Starcore Earns $1.24 Million in the Second Quarter
June 12 2014 - 4:30PM
Marketwired
Starcore Earns $1.24 Million in the Second Quarter
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 12, 2014) -
Starcore International Mines Ltd. (the "Company") (TSX:SAM) has
filed the results for the third quarter ended April 30, 2014 for
the Company and its mining operations. The full version of the
Company's Financial Statements and Management's Discussion and
Analysis can be viewed on the Company's website at
www.starcore.com, or SEDAR at www.sedar.com. All financial
information is prepared in accordance with IFRS and all dollar
amounts are expressed in thousands of Canadian dollars
unless otherwise indicated.
Third Quarter, April 30, 2014 Highlights:
- Earnings from mining operations was $2.0 million, or 29% of
gross revenue, compared to $2.4 million, or 29% of gross
revenue, in the prior quarter;
- Income for the quarter was $1.24 million, or $0.01 per
share compared to $1.6 million, or $0.01 per share for the
prior quarter;
- The following table contains selected highlights from the
Company's unaudited consolidated statement of operations for the
three and nine months ended April 30, 2014:
(in thousands of Canadian
dollars) |
Three months ended April 30, 2014 |
Nine months ended April 30, 2014 |
Revenues |
$
8,267 |
$
25,394 |
Cost of Sales |
(6,310) |
(17,932) |
Earnings from mining operations |
1,957 |
7,462 |
Net income |
|
|
|
(i) Net income |
$
1,239 |
$
5,135 |
|
(ii) Income per share - basic |
$
0.01 |
$
0.03 |
|
(iii) Income per share - diluted |
$ 0.01 |
$ 0.03 |
- The mine ore grade was lower for the quarter averaging 2.34 g/t
and 22.9 g/t for gold and silver, respectively, compared to 2.55
g/t and 21.3 g/t for the prior quarter, respectively.
- Overall metal production was lower than the second quarter at
5,338 equivalent ounces ("EqOz"), compared to 6,028 EqOz in the
previous quarter. The third quarter is typically the most difficult
because it covers a shorter time period due to February being the
shortest month of the year and to "Holy Easter Week" celebrations
with vacations impacting throughput at the mine, and this year the
early arrival of the rainy season caused some short unexpected grid
power interruptions;
- Mine operating cash costs increased to US$833/EqOz compared to
US$718/EqOz in the previous quarter due mainly to lower production.
All-in Sustaining Costs, which includes sustaining capital
expenditures, exploration, reclamation, corporate and
administrative and share-based compensation cost were
US$1,066/EqOz. (for the third quarter only).
The following table is a summary of mine production statistics
for the San Martin mine for the three and nine months ended April
30, 2014 and for the year ended July, 2013:
(Unaudited) |
Unit of measure |
Actual results for 3 months ended April 30, 2014 |
Actual results for 9 months ended April 30, 2014 |
Actual results for 12 months ended July 31, 2013 |
Production of Gold in Dore |
thousand ounces |
4.9 |
16.8 |
18.2 |
Production of Silver in Dore |
thousand ounces |
28.5 |
94.0 |
110 |
Equivalent ounces of Gold |
thousand ounces |
5.3 |
18.3 |
20.1 |
|
|
|
|
|
Silver to Gold equivalency ratio |
|
64:1 |
62:1 |
57:1 |
Gold grade |
grams/tonne |
2.34 |
2.59 |
2.36 |
Silver grade |
grams/tonne |
22.9 |
23.7 |
21.0 |
Gold recovery |
percent |
86.3% |
87.2% |
77.9% |
Silver recovery |
percent |
51.4% |
53.4% |
53.7% |
Milled |
thousands of tonnes |
75.4 |
230.9 |
307.3 |
Operating Cost per tonne milled |
US dollars/tonne |
59 |
57 |
55 |
Operating Cost per Equivalent Ounce |
US dollars/ounces |
833 |
717 |
844 |
"Although we were short of our internal target for the quarter,
the Company continues to outperform the previous year's production.
We are very cognizant of shareholder value and of building the
company on behalf of shareholders. We believe this is a time to be
prudent, save money, reduce costs, and have the company in a
position of strength to weather any unexpected financial storms.
Our vision remains steadfast," said Robert Eadie, President and CEO
of Starcore.
About Starcore
Starcore is engaged in exploring, extracting and processing gold
and silver through its wholly-owned subsidiary, Compañia Minera
Peña de Bernal, S.A. de C.V., which owns the San Martin mine in
Queretaro, Mexico. The Company is a public reporting issuer on the
Toronto Stock Exchange. The Company is also engaged in owning,
acquiring, exploiting, exploring and evaluating mineral properties,
and either joint venturing or developing these properties further.
The Company has interests in properties which are exclusively
located in Mexico.
ON BEHALF OF STARCORE INTERNATIONAL MINES LTD.
Gary Arca, Chief Financial Officer and Director
The Toronto
Stock Exchange has not reviewed nor does it accept responsibility
for the adequacy or accuracy of this press release.
GARY ARCATelephone: 604-602-4935Facsimile: 1-604-602-4936EVAN
EADIEInvestor RelationsTelephone: (416) 640-1936Toll Free:
1-866-602-4935
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