August 29, 2011
Vancouver, B.C. - Starcore International Mines Ltd.
(the “Company”) is pleased to announce production results for the
fiscal year ended July 31, 2011 at its San Martin Mine in Queretaro,
Mexico. The Toronto Stock Exchange has not reviewed nor does it
accept responsibility for the adequacy or accuracy of this press
The 12 months production saw 288,500 tonnes milled at an average head
grade of 2.08 g/t gold and 36 g/t silver resulting in the production of
21,500 gold equivalent ounces. This compared well with budgeted
production forecast of 20,464 equivalent ounces during the same time
This production surplus was the result of a 5% increase in tonnage, 30%
increase in silver grade and a nearly 10% increase in silver recovery
above budget estimates. These factors were slightly offset by slightly
lower than forecast gold grade and recovery.
Of particular interest in the fiscal year ended July 31, 2011 is the
contribution that the newly discovered SAM vein has made to production.
During this timeframe a total of 51,800 tons were produced from the SAM
vein with an average grade of 3.03 g/t gold and 63 g/t silver. This
tonnage has come from 3 stopes developed along 200 meters of strike
length. An additional 150 meters of strike length is open before
intersecting the area 30 limit fault the other side of which offers
additional exploration upside.
“Production results in fiscal 2010-2011 show that our production
planning and budgeting is becoming much better at predicting the
future,” said Robert Eadie, Chairman and Chief Executive Officer of the
Company. “We are gaining confidence in the deposit as indicated by the
significant contribution of newly found structures like the SAM vein.
We fully expect that the SAM vein along with the newly discovered ore in
the Pilotos area will help us meet production targets in the next
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.
The Company also reports that it has appointed Deloitte & Touche
LLP, Chartered Accountants, as auditors of the Company for the July 31,
2011 fiscal year.
The appointment follows the resignation of the former auditors,
PricewaterhouseCoopers LLP, Chartered Accountants at the request of the
Company. The Company reports that there have been no reservations in
the report of PricewaterhouseCoopers LLP for the audits of the most
recently completed fiscal period and, in the opinion of the Company,
prior to the appointment of PricewaterhouseCoopers LLP, there were no
reportable events. A reportable event is an occurrence in relationship
between the reporting issuer and the former auditor which may have been a
contributing factor in the change.
A reporting package has been filed with the regulators and will be
included in the management materials sent to shareholders for the next
annual general meeting of the Company.
ON BEHALF OF STARCORE INTERNATIONAL
Signed “Robert Eadie”
Robert Eadie, 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
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