VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 24, 2012) - Starcore International Mines Ltd. (News - Market indicators) (the "Company") announces it has arranged a non-brokered private placement for gross proceeds of up to $2,250,000. The private placement will consist of up to 9,000,000 Units at a price of $0.25 per unit. Each unit is comprised of one common share of Starcore and one-half of one transferable common share purchase warrant, each whole warrant exercisable for a period of two years from the date of issue to purchase one common share of Starcore at a price of $0.35 per share.

The net proceeds of the private placement will be used to repay the outstanding balance of the acquisition loan with Investec Bank (U.K.) Limited in the amount of US$3,221,041.95.

A 6% cash commission will be paid to eligible finders for such portion of the financing as may be attributable to such finders' efforts; brokers' warrants will apply to registered brokers and exempt market dealers in the form of 8% of the portion of the financing as may be attributable to such brokers' efforts. 

The private placement is subject to Toronto Stock Exchange acceptance and required regulatory approvals. All of the securities issued pursuant to this offering will have a hold period expiring four months after the closing date. 

ON BEHALF OF STARCORE INTERNATIONAL MINES LTD.

Robert Eadie, Chief Executive Officer