Starcore International Mines Ltd.: Profitable Q3
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/13/13 -- Starcore International Mines Ltd. (TSX: SAM) (the "Company") has filed the results for the third quarter ended April 30, 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 April 30, 2013 Third Quarter Highlights:
-- Earnings from mining operations was $2.3 million compared to $2.4
million in the prior quarter;
-- Income for the quarter was $1,517, or $0.01 per share compared to
$2,319, 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 nine
months ending April 30, 2013:
(unaudited) (in thousands of Canadian Three months ended Nine months ended
dollars) April 30, 2013 April 30, 2013
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Revenues
Mined ore $ 6,872 $20,586
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Cost of Sales
Mined Ore 4,547 14,644
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Earnings from mining operations $ 2,325 $ 5,942
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Net income
(i) Net income $ 1,517 $ 3,490
(ii) Income per share - basic $ 0.01 $ 0.02
(iii) Income per share - diluted $ 0.01 $ 0.02
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-- Despite fewer operating days and lower tonnage of production in the
quarter, the mine improved ore grade to 2.38 g/t and 24.3 g/t for gold
and silver, respectively, and held recovery at approximately 79% and
56%, respectively, resulting in an increased metal production to 5,100
equivalent ounces ("EqOz") of gold compared to 4,800EqOz in the prior
quarter;
-- Mine operating cash costs reduced to $784/EqOz compared to $906/EqOz in
the prior quarter;
-- The following table is a summary of mine production statistics for the
San Martin mine for the three and nine months ended April 30, 2013:
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Actual results for Actual results for
3 months ended 9 months ended
(Unaudited) Unit of measure April 30, 2013 April 30, 2013
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Production of Gold
in Dore thousand ounces 4.5 12.4
Production of
Silver in Dore thousand ounces 32.6 78.9
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Equivalent ounces
of Gold thousand ounces 5.1(i) 13.9(i)
Gold recovery percent 79.3% 75.7%
Silver recovery percent 55.6% 54.9%
Gold grade grams/tonne 2.38 2.21
Silver grade grams/tonne 24.3 19.4
Milled thousands of tonnes 75.6 231.3
Operating Cost per
tonne milled US dollars/tonne 53 54
Operating Cost per
Equivalent Ounce US dollars/ounces 784 908
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(i) based on actual gold to silver equivalency ratios of 56:1 for the 3
months and 54:1 for the 9 months ended april 30, 2013.
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.
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