Return to Profit for Second Quarter of 2013
March 15, 2013 TSX: SAM
Return to Profit for Second Quarter of 2013
Vancouver, B.C. – Starcore International Mines Ltd. (the “Company”) 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 ended Six months ended (unaudited) (in thousands of Canadian dollars) January 31, 2013 January 31, 2013 Revenues Mined ore $ 13,714
$ 7,233
Cost of Sales Mined Ore 4,867 10,097
$ 2,366 3,617 Earnings from mining operations 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:
Suite 750 – 580 Hornby Street, Box 113, Vancouver, British Columbia, Canada V6C 3B6 Telephone: (604) 602-4935 Fax: (604) 602-4936 e-mail. [email protected] website: www.starcore.com
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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* | 8.7* |
| 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
- 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, 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.
Signed “Gary Arca”
Gary Arca, Chief Financial Officer and Director
FOR FURTHER INFORMATION PLEASE CONTACT INVESTOR RELATIONS Telephone: 1-604-602-4935 Toll Free: 1-866-602-4935 / Facsimile: 1-604-602-4936
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.