November 14, 2011
Vancouver, B.C. — Starcore International Mines Ltd.
(the “Company”) is pleased to announce production results for the first
quarter of the fiscal year started August 1, 2011 at its San Martin
Mine in Queretaro, Mexico.
The 3 months production saw 75,477 tonnes milled at an average head
grade of 2.35 g/t gold and 41 g/t silver resulting in the production of
6,512 gold equivalent ounces. This compared well with the 2011
budgeted production forecast of 5,201 equivalent ounces during the same
This production surplus was the result of a 9% increase in tonnage, 46%
increase in silver grade and a nearly 10% increase in silver recovery
above budget estimates. In addition gold grade and recovery were also
2% above budget.
Of particular importance in the first quarter production results was the
contribution made by the newly discovered pilotos extensions. During
this timeframe a total of 15,000 tons were produced from the pilotos
area with an average grade of 4.54 g/t gold and 75 g/t silver. This
tonnage has come from 1 stope and 2 development headings.
In addition to the production results the mine also received shipment of
a new 3.5 cubic yard scooptram and a 16 foot single boom drill jumbo.
These new machines are significant capital expenditures in addition to
the addition of 4 underground man carriers, a shotcrete pump, and front
end loader which were purchased and delivered earlier this calendar
year. As of the end of October 2011 the mine had produced more
equivalent ounces than in all of calendar year 2010.
“Production results in the first quarter of fiscal 2011-2012 show that
our production planning and exploration is becoming much better at
providing quality mill feed on a consistent basis,” said Robert Eadie,
Executive Chairman & Chief Executive Officer of the Company. “We are
gaining confidence in the deposit as indicated by the significant
investment we have made to capital equipment and this is due to the
newly found structures like the pilotos area. We fully expect that the
SAM vein along with the newly discovered ore in the pilotos area will
enable us to meet production targets in the next fiscal year.”
David Gunning, P.Eng., a director of the Company and Chief Operating
Officer, is the Company’s qualified person on the project as required
under NI 43-101and has prepared the technical information contained in
this press release.
ON BEHALF OF STARCORE INTERNATIONAL
Signed “Robert Eadie”
Executive Chairman & Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT: 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.
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