STARCORE ENTERS INTO LOI to lease a historical past-producing silver mine
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
July 10, 2025 TSX: SAM
FSE:V4JA
NOT FOR DISTRIBUTION IN THE UNITED STATES
STARCORE ENTERS INTO LOI
to lease a historical past-producing silver mine
Vancouver, B.C. – Starcore International Mines Ltd. (TSX: SAM) (“Starcore” or the “Company”)
announces that through its wholly-owned Mexican subsidiary, Compañia Minera Peña de Bernal, it has entered
into a non-binding Letter of Intent with Manuel Felipe Arreguin Martinez (the “Owner”) to lease the Owner’s
six mineral claims and two properties comprising what is commonly known as the San Juan Nepomuceno
Project (the “TORTILLA Project”) located in Queretaro, Mexico.
The Tortilla Project includes a historical mine situated 150 km from the capital, Santiago de Queretaro, 40 km
northeast of the San Martin Mining Unit and 5 km west of the La Negra Mine. Mining activity in the area
dates back to 1557 with records of continuous operation until 1870 under Spanish control. During this period,
the deposit was known as El Doctor Mine. Towards the end of the 19th century, a British company, O. J.
Braniff, resumed exploration activities and installed a processing plant to process minerals from the San Juan
Nepomuceno and Santo Entierro mines. However, operations only lasted two years. There are no historical
production records.
In consideration of the lease agreement for a period of ten years covering the Tortilla Project, Starcore must
pay the Owner an aggregate of MX$5,000,000 (approx. US$268,500) as follows:
• MX$2,000,000 (approx. US$107,500) upon signing a Definitive Agreement on or before July 24,
2025, or as extended by mutual agreement; and
• MX$500,000 (approx. US$27,000) monthly for the next 6 months, commencing the month after
the signing of the Definitive Agreement.
After all payments have been made, the Owner shall be entitled to a 2% NSR from mineral production derived
from the Tortilla Project.
During the term of the ten -year lease, the Owner has the option to sell all of the claims and concessions to
Starcore at a purchase price of US$7,000.000.
“Although there are no historical production records, based on the size of the old mine sites and average
ore grades, we believe we have an excellent opportunity to capitalize on the untapped potential of the
Tortilla Project and the attractive price of silver which has been steadily increasing for years,” said
Robert Eadie, President & CEO of Starcore. “Our exposure is minimal, and the possibilities could be
extremely rewarding.”
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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 has expanded its reach internationally with the project in Côte d’Ivoire. 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, President & Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
ROBERT EADIE
Telephone: (604) 602-4935
X
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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 o f 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, opinion s, and
projections on the date the statements are made. Forward -looking statements involve various risks and
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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.