Click here to close now.

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
"We have seen the evolution of WebRTC right from the starting point to what it has become today, that people are using in real applications," noted Dr. Natasha Tamaskar, Vice President and Head of Cloud and Mobile Strategy and Ecosystem at GENBAND, in this SYS-CON.tv interview at WebRTC Summit, held June 9-11, 2015, at the Javits Center in New York City.
The 3rd International WebRTC Summit, to be held Nov. 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 15th International Cloud Expo, 6th International Big Data Expo, 3rd International DevOps Summit and 2nd Internet of @ThingsExpo. WebRTC (Web-based Real-Time Com...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world...
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at th...
Enterprises are turning to the hybrid cloud to drive greater scalability and cost-effectiveness. But enterprises should beware as the definition of “policy” varies wildly. Some say it’s the ability to control the resources apps’ use or where the apps run. Others view policy as governing the permissions and delivering security. Policy is all of that and more. In his session at 16th Cloud Expo, Derek Collison, founder and CEO of Apcera, explained what policy is, he showed how policy should be arch...
Countless business models have spawned from the IaaS industry. Resell Web hosting, blogs, public cloud, and on and on. With the overwhelming amount of tools available to us, it's sometimes easy to overlook that many of them are just new skins of resources we've had for a long time. In his General Session at 16th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, broke down what we've got to work with and discuss the benefits and pitfalls to discover how we can best use them to d...
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US a...
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than
"We got started as search consultants. On the services side of the business we have help organizations save time and save money when they hit issues that everyone more or less hits when their data grows," noted Otis Gospodnetić, Founder of Sematext, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
"CenturyLink brings a full suite of services to the table and that enables us to be an IT service provider," explained Jeff Katzen, Director of the Cloud Practice at CenturyLink, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.