Starcore International Mines Ltd.: Return to Profit for Second Quarter of 2013
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/15/13 -- 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 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.
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
----------------------------------------------------------------------------
Revenues
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 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.
Contacts:
Starcore International Mines Ltd.
1-604-602-4935 or Toll Free: 1-866-602-4935
1-604-602-4936 (FAX)
info@starcore.com
www.starcore.com