/EINPresswire.com/ -- VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/29/16 -- Starcore International Mines Ltd. (TSX: SAM) (the "Company") has filed the results for the adjusted year end dated April 30, 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.

On May 13, 2016, the Company changed its fiscal year end from July 31 to April 30. With this year-end change, the Company will report a one-time transitional period for the nine months ended April 30, 2016.

Financial Highlights for the period ending April 30, 2016 (audited) compared to the year ended July 31, 2015 (audited) and period ended April 30, 2015 (unaudited):

--  Cash and short-term investments on hand is $10 million at April 30, 2016
    compared to $6 million at July 31, 2015;

--  Gold and silver sales of $20.3 million for the nine months ended April
    30, 2016 compared to $21.7 million for the nine months ended April 30,
    2015, a decrease of 6%;

--  Net income of $0.2 million for the period ended April 30, 2016 compared
    to net income of $0.3 million for the nine months ended April 30, 2015;

--  EBITDA(1) of $2,747 for the period ended April 30, 2016 compared to
    $4,429 for the nine months ended April 30, 2015, a decrease of 38%.

The following table contains selected highlights from the Company's audited consolidated statement of operations for the periods ended April 30 2016 and 2015:

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For the nine month period ended April 30,                 2016         2015
(in thousands of Canadian dollars)                   (audited)  (unaudited)
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Revenues                                           $    20,326  $    22,039
Cost of Sales                                          (18,807)     (21,001)
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Earnings from mining operations                          1,519        1,038
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Administrative Expenses                                 (3,963)      (1,781)
Income tax recovery (expense)                            2,639        1,049
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Net income                                         $       195  $       306
  (i) Income per share - basic                     $      0.00  $      0.02
  (ii) Income per share - diluted                  $      0.00  $      0.02
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Reconciliation of Net income to EBITDA(1)
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For the nine month period ended April 30,
(in thousands of Canadian dollars) (Unaudited)            2016         2015
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Net Income                                         $       195  $       306
Income tax recovery                                     (2,639)      (1,049)
Interest                                                   387            -
Depreciation and depletion                               4,784        5,172
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EBITDA                                             $     2,727  $     4,429
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EBITDA MARGIN(2)                                          13.4%        20.1%
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(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 the period ending April 30, 2016 compared to the year ended July 31, 2015 and period ended April 30, 2015:

--  Equivalent gold production of 13,215 ounces in period ended April 30,
    2016 compared to production of 14,941 ounces in period ended April 30,
    2015, a decrease of 11%;

--  Mine operating cash cost is US$846/EqOz for the period ended April 30,
    2016 compared to cost of US$920/EqOz for the period ended April 30,
    2015, a decrease of 8%;

--  All-in sustaining costs of US$1,146/EqOz for the period ended April 30,
    2016 compared to costs of US$1,080/EqOz for the period ended April 30,
    2015, an increase of 6%;

The following table is a summary of mine production statistics for the San Martin mine for nine months ended April 30, 2016 and 2015 and the year ended July 31, 2015:

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                                                      Actual  Actual  Actual
                                                     results results results
                                                         for     for     for
                                                           9       9      12
                                                      months  months  months
                                                       ended   ended   ended
                                                       April   April    July
                                                         30,     30,     31,
                                 Unit of measure        2016    2016    2015
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Production of Gold in Dore       thousand ounces        12.3    14.0    18.3
Production of Silver in Dore     thousand ounces        70.2    70.1    97.1
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Equivalent ounces of Gold        thousand ounces        13.2    14.9    19.6

Silver to Gold equivalency ratio                        76.2    71.1  71.6:1
Gold grade                       grams/tonne            1.96    2.19    2.14
Silver grade                     grams/tonne            18.4    18.0    18.2
Gold recovery                    percent               84.9%   84.6%   85.1%
Silver recovery                  percent               51.7%   51.6%   53.1%
Milled                           thousands of tonnes   229.6   234.6   311.9
Operating Cost per tonne milled  US dollars/tonne         49      59      57
Operating Cost per Equivalent
 ounce                           US dollars/ounces       846     920     903
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"Despite some production issues in the past few months, we have consistently maintained a positive cash flow. This has allowed us to explore for and find additional higher grade zones at the mine, as we recently reported, as well as to commence an aggressive drill program on our Toiyabe project located in Nevada. With the ramp up of our Altiplano processing facility, we are fully active in exploration, mining and industrial milling of concentrates, covering all facets of mining activity." reported Robert Eadie, President of the Company.

About Starcore

Starcore is engaged in exploring, extracting and processing gold and silver through its wholly-owned subsidiaries, Compania Minera Pena de Bernal, S.A. de C.V., which owns the San Martin mine in Queretaro, Mexico, and Altiplano Gold Silver, S.A. de C.V., which operates the newly commissioned Altiplano Concentrate Processing Plant located in Matehuala, 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.

Contacts:
Starcore International Mines Ltd.
Gary Arca
Chief Financial Officer and Director
(604) 602-4935
(604) 602-4936 (FAX)

Starcore International Mines Ltd.
Evan Eadie
Investor Relations
(416) 640-1936
Toll Free: 1-866-602-4935
www.starcore.com

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