Starcore Produces 24,037 Gold Equivalent Ounces in Fiscal 2014
August 11, 2014 (Source: Marketwired) — 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!”
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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.
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