March 17, 2009
B.C. — Starcore International Mines Ltd. (the “Company”) has filed the results for the second quarter ended January 31, 2009, and the second complete year of its mining operations from the San Martin Mine. Starcore had revenues from metal sales of $5.3 million, earnings from mining operations of $1.2 million, and a net loss of $nil for the quarter ended January 31, 2009. Over the six month period ended January 31, 2009, the Company reports revenues of $12.0 million, earnings from mining operations of $2.2 million and a net loss of $0.1 million. The basic and diluted loss per share for the quarter and the six months ended January 31, 2009 was $nil.
The following table contains selected highlights from Starcore’s consolidated income statement for the three and six month periods ended January 31, 2009:
For the three months ended January 31
For the six months ended
Earnings from mining operations
Net (loss) per share - basic and diluted
While mining revenue and earnings for 2009 was comparable to 2008, the revenue from mined ore was actually $1.18 million higher for the six months ended January 31, 2009 compared to the prior year, due mainly to poorer ore grades in 2008. The loss of purchased concentrate revenue in 2009 lowered gross revenues significantly by $2.1 million from the prior year, however, this had little effect on earnings from mining operations due to the low margin on purchased concentrate. Net loss was, therefore, lower overall as a result of the higher revenues and earnings from mining operations and due to management efforts to decrease administrative expenses.
The Company also had positive cash flow from operations of $0.1 million for the six months ended January 31, 2009.
The following table is selected information of mine production statistics for the San Martin mine for the second quarter of operations and the second complete year of operations under the Company.
Unit of measure
Actual results for 3 months ended January 31, 2009
Actual results for Year ended January 31, 2009
|Production of Gold in Dore|
|Production of Silver in Dore|
|Equivalent ounces of Gold*|
thousands of tonnes
|Operating Cost per Equivalent Ounce|
* assuming a 79:1 silver to gold equivalency ratio for three months and 62:1 for the year ended January 31, 2009.
Overall equivalent gold production was 5,500 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 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
Toll Free: 1-866-602-4935
Facsimile: 1-604-602-4936The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.
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