STARCORE ANNOUNCES First 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
August 11, 2023 TSX: SAM
STARCORE ANNOUNCES
First Quarter Production Results
Vancouver, B.C. – Starcore International Mines Ltd. (TSX: SAM) (“Starcore” or “the Company”)
announces production results for the first fiscal quarter ended July 2023, at its San Martin Mine (“San
Martin”) in Queretaro, Mexico.
“The mine experienced a reduction in gold equivalent ounces and gold grades of approximately 20%
this quarter over last quarter. T he main source of San Martin Mine production comes from two
primary areas; being the high grade area located in the north part of the mine and composed of the
stopes contained within areas CUERPO 28, 29, 30, 31,32 and 33; and the other area being the main
San Martin vein whereby stopes produce higher volume of ore at a lower, but economical, grade. In
this quarter the new stopes being developed in the high grade area required over 160 meters of
development, which was slowed by difficult ground conditions requiring extra support in the ramps
to ensure proper safety to our workers and proper development . This delayed the development of
higher grade ore resulting in processing more lower grade ore to meet the budgeted milled tonnes. In
the second quarter we expect to complete the development to the higher grade zones and will target
the recovery of the ounces missed in the 1 st Quarter while continuing to produce profitable ounces
overall, stated Salvador García COO of the Company.
“As stated last quarter, we have been investigating small mines near San Martin to utilize additional
unused capacity of our plant. We have identified a potential property for exploration and are currently
negotiating terms with the owner.”
12 Month YTD
San Martin Production Q1 2023 Q4 2023 Q/Q Change 2023 2022 Y/Y Change
Ore Milled (Tonnes) 57,700 56,821 2% 57,700 55,263 4%
Gold Equivalent Ounces 1,918 2,409 -20% 1,918 2,925 -34%
Gold Grade (Grams/Ton) 1.13 1.46 -22% 1.13 1.70 -34%
Silver Grade (Grams/Ton) 14.24 11.35 25 % 14.24 21.29 -33
Gold Recovery (%) 83.99 86.12 -2% 83.99 89.43 -6%
Silver Recovery (%) 45.82 48.72 -6% 45.82 49.13 -7%
Gold: Silver Ratio 81.98 82.92 81.98 85.98
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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.
(Signed) “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.