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Starcore up 22% on great news today!
May 11, 2016
Starcore Drills 10.25 metres of 65.17 g/t Au and 128.26 g/t Ag
Vancouver, B.C. – Starcore International Mines Ltd. (the “Company”) announces that it has completed drill hole 31-79 in area 31 at its San Martin Mine in Queretaro, Mexico. This hole intercepted a zone of limestone breccia followed by manto mineralization. High grade manto mineralization with visible gold was recovered between 48.65 and 58.9 meters. The weighted average grade of this 10.25 meter wide intercept is 65.17 g/t gold with 128.26 g/t silver. Prior to the high grade intercept the limestone breccia contained elevated silver values over 10 meters including a 2 meter section grading 1.60 g/t Au and 105 g/t Ag between 42.25 and 44.25 meters.
The intercept is within 15 meters of existing workings. Mining crews are expected to arrive at this drill hole intercept some time this week in order to evaluate the dimensions of the mineralization.
Drill core is assayed on site in a laboratory that successfully reconciles doré and plant samples. Assay values within the intercept have not been cut. Within this intersection, 7 of the 13 samples graded over 25 grams per tonne gold and numerous pieces of core were seen to contain visible gold. The manto mineralization at San Martin has produced samples of this grade in the past.
“This is the best drill hole in our history at the mine”, said Robert Eadie, President and CEO of Starcore.
The Company also reports production results at the San Martin Mine for the fiscal 2016 third quarter, ending April 30, 2016.
During Q3, a total of 74,070 tonnes were milled at an average grade of 1.66 g/t gold and 13 g/t silver resulting in the production of 3,476 gold equivalent ounces. Mill recoveries averaged 83.5% for gold and 46.9% for silver. Equivalent gold ounce calculation is based on the average gold:silver ratio of 79:1 during the quarter.
The depletion of the 6-101 stope in January of 2016 resulted in difficulties in February meeting production targets; however, the development of the 6-112 stope has enabled the mine to return to profitability during March and April.
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 prepared the technical information contained in this press release.
ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.
Signed “Robert Eadie”
Robert Eadie, President & Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
EVAN EADIE
Investor Relations
Telephone: (416) 640-1936
Toll Free: 1-866-602-4935
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy
or accuracy of this press release.
http://www.starcore.com/news/news-releases/starcore-enters-sale-agreement-on-real-estate-asset
news about the land sale came out today. $7MM USD is the purchase price... in the past we've talked about getting $4-5MM USD for it so $7MM is awesome! news!
Starcore Produces 5,130 Equivalent Gold Ounces In Fiscal Q2
Vancouver, B.C. -- Starcore International Mines Ltd. (the "Company") announces production results for the fiscal 2015 second quarter, ending January 31, 2015, at its San Martin Mine in Queretaro, Mexico.
During Q2, a total of 79,815 tonnes were milled at an average grade of 2.22 g/t gold and 19 g/t silver resulting in the production of 5,130 gold equivalent ounces. Mill recoveries averaged 84.5% for gold and 48.2% for silver. Equivalent gold ounce calculation is based on the average gold:silver ratio of 73.62:1 during the quarter. Grades and recoveries continue to conform with those predicted in reserve estimates.
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 prepared the technical information contained in this press release.
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 located in Mexico, Canada and the United States.
More information on Starcore is available at www.starcore.com.
ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.
Signed "Robert Eadie"
Robert Eadie, President & Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
ROBERT EADIE:
Telephone: (416) 640-1936
EVAN EADIE
Investor Relations
Telephone: (416) 640-1936
Toll Free: 1-866-602-4935
Neither the Toronto Stock Exchange nor its Regulation Services Provider (accepts responsibility for the adequacy or accuracy of this release.
Starcore International Is Being Greedy While Others Are Fearful
Complete article on SeekingAlpha today.
http://seekingalpha.com/article/2873926-starcore-international-is-being-greedy-while-others-are-fearful
Summary
•Starcore International just made two acquisitions that strengthen the investment thesis.
•American Consolidated Minerals - acquired for C$700,000 - has land and 170,000 oz. (so far) of gold resources 6 miles from Barrick's massive Cortez Mine.
•Creston Moly - acquired for C$2 million - is a mispriced call option proxy that has over 300 million pounds of molybdenum and a PEA on its flagship El Creston Project.
•The October value thesis is stronger given a higher gold price and a lower Starcore share price.
•The company remains undervalued now and has astronomical upside should molybdenum prices turn around
Starcore Acquires Creston Moly from Bankruptcy Trustee
Vancouver, B.C. – Starcore International Mines Ltd. (the "Company") announces that it has entered into an agreement to acquire all of the shares of Creston Moly Corp. ("Creston" or "Creston Moly") from Deloitte Restructuring Inc, in its capacity as trustee in bankruptcy of Mercator Minerals Ltd. (the "Trustee"), at a purchase price of Cdn$2 million (the "Transaction").
The Transaction is subject to Creston being discharged from bankruptcy, clearing the way for Starcore to complete the Transaction and to continue with the development and further exploration of Creston's properties, free and clear from Creston's liabilities as at the date of bankruptcy. Creston Moly is a British Columbia company that owns, through its subsidiaries, a 100% interest in three molybdenum-copper projects in Mexico, British Columbia and Newfoundland.
For full story: http://www.starcore.com/s/news-releases.asp?ReportID=692167
Starcore Acquires Creston Moly from Bankruptcy Trustee
Vancouver, B.C. – Starcore International Mines Ltd. (the "Company") announces that it has entered into an agreement to acquire all of the shares of Creston Moly Corp. ("Creston" or "Creston Moly") from Deloitte Restructuring Inc, in its capacity as trustee in bankruptcy of Mercator Minerals Ltd. (the "Trustee"), at a purchase price of Cdn$2 million (the "Transaction").
The Transaction is subject to Creston being discharged from bankruptcy, clearing the way for Starcore to complete the Transaction and to continue with the development and further exploration of Creston's properties, free and clear from Creston's liabilities as at the date of bankruptcy. Creston Moly is a British Columbia company that owns, through its subsidiaries, a 100% interest in three molybdenum-copper projects in Mexico, British Columbia and Newfoundland.
For full story: http://www.starcore.com/s/news-releases.asp?ReportID=692167
Robert bought 50,000 shares.
50,000 shares sold for a 1 cent profit is only $500.
I spoke to Evan this morning - surprised to learn he actually works out of Toronto now in the financial district. this would explain why he didn't return the call i left at 4pm yesterday as the day was nearly done [i thought he was in vancouver and it was 1pm when i called their time]
evan does a good job at giving perspective. certainly we're not the only gold company with a gold price that is down or flat. these are challenging times but they are doing what they said they are.
Evan is working in Toronto to get some analyst coverage but most won't spend time on a company with a market cap under $100MM and or at least 5 years of proven/probably reserves. currently drilling 11,000 meters/yr. In part seems thats why picking up AJC and their land/mine made sense.
2015 plan to cut costs by 10% with some operational efficiencies. Agreed that the land sale would prop up our cash position and look great as a 1 time influx on the balance sheet. land has been appraised and have been talking to interested parties but no agreement on price/terms at this time.
no update on the buy back and he really can't give us one; timing can't be public information or manipulation is possible.
I didn't notice this during my call but Robert Eadie CEO bought 50,000 shares at 11.5 cents in the open market on Dec 19th. Not a lot of money involved but good to see him putting in his own cash.
Evan did say he enjoys speaking with share holders & welcomes your calls. his number is 604 602 4935 if you'd like to chat with him yourself. also our Annual General Meeting is Jan 28th at 1pm. If you're not in Vancouver you can call in to listen.
My last couple of emails to IR have gone unreturned. when I spoke to IR last, Evan told me that if i ever send an email and don't get a response within a day or two to please call the office because it may just have been missed. I suspect the lack of response was because i asked some pretty specific questions and they feel more comfortable answering them on the phone versus in an email.
I didn't have a chance to call IR on Friday as i was planning. I did call yesterday at around 1pm their time and haven't heard back yet. I plan to ask about
BUY BACK
EXPLORATION [do we have an ongoing active drill program or was the program we tried and reported lackluster results from the end of it?]
LAND SALE we've had a chunk of land for sale forever. years. privately. why not hire a broker to sell it if they really want to sell it.
Questions for IR?
I tried calling today but their office is now closed for the holidays until January 2nd.
i will call again on January 2nd to ask some questions about share buy back, etc.
if anybody has any question they'd like asked but haven't called themselves, let me know and i'll post some answers on January 2nd.
they had over $10MM in the bank when they paid the dividend which only cost $2.8MM approx. Then they set aside $1MM for share buy back. Even after everything they still must have more then $5MM in the bank so i don't think its a matter of having the funds or not.
I believe they are not allowed to announce when they are starting the buy back so there are no market manipulations while they are buying. That being said when i talked to Eadie, he said they haven't started yet. I know he can't say they are buying but would assume he also can't lie and say he hasn't started if he has; so i'm not sure where we stand on that. i read somewhere that they could only buy a set amount of shares per day when they start...
as for the share price - short term its painful. i've already taken a big bath on this thing with an average price in the 30s. I think in part the reason we are seeing some lows here is tax loss selling. folks like myself that could take a sizeable tax loss on this may decide to dump some shares which certainly doesn't help SAM maintain or increase our SP.
if i dumped all of the shares i own in sam, even if sam was buying them back it would take them a week at their maximum allowable purchase per day to buy just my shares. that doesn't include anybody else who may be dumping.
for the record though. i haven't sold any shares and in fact even while underwater I rolled my dividend into more SAM.i still think long term it will be a winner. we'll see!
Agreed. no good reason they can't answer that question. $1MM goes a long way in a share buy back when shares are at 12 cents each.
American Consolidated Shareholders Approve Plan of Arrangement
November 20, 2014, Vancouver, B.C. -- Starcore International Mines Ltd. (TSX: SAM) ("Starcore") and American Consolidated Minerals Corp. (TSX-V: AJC) ("American Consolidated" or the "Company") are pleased to announce that the American Consolidated shareholders have approved the previously announced proposed acquisition of American Consolidated by Starcore, pursuant to a plan of arrangement (the "Transaction").
The Transaction was approved by American Consolidated's shareholders at the Company's Special Meeting (the "Meeting") held on November 20, 2014. At the Meeting 4,509,614 votes were cast in connection with the special resolution approving the Transaction with 4,483,714 votes cast for the motion (99.43%) and with 25,900 votes cast against the motion (0.57%).
The Transaction is expected to be completed on or about December 1, 2014 upon the satisfaction or waiver of all of the conditions set out in the arrangement agreement (the "Arrangement Agreement") entered into by American Consolidated and Starcore on October 1, 2014, including approval by the Supreme Court of British Columbia at a hearing scheduled for December 1, 2014. Upon completion of the Transaction, Starcore will acquire all of the outstanding common shares of American Consolidated through the issuance of one-third of a Starcore common share in exchange for each American Consolidated common share. Following completion of the Transaction, American Consolidated will be de-listed from the TSX Venture Exchange.
Full details of the terms of the Transaction are set out in American Consolidated's management information circular dated October 14, 2014, which is available on SEDAR at www.sedar.com. Additional information about American Consolidated is available on its website at www.americanconsolidatedminerals.com.
Neither the Toronto Stock Exchange nor the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.
For further information contact:
Gary Arca
Interim President & CEO
American Consolidated Minerals Corp.
Phone: 604-602-4935
Investor Relations
Starcore International Mines Ltd.
Evan Eadie
Phone: 416-640-1936
Starcore Posts First Quarter Production Results
Nov 19, 2014
Starcore Posts First Quarter Production Results
Vancouver, B.C. - Starcore International Mines Ltd. (the "Company") announces production results for the fiscal 2015 first quarter, ending October 31, 2014, at its San Martin Mine in Queretaro, Mexico. Production for the first fiscal quarter at the San Martin mine was 5,381 gold equivalent ounces using the realized gold:silver ratio of 67.6:1.
During Q1, a total of 78,635 tonnes were milled at an average grade of 2.36 g/t gold and 18 g/t silver resulting in the production of 4,998 gold ounces and 25,900 silver ounces.
Mill recoveries during the quarter averaged 83.9% for gold and 56.2% for silver.
"While we experienced lower than expected ore grade and recoveries in this last quarter, we fully expect to meet our annual projections for 2014," said Robert Eadie, President of the Company. "We are continually exploring new areas underground that we are confident will benefit our production. Starcore maintains its strong cash position, and San Martin not only has excellent exploration potential, but it is also a mine that has continued to deliver consistent production year in and year out."
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 prepared the technical information contained in this press release.
ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.
Signed "Robert Eadie"
Robert Eadie, Executive Chairman, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations
Evan Eadie
Telephone: (416) 640-1936
Toll Free: 1-866-602-4935
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.
they have already publicized their intention to buy back
they have allocated up to $1MM to buy back their own shares
and they have approval from the Toronto Stock Exchange to purchase up to 4.7% of outstanding shares or 6,666,666 shares in total.
The share buy back has already been approved and the money allocated. Its not IF they are buying back shares, it is when.
reserves are still sitting at about 2 years I believe.
I complete agree.
nice to see some action back on this board again...we were pretty quiet for a while!
I wasn't sure how to answer your share buy back question so I called Investor Relations for you [and me] and they confirmed the share buy back has not yet started. they have just finished up the work for the dividend payout they made, and the year end reporting. Share buy back seems to be next on the board of directors agenda tasks.
We spoke for a couple of minutes about the share price. seems they are as surprised as we are about how low it is. Between the US dollar being so low and now the price of gold sinking as well, it has had some impact on our share price and they agreed now would be an ideal time to start the buy back while their dollars would stretch as far as possible.
Hi KaiserSoze, welcome to the board.
It is a bit dumbfounding that we find ourselves at .14 cents today... feels like just last month I was cashing a few thousand dollar dividend cheque courtesy of Sam - oh right, it was last month - literally!
I think unfortunately they over promised and under delivered for a few years and seemed to use the dividend like a carrot at the end of a stick. they promised a few things with a few different timelines that never seemed to pan out...everything always took longer then they lead folks to believe and a lot of longs started to lose confidence in the idea of ever getting a dividend amongst other things.
now, besides increasing reserves and extending mine life through their self funded drill program they have done what they said they would do.
I think SAM on paper doesn't look bad. profitable. dividend paying. debt free. money in the bank, tons of unexplored land makes for great opportunities. they have a self funded drill program on the go which hopefully helps with extending proven/probably reserves. they have a lot more going for them then most junior minors. I feel like we need some major publicity/promo in order to make sure people are aware of our little engine that could because most people just don't seem to have ever heard of them.
I too, believe that SAM should be trading considerably higher which is why i still hold the shares that I do and have never sold any.
Starcore Reports Fiscal 2014 Results
complete article here Starcore.com
Vancouver, B.C. -- Starcore International Mines Ltd. (the "Company") 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:
Earnings from mining operations was $8.6 million, or 26% of gross revenue, compared to $8.3 million, or 27% of gross revenue, in the prior year.
Earnings before income taxes for the year was $5.0 million compared to $4.1 million for the prior year. Net Earnings after taxes for the year was $3.0 million, or $0.02 per share compared to $4.7 million, or $0.03 per share for the prior year.
In 2014 Tax Reform in Mexico created a 7.5% Special Mining Duty ("SMD"). The Company has taken the position that the SMD is an income tax under International Accounting Standard. As a result of these Tax Reform changes, the Company recognized a one-time non-cash deferred income tax expense of $2.4 million due to the future income tax impact of the SMD.
The mine improved ore grade for the year averaging 2.55 g/t and 24.2 g/t for gold and silver, respectively, compared to 2.36 g/t and 21.0 g/t for the prior year, respectively.
Overall metal production was much higher for the year at 24,000 equivalent ounces ("EqOz"), compared to 20,100 EqOz in the previous year. This is mainly as a result of improved ore grades and due to ore recovery issues experienced in the first two quarters of fiscal 2013.
Mine operating cash costs decreased overall to US$750/EqOz compared to US$844/EqOz in the previous year due mainly to higher recovery and metal production. All-in Sustaining Costs, which includes sustaining capital expenditures, exploration, reclamation, corporate and administrative and share-based compensation cost were US$1,093/EqOz, compared to US$1,194 in the prior year.
"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.
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.
Signed "Gary Arca"
Gary Arca, Chief Financial Officer and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
GARY ARCA
Telephone: 604-602-4935
Facsimile: 1-604-602-4936
EVAN EADIE
Investor Relations
Telephone: (416) 640-1936
Toll Free: 1-866-602-4935
ONLY 2 DAYS LEFT to Purch. Shares and Receive SAM Dividend!
You need to be a shareholder of record on Aug 29th in order to be eligible for the first annual SAM dividend of .02 payable Sept 30, 2014. Nothing like a quick 9% return on your investment!
Starcore Produces 24,037 Gold Equivalent Ounces in Fiscal 2014
Re: News - Monday, August 11, 2014
Title: Starcore Produces 24,037 Gold Equivalent Ounces in Fiscal 2014
________________________________________
Vancouver, B.C. - Starcore International Mines Ltd. (the "Company") announces production results for the fourth quarter of the fiscal year ending July 31, 2014, at its San Martin Mine in Queretaro, Mexico.
Over the 3 months, the San Martin mine processed 77,768 tonnes of ore at an average grade of 2.42 g/t gold and 25.73 g/t silver resulting in the production of 5,749 gold equivalent ounces using the actual gold:silver ratio of 64.6:1. This production represents an increase in production of 411 equivalent ounces from the previous quarter.
Mill recoveries averaged 86.7% for gold and 50.7% for silver during the fourth quarter.
In terms of the fiscal 2013-2014 year, production totaled 24,037 gold equivalent ounces from 308,610 tonnes milled, consisting of 22,018 ounces of gold and 126,519 ounces of silver using a gold:silver ratio of 62.67. Ore grade for the fiscal year averaged 2.55 g/t gold and 24.2 g/t silver with recoveries of 87.1% for gold and 52.7% for silver.
In comparison with the recently ended fiscal year to the previous 2012-2013 fiscal year: 1,268 more tonnes were milled, gold grade improved 8.5% and gold recovery improved 10.4%. Despite a change in gold:silver price ratio from 54.6 to 62.7 resulting in lower contribution to equivalent ounces from silver, gold equivalent ounce production was 18% higher than the previous fiscal.
"The production of an average of 2,000 equivalent ounces per month is a significant achievement for the operational team at San Martin resulting from successful exploration, mine planning and plant operation, said Robert Eadie, President and CEO of Starcore. "Congratulations to all involved!"
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 prepared the technical information contained in this press release.
ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.
Signed "Robert Eadie"
Robert Eadie, Executive Chairman, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT: Telephone: 1-604-602-4935
Toll Free: 1-866-602-4935 / Facsimile: 1-604-602-4936
Starcore Earns $1.24 million in the Second Quarter
Vancouver, B.C. - Starcore International Mines Ltd. (the "Company") has filed the results for the third quarter ended April 30, 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.
Third Quarter, April 30, 2014 Highlights:
• Earnings from mining operations was $2.0 million, or 29% of gross revenue, compared to $2.4 million, or 29% of gross revenue, in the prior quarter;
• Income for the quarter was $1.24 million, or $0.01 per share compared to $1.6 million, or $0.01 per share for the prior quarter;
• The mine ore grade was lower for the quarter averaging 2.34 g/t and 22.9 g/t for gold and silver, respectively, compared to 2.55 g/t and 21.3 g/t for the prior quarter, respectively.
• Overall metal production was lower than the second quarter at 5,338 equivalent ounces ("EqOz"), compared to 6,028 EqOz in the previous quarter. The third quarter is typically the most difficult because it covers a shorter time period due to February being the shortest month of the year and to "Holy Easter Week" celebrations with vacations impacting throughput at the mine, and this year the early arrival of the rainy season caused some short unexpected grid power interruptions;
• Mine operating cash costs increased to US$833/EqOz compared to US$718/EqOz in the previous quarter due mainly to lower production. All-in Sustaining Costs, which includes sustaining capital expenditures, exploration, reclamation, corporate and administrative and share-based compensation cost were US$1,066/EqOz. (for the third quarter only).
"Although we were short of our internal target for the quarter, the Company continues to outperform the previous year's production. We are very cognizant of shareholder value and of building the company on behalf of shareholders. We believe this is a time to be prudent, save money, reduce costs, and have the company in a position of strength to weather any unexpected financial storms. Our vision remains steadfast," said Robert Eadie, President and CEO 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.
Signed "Gary Arca"
Gary Arca, Chief Financial Officer and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
GARY ARCA
Telephone: 604-602-4935
Facsimile: 1-604-602-4936
EVAN EADIE
Investor Relations
Telephone: (416) 640-1936
Toll Free: 1-866-602-4935
Starcore Produces 5,338 Gold Equivalent Ounces in 3rd Quarter
Re: News - Friday, May 30, 2014
Title: Starcore Produces 5,338 Gold Equivalent Ounces in 3rd Quarter
________________________________________
Vancouver, B.C. — Starcore International Mines Ltd. (the "Company") announces production results for the fiscal 2014 third quarter, ending April 30, 2014, at its San Martin Mine in Queretaro, Mexico. During the third quarter, the San Martin mine produced 5,338 gold equivalent ounces.
The third quarter is typically our most difficult because it covers a shorter time period than other quarters mainly due to February being the shortest month of the year. The third quarter also contains "Holy Easter Week" celebrations with vacations impacting throughput at the mine, and this year the early arrival of the rainy season caused some short unexpected grid power interruptions.
Despite these issues, the mine produced 5,338 gold equivalent ounces during the quarter representing an increase in production of 4% from the same quarter in the previous year. A total of 75,375 tonnes were milled during the quarter at an average grade of 2.34 g/t gold and 23 g/t silver. Mill recoveries averaged 86.3% for gold and 51.4% for silver. Based on the metal prices during the quarter, a gold silver equivalency factor of 64.2:1 was realized for production.
"Although we were shy of our target for the quarter, the Company continues to outperform the previous year's accomplishments," said Robert Eadie, President of Starcore. "We will continue to improve production as management remains steadfast in its commitment to deliver shareholder value and enhance our asset base."
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 prepared the technical information contained in this press release.
ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.
Signed "Robert Eadie"
Robert Eadie, Executive Chairman, President & CEO
and if they only needed to give up $2.5MM a year for dividend payments i have to think that doesn't even use a quarter of our cash reserves today. it makes us patient shareholders happy that they have followed through on their promise. it drives more folks to the stock and they can continue to bank money throughout the year quite comfortably.
still leaves them money in the bank they can use for acquisition as well, i know Eadie has talked about that. declare the dividend, increase S/P and then our shares can be better leveraged in an acquisition that includes cash + shares.... you don't get much leverage off a 15 cent share!
Hey Woodtick27. agreed; very slow. no updates or progress reports or anything. it feels like its been ages since the last report.
hoping for some positive news we need a nice kick start here. we have to have over $10MM in the bank at this point
Eadie (CEO) at the Vancouver resource show.
Just came across this youtube video of Robert Eddie at the Vancouver resource show earlier this year; not sure if it's been posted before or not. Interesting.
Starcore Earns $1.6 Million in the Second Quarter
VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 5, 2014) - Starcore International Mines Ltd. (TSX:SAM) (the "Company") has filed the results for the second quarter ended January 31, 2014 for the Company and its mining operations.
You can read more here.
http://www.juniorminingnetwork.com/junior-miner-news/news-releases/372-tsx/sam/25510-starcore-earns-1-6-million-in-the-second-quarter.html#.Uxc8ZxbBp_0
Interim Financial statement issued tonight
sedar filing link is here
http://sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00009020
nice gain since last week; its nice to be back on the upward trajectory with SAM.
more position news keeps coming this time in the form of continued positive production results and the price of gold is up nicely recently as well only helping us build even more of a cash cushion for future dividends!
SAM UP, GOLD UP!
Gold is over $1300/oz... we're getting closer to the dividend gold price! [$1450]
SAM hitting .24 is great to see. .25 is our new 52 week high so we're pushing new ground. its nice to see us edge back up after wallowing in the teens for so long
Interview with Robert Eadie at the Cambridgehouse Conference
This was shared on another board so I thought i'd move it over here.
The link is to a recent interview with Robert Eadie
SAM NEWS IS OUT.
not great news about exploration, besides the fact that it was paid for with cash and not expensive borrowed capital... but the production is up and we continue to be a small junior miner with no debt that is cash flow positive!
Jan 30, 2014
Starcore Posts Best Annual Production since 2007; Company Reports on AGM Results and Drill Programs
Vancouver, B.C. -- Starcore International Mines Ltd. (the "Company") 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:
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;
Deloitte LLP, Chartered Accountants, was reappointed auditor of the Company;
the Shareholder Rights Plan was approved;
the Advance Notice Policy was approved; and
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.
Gold is at $1255 this morning which means
we're only $195 away from a Starcore Dividend!!
Thompson Reuters StockReports+ Upgrades SAM to 10/10
check out the latest Thompson Reuters StockReports+
Sam has just been upgraded back to a 10/10 score which ranks it amongst a select group of just 71 stocks to hit that exclusive 10 out of 10 score!
better times are ahead!
Thompson Reuters StockReports+ Upgrades SAM to 10/10
check out the latest Thompson Reuters StockReports+
Sam has just been upgraded back to a 10/10 score which ranks it amongst a select group of just 71 stocks to hit that exclusive 10 out of 10 score!
better times are ahead!
Vancouver resources investment conference
This message was posted on the stock house message board for SAM and i asked if i could share it here on investors hub with you guys.
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I have an opportunity to stop by the booth of Starcore today and talked with the CEO. The following points are very interested:
1. The Company is profitable and the gold production cost is aroung $850/ounce
2. The current production of gold is around 6000 ounce/quarter.
3. When the price of gold surpasses $1450/ounce, the dividend will be annouced, otherwise, the company will just use the profit to grow the company.
GLTA
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great find, thanks for sharing where you heard of SAM from. I think that would certainly explain some of our higher volume days in the end of December and beginning of January
updated news feed
for some reason our msg board was displayed news from SAM [same adams beer] and not TSX:SAM [starcore international mines]
I emailed the folks at investors hub admin....it has now been corrected and the news feed displays properly
I spoke to Evan before Christmas about drilling. I asked him how long drilling took and then how long after that before we'd have results processed. dont quote me on this because it is an old conversation now but i thought i remembered him telling me drilling would take about a month and then the results shouldn't take too long to determine because they already had the people ready to go & systems/processes in place to get through it right away. i asked what does that meant 1 week, 1 month, 1 year, etc. and he said within a few weeks.
i'd say that brings us into early January or sooner....and since sooner is already done and so is early January.... results should be here in day now i guess!