Welcome!

News Feed Item

Starcore Earns $1.24 Million in the Second Quarter

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/12/14 -- Starcore International Mines Ltd. (the "Company") (TSX:SAM) has filed the results for the third quarter ended April 30, 2014 for the Company and its mining operations. The full version of the Company's Financial Statements and Management's Discussion and Analysis can be viewed on the Company's website at www.starcore.com, or SEDAR at www.sedar.com. All financial information is prepared in accordance with IFRS and all dollar amounts are expressed in thousands of Canadian dollars unless otherwise indicated.

Third Quarter, April 30, 2014 Highlights:


--  Earnings from mining operations was $2.0 million, or 29% of gross
    revenue, compared to $2.4 million, or 29% of gross revenue, in the prior
    quarter; 
--  Income for the quarter was $1.24 million, or $0.01 per share compared to
    $1.6 million, or $0.01 per share for the prior quarter; 
--  The following table contains selected highlights from the Company's
    unaudited consolidated statement of operations for the three and nine
    months ended April 30, 2014: 

                                                    Three months Nine months
                                                           ended       ended
                                                       April 30,   April 30,
(in thousands of Canadian dollars)                          2014        2014
----------------------------------------------------------------------------
Revenues                                                 $ 8,267    $ 25,394
Cost of Sales                                            (6,310)    (17,932)
----------------------------------------------------------------------------
Earnings from mining operations                            1,957       7,462
----------------------------------------------------------------------------
Net income                                                                  
  (i) Net income                                         $ 1,239     $ 5,135
  (ii) Income per share - basic                           $ 0.01      $ 0.03
  (iii) Income per share - diluted                        $ 0.01      $ 0.03
----------------------------------------------------------------------------

--  The mine ore grade was lower for the quarter averaging 2.34 g/t and 22.9
    g/t for gold and silver, respectively, compared to 2.55 g/t and 21.3 g/t
    for the prior quarter, respectively. 
--  Overall metal production was lower than the second quarter at 5,338
    equivalent ounces ("EqOz"), compared to 6,028 EqOz in the previous
    quarter. The third quarter is typically the most difficult because it
    covers a shorter time period due to February being the shortest month of
    the year and to "Holy Easter Week" celebrations with vacations impacting
    throughput at the mine, and this year the early arrival of the rainy
    season caused some short unexpected grid power interruptions; 
--  Mine operating cash costs increased to US$833/EqOz compared to
    US$718/EqOz in the previous quarter due mainly to lower production. All-
    in Sustaining Costs, which includes sustaining capital expenditures,
    exploration, reclamation, corporate and administrative and share-based
    compensation cost were US$1,066/EqOz. (for the third quarter only). 

The following table is a summary of mine production statistics for the San Martin mine for the three and nine months ended April 30, 2014 and for the year ended July, 2013:


----------------------------------------------------------------------------
                                              Actual      Actual      Actual
                                         results for results for results for
                                            3 months    9 months   12 months
                                               ended       ended       ended
                                           April 30,   April 30,    July 31,
(Unaudited)          Unit of measure            2014        2014        2013
----------------------------------------------------------------------------
Production of Gold in                                                       
 Dore                thousand ounces             4.9        16.8        18.2
Production of Silver                                                        
 in Dore             thousand ounces            28.5        94.0         110
----------------------------------------------------------------------------
Equivalent ounces of                                                        
 Gold                thousand ounces             5.3        18.3        20.1
                                                                            
Silver to Gold                                                              
 equivalency ratio                              64:1        62:1        57:1
Gold grade           grams/tonne                2.34        2.59        2.36
Silver grade         grams/tonne                22.9        23.7        21.0
Gold recovery        percent                   86.3%       87.2%       77.9%
Silver recovery      percent                   51.4%       53.4%       53.7%
Milled               thousands of tonnes        75.4       230.9       307.3
Operating Cost per                                                          
 tonne milled        US dollars/tonne             59          57          55
Operating Cost per                                                          
 Equivalent Ounce    US dollars/ounces           833         717         844
----------------------------------------------------------------------------

"Although we were short of our internal target for the quarter, the Company continues to outperform the previous year's production. We are very cognizant of shareholder value and of building the company on behalf of shareholders. We believe this is a time to be prudent, save money, reduce costs, and have the company in a position of strength to weather any unexpected financial storms. Our vision remains steadfast," said Robert Eadie, President and CEO of Starcore.

About Starcore

Starcore is engaged in exploring, extracting and processing gold and silver through its wholly-owned subsidiary, Compania Minera Pena 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 MINES LTD.

Gary Arca, Chief Financial Officer and Director

The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.

Contacts:
GARY ARCA
Telephone: 604-602-4935
Facsimile: 1-604-602-4936

EVAN EADIE
Investor Relations
Telephone: (416) 640-1936
Toll Free: 1-866-602-4935

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
IoT is fundamentally transforming the auto industry, turning the vehicle into a hub for connected services, including safety, infotainment and usage-based insurance. Auto manufacturers – and businesses across all verticals – have built an entire ecosystem around the Connected Car, creating new customer touch points and revenue streams. In his session at @ThingsExpo, Macario Namie, Head of IoT Strategy at Cisco Jasper, will share real-world examples of how IoT transforms the car from a static p...
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the protocols that communicate data and the emerging data analy...
I’m going to cry tonight, long and hard. I’ll do so as I remember and mourn Jeremy Geelan. I knew Jeremy for almost 20 years, from the time he showed up one day at Cloud Expo’s headquarters in Bergen County, New Jersey, and went to work. The show wasn’t called Cloud Expo then, of course – it was still known as Java Edge, a pioneering event that grabbed developers, architects, and enterprise IT users alike for twice-yearly confabs. Jeremy didn’t have a job there, or even a job offer. He was s...
SYS-CON Events announced today that China Unicom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE F...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
Big Data has been changing the world. IoT fuels the further transformation recently. How are Big Data and IoT related? In his session at @BigDataExpo, Tony Shan, a renowned visionary and thought leader, will explore the interplay of Big Data and IoT. He will anatomize Big Data and IoT separately in terms of what, which, why, where, when, who, how and how much. He will then analyze the relationship between IoT and Big Data, specifically the drilldown of how the 4Vs of Big Data (Volume, Variety,...
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, will discuss how VPaaS enables you to move fast, creating scalable video experiences that reach your...
In his session at @DevOpsSummit at 19th Cloud Expo, Robert Doyle, lead architect at eCube Systems, will examine the issues and need for an agile infrastructure and show the advantages of capturing developer knowledge in an exportable file for migration into production. He will introduce the use of NXTmonitor, a next-generation DevOps tool that captures application environments, dependencies and start/stop procedures in a portable configuration file with an easy-to-use GUI. In addition to captu...
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
SYS-CON Events announced today that Secure Channels will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.