VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 16, 2016) – Starcore International Mines Ltd. (TSX:SAM) (the “Company”) has filed the results for the quarter ended January 31, 2016 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.
Financial Highlights for quarter ended January 31, 2016:
The following table contains selected highlights from the Company’s unaudited consolidated statement of operations for the three and six months ended January 31, 2016 and 2015:
|(in thousands of Canadian dollars)
|Three Months ended
|Six Months ended
|Revenues||$ 6,954||$ 7,143||$ 14,658||$ 14,812|
|Cost of Sales||6,284||6,930||(12,852||)||(14,148||)|
|Earnings from mining operations||670||213||1,806||664|
|Income tax recovery||240||183||574||1,101|
|Net income (loss)||$ 240||$ (116||)||$ 802||$ 754|
|(i) Income (loss) per share – basic||0.00||(0.00||)||$ 0.02||$ 0.01|
|(ii) Income (loss) per share – diluted||0.00||(0.00||)||$ 0.02||$ 0.01|
|Reconciliation of Net income to EBITDA(1)|
|For the six months ending January 31,||2016||2015|
|Net Income||$ 802||$ 754|
|Income tax recovery||(574||)||(1,101||)|
|Depreciation and depletion||3,431||3,463|
|EBITDA||$ 3,911||$ 3,160|
|(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 Corporation’s market share price.|
|(2)||EBITDA MARGIN is a measurement of a company’s 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 Corporation’s market share price.|
Production Highlights for quarter ending January 31, 2016:
The following table is a summary of mine production statistics for the San Martin mine for three and six months ended January 31, 2016 and the year ended July 31, 2015:
|Unit of measure||Actual results
for 3 months
for 6 months
for 12 months
|Production of Gold in Dore||thousand ounces||4.2||9.0||18.3|
|Production of Silver in Dore||thousand ounces||27.7||56.1||97.1|
|Equivalent ounces of Gold||thousand ounces||4.5||9.7||19.6|
|Silver to Gold equivalency ratio||76.2:1||75.6:1||71.6:1|
|Milled||thousands of tonnes||77.5||155.5||311.9|
|Operating Cost per tonne milled||US dollars/tonne||46||49||57|
|Operating Cost per Equivalent ounce||US dollars/ounces||786||786||903|
“This quarter we were able to announce two significant milestones; we entered into an agreement to sell our San Pedrito Property, expecting to net the Company approximately US$7million; and we poured our first doré bar from the newly commissioned Altiplano Concentrate Processing Plant located in Matehuala, Mexico. Along with our continued production and positive cash flow from our San Martin mine in Queretaro, we are expanding our profitable footprint in Mexico in accordance with our long term goals.” reported Robert Eadie, President of the Company.
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 North America.
ON BEHALF OF STARCORE INTERNATIONAL MINES LTD.
Gary Arca, Chief Financial Officer and Director
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.