Starcore Earns $1.24 million in the Second Quarter
(firmenpresse) - Starcore Earns $1.24 million in the Second Quarter
Vancouver, B.C. - Starcore International Mines Ltd. (the Company) 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 Companys unaudited consolidated statement of operations for the three and nine months ended April 30, 2014:
Three months Nine months
(in thousands of ended ended
Canadian
dollars April 30, 2014April 30, 20
) 14
Revenues $8,267 $25,394
Cost of Sales (6,310) (17,932)
Earnings from mining 1,957 7,462
operations
Net income
(i) Net $1,239 $5,135
income
(ii) Income $0.01 $0.03
per share
- basic
(iii) Income $0.01 $0.03
per share
- diluted
- 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 Actual Actual Actual
measure results results results
for for for
3 months 9 months 12 months
ended ended ended
April 30, April 30, July 31,
2014 2014 2013
Production of thousand 4.9 16.8 18.2
Gold in ounces
Dore
Production of thousand 28.5 94.0 110
Silver in ounces
Dore
Equivalent thousand 5.3 18.3 20.1
ounces of ounces
Gold
Silver to Gold 64:1 62:1 57:1
equivalency
ratio
Gold grade grams/tonne2.34 2.59 2.36
Silver grade grams/tonne22.9 23.7 21.0
Gold recovery percent 86.3% 87.2% 77.9%
Silver recovery percent 51.4% 53.4% 53.7%
Milled thousands 75.4 230.9 307.3
of
tonnes
Operating Cost US 59 57 55
per tonne dollars/to
milled nne
Operating Cost US 833 717 844
per Equivalent dollars/ou
Ounce nces
Although we were short of our internal target for the quarter, the Company continues to outperform the previous years 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.
Signed Gary Arca
Gary Arca, Chief Financial Officer and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
GARY ARCA
Telephone: 604-602-4935
Facsimile: 1-604-602-4936
EVAN EADIE
Investor Relations
Telephone: (416) 640-1936
Toll Free: 1-866-602-4935
STARCORE INTERNATIONAL MINES LTD.
Suite 750 - 580 Hornby Street, Box 113,
Vancouver, British Columbia, Canada V6C 3B6
Telephone: (604) 602-4935
Fax: (604) 602-4936
e-mail. info(at)starcore.com
website: www.starcore.com
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.
Für die Richtigkeit der Übersetzung wird keine Haftung übernommen! Bitte englische Originalmeldung beachten!
Leseranfragen:
Starcore konzentriert sich auf die Exploration, Gewinnung und Verarbeitung von Gold- und Silbervorkommen. Das Unternehmen besitzt, erwirbt, fördert, exploriert und bewertet Rohstoffprojekte. Die weitere Bearbeitung dieser Projekte erfolgt entweder über Joint Ventures oder durch das Unternehmen selbst. Das Unternehmen besitzt ausschließlich Beteiligungen an Konzessionsgebieten in Mexiko.
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Datum: 13.06.2014 - 09:22 Uhr
Sprache: Deutsch
News-ID 332853
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