Vancouver, B.C. — Starcore International Mines Ltd. (the “Company”) announces that it has arranged a non-brokered financing for gross proceeds of $2 million. The financing will be in the form of

1. 15,000,000 Units at $0.10 per 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 will entitle the holder to acquire one common share of the Company (the “Warrant Shares”) at a price of $0.15 for a period of 12 months following the Closing Date. Pursuant to TSX policies, the exercise of the Warrants will be subject to shareholder approval, which approval will be sought at the annual meeting of shareholders scheduled for January 18, 2010.
    
2. 5,000,000 Special Warrants at $0.10 per Special Warrant, each Special Warrant entitling the holder to receive, at no additional cost, one Unit (a “Unit”) of the Company. Each Unit will consist of one common share of the Company (a “Common Share”) and one-half of one transferable common share (a “Warrant”) each whole Warrant entitling the holder to acquire one common share of the Company (the “Warrant Shares”) at a price of $0.15 for a period of 12 months following the Closing Date. Pursuant to TSX policies, the exercise of the Special Warrants will be subject to shareholder approval, which approval will be sought at the annual meeting of shareholders scheduled for January 18, 2010. The Special Warrants will be deemed to be exercised on the date which is two business days after the receipt of shareholder approval for the exercise of the Special Warrants.

A finder’s fee will apply in this transaction in accordance with the policies of the Exchange, in the form of a cash commission of 7%, and for registered agents, warrants equivalent to 10% of the funds raised. Each Warrant will entitle the holder to acquire one common share of the Company at a price of $0.15 per share for a period of 12 months from the date of closing. The proceeds from this private placement will be added to working capital and will be used for mine development.

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.