Vancouver, B.C. — Further to its press release of January 24, 2012, Starcore International Mines Ltd. (the “Company”) announces that it has closed its non-brokered financing for gross proceeds of $2,252,500. The financing was in the form of 9,010,000 Units at $0.25 per Unit (a “Unit”), each Unit comprised of one common share of the Company (a “Common Share”) and one-half of one transferable share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder to acquire one common share of the Company at a price of $0.35 to January 30, 2014.

Finders’ fees applied in this transaction in the form of cash commissions of $87,150 and 464,800 Agent Warrants, each Warrant entitling the holder to acquire one common share of the Company at a price of $0.25 to January 30, 2013.

All securities issued pursuant to the private placement are subject to a four month hold period to May 31, 2012.

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

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.