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15.09.2017
Starcore Reports Q1 2018 Results

Starcore Reports Q1 2018 Results

 

Vancouver, B.C. Starcore International Mines Ltd. (the “Company”) has filed the results for the first quarter ended July 31, 2017 for the Company and its mining operations in Queretaro, Mexico and toll processing operations in Matehuala, Mexico. 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.comAll 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 the three-month period ended July 31, 2017 (unaudited):

 

- Cash and short-term investments on hand is $7.4 million at July 31, 2017;

 

- Gold and silver sales of $8.1 million;

 

- Loss of $0.3 million, or $(0.01) per share;

 

- EBITDA(1) of $443;

 

The following table contains selected highlights from the Company’s unaudited consolidated statement of operations for the quarters ended July 31, 2017 and 2016:

 

(in thousands of Canadian dollars)

(unaudited)

 

 

 

Quarter ended

July 31,

 

 

 

 

2017

     2016

Revenues

 

 

 

$              8,095

$              7,188

Cost of Sales

 

 

 

              (8,474)

              (6,040)

Earnings (loss) from mining and toll processing operations

 

 

 

              (379)

              1,148

Administrative Expenses  

Income tax recovery (expense)

             

 

 

 

                (600)

         685

              (857)

          195

Net income

 

 

 

$     (294)

$        486

        (i)   Income (loss) per share – basic

 

 

 

$      (0.01)             

$       0.01             

        (ii)  Income (loss) per share – diluted

 

 

 

$      (0.01)             

$       0.01             

 

 

 

Reconciliation of Net income to EBITDA(1)

 

 

For the three months ended July 31, 

2017

2016

Net income

$              (294)

$              486

Income tax recovery

              (685)

              (195)

Interest

              26

              212

Depreciation and depletion

              1,396

              1,361

EBITDA

$              443

$              1,864

EBITDA MARGIN(2)

           5.5%

        25.9%

 

(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 three month period ended July 31, 2017:

 

- Equivalent gold production of 3,888 ounces;

 

- Mine operating cash cost of US$1,052/EqOz;

 

- All-in sustaining costs of US$1,244/EqOz;

 

The following table is a summary of mine production statistics for the San Martin mine for the periods ended July 31, 2017 and 2016 and for the previous year ended April 30, 2017:

 

 

 

Actual Results for

 

Unit of measure

3 months ended

July 31, 2017

3 months ended

July 31, 2016

12 months ended

April 30, 2017

Mine Production of Gold in Dore

thousand ounces

3.7

4.0

14.2

Minie Production of Silver in Dore

thousand ounces

15.2

15.8

66.1

Gold equivalent ounces

thousand ounces

3.9

4.2

15.2

 

 

 

 

 

Silver to Gold equivalency ratio

 

74.9

71.6

70.2

Mine Gold grade

grams/tonne

1.97

2.17

1.97

Mine Silver grade

grams/tonne

12.6

16.2

16.1

Mine Gold recovery

percent

85.0%

86.6%

81.5%

Mine Silver recovery

percent

51.2%

46.0%

46.5%

Milled

thousands of tonnes

69.8

66.1

275.1

Mine operating cash cost per tonne milled

US dollars

59

54

53

Mine operating cash cost per equivalent ounce

US dollars

1,052

853

969

 

We are focused on production and additions to management will assist in restoring production to normal levels, 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, Compañia Minera Peña 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.

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 

 

Suite 750 – 580 Hornby Street, Box 113, Vancouver, British Columbia, Canada  V6C 3B6

Suite 904 – 85 Richmond Street West, Toronto Ontario   M5H 2C9

Telephone:  (604) 602-4935   Fax:  (604) 602-4936    e-mail. info@starcore.com    website:  www.starcore.com

 

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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