STARCORE ANNOUNCES 3rd 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
February 22, 2023 TSX: SAM
STARCORE ANNOUNCES
3rd Quarter Production Results
Vancouver, B.C. – Starcore International Mines Ltd. (TSX: SAM) (“Starcore” or “the Company”)
announces production results for the third 2023 fiscal quarter ended January 31, 2023, at its San
Martin Mine (“San Martin”) in Queretaro, Mexico.
The gold and silver grades have dropped in the last two quarters and we have taken measures to
conserve resources and reduce costs . One such measure was to halt drilling exploration carried out
by contractors while we complete the new geological model of the mine using past data accumulated.
This process includes the participation of two external geologists with extensive experience
worldwide in structural geology and modeling of geological orebodies, along with our own geology
team. We expect the new geological model to be ready by the end of February which will define the
exploration targets that we will use to continue underground exploration.
Overall, w e have applied cost reductions in all areas of mine and administration, including
management, to compensate for lower production. “In expectation of the decrease in production, we
are reducing costs temporarily to return to our strategy of producing profitable ounces day by day,"
stated Salvador Garcia, Chief Operating Officer of the Company.
9 Month YTD
San Martin Production Q3 2023 Q2 2023 Q/Q Change 2023 2022 Y/Y Change
Ore Milled (Tonnes) 58,562 57,165 2% 170,990 169,060 1%
Gold Equivalent Ounces 2,182 2,452 -11% 7,559 8,265 -9%
Gold Grade (Grams/Ton) 1.29 1.46 -12% 1.48 1.55 -5%
Silver Grade (Grams/Ton) 8.85 12.83 -31 % 14.20 21.62 -34%
Gold Recovery (%) 85.24 87.14 -2% 87.43 88.08 -1%
Silver Recovery (%) 48.95 47.86 2% 48.71 51.01 -5%
Gold: Silver Ratio 80.13 88.46 85.37 73.78
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.
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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
Telephone: (604) 602-4935 x 205
Email: [email protected]
The Toronto Stock Exchange has not reviewed, nor does it accept responsibility
for the adequacy or accuracy of this press release.