STARCORE ANNOUNCES 2nd Quarter Production Results
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
November 15, 2022 TSX: SAM
STARCORE ANNOUNCES
2nd Quarter Production Results
Vancouver, B.C. – Starcore International Mines Ltd. (TSX: SAM) (“Starcore” or “the Company”)
announces production results for the second 2023 fiscal quarter ended October 31, 2022, at its San
Martin Mine (“San Martin”) in Queretaro, Mexico.
We experienced a decrease in production from the previous quarter (2023- Q1) due to a 40% decrease
in silver grade, and a 14% decrease in the gold grade. The main issue in this was a delay in
development towards areas of better grade that we previously identified as result of the exploration
carried out this year.
During the quarter, we drilled an additional 3,547 meters (of DDH) with some very positive values
of gold and silver. This exploration has focused on the extensions of the two main areas of San martin
mine, which includes the San martin vein and the high- grade ore bodies, Cuerpo 28 to Cuerpo 33,
where we have engaged a new drilling contractor beginning in September. Overall, we have drilled
52% more metres than in the previous quarter in San Martin.
“Since the Company is focusing a large amount of its resources to exploration in order to further
define the deposit, this may result in a decrease in production from time to time ,” clarified Robert
Eadie. “This does not reflect the current status of the mine.”
“We expect the decreases in production that we are experiencing to be temporary and our strategy of
producing profitable ounces day by day is ongoing," stated Salvador Garcia, Chief Operating Officer
of the Company.
San Martin Production Q2 2023
Q1 2023 Q/Q Change YTD 2023
YTD
2023 Y/Y Change
Ore Milled (Tonnes) 57,165 55,263 3% 112,428 112,347 0%
Gold Equivalent Ounces 2,452 2,925 -16% 5,377 5,676 -5%
Gold Grade (Grams/Ton) 1.46 1.70 -14% 1.58 1.60 -1%
Silver Grade (Grams/Ton) 12.83 21.29 -40% 16.99 21.87 - 22%
Gold Recovery (%) 87.14 89.43 -3% 88.36 88.08 0%
Silver Recovery (%) 47.86 49.13 -3% 48.64 53.53 -9%
Gold: Silver Ratio 88.46 85,98 86.90 72.17
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Salvador Garcia, B. Eng., a director of the Company and Chief Operating Officer, is the Company’s
qualified person on the project as required under NI 43-101and has prepared the technical
information contained in this press release.
About Starcore
Starcore International Mines is engaged in precious metals production with focus and experience in
Mexico. This base of producing assets is complemented by exploration and development projects
throughout North America. The Company is a leader in Corporate Social Responsibility and
advocates value driven decisions that will increase long-term shareholder value. You can find more
information on the investor friendly website here: www.starcore.com.
ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.
(Sgd.) “Robert Eadie”
Robert Eadie, Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
ROBERT EADIE
Investor Relations
Telephone: (604) 602-4935 x 205
The Toronto Stock Exchange has not reviewed, nor does it accept responsibility
for the adequacy or accuracy of this press release.