Starcore Posts Best Annual Production Since 2007; Company Reports on AGM Results and Drill Programs
31 January 2014 - 2:00AM
Marketwired
Starcore Posts Best Annual Production Since 2007; Company Reports
on AGM Results and Drill Programs
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 30, 2014) -
Starcore International Mines Ltd. (the "Company") (TSX:SAM)
announces production results for the calendar year ending December
31, 2013, at its San Martin Mine in Queretaro, Mexico.
During 2013, a total of 306,941 tonnes was milled at an average
grade of 2.66 g/t gold and 24 g/t silver resulting in the
production of 24,425 gold equivalent ounces. This represents an
increase in production of 27% from the previous year.
Mill recoveries improved from last year and averaged 84.75% for
gold and 54% for silver. Silver recoveries returned to the typical
rates during the year, and the gold recovery improved from the 78%
achieved in 2012.
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 43-101and has approved the technical
information contained in the above production results.
The Company also reports on the results of its Annual General
Meeting of Shareholders held on January 28, 2014:
1. The following individuals were elected as directors of the
Company: Robert Eadie (Executive Chairman, President & Chief
Executive Officer), Gary Arca (Chief Financial Officer), David
Gunning (Chief Operating Officer), Cory Kent (Corporate Secretary),
Ken Sumanik, Federico Villaseñor, Jordan Estra, Serge Depatie and
Michael Gunning;
2. Deloitte LLP, Chartered Accountants, was reappointed auditor
of the Company;
3. the Shareholder Rights Plan was approved;
4. the Advance Notice Policy was approved; and
5. the proposal to continue the Company's 20% rolling stock
option plan did not receive the required shareholder approval. "We
have heard what our shareholders have said and are listening," said
Robert Eadie, President & CEO of the Company.
In other news, the Company reports that preparations are
underway for the commencement of the 2014 drill program to explore
for and expand its San Martin resources.
The focus for the 2014 program will be to assess areas outside
of the immediate mine area where isolated drilling in the past has
indicated mineralized structures that have yet to be followed up..
A 5000-metre drill program is planned for 2014.
Permitting will commence once drillhole sites are finalized.
At the conclusion of the prior year's drill program, the Company
reviewed the results of the program against the backdrop of its
principal objective for 2013 which was to discover gold / silver
mineralization in a new structure immediately west of the San
Martin - San Jose mineralized trend, close to existing underground
infrastructure. Any such new zones could then be quickly added to
the known reserves. As a result of the drill program it is now
known that the rock units situated immediately west of the mine
area are host rocks unfavourable for the types of mineralization in
the mine. No further work is recommended in this area at this
time.
Gary Woods, P.Geo., Exploration Manager, Starcore's qualified
person, has reviewed the contents of this release for accuracy as
it relates to the report on the 2013 and 2014 drill programs, and
has approved this press release on behalf of Starcore.
About Starcore
Starcore is engaged in exploring, extracting and processing gold
and silver through its wholly-owned subsidiary, Compañia Minera
Peña de Bernal, S.A. de C.V., which owns the San Martin mine in
Queretaro, Mexico. The Company is a public reporting issuer on the
Toronto Stock Exchange. The Company is also engaged in owning,
acquiring, exploiting, exploring and evaluating mineral properties,
and either joint venturing or developing these properties further.
The Company has interests in properties which are exclusively
located in Mexico.
ON BEHALF OF STARCORE INTERNATIONAL MINES LTD.
Robert Eadie, Executive Chairman, President & CEO
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.1-604-602-4935 or Toll Free:
1-866-602-49351-604-602-4936info@starcore.comwww.starcore.com
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