Starcore Embarks on Environmental Rehabilitation Project in Mexico Vancouver, B.C. - Starcore International Mines Ltd. (TSX: SAM) (“Starcore” or the “Company”) reports that it has joined forces with Kappes, Cassiday & Associates (“KCA”) to launch an environmental
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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
May 13, 2024 TSX: SAM
FSE: V4JA
NOT FOR DISTRIBUTION IN THE UNITED STATES
Starcore Embarks on Environmental Rehabilitation Project in Mexico
Vancouver, B.C. - Starcore International Mines Ltd. (TSX: SAM) (“Starcore” or the “Company”) reports
that it has joined forces with Kappes, Cassiday & Associates (“KCA”) to launch an environmental
rehabilitation project to cl ean up mine tailings from the municipality of El Oro in Mexico (the “El Oro
Tailings”). The parties have executed a Memorandum of Understanding (“MOU”) to enter into a joint venture
whereby KCA would provide its expertise and services for the project aimed at rehabilitating the environment,
and Starcore would act as Operator of the joint venture.
KCA, an engineering firm headquartered in Reno, Ne vada, specializes in all asp ects of heap leaching and
cyanide processing. Recently, KCA entered into an agreement with Xali Gold Corp. (TSXV: XGC) to
purchase its tailings at El Oro, Mexico, which tailings KCA now intends to process in a joint venture with
Starcore to rehabilitate the environment and recapture the tailings’ gold and silver content. As announced
in its press release of April 15, 2024, Xali Gold re ported that the El Oro Tailings contain an Inferred
Resource* of 1,267,400 tonnes grading 2.94 grams per t onne (“g/t”) gold, 75.12 g/t silver, containing a
total of 119,900 ounces of gold and 3,061,200 ounces of silver.
* All figures rounded.
KCA will be responsible for all metallurgical studies, the project’s feasibility study, and will deliver the
engineering design for the construction of the pr ocessing plant that will launch the environmental
rehabilitation project and recover precious metal from the El Oro Tailings. Starcore will be responsible for
the capital cost to construct the plant, and will act as operator of the plant. Net profits generated from the
JV will be allocated (i) 100% to Starcore until it has recouped its capital costs, and (ii) thereafter on a 70/30
(Starcore/KCA) basis.
It is intended that the MOU will be replaced with a formal JV agreement, subject to: (i) KCA having earned
a 100% interest in Xali Gold’s El Oro Tailings Project by making the agreed-upon payments to Xali Gold,
subject to royalty payments ( see Xali Gold’s news release of Apil 15, 2024 ), (ii) satisfactory drilling and
testing of the El Oro Tailings, and (iii) satisfactory arrangements being negotiated with the municipality of
El Oro.
Private Placement: Starcore also announces that it has a rranged a non-brokered private placement for
gross proceeds of up to $500,000 to conduct metallurgical testing of the carbonaceous ore at its San Martin
Mine operations in Queretaro, Mexico. The private placement will consist of up to 3,333,333 units (the
“Units”) at a price of $0.15 per Unit. Each Unit w ill be comprised of one common share of Starcore and
one common share purchase warrant (the “Warrants”), each whole Warrant exercisable for a period of two
years from the date of issue to purchase one common share of Starcore at a price of $0.25 per share.
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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
The private placement is subject to TSX acceptance a nd any required regulatory approvals. All of the
securities issued pursuant to this financing will have a hold period expiring four months plus one day after
the closing date.
About Starcore
Starcore International Mines is engaged in precious metals production with focus and experience in Mexico.
While this base of producing assets has been comp lemented by exploration and development projects
throughout North America, Starcore has expanded it s reach internationally with the recently acquired
project in Côte d’Ivoire. The Company is a leader in Corporate Social Responsibility and advocates value
driven decisions that will increase long term sharehol der 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, 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. Specifically, there is no assurance that (i) all
conditions precedent will be satisfied in order for the JV to become effective, (ii) Starcore will be able to raise
sufficient funds to finance construction of a tailings pl ant, or (iii) the JV will be profitable. The Company
assumes no obligation to update forward‐looking statements or beliefs, opinions, projections or other factors,
except as required by law.