|By Marketwired .||
|August 15, 2013 10:00 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/15/13 -- Starcore International Mines Ltd. (TSX:SAM) (the "Company") announces production results for the fourth quarter of the fiscal year ending July 31, 2013, at its San Martin Mine in Queretaro, Mexico.
Over the 3 months of production, we milled 76,086 tonnes of ore at an average grade of 2.81 g/t gold and 26 g/t silver resulting in the production of 6,315 gold equivalent ounces. This production represents an increase in production of 1,138 equivalent ounces from the previous quarter. Mill recoveries improved from last quarter and averaged 84.64% for gold and 50.11% for silver during Q4.
The highlight of the quarter was the month of July, during which the mine saw its best production since late 2007. Production in July totaled 2,331 gold equivalent ounces due to high grade ore being stoped in the San Martin footwall vein.
"Production results in the fourth quarter of fiscal 2012-2013 show that the operation has not only stabilized but is also benefitting from some of our exploration success in areas such as the San Martin footwall. We continue to see positive cash flows from mine operations every month despite the recent drop in the price of gold," said Robert Eadie, President & CEO of the Company.
For the fiscal year, production totaled 20,264 equivalent ounces of gold on 307,342 tonnes of ore processed, despite a very slow start to the fiscal year with only 3,891 ounces produced in the first quarter. Ore grade for the fiscal year averaged 2.35 g/t of gold and 21 g/t of silver with recoveries of 78.9% for gold and 53.8% for silver.
David Gunning, P.Eng., a director of the Company and Chief Operating Officer, is the Company's qualified person on the project as required under NI 43-101and has prepared the technical information contained in this press release.
ON BEHALF OF STARCORE INTERNATIONAL MINES LTD.
Robert Eadie, Executive Chairman, Interim President and Chief Executive Officer
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.