STARCORE ANNOUNCES Third 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 26, 2024 TSX: SAM
NOT FOR DISTRIBUTION IN THE UNITED STATES
STARCORE ANNOUNCES
Third Quarter Production Results
Vancouver, B.C. – Starcore International Mines Ltd. (TSX: SAM) (“Starcore” or “the Company”)
announces production results for the third fiscal quarter ended January 2024, at its San Martin Mine (“San
Martin”) in Queretaro, Mexico.
The third quarter confirmed the stability of the production in the San Martin Mine in this fiscal year. Production
increases were experienced due to the higher grade of gold fed into the mill and the improvement in recovery
of approximately 4 percentage points, both due to the high grade oreshoot discovered during the year as a result
of investment in exploration and metallurgical research.
“We are also continuing the research to recover the gold and silver contain ed in over one million tonnes of
Carbonaceous ore that are present in the mine, but which have not been included in our reserves and resources.
As always, we are focused on mining only profitable ounces,” stated Salvador Garcia, COO of the company.
9 Month YTD
San Martin Production Q3 2024 Q2 2024 Q/Q Change 2024 2023 Y/Y Change
Ore Milled (Tonnes) 52,736 58,019 -9% 168,454 170,990 -1%
Gold Equivalent Ounces 2,514 2,420 4% 6,852 7,559 -9%
Gold Grade (Grams/Ton) 1.58 1.42 12% 1.37 1.48 -7%
Silver Grade (Grams/Ton) 14.57 14.88 -2 % 14.56 14.20 3%
Gold Recovery (%) 89.08 85.23 4% 86.27 87.43 -1%
Silver Recovery (%) 50.31 48.81 3% 48.28 48.71 -1%
Gold: Silver Ratio 86.04 83.49 83.80 85.37
“As previously disclosed, we have been negotiating the acquisition of a local mining property and are pleased
to report that we have commenced the evaluation process to determine the potential of the property. To this
end, we have started a full geophysics study to build on the previous information we have on the old works from
30 years ago,” further stated Mr. Garcia.
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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.
While this base of producing assets is complemented by exploration and development projects throughout North
America, Starcore is driven to expand its reach internationally. 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 at www.starcore.com.
ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.
(Signed) “Robert Eadie”
Robert Eadie, President & Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
ROBERT EADIE
Telephone: (604) 602-4935
The Toronto Stock Exchange has not reviewed, nor does it accept responsibility
for the adequacy or accuracy of this press release.
This news release contains “forward -looking” statements and information (“forward -looking statements”). All statements, other than
statements of historical facts, included herein, including, without limitation, management’s expectations and the potential of the
Company’s projects, are forward looking statements. Forward-looking statements are based on the beliefs of Company management, as
well as assumptions made by and information currently available to Company ’s management and reflect the beliefs, opinions, and
projections on the date the statements are made. Forward -looking statements involve various risks and uncertainties and accordingly,
readers are advised not to place undue reliance on forward -looking statements. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company
assumes no obligation to update forward‐looking statements or beliefs, opinions, projections or other factors, except as required by law.