Results of Annual General Meeting
In addition, further to the Company's news release of December 1, 2009 regarding the completion of a $2.2 million private placement (the "Private Placement"), shareholders present at the meeting authorized the issuance (the "Issuance") of up to 19,842,500 common shares upon the exercise of certain warrants, special warrants and finders' warrants in relation to the Private Placement. 24,677,821 shares representing over 36.5% of the total issued and outstanding shares of the Company was present at the meeting, of which 16,226,995 shares were eligible to vote on the Issuance. Of those shares eligible to vote, 99.99% voted in favour of the Issuance.
For more information on the Company visit our website at www.starcore.com.
ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.
Signed "Robert Eadie"
Robert Eadie, President
FOR FURTHER INFORMATION PLEASE CONTACT: Robert Eadie
Telephone: 1-604-602-4935
Toll Free: 1-866-602-4935 / Facsimile: 1-604-602-4936
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.
Starcore Reports Positive Financial Results from the First Quarter of 2010
The following table contains selected highlights from the Company's consolidated income statement for the three month period ended October 31, 2009:
|
For the three months |
|
|
2009 |
2008 |
Total Revenue |
$ 4,866 |
$ 6,629 |
Earnings from mining operations |
$ 1,687 |
$ 959 |
Net income (loss) |
$ 562 |
$ (109) |
Net income (loss) per share – basic and diluted |
$ 0.01 |
$ (0.00) |
While mining earnings for 2009 was higher than 2008, the revenue from mined ore was actually $1.76 million lower for the three months ended October 31, 2009, compared to the prior year, due entirely to the loss of purchased concentrate revenue in 2009 which lowered gross revenues significantly by $2.0 million from the prior year; however, this had little effect on earnings from mining operations due to the low margin on purchased concentrate. Net income improved significantly due to improved metal production combined with lower production costs. Costs were lower due both to management efforts to decrease costs and to the lower pesos exchange rate compared to the prior year.
The Company also had positive cash flow from operations of $2.4 million for the three months ended October 31, 2009 compared to $1.2 million for the same period in 2008.
The following table is selected information of mine production statistics for the San Martin mine for the first quarter of operations and for nine months of operations to October 31, 2009 under the Company.
(Unaudited) |
Unit of measure |
Actual results for |
Actual results for |
| Production of Gold in Dore | thousand ounces |
4.7 |
14.1 |
| Production of Silver in Dore | thousand ounces |
42.2 |
128.8 |
| Equivalent ounces of Gold* | thousand ounces |
5.4 |
16.0 |
|
|
|
|
| Milled | thousands of tonnes |
69.1 |
198.4 |
|
|
|
|
| Operating Cost per Equivalent Ounce | US dollars/oz |
449 |
424 |
* assuming a 62:1 silver to gold equivalency ratio for three months and 66:1 for the nine months ended October 31, 2009.
Overall equivalent gold production was 5,400 ounces, which is comparable to the prior years' average of 5,400 ounces per quarter.The Company expects to maintain or increase the current ore grades over the next quarter and improve earnings further. The Company also continues exploration efforts to increase reserves of resources and to find higher grade deposits. Management also continues efforts to cut mine and administration costs, where possible, to improve earnings and cash flow.
Full financial statements are available on SEDAR at www.sedar.com and on Starcore's website at www.starcore.com.
ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.
Signed "Gary Arca"
Gary Arca, Chief Financial Officer and Director
FOR FURTHER INFORMATION PLEASE CONTACT: Gary Arca
Telephone: 1-604-602-4935
Toll Free: 1-866-602-4935 / Facsimile: 1-604-602-4936
Starcore Appoints New CEO
Mr. Garcia is a resident of Mexico, with a Mining and Metallurgical Engineering degree from Universidad Nacional Autonoma de Mexico, and an MS in Geology from the University of Pennsylvania. He is also a graduate of the OPM Graduate Course from Harvard University. His career in the mining industry spans over 34 years, including the positions of Mine Manager in Naica Chihuahua Mine (known for its copper, zinc and silver selenite crystals), training in the departments of geology, smelting and engineering, as well as Chief of the Engineering Department of Bethlehem Steel Corporation. Currently, he is Chairman and CEO of a private company with massive land holdings and interests in mining concessions in various states in Mexico.
Mr. Garcia's professional associations include tenures as President of the College of Mines (Mexico), President of Mexican Small Mines Association (Mexico), President of the Academy of Engineering Mining Chapter, a former Member of the Chamber of Mines Board of Directors, and a former member of the Peñoles Board of Directors.
"We feel extremely fortunate to have someone of Pepe Garcia's caliber accepting our invitation to join Starcore and to act as CEO for our operations in Mexico," said Robert Eadie, President & former CEO of Starcore. "His career in the mining industry, as well as his years of service in the various boards and professional associations will prove invaluable to Starcore's commitment to Mexico and our pledge to build shareholder value."
For more information on the Company visit our website at www.starcore.com.
ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.
Signed "Robert Eadie"
Robert Eadie, President
FOR FURTHER INFORMATION PLEASE CONTACT: Robert Eadie
Telephone: 1-604-602-4935
Toll Free: 1-866-602-4935 / Facsimile: 1-604-602-4936
Starcore Closes on $2.2 million Financing
- 15,000,000 Units at $0.10 per Unit (a "Unit"), each Unit comprised of one common share of the Company (a "Common Share") and one-half of one transferable share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to acquire one common share of the Company at a price of $0.15 to November 26, 2010.
- 7,000,000 Special Warrants at $0.10 per Special Warrant, each Special Warrant exercisable, at no additional cost, into one Unit.
Pursuant to TSX policies, the exercise of the Warrants, Special Warrants and Agent Warrants will be subject to shareholder approval, which approval will be sought at the annual meeting of shareholders scheduled for January 18, 2010. The Special Warrants will be deemed to be exercised on the date which is two business days after the receipt of shareholder approval for the exercise of the Special Warrants.
All securities issued pursuant to the private placement are subject to a four month hold period to March 27, 2010.
The proceeds from this private placement will be added to working capital and will be used for mine development.
For more information on the Company visit our website at www.starcore.com.
ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.
Signed "Robert Eadie"
Robert Eadie, President
FOR FURTHER INFORMATION PLEASE CONTACT: Robert Eadie
Telephone: 1-604-602-4935
Toll Free: 1-866-602-4935 / Facsimile: 1-604-602-4936
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.
Starcore Arranges $2 million Financing
(1) 15,000,000 Units at $0.10 per Unit, each Unit comprised of one common share of the Company (a "Common Share") and one-half of one transferable share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to acquire one common share of the Company (the "Warrant Shares") at a price of $0.15 for a period of 12 months following the Closing Date. Pursuant to TSX policies, the exercise of the Warrants will be subject to shareholder approval, which approval will be sought at the annual meeting of shareholders scheduled for January 18, 2010.
(2) 5,000,000 Special Warrants at $0.10 per Special Warrant, each Special Warrant entitling the holder to receive, at no additional cost, one Unit (a "Unit") of the Company. Each Unit will consist of one common share of the Company (a "Common Share") and one-half of one transferable common share (a "Warrant") each whole Warrant entitling the holder to acquire one common share of the Company (the "Warrant Shares") at a price of $0.15 for a period of 12 months following the Closing Date. Pursuant to TSX policies, the exercise of the Special Warrants will be subject to shareholder approval, which approval will be sought at the annual meeting of shareholders scheduled for January 18, 2010. The Special Warrants will be deemed to be exercised on the date which is two business days after the receipt of shareholder approval for the exercise of the Special Warrants.
A finder's fee will apply in this transaction in accordance with the policies of the Exchange, in the form of a cash commission of 7%, and for registered agents, warrants equivalent to 10% of the funds raised. Each Warrant will entitle the holder to acquire one common share of the Company at a price of $0.15 per share for a period of 12 months from the date of closing. The proceeds from this private placement will be added to working capital and will be used for mine development.
For more information on the Company visit our website at www.starcore.com.
ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.
Signed "Robert Eadie"
Robert Eadie, President
FOR FURTHER INFORMATION PLEASE CONTACT: Robert Eadie
Telephone: 1-604-602-4935
Toll Free: 1-866-602-4935 / Facsimile: 1-604-602-4936
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.