Vancouver, B.C. - Starcore International Mines Ltd. (the “Company”) is pleased to announce the completion of a reserve/resource estimate for its San Martin mine located in central Mexico.
Total Proven and Probable Mineral Reserves at the San Martin mine as of July 1, 2009 estimated by mine staff and reviewed by David R. Gunning P. Eng. and Ben Whiting P. Geo. are 763,000 tonnes at a grade of 3.00 g Au/t and 29 g Ag/t, which includes proven reserves of 301,000 tonnes grading 2.42 g/t Au and 15 g/t Ag and probable reserves of 462,000 tonnes grading 3.38 g/t Au and 38 g/t Ag.
Total Inferred Mineral Resources at the San Martin mine (excluding San Pedrito), estimated and separately reported by Compañia Minera Peña de Bernal, S.A. de C.V. are about 1.57 million tonnes at an approximate grade of 3.65 g Au/t and 40 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 estimation methods used for the last 14 years by Luismin/Goldcorp have been retained but some slight changes to dilution rates and in one instance high grade sample cutting have been implemented to try to better predict mined grades. The previous NI43-101 compliant estimation prepared was as of December 31, 2006 by WGM who reported proven reserves of 320,232 tonnes grading 3.26 and 33 g Au/t and Ag respectively, probable reserves were an additional 712,535 tonnes grading 3.85g Au/t and 48 g Ag/t. In total, proven and probable reserves were 1.03 million tonnes with an average grade of 3.66 g Au/t and 41 g Ag/t were reported by WGM. Mill production since then has been 672,648 tonnes grading 2.81 g Au/t and 39 g Ag/t (2007, 3.34;49, 2008, 2.50;32, Jan-July 2009 2.48 g/t Au; 34 g/t Ag).
The estimation is based on specific gravity of 2.55, and gold price of $700 per troy ounce and silver price of $10 per troy ounce. The cutoff grade of 1.74 g/t Au equivalent is based on mine operating costs in the first half of 2009 of $34.33 per tonne as well as metallurgical recoveries of 90% for gold and 55% for silver. All reserves are diluted by 10% of zero grade and in some cases internal dilution is included. For mining widths greater than 5 meters an 85% extraction rate is assumed. High grades assays in the Guadalupe structure were cut to 20 g/t Au.
The Company has filed a NI 43-101-compliant update report on SEDAR, available for review,
entitled “Reserves and Resources in the San Martin Mine, Mexico” by David R. Gunning P. Eng. and Ben Whiting P. Geo.
Ben Whiting, P. Geo. is an Independent Qualified Person and has co-authored the report. David R. Gunning, P. Eng., the COO for Starcore, is the Qualified Person as required under NI 43-101and has reviewed and approved the technical information contained in this press release.
For more information on the Company visit our website at www.starcore.com.
ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.
Signed “Robert Eadie”
Robert Eadie, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT: Robert Eadie
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.
