VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 31, 2012) - Further to its press release of January 24, 2012, Starcore International Mines Ltd. (News - Market indicators) (the "Company") announces that it has closed its non-brokered financing for gross proceeds of $2,252,500. The financing was in the form of 9,010,000 Units at $0.25 per Unit (a "Unit"), each Unit comprised of one common share of the Company (a "Common Share") and one-half of one transferable share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to acquire one common share of the Company at a price of $0.35 to January 30, 2014.

Finders' fees applied in this transaction in the form of cash commissions of $87,150 and 464,800 Agent Warrants, each Warrant entitling the holder to acquire one common share of the Company at a price of $0.25 to January 30, 2013.

All securities issued pursuant to the private placement are subject to a four month hold period to May 31, 2012.

For more information on the Company visit our website at www.starcore.com.

ON BEHALF OF STARCORE INTERNATIONAL MINES LTD.

Robert Eadie, President