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
Sanjeev Sharma Joins June 5-7, 2018 @DevOpsSummit at @Cloud Expo New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...
"WineSOFT is a software company making proxy server software, which is widely used in the telecommunication industry or the content delivery networks or e-commerce," explained Jonathan Ahn, COO of WineSOFT, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
The past few years have brought a sea change in the way applications are architected, developed, and consumed—increasing both the complexity of testing and the business impact of software failures. How can software testing professionals keep pace with modern application delivery, given the trends that impact both architectures (cloud, microservices, and APIs) and processes (DevOps, agile, and continuous delivery)? This is where continuous testing comes in. D
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, discussed how given the magnitude of today's application ...
Digital Transformation (DX) is not a "one-size-fits all" strategy. Each organization needs to develop its own unique, long-term DX plan. It must do so by realizing that we now live in a data-driven age, and that technologies such as Cloud Computing, Big Data, the IoT, Cognitive Computing, and Blockchain are only tools. In her general session at 21st Cloud Expo, Rebecca Wanta explained how the strategy must focus on DX and include a commitment from top management to create great IT jobs, monitor ...
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning 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 busin...
"Digital transformation - what we knew about it in the past has been redefined. Automation is going to play such a huge role in that because the culture, the technology, and the business operations are being shifted now," stated Brian Boeggeman, VP of Alliances & Partnerships at Ayehu, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams. In his session at 22nd Cloud Expo | DXWorld Expo, Daniel Jones, CTO of EngineerBetter, will answer: How can we improve willpower and decrease technical debt? Is the present bias real? How can we turn it to our advantage? Can you increase a team’s effective IQ? How do DevOps & Product Teams increase empathy, and what impact does empath...