Starcore Reports Q3 2017 Results
(firmenpresse) - Starcore Reports Q3 2017 Results
Vancouver, B.C. - Starcore International Mines Ltd. (the Company) has filed the results for the quarter ended January 31, 2017 for the Company and its mining operations (Bernal) and purchased concentrate operations (Altiplano). 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.
Financial Highlights for quarter ended January 31, 2017:
- Cash and short-term investments on hand is $4.7 million at January 31, 2017 compared to $10 million at April 30, 2016;
- Altiplano purchased concentrate operations became operational at November 1, 2016, having been removed from the pre-operational phase. This is the first full quarter that the Altiplano plant is reported in operations;
- Gold and silver sales of $6.2 million for the three months ended January 31, 2017 compared to $7.0 million for the three months ended January 31, 2016, which includes $756 from purchased concentrate processing, a decrease of 11%,
- Loss from operations of $0.5 million for the three months ended January 31, 2017 compared to earnings of $0.7 million for the three months ended January 31, 2016;
- EBITDA(1) of $3,123 for the nine months ended January 31, 2017 compared to $4,499 for the nine months ended January 31, 2016.
The following table contains selected highlights from the Companys unaudited consolidated statement of operations for the three and nine months ended January 31, 2017 and 2016:
(in thousands of Three Months eNine Months end
Canadian nded ed
dollars January 31,
) January 31,
(Unaudited)
2017 2016 2017 2016
Revenues $-6,16$- 6,95$-20,41$-21,02
4 4 3 4
Cost of Sales -(6,65-(6,284-(18,49-(19,61
9 ) 1 1
) ) )
Earnings from mining -(495)-670 -1,922 -1,413
operations
Administrative expenses -(1,24-(670) -(3,333-(2,152
6 ) )
)
Income tax recovery -195 - 240 -538 -1,445
Net income $-(1,5$-240 $-(873)$-706
46)
(i) Income per -(0.03-0.00 $-(0.02$-0.02
share - ) )
basic
(ii) Income per -(0.03-0.00 $-(0.02$-0.02
share - ) )
diluted
Reconciliation of Net income to EBITDA(1)
For the nine months ending January 31, 2017 2016
Net Income $-(873$-706
)
Income tax recovery -(538)-(1,44
5
)
Interest -442 -252
Depreciation and depletion -4,092-4,953
EBITDA $-3,12$-4,46
3 6
EBITDA MARGIN(2) -15.3%-21.2%
(1) -EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) is a non-GAAP financial performance measure with no standard definition under IFRS. It is therefore possible that this measure could not be comparable with a similar measure of another Corporation. The Corporation uses this non-GAAP measure which can also be helpful to investors as it provides a result which can be compared with the Corporations market share price.
(2)-EBITDA MARGIN is a measurement of a companys operating profitability calculated as EBITDA divided by total revenue. EBITDA MARGIN is a non-GAAP financial performance measure with no standard definition under IFRS. It is therefore possible that this measure could not be comparable with a similar measure of another Corporation. The Corporation uses this non-GAAP measure which can also be helpful to investors as it provides a result which can be compared with the Corporations market share price.
Production Highlights for quarter ending January 31, 2017:
- Equivalent gold production from mine operations of 11,794 ounces in period ended January 31, 2017 compared to production of 13,215 ounces in period ended January 31, 2016, a decrease of 11%;
- Altiplano production of 65 ounces of gold and 20,470 ounces of silver in its first quarter of operations;
- Mine operating cash cost is US$924/EqOz for the period ended January 31, 2017 compared to cost of US$846/EqOz for the period ended January 31, 2016;
- All-in sustaining costs of US$1,171/EqOz for the period ended January 31, 2017 compared to costs of US$930/EqOz for the period ended January 31, 2016;
The following table is a summary of mine production statistics for the San Martin mine for the three and nine month periods ended January 31, 2017 and for the previous nine month period ended April 30, 2016:
Actual Results forUnit of 3 months 9 months 9 months
measure ended ended ended
January 31January 31April 30,
, , 2016
201 201
7 7
Production of thousand 3.0 11.1 12.3
Gold in ounces
Dore
Production of thousand 15.5 51.9 70.2
Silver in ounces
Dore
Equivalent ounces thousand 3.2 11.8 13.2
of ounces
Gold
Silver to Gold 70.7:1 70.4:1 76.2:1
equivalency
ratio
Gold grade grams/tonn1.91 2.02 1.96
e
Silver grade grams/tonn14.7 16.9 18.4
e
Gold recovery percent 70.7% 81.3% 84.9%
Silver recovery percent 47.1% 45.7% 51.7%
Milled thousands 69.7 209.3 229.6
of
tonnes
Operating Cost US 51 52 49
per dollars/
tonne
tonne milled
Operating Cost US 1,105 924 846
per Equivalent dollars/o
unce
ounce
We achieved some significant milestones this quarter, largely at the expense of production results and reported earnings. reported Robert Eadie, President of the Company. Firstly, we moved the Altiplano Plant into operational status, thereby reporting its earning as part of Company operations, and achieved a modest positive cash flow from very low production thereby providing confidence that this operation will produce good cash flow under full capacity. Secondly, we completed the construction of the CIL plant at San Martin allowing us to process the higher grade carbonaceous ore from our mine. While we have experienced overall lower recovery and mine production as a result of issues with the initial start up of this plant, we have fully tested the CIL plant using purchased carbon and have proven that it is fully functional and operating as planned.
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. Through its wholly-owned subsidiary, Altiplano Goldsilver S.A. de C.V, Starcore also owns and operates the Altiplano concentrate processing facility for precious metals in Matehuala, Mexico. Starcore is a public reporting issuer on the Toronto Stock Exchange. Starcore is also engaged in owning, acquiring, exploiting, exploring and evaluating mineral properties, and either joint venturing or developing these properties further. Starcore has interests in properties located in Mexico, Canada and the United States. For more information concerning Starcore, see documents filed under its profile on SEDAR, or visit its website at www.starcore.com.
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
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.
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: 20.03.2017 - 07:42 Uhr
Sprache: Deutsch
News-ID 531085
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contact information:
Town:
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