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Starcore International Mines Ltd.: Reserves of 651,605 tons for San Martin Mine
Published : December 05, 2012
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Keywords :   Gold | Mexico | Silver |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 5, 2012) - Starcore International Mines Ltd. (News - Market indicators) (the "Company") is pleased to announce results for a recently completed Reserve estimate for its San Martin Mine in Queretaro, Mexico.

The result of the estimate, effective as of July 31, 2012 is Proven and Probable reserves totaling 651,605 tonnes at a grade of 2.21 g Au/t and 30 g Ag/t. In addition to the Proven and Probable Reserves, an Inferred Mineral Resource is estimated at 998,000 tonnes at an approximate grade of 2.18 g Au/t and 28 g Ag/t. Inferred Mineral Resources are not known to the same degree of certainty as Mineral Reserves and do not have demonstrated economic viability.

The reserve estimate is based on the methods used for the last 14 years by Luismin, Goldcorp and Starcore at the mine and modified over the past few years to try to account for changes in dilution due to the increased reliance on Tronco ores.

The estimate was prepared by mine staff in compliance with NI 43-101. Joe Campbell P. Geo. who is a qualified person as defined by NI 43-101 has verified all information used for the estimate.

The most important assumptions used as the basis of the estimate include:

  • Total operating costs of $US72 per metric tonne, a gold price of US$1600 and silver price of US$30;
  • Metal Recoveries of 87% for gold and 60% for silver;
  • Resultant cutoff grade of 1.6 grams per tonne gold equivalent, escalated by 25% to 2g/t gold equivalent due to historic shortfall of grade coming from mine;
  • Mining dilution of between 10 and 30% depending on the structure; and
  • Specific Gravity of 2.55.

The ratio of Probable to Proven Reserves is roughly 2.1:1 and in total there are 58,751 contained gold equivalent ounces (using a 50:1 equivalency factor). The previous reserve estimate at San Marin was compiled as of July 31, 2011 and totaled 586,318 tonnes at 2.29 g/t Au and 39 g/t silver (containing 57,866 equivalent ounces of gold). San Martin milled 308,324 tons since the last resource estimate at an average grade of 2.17g/t gold and 34 g/t silver. The proven and probable reserves outlined above are adequate for 2 additional years of production.

In comparison to the reserves estimated in 2011, this year's estimate has resulted in a modest increase in tonnage by 11% and a slight increase in equivalent ounces, both of which occurred while milling 190,000 tonnes from the reserve area. When put in perspective the mine exploration team is more than replacing the reserves on a year by year basis.

The 43-101 report, "Reserves and Resources in the San Martin Mine, Mexico as of July 31, 2012", prepared by Joe Campbell, P. Geo., will be filed on SEDAR and will be available on the company website

"We continue to find new structures and transfer resources to reserves," said Robert Eadie, Chairman of the Company. "This year we have shown that our grade estimations are better reflecting our production results."

David Gunning, P.Eng., a director of the Company and Chief Operating Officer, is the Company's qualified person on the project as required under NI 43-101 and has prepared the technical information contained in this press release which has been reviewed and approved by Joe Campbell P. Geo.


Robert Eadie, Executive Chairman, Interim President and Chief Executive Officer

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.
Robert Eadie
1-604-602-4935 or Toll Free: 1-866-602-4935
1-604-602-4936 (FAX)
Data and Statistics for these countries : Mexico | All
Gold and Silver Prices for these countries : Mexico | All

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$ 22.8 millions as of today (US$ 18.1 millions, € 16.6 millions).

Its stock quote reached its highest recent level on October 26, 2012 at CA$ 0.42, and its lowest recent point on January 09, 2015 at CA$ 0.11.

Starcore International has 151 950 000 shares outstanding.

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Financings of Starcore International Ventures Ltd
3/28/2011Arranges $2.5 million Financing
Option Grants of Starcore International Ventures Ltd
2/7/2012Dividend - 2013
Nominations of Starcore International Ventures Ltd
9/25/2012Appoints New Director
12/7/2009Appoints New CEO
Financials of Starcore International Ventures Ltd
12/11/2013Earns $2.3 million in the First Quarter
12/14/2012Reports Loss for First Quarter of 2013
3/19/2012Reports Second Quarter Earnings of $3.5 Million and $6.7 Mil...
11/1/2011Reports Year-End Financial Results
3/7/2011Reports Positive Financial Results From the Second Quarter o...
12/15/2009Reports Positive Financial Results from the First Quarter of...
3/18/2009Reports Positive Financial Results from the Second Quarter o...
10/29/2008Reports Year-End Financial Results
Project news of Starcore International Ventures Ltd
1/30/2014Posts Best Annual Production since 2007; Company Reports on ...
11/7/2013Posts Six-Year Record Production Results in the 1st Quarter
8/15/2013Posts Record Quarter; Production Surges to 6.315 Gold Equiva...
5/21/2013Production Increases to 5,126 Ounces of Gold in 3rd Quarter
2/19/2013Production Update for the end of Q2
6/5/2012cores 18.2 meters grading 14.61 g/t gold and 113 g/t silver ...
3/21/2012San Martin Mine & Personnel Unharmed
5/24/2011Tailings Dam Expansion Approved for 16 More Years of Product...
3/27/2006to acquire gold mine in Mexico
Corporate news of Starcore International Ventures Ltd
2/19/2015Starcore Closes Acquisition of Creston Moly
2/17/2015Produces 5,130 Equivalent Gold Ounces in Fiscal Q2
2/17/2015Starcore Produces 5,130 Equivalent Gold Ounces in Fiscal Q2
2/4/2015Announces Results of Annual General Meeting
2/4/2015Starcore Announces Results of Annual General Meeting
1/23/2015Starcore Acquires Creston Moly from Bankruptcy Trustee
12/9/2014Starcore Reports First Quarter 2015 Results
11/20/2014American Consolidated Shareholders Approve Plan of Arrangeme...
11/19/2014Starcore Posts First Quarter Production Results
10/29/2014Starcore Reports Fiscal 2014 Results
10/20/2014Starcore: Reserves of 486,586 Tons for San Martin Mine
10/1/2014Starcore International to Acquire American Consolidated Mine...
8/26/2014Starcore Announces Approval of Normal Course Issuer Bid
8/20/2014Starcore Announces Payment of Dividend to Shareholders, Norm...
8/11/2014Starcore Produces 24,037 Gold Equivalent Ounces in Fiscal 20...
6/13/2014Starcore International Mines Ltd.: Correction to June 12th N...
6/13/2014Starcore International Mines Ltd.: Correction to June 12th N...
6/12/2014Starcore Earns $1.24 Million in the Second Quarter
5/30/2014Starcore Produces 5,338 Gold Equivalent Ounces in 3rd Quarte...
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
9/5/2013Corporate Update
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
11/14/2011Mines Ltd.: Over 6,500 Gold Equivalent Ounces of Production ...
9/28/2011Drilling north of area 29 mantos intersects 7.94 g/t gold an...
9/28/2011Mines Ltd.: Drilling North of Area 29 Mantos Intersects 7.94...
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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