Starcore Reports Third Quarter 2015 Results

June 16, 2015 TSX: SAM

Starcore Reports Third Quarter 2015 Results

Vancouver, B.C. – Starcore International Mines Ltd. (the “Company”) has filed the results for the third quarter ended April 30, 2015 for the Company and its mining operations. The full version of the Company's Financial Statements and Management's Discussion and Analysis can be viewed on the Company's website at www.starcore.com, or SEDAR at www.sedar.com. All financial information is prepared in accordance with IFRS and all dollar amounts are expressed in thousands of Canadian dollars unless otherwise indicated.

Financial Highlights for period ending April 30, 2015

• Cash and cash equivalents on hand is $5.8 million at April 30, 2015 compared to $9.8 million at July 31, 2014, due largely to the acquisition of Creston Moly completed in the quarter;
• Gold and silver sales of $7.2 and $21.7 million for the three and nine months ended April 30, 2015 compared to $8.3 million and $25.4 million for the three and nine months ended April 30, 2014, decreases of 13% and 15%, respectively;
• Net income (loss) of $(0.45) million and $0.3 million for the three and nine months ended April 30, 2015 compared to $1.2 million and $5.1 million for the three and nine months ended April 30, 2014;
• EBITDA⁽¹⁾ of $4.4 million for the nine months ended April 30, 2015 compared to $9.4 million for the nine months ended April 30, 2014, a decrease of $5 million or 53%.

The following table contains selected highlights from the Company’s unaudited consolidated statement of operations for the three and nine months ended April 30, 2015 and 2014:

(in thousands of Canadian dollars) (Unaudited) Three months ended Nine months ended

April 30, April 30, 2014 2014

2015 2015

(1) EBITDA (“Earnings before Interest, Taxes, Depreciation and Amortization”) is a non-GAAP financial performance measure with no standard definition under IFRS. It is therefore possible that this measure could not be comparable with a similar measure of another Corporation. The Corporation uses this non-GAAP measure which can also be helpful to investors as it provides a result which can be compared with the Corporation market share price.

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

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Reconciliation of Net income to EBITDA

For the period ending April 30,

2015 2014

EBITDA MARGIN⁽²⁾ 20.1% 37.1%

(2) EBITDA MARGIN is a measurement of a company’s operating profitability calculated as EBITDA divided by total revenue. EBITDA MARGIN is a non-GAAP financial performance measure with no standard definition under IFRS. It is therefore possible that this measure could not be comparable with a similar measure of another Corporation. The Corporation uses this non-GAAP measure which can also be helpful to investors as it provides a result which can be compared with the Corporation market share price.

Production Highlights for period ending April 30, 2015:

• Equivalent gold production of 4,429 ounces in quarter ended April 30, 2015 compared to 5,338 ounces in quarter ended April 30, 2014, a decrease of 17%;
• Mine operating cash cost is US$906/EqOz for the nine months ended April 30, 2015 compared to US$833/EqOz for the nine months ended April 30, 2014, an increase of 9%;
• All-in sustaining costs of US$1,080/EqOz for the nine months ended April 30, 2015 compared to US$1,066 for the nine months ended April 30, 2014, an increase of 1%.

The following table is a summary of mine production statistics for the San Martin mine for the three and nine months ended April 30, 2015 and for the year ended July, 2014:

Actual results for Actual results for Actual results for

Ounce

“Given the complexity of the San Martin mine geological structure, it is not unusual to have fluctuations in ore grades causing the changes in production that we are experiencing. Despite this, the mine management has been excellent at reducing costs below budget and, coupled with the higher US dollar exchange rate, we have been able to continue to produce good cash flow from the mine operations exceeding $1 million for the quarter and $4.5 million over the nine months,” reported Robert Eadie, President of the Company.

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About Starcore

Starcore is engaged in exploring, extracting and 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. The Company is a public reporting issuer on the Toronto Stock Exchange. The Company is also engaged in owning, acquiring, exploiting, exploring and evaluating mineral properties, and either joint venturing or developing these properties further. The Company has interests in properties which are exclusively located in North America.

ON BEHALF OF STARCORE INTERNATIONAL MINES LTD.

Signed “Gary Arca”

Gary Arca, Chief Financial Officer and Director

FOR FURTHER INFORMATION PLEASE CONTACT:

GARY ARCA EVAN EADIE Telephone: (604) 602-4935 Investor Relations Facsimile: 1-604-602-4936 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.