STARCORE ANNOUNCES 3rd Quarter Production Results
February 15, 2017 TSX: SAM
STARCORE ANNOUNCES
3rd Quarter Production Results
Vancouver, B.C. – Starcore International Mines Ltd. (the “Company”) announces production results for
the third quarter of fiscal 2017, ended January 31, 2017, at its San Martin Mine (“San Martin”) in Queretaro,
Mexico and the Altiplano Gold Silver Processing Facility (“Altiplano”) in Matehuala, Mexico.
During Q3 at San Martin, a total of 69,703 tonnes were milled at an average grade of 1 .90 g/t gold and 14.7
g/t silver re sulting in the production of 3,237 gold equivalent ounces. M ill recoveries averaged 70.7% for
gold and 47.1% for silver. Equivalent gold ounce calculation is based on the average gold:silver ratio of
70.73:1 during the quarter.
In November, the mill proce ssed carbonaceous ore for 10 days using Carbon in Leach “ CIL” technology.
Recovery of gold from the carbonaceous ore averaged 45% using CIL, much better than the 10% indicated
by testwork using Merrill Crowe processing. After this trial, the plant was fed normal ore again for the
remainder of the quarter and metal recoveries have returned to normal (80-85% for gold).
Recoveries stabilized in January and testing is continuing to determine the best method to treat th e
carbonaceous ore. The CIL/ ADR plant worked very well from a physical perspective but there appears to
be a mineralogical constituent within the ore that is hampering recovery in addition to organic carbon
content.
The Company has reclassified Altiplano from pre-operational phase during the last quarter and is accounting
for production revenues and expenses on an operational basis, no longer capitalizing these amounts. During
Q3, the Altiplano Facility received approximately 167.4 tonnes of concentrate, 5.4 tonnes of precipitates and
7.8 tonnes of slag containing approximately 915 ounces of gold and 29,000 ounces of silver. Since most of
this product was received after Christmas it remains in inventory with processing continuing into February.
To January 31, 2017, the Company sold 39.8 ounces of gold and 2,378.5 ounces of silver from the amounts
received at Altiplano.
In addition to this, Altiplano secured the purchase of approximately 3.9 tonnes of granulated carbon which
was processed at the new CIL/ADR plant at the San Martin Mine in Quer etaro. This carbon was processed
to produce approximately 185.4 ounces of gold and 342.2 ounces of silver which was sold directly by the
mine operations in Q3, but which is in addition to the mine production results reported above.
“It was an interesting quarter where we tested our CIL/ADR circuit. Although it had some disappointments,
we are confident that we can find a cost effective solution to treat the carbonaceous ore. We were very
pleased with the construction of CIL plant changeover. The plant adaptation was completed for 25% of the
Suite 750 – 580 Hornby Street, Box 113, Vancouver, British Columbia, Canada V6C 3B6
Suite 904 – 85 Richmond Street West, Toronto, Ontario, Canada M5H 2C9
Telephone: (604) 602-4935 Fax: (604) 602-4936 e-mail. [email protected] website: www.starcore.co
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cost proposed by industry experts, a credit to our mine staff ,” stated Robert Eadie, President and CEO. “The
Altiplano operations is now underway and we are working hard to find continuous and profitable sources of
raw material to process in our low cost facility”.
David Gunning, P.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.
ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.
Signed “Robert Eadie”
Robert Eadie, President & Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
ROBERT EADIE:
Telephone: (416) 640-1936
EVAN EADIE
Investor Relations
Telephone: (416) 640-1936
Toll Free: 1-866-602-4935
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this
press release.