Related Document
NOT FOR DISTRIBUTION IN THE UNITED STATES
Vancouver, B.C. - Starcore Mines International Ltd. (TSX:SAM) (“Starcore” or the “Company”) announces that it has bought back 8,666,667 common shares (the “Shares”) previously issued as partial consideration for a Mineral Property Option Agreement with K Mining SARL (“K Mining”), an Ivorian company, regarding various mineral properties in Cóte d’Ivoire.
Starcore negotiated to acquire the Shares from the sole shareholder of K Mining at $0.10 per share, payable in 12 equal tranches over 33 months. “After receiving conditional approval from the TSX, and the payment of the first tranche of $72,222, the Shares have been returned to treasury,” confirmed Robert Eadie, President and CEO of Starcore. “The transaction received unanimous approval from Starcore’s Board, who recognized the value in the anti-dilutive opportunity of acquiring Starcore shares at a significant discount to market.”
The Company is continuing its exploration work on the Kimoukro Property in Cóte d’Ivoire, a region prospective for gold mining. With its international partners, Starcore’s objective is to delineate potential geological targets for subsequent detailed exploration for and exploitation of untapped mineral resources.
About Starcore
Starcore International Mines is engaged in precious metals production with focus and experience in Mexico. While this base of producing assets has been complemented by exploration and development projects throughout North America, Starcore has expanded its reach internationally with the project in Côte d’Ivoire. The Company is a leader in Corporate Social Responsibility and advocates value driven decisions that will increase long term shareholder value. You can find more information on the investor friendly website at www.starcore.com.
ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.
(sgd.) “Robert Eadie”
President & Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
ROBERT EADIE
Telephone: (604) 602-4935 ext. 205
The Toronto Stock Exchange has not reviewed, nor does it accept responsibility
for the adequacy or accuracy of this press release.
This news release contains “forward-looking” statements and information (“forward-looking statements”). All statements, other than statements of historical facts, included herein, including, without limitation, management’s expectations and the potential of the Company’s projects, are forward looking statements. Forward-looking statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company’s management and reflect the beliefs, opinions, and projections on the date the statements are made. Forward-looking statements involve various risks and uncertainties and accordingly, readers are advised not to place undue reliance on forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements, including that the Company will be able to pay the full future purchase price for the Shares being acquired, or the nature or extent of future exploration work on the Kimoukro Property. The Company assumes no obligation to update forward‐looking statements or beliefs, opinions, projections or other factors, except as required by law.