Starcore Produces 24,037 Gold Equivalent Ounces in Fiscal 2014
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 11, 2014) - Starcore International Mines Ltd. (the "Company") (TSX:SAM) announces production results for the fourth quarter of the fiscal year ending July 31, 2014, at its San Martin Mine in Queretaro, Mexico.
Over the 3 months, the San Martin mine processed 77,768 tonnes of ore at an average grade of 2.42 g/t gold and 25.73 g/t silver resulting in the production of 5,749 gold equivalent ounces using the actual gold:silver ratio of 64.6:1. This production represents an increase in production of 411 equivalent ounces from the previous quarter.
Mill recoveries averaged 86.7% for gold and 50.7% for silver during the fourth quarter.
In terms of the fiscal 2013-2014 year, production totaled 24,037 gold equivalent ounces from 308,610 tonnes milled, consisting of 22,018 ounces of gold and 126,519 ounces of silver using a gold:silver ratio of 62.67. Ore grade for the fiscal year averaged 2.55 g/t gold and 24.2 g/t silver with recoveries of 87.1% for gold and 52.7% for silver.
In comparison with the recently ended fiscal year to the previous 2012-2013 fiscal year: 1,268 more tonnes were milled, gold grade improved 8.5% and gold recovery improved 10.4%. Despite a change in gold:silver price ratio from 54.6 to 62.7 resulting in lower contribution to equivalent ounces from silver, gold equivalent ounce production was 18% higher than the previous fiscal.
"The production of an average of 2,000 equivalent ounces per month is a significant achievement for the operational team at San Martin resulting from successful exploration, mine planning and plant operation," said Robert Eadie, President and CEO of Starcore. "Congratulations to all involved!"
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, President & CEO
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.
