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
SYS-CON Events announced today that Hanu Software will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Leveraging best-in-class people, processes, and technologies, Hanu provides high-quality, high-value software development and business process outsourcing services to independent software vendors (ISVs) and enterprises.
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, will discuss the importance of WebRTC and how it enables companies to fo...
SYS-CON Events announced today TechTarget has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget is the Web’s leading destination for serious technology buyers researching and making enterprise technology decisions. Its extensive global networ...
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
Korean Broadcasting System (KBS) will feature the upcoming 18th Cloud Expo | @ThingsExpo in a New York news documentary about the "New IT for the Future." The documentary will cover how big companies are transmitting or adopting the new IT for the future and will be filmed on the expo floor between June 7-June 9, 2016, at the Javits Center in New York City, New York. KBS has long been a leader in the development of the broadcasting culture of Korea. As the key public service broadcaster of Korea...
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
As machines are increasingly connected to the internet, it’s becoming easier to discover the numerous ways Industrial IoT (IIoT) is helping to shape the business world. This is exactly why we have decided to take a closer look at this pervasive movement and to examine the desire to connect more things! Now if you need a refresher on IIoT and how it is changing the world, take a moment and listen to Greg Gorbach with ARC Advisory Group. Gorbach believes, "IIoT will significantly change the worl...
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit y...