Starcore International Mines Ltd. (the "Company") announces production results for the fiscal 2014 third quarter, ending April 30, 2014, at its San Martin Mine in Queretaro, Mexico. During the third quarter, the San Martin mine produced 5,338 gold equivalent ounces.
The third quarter is typically our most difficult because it covers a shorter time period than other quarters mainly due to February being the shortest month of the year. The third quarter also contains "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.
Despite these issues, the mine produced 5,338 gold equivalent ounces during the quarter representing an increase in production of 4% from the same quarter in the previous year. A total of 75,375 tonnes were milled during the quarter at an average grade of 2.34 g/t gold and 23 g/t silver. Mill recoveries averaged 86.3% for gold and 51.4% for silver. Based on the metal prices during the quarter, a gold silver equivalency factor of 64.2:1 was realized for production.
"Although we were shy of our target for the quarter, the Company continues to outperform the previous year's accomplishments," said Robert Eadie, President of Starcore. "We will continue to improve production as management remains steadfast in its commitment to deliver shareholder value and enhance our asset base."
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