Starcore Reports Fiscal 2014 Results
(firmenpresse) - Starcore Reports Fiscal 2014 Results
Vancouver, B.C. -- Starcore International Mines Ltd. (the "Company") has filed the results for the year ended July 31, 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.Year Ended July 31, 2014 Highlights:
· Earnings from mining operations was $8.6 million, or 26% of gross revenue, compared to $8.3 million, or 27% of gross revenue, in the prior year.
· Earnings before income taxes for the year was $5.0 million compared to $4.1 million for the prior year. Net Earnings after taxes for the year was $3.0 million, or $0.02 per share compared to $4.7 million, or $0.03 per share for the prior year.
· In 2014 Tax Reform in Mexico created a 7.5% Special Mining Duty ("SMD"). The Company has taken the position that the SMD is an income tax under International Accounting Standard. As a result of these Tax Reform changes, the Company recognized a one-time non-cash deferred income tax expense of $2.4 million due to the future income tax impact of the SMD.
· The following table contains selected highlights from the Company's audited consolidated statement of operations for the year ended July 31, 2014:
(in thousands of Canadian d July 31, 2014July 31, 2013
ollars
) (Audited)
Revenues $ $
33,136 30,246
Cost of Sales
(24,54 (21,94
8) 8)
Earnings from mining operat
ions 8,5 8,2
88 98
Net income
(i) Net income $ $
2,965 4,702
(ii) Income per s $ $
hare
-- basic 0.0 0.0
2 3
(iii) Income per s $ $
hare
-- diluted 0.0 0.0
2 3
· The mine improved ore grade for the year averaging 2.55 g/t and 24.2 g/t for gold and silver, respectively, compared to 2.36 g/t and 21.0 g/t for the prior year, respectively.
· Overall metal production was much higher for the year at 24,000 equivalent ounces ("EqOz"), compared to 20,100 EqOz in the previous year. This is mainly as a result of improved ore grades and due to ore recovery issues experienced in the first two quarters of fiscal 2013.
· Mine operating cash costs decreased overall to US$750/EqOz compared to US$844/EqOz in the previous year due mainly to higher recovery and metal production. All-in Sustaining Costs, which includes sustaining capital expenditures, exploration, reclamation, corporate and administrative and share-based compensation cost were US$1,093/EqOz, compared to US$1,194 in the prior year.
The following table is a summary of mine production statistics for the San Martin mine for the three months ended July 31, 2014 and for the years ended July, 2014 and 2013:
Unit of meaActual rActual rActual r
sure esults esults esults
for 3 m for 12 for 12
onths months months
endedJ endedJ endedJ
uly uly uly
31, 31, 31,
2014 2014 2013
Production of Gold thousand ou5.24 22.0 18.2
in nces
Dore
Production of Silvethousand ou32.59 126.5 110
r nces
in Dore
Equivalent ounces othousand ou5.75 24.0 20.1
f nces
Gold
Silver to Gold equi 64.6:1 62.7:1 57:1
valency
ratio
Gold grade grams/tonne2.42 2.55 2.36
Silver grade grams/tonne25.7 24.2 21.0
Gold recovery percent 86.7% 87.1% 77.9%
Silver recovery percent 50.7% 52.7% 53.7%
Milled thousands o77.8 308.6 307.3
f
tonnes
Operating Cost per US dollars/63 58 55
tonne tonne
milled
Operating Cost per US dollars/856 750 844
Equivalent ounces
Ounce
"We continue to build on the strengths of our mine, being low costs and consistent production, reaching our targets each year. We are currently in a very good cash position, even after having paid our first dividend last month of $2.9 million." said Robert Eadie, President and CEO of Starcore.About StarcoreStarcore 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 DirectorFOR FURTHER INFORMATION PLEASE CONTACT:GARY ARCATelephone: 604-602-4935 Facsimile: 1-604-602-4936EVAN EADIEInvestor RelationsTelephone: (416) 640-1936Toll Free: 1-866-602-4935
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.
" alt="Elcora Resources appoints Jack Lifton to advisory board
Datum: 31.10.2014 - 10:31 Uhr
Sprache: Deutsch
News-ID 348618
Anzahl Zeichen: 6709
contact information:
Town:
Wien
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 232 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Starcore Reports Fiscal 2014 Results
"
steht unter der journalistisch-redaktionellen Verantwortung von
Starcore International Mines Ltd. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
