.4% | 52.2% | 52.7% | ||||
| Milled | thousands of tonnes | 79.8 | 158.4 | 308.6 | ||||
| Operating Cost per tonne milled | US dollars/tonne | 60 | 61 | 58 | ||||
| Operating Cost per Equivalent Ounce | US dollars/ounces | 936 | 926 | 750 |
"Our objectives have been steadfast to continue cost reduction plans and we expect lower mine costs and consistent production in 2015 to offset the lower metal prices" said Robert Eadie, President of the Company. "Our strong cash position has allowed us to acquire significantly undervalued assets such as Creston Moly and we will continue to review strategic acquisitions in the coming year."
About Starcore
Starcore is engaged in exploring, extracting and processing gold and silver through its wholly-owned subsidiary, Compañia Minera Peña 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.
Contact
Starcore International Mines Ltd.
GARY ARCA
Telephone: (604) 602-4935
Facsimile: 1-604-602-4936
Starcore International Mines Ltd.
EVAN EADIE
Investor Relations
Telephone: (416) 640-1936
Toll Free: 1-866-602-4935