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Re:   News Release - Monday, January 26, 2009
      Starcore Receives Commitment for US$10 Million
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Vancouver, B.C. - Starcore International Mines Ltd. (the "Company") has
secured a commitment for a US$10 million loan from a senior Mexican
financial institution.  The loan will have a term of four years, with
the first principal payment not due until two years after draw-down.
The loan will bear interest at Libor + 5% per annum, payable quarterly.
 The purpose of the loan is to pay down existing liabilities, including
the outstanding amounts owed to Investec Bank (U.K.) Limited
("Investec") under an existing loan facility.  Draw down of the loan is
subject to the execution of a definitive agreement (which has already
been negotiated), the provision of a pledge of the shares of the
Company's operating subsidiary, Compa�ia Minera Pe�a De Bernal, S.A. de
C. V. ("Bernal"), and a release of existing security over Bernal's
assets.

Currently, Investec holds a pledge of the Bernal shares and a security
interest over the Bernal assets, as security for its US$13 million
acquisition loan facility provided to the Company in connection with
the Company's acquisition of the San Martin mine in January of 2007.
Approximately US$8.5 million remains outstanding under this loan
facility.  In connection with the Investec loan facility, the Company
has remaining forward sale commitments of 56,165 ounces of gold at a
price of US$731 per ounce.  Investec has advised the Company that, in
order to release its security interest and the pledge of the Bernal
shares, it will require the Company to repay the loan facility and wind
up the forward sales commitments.  At gold prices in effect on the date
of this news release, the Company does not have sufficient funds to
both wind up the forward sales agreements and repay the Investec loan
facility.  The Company believes the terms of the loan from the Mexican
financial institution and the two year principal repayment deferral are
more favourable to the Company than the Investec facility.  The Company
is working on alternatives to repay the Investec facility, and wind up
the forward sales commitments.  The ability of the Company to wind up
the forward sales commitments (thereby allowing Investec to release the
security it currently holds over the shares and assets of Bernal, and
enable the Company to pledge such security to the Mexican financial
institution) is dependent upon the price of gold reducing to a level
which would allow the Company to settle the forward sales commitments
at a favourable cost or no cost to the Company.  There is no guarantee
that this event will occur in the near future, thereby allowing the
Company to draw down the Mexican loan facility.

ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.
Signed "Robert Eadie"
Robert Eadie, President & Chief Executive Officer

FOR FURTHER INFORMATION PLEASE CONTACT  INVESTOR RELATIONS
Telephone: 1-604-602-4935
Toll Free:   1-866-602-4935  /  Facsimile: 1-604-602-4936.

The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this press release.

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Copyright (c) 2009 STARCORE INTERNATIONAL MINES LTD. (SAM.H)  All
rights reserved.  For more information visit our website at
http://www.starcore.com/ or send mailto:info@starcore.com
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