Starcore Closes C$13.50 Million Sale of Real Estate Asset in Mexico Vancouver, British Columbia – Starcore International Mines Ltd. (TSX:SAM) (“Starcore” or the “Company”) announces that it has closed the sale of its San Pedrito Property, a non-core asset located in
March 22, 2017 TSX: SAM
Starcore Closes C$13.50 Million Sale of Real Estate Asset in Mexico
Vancouver, British Columbia – Starcore International Mines Ltd. (TSX:SAM) (“Starcore” or the
“Company”) announces that it has closed the sale of its San Pedrito Property, a non-core asset located in
Queretaro, Mexico for C$13.50 million* (MXN$ 192,784,331).
As reported on March 9, 2016, the Company entered into a sale agreement of the San Pedrito Property,
receiving a deposit of $50 million pesos. The sale agreement was subject to various confirmations, including
compliance with state and municipal regulations and confirmation that the property was in good standing so
conveyancing could proceed. Various requirements have been met, whereupon the buyer has remov ed
several subject conditions and has made the first parcel payment to the Company of MXN$ 137,671,371
(C$ 9,640,852)* plus interest on this amount from March, 9, 2016, of MXN$ 7,576,445 (C$ 530,563)*, for a
total payment of MXN$ 145,247,816 (C$ 10,171,415)*.
Details of the transaction are as follows:
1. Total surface area sold covers 74.0831.544 hectares (740,831.544 square meters) sold at $250 pesos
per square meter.
2. Payments are staged as follows:
Surface Area in hectares
(ha)
Equivalent in
square meters
(sm)
Mexican Pesos Canadian
Dollars*
Status
55.068 ha 550,685.485 sm MXN$ 137,671,371 C$ 9,640,852
Interest Received MXN$ 7,576,445 C$ 530,563
MXN$ 145,247,816 C$ 10,171,415 Payment received
Parcel of 12 ha¹ 120,000.000 sm MXN$ 30,000,000 C$ 2,100,840 Pending clearance
Parcel of 2.014 ha¹ 20,146.059 sm MXN$ 5,036,515 C$ 352,697 Pending clearance
Parcel of 5 ha¹ 50,000.000 sm MXN$ 12,500,000 C$ 875,350 Pending clearance
¹ The remaining three parcels await various confirmations from different local and federal authorities . As Starcore
receives these confirmations, the buyer will immediately remit the corresponding payment for each parcel of land. It is
expected that these clearances will be confirmed within the next 18 months.
Suite 750 – 580 Hornby Street, Box 113, Vancouver, British Columbia, Canada V6C 3B6
Suite 904 – 85 Richmond Street West, Toronto Ontario M5H 2C9
Telephone: (604) 602-4935 Fax: (604) 602-4936 e-mail. [email protected] website: www.starcore.com
- 2 -
The San Pedrito property was part of Starcore’s original acquisition in 2007, when the Company acquired the
San Martin Mine from Goldcorp for US$26 million. Management, having determined that the San Pedrito
property would not be a viable mining operation alongside the San Martin Mine, embarked on a focused
effort to amend San Pedrito’s zoning from its industrial classification to a residential zoning, a process which
took over six years.
“The closing of this tra nsaction is another landmark in Starcore’s focused efforts to grow the Company and
increase shareholder value,” said Robert Eadie , President and CEO of the Company . “We are extremely
grateful to our management team and our staff who were relentless in the ir efforts to obtain the various
governmental and ministerial clearances to enable conveyancing to be completed.”
* Based on exchange rate of 14.28 Pesos/CAD$ as at close of March 21, 2017.
About Starcore
Starcore is engaged in exploring, extracting an d processing gold and silver through its wholly -owned
subsidiary, Compañia Minera Peña de Bernal, S.A. de C.V., which owns the San Martin mine in Queretaro,
Mexico. Through its wholly- owned subsidiary, Altiplano Goldsilver S.A. de C.V, Starcore also owns a nd
operates the Altiplano concentrate processing facility for precious metals in Matehuala, Mexico. Starcore is
a public reporting issuer on the Toronto Stock Exchange. Starcore is also engaged in owning, acquiring,
exploiting, exploring and evaluating m ineral properties, and either joint venturing or developing these
properties further. Starcore has interests in properties located in Mexico, Canada and the United States. For
more information concerning Starcore, see documents filed under its profile on SEDAR, or visit its 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: (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.