Vancouver, B.C. — Starcore International Mines Ltd. (the “Company”) has filed the results for the second quarter ended January 31, 2009, and the second complete year of its mining operations from the San Martin Mine. Starcore had revenues from metal sales of $5.3 million, earnings from mining operations of $1.2 million, and a net loss of $nil for the quarter ended January 31, 2009. Over the six month period ended January 31, 2009, the Company reports revenues of $12.0 million, earnings from mining operations of $2.2 million and a net loss of $0.1 million. The basic and diluted loss per share for the quarter and the six months ended January 31, 2009 was $nil.
The following table contains selected highlights from Starcore’s consolidated income statement for the three and six month periods ended January 31, 2009:
|
For the three months ended January 31 |
For the six months ended |
|||
|
2009 |
2008 |
2009 |
2008 |
|
|
Total Revenue |
$ 5,340 |
5,224 |
$ 11,969 |
12,849 |
|
Earnings from mining operations |
$ 1,210 |
48 |
$ 2,169 |
1,990 |
|
Net (loss) |
$ (22) |
$ (1,491) |
$ (131) |
$ (2,130) |
|
Net (loss) per share - basic and diluted |
$ (0.00) |
$ (0.02) |
$ (0.00) |
$ (0.04) |
While mining revenue and earnings for 2009 was comparable to 2008, the revenue from mined ore was actually $1.18 million higher for the six months ended January 31, 2009 compared to the prior year, due mainly to poorer ore grades in 2008. The loss of purchased concentrate revenue in 2009 lowered gross revenues significantly by $2.1 million from the prior year, however, this had little effect on earnings from mining operations due to the low margin on purchased concentrate. Net loss was, therefore, lower overall as a result of the higher revenues and earnings from mining operations and due to management efforts to decrease administrative expenses.
The Company also had positive cash flow from operations of $0.1 million for the six months ended January 31, 2009.
The following table is selected information of mine production statistics for the San Martin mine for the second quarter of operations and the second complete year of operations under the Company.
|
(Unaudited) |
Unit of measure |
Actual results for 3 months ended January 31, 2009 |
Actual results for Year ended January 31, 2009 |
| Production of Gold in Dore |
thousand ounces |
5.0 |
19.0 |
| Production of Silver in Dore |
thousand ounces |
43.8 |
160.3 |
| Equivalent ounces of Gold* |
thousand ounces |
5.5 |
21.6 |
|
|
|||
| Milled |
thousands of tonnes |
68.9 |
266.2 |
|
|
|||
| Operating Cost per Equivalent Ounce |
US dollars/tonne |
400 |
433 |
* assuming a 79:1 silver to gold equivalency ratio for three months and 62:1 for the year ended January 31, 2009.
Overall equivalent gold production was 5,500 ounces, which is comparable to the prior years’ average of 5,400 ounces per quarter.
The Company expects to maintain or increase the current ore grades over the next quarter and continues exploration efforts to increase reserves of resources and to find higher grade deposits. Management also continues efforts to cut mine and administration costs, where possible, to improve earnings and cash flow.
Full financial statements are available on SEDAR at www.sedar.com and on Starcore’s website at www.starcore.com.
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: 1-604-602-4935
Toll Free: 1-866-602-4935
Facsimile: 1-604-602-4936
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.