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Starcore Reports Year-End Financial Results
Published : November 01, 2011
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Keywords :   Gold | Gold Production | Market | Silver |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 1, 2011) - Starcore International Mines Ltd. (News - Market indicators) (the "Company") has filed the results for the year ended July 31, 2011 for the Company and its mining operations from the San Martin Mine. Over the year ended July 31, 2011, the Company reports revenues of $39.5 million, earnings from mining operations of $13.8 million and a net loss of $4.0 million, which includes a net $6.6 million non-cash unrealized loss on forward sales contracts and a $234,000 non-cash stock-based compensation charge on option awards vested in the year. The basic and diluted loss per share for the year ended July 31, 2011 was $0.05.

The following table is a summary of mine production statistics for the San Martin mine for the six months ended July 31, 2011 and the cumulative amounts for the year ended January 31, 2011:

(Unaudited) Unit of measure Actual results for
6 months ended
July 31, 2011
Actual results for
12 months ended
January 31, 2011
Mine Production of Gold in Dore thousand ounces 7.8 15.6
Mine Production of Silver in Dore thousand ounces 134.9 170.0
Mine Equivalent ounces of Gold thousand ounces 11.1 18.5
Purchased Concentrate Equivalent ounces thousand ounces 5.2 2.5
Total Mine Production – Equivalent Ounces thousand ounces 16.3 21.0
Mine Gold grade grams/tonne 2.0 2.05
Mine Silver grade grams/tonne 40 31
Milled thousands of tonnes 146 274
Mine Operating Cost per tonne milled US dollars/tonne 50 39
Mine Operating Cost per Equivalent Ounce US dollars/ounces 699 577
* assuming a 41:1 silver to gold equivalency ratio for six months ended July 31, and 60:1 for the year ended January 31, 2011.

Overall equivalent gold production from mine operations, excluding purchased concentrate, was 11,100 ounces over the six months ended July 31, 2011, compared to an average of 4,625 per quarter for the previous twelve month period. The higher production was due mainly to consistently higher ore grades for silver, higher silver recoveries and the fact that the mine also increased tonnage through the mill to 146,000 tonnes for the six month period compared to 68,500 tonnes per quarter average for the twelve months.

Currently, the Company is continuing underground exploration in order to identify higher grade ore zones and has allocated a higher budget to support exploration, exceeding 11,000 metres of exploration drilling for the 2011 calendar year (See recent news releases of September 28th, September 22nd, August 29th and July 18, 2011).

The following table contains selected highlights from the Company's consolidated statement of operations and consolidated balance sheet for the years ending July 31, 2011 and 2010 (all amounts per table and discussion below are stated in thousands of Canadian dollars):

(000's) July 31, 2011   July 31, 2010  
  Mined ore $ 29,413   $ 22,046  
  Purchased concentrate   10,052     1,155  
  $ 39,465   $ 23,201  
Cost of Sales            
  Mined Ore   13,415     10,728  
  Purchased concentrate   9,752     1,054  
  Amortization, depletion and reclamation   2,497     1,983  
  $ (25,664 ) $ (13,765 )
Earnings from mining operations   13,801     9,436  
Net loss            
  (i) Net loss for the year $ (4,023 ) $ (3,728 )
  (ii) Income (loss) per share - basic $ (0.05 ) $ (0.05 )
  (iii) Income (loss) per share - diluted $ (0.05 ) $ (0.05 )

Total assets
Total long-term liabilities $ 13,803   $ 17,242  

Revenues for the year ended July 31, 2011, were higher at $39,465 than 2010 revenues of $23,201 due mainly to the sale of metal from purchased concentrate, but also due to higher metal prices in 2011 and higher metal production from mine operations. For the year ended July 31, 2011, metal sales of 20,002 ounces of gold and 425,414 ounces of silver sold at average prices of US$1,308 per ounce and US$32 per ounce, respectively, compared to the year ended July 31, 2010 which approximated 17,343 ounces of gold and 181,876 ounces of silver sold at average prices of US$1,105 and US$17 per ounce, respectively. Loss for the year ended July 31, 2011 increased to a loss of $4,023 due mainly to the fluctuation in realized and unrealized forward sales contracts losses. Net realized and unrealized loss on forward contracts for the year ended July 31, 2011 was $12,541 compared to $9,873 for 2010 due to the increase in gold price from US$1,180 at July 31, 2010 to US$1,621, at July 31, 2011 on the remaining 21,343 ounces which are to be sold at an average of 1,185 ounces per month until January 31, 2013.

The Company also had positive cash flow from operations of $2,125 for the year ended July 31, 2011 compared to $3,540 for the same period in 2010.

Full financial statements are available on SEDAR at and on Starcore's website at


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.

Starcore International Mines Ltd.
Investor Relations
1-604-602-4935 or Toll Free: 1-866-602-4935
1-604-602-4936 (FAX)

Starcore International Ventures Ltd

ISIN : CA85525T1030
CUSIP : 85525T103
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Starcore International is an exploration gold company based in Canada.

Starcore International produces gold, silver and zinc in Mexico, and holds various exploration projects in Mexico.

Its main asset in production is SAN MARTIN (MEXICO) in Mexico and its main exploration properties are CERRO DOLORES and EL TRANSITO in Mexico.

Starcore International is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 10.8 millions as of today (US$ 8.5 millions, € 6.9 millions).

Its stock quote reached its highest recent level on February 02, 2007 at CA$ 4.84, and its lowest recent point on November 21, 2008 at CA$ 0.18.

Starcore International has 49 146 851 shares outstanding.

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Financings of Starcore International Ventures Ltd
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11/12/2010Warrants Extended
Option Grants of Starcore International Ventures Ltd
2/7/2012Dividend - 2013
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9/25/2012Appoints New Director
Financials of Starcore International Ventures Ltd
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12/22/2015IIROC Trade Resumption - SAM
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12/22/2015IIROC Trading Halt - SAM
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11/17/2015Starcore Completes $4.5 Million Bond Offering
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12/9/2014Starcore Reports First Quarter 2015 Results
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8/20/2014Starcore Announces Payment of Dividend to Shareholders, Norm...
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5/30/2014Starcore Produces 5,338 Gold Equivalent Ounces in 3rd Quarte...
2/17/2014Posts Third Consecutive +6,000 Ounce Quarter
11/22/2013Approves Advance Notice Policy
10/29/2013Year End Results
10/15/2013Mines Ltd.: Surface Drilling Begins at San Martin
10/9/2013Reserves of 705,998 tonnes for San Martin Mine
9/5/2013Mines Ltd.: Corporate Update
9/3/2013Pays Final $3.68 Million of Debt
8/15/2013CORRECTION FROM SOURCE: Starcore Posts Record Quarter
6/13/2013Mines Ltd.: Profitable Q3
3/15/2013Mines Ltd.: Return to Profit for Second Quarter of 2013
3/4/2013Vision Statement -- 2013
3/4/2013Mines Ltd.: Vision Statement-2013
12/28/2012to Step Up Exploration Drilling
12/5/2012Mines Ltd.: Reserves of 651,605 tons for San Martin Mine
10/26/2012Reports Annual Earnings of $14.34 Million
6/15/2012Reports Third Quarter Earnings of $4.2 Million and $10.8 Mil...
6/5/2012Cores 18.2 Meters Grading 14.61 g/t Gold and 113 g/t Silver ...
5/15/2012Hedge Is Gone!
5/11/2012Secures $11 Million Loan to Buy Out the Hedge
5/7/2012Mines Ltd.: Jeff Hussey Joins Technical Advisory Board
4/30/2012Dr. Peter Megaw to Head Starcore's Technical Advisory Board
4/18/2012Bolsters its Technical Advisory Board
4/10/2012New Director for Starcore's Board
3/12/2012Mines Ltd.: Second Quarter Production for San Martin Mine Re...
2/2/2012Now Debt Free
1/31/2012Closes $2.25 Million Financing
1/24/2012Mines Ltd.: Private Placement Arranged
1/17/2012Reports Record Quarterly Earnings of $3.2 Million for First ...
12/9/2011President of Starcore Retires
9/22/2011Mines Ltd.: Reserves Increased to 586,318 Tons for San Marti...
8/29/2011Mines Ltd.: Production Results for San Martin Mine for the Y...
7/18/2011Intersects 20.6 g/t Gold and 274 g/t Silver Over 3.7 Meters ...
6/15/2011Earns $5.18 million from Mine Operations for Third Quarter o...
6/7/2011Mines Ltd.: Shareholders Approve Rights Plan and Financing
5/4/2011Mines Ltd.: SAM Vein Extended for 180 Meters of Strike Lengt...
4/12/2011Closes on $2.5 million Financing
3/23/2011Mines Ltd.: Cancellation of Security Interest
12/1/2009Closes on $2.2 million Financing
11/25/2009will be exhibiting at Mines and Money
11/18/2009Arranges $2 million Financing
11/12/2009Engages Financial Advisor
11/9/2009Wins Silver Helmet Award for its San Martin Mining Operation...
1/26/2009Receives Commitment for US$10 Million
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