VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 29, 2014) - Starcore International Mines Ltd. (the "Company") (TSX:SAM) has filed the results for the year ended July 31, 2014 for the Company and its mining operations. The full version of the Company's Financial Statements and Management's Discussion and Analysis can be viewed on the Company's website at www.starcore.com, or SEDAR at www.sedar.com. All financial information is prepared in accordance with IFRS and all dollar amounts are expressed in thousands of Canadian dollars unless otherwise indicated.
Year Ended July 31, 2014 Highlights:
|(in thousands of Canadian dollars)(Audited)||July 31,
|Cost of Sales||(24,548||)||(21,948||)|
|Earnings from mining operations||8,588||8,298|
|(i) Net income||$||2,965||$||4,702|
|(ii) Income per share - basic||$||0.02||$||0.03|
|(iii) Income per share - diluted||$||0.02||$||0.03|
The following table is a summary of mine production statistics for the San Martin mine for the three months ended July 31, 2014 and for the years ended July, 2014 and 2013:
|Unit of measure||Actual
|Production of Gold in Dore||thousand ounces||5.24||22.0||18.2|
|Production of Silver in Dore||thousand ounces||32.59||126.5||110|
|Equivalent ounces of Gold||thousand ounces||5.75||24.0||20.1|
|Silver to Gold equivalency ratio||64.6:1||62.7:1||57:1|
|Milled||thousands of tonnes||77.8||308.6||307.3|
|Operating Cost per tonne milled||US dollars/tonne||63||58||55|
|Operating Cost per Equivalent Ounce||US dollars/ounces||856||750||844|
"We continue to build on the strengths of our mine, being low costs and consistent production, reaching our targets each year. We are currently in a very good cash position, even after having paid our first dividend last month of $2.9 million," said Robert Eadie, President and CEO of 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.
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.