January 30, 2014
Vancouver, B.C. — Starcore International Mines Ltd.
(the “Company”) announces production results for the calendar year
ending December 31, 2013, at its San Martin Mine in Queretaro, Mexico.
During 2013, a total of 306,941 tonnes was milled at an average grade of 2.66 g/t gold and 24 g/t silver resulting in the production of 24,425 gold equivalent ounces. This represents an increase in production of 27% from the previous year.
Mill recoveries improved from last year and averaged 84.75% for gold and
54% for silver. Silver recoveries returned to the typical rates during
the year, and the gold recovery improved from the 78% achieved in 2012.
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 approved the technical information contained in
the above production results.
The Company also reports on the results of its Annual General Meeting of Shareholders held on January 28, 2014:
- The following individuals were elected as directors of the Company:
Robert Eadie (Executive Chairman, President & Chief Executive
Officer), Gary Arca (Chief Financial Officer), David Gunning (Chief
Operating Officer), Cory Kent (Corporate Secretary), Ken Sumanik,
Federico Villaseñor, Jordan Estra, Serge Depatie and Michael Gunning;
- Deloitte LLP, Chartered Accountants, was reappointed auditor of the Company;
- the Shareholder Rights Plan was approved;
- the Advance Notice Policy was approved; and
- the proposal to continue the Company’s 20% rolling stock option plan
did not receive the required shareholder approval. “We have heard what
our shareholders have said and are listening,” said Robert Eadie,
President & CEO of the Company.
In other news, the Company reports that preparations are underway
for the commencement of the 2014 drill program to explore for and expand
its San Martin resources.
The focus for the 2014 program will be to assess areas outside of the
immediate mine area where isolated drilling in the past has indicated
mineralized structures that have yet to be followed up.. A 5000-metre
drill program is planned for 2014.
Permitting will commence once drillhole sites are finalized.
At the conclusion of the prior year’s drill program, the Company
reviewed the results of the program against the backdrop of its
principal objective for 2013 which was to discover gold / silver
mineralization in a new structure immediately west of the San Martin —
San Jose mineralized trend, close to existing underground
infrastructure. Any such new zones could then be quickly added to the
known reserves. As a result of the drill program it is now known that
the rock units situated immediately west of the mine area are host rocks
unfavourable for the types of mineralization in the mine. No further
work is recommended in this area at this time.
Gary Woods, P.Geo., Exploration Manager, Starcore’s qualified person,
has reviewed the contents of this release for accuracy as it relates to
the report on the 2013 and 2014 drill programs, and has approved this
press release on behalf of 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 Mexico.
ON BEHALF OF STARCORE INTERNATIONAL
Signed “Robert Eadie”
Robert Eadie, Executive Chairman, President & CEO
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
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