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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
--  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.


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.

Telephone: 604-602-4935
Facsimile: 1-604-602-4936

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

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