Vancouver, B.C. – Starcore International Mines Ltd. (the “Company”) has filed the results for the first quarter ended October 31, 2013 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.

First Quarter, October 31, 2013 Highlights:

• Earnings from mining operations was $3.1 million, or 36% of gross revenue, compared to $1.3 million, or 19% of gross revenue, in the prior year;
  
  
• Income for the quarter was $2.3 million, or $0.02 per share compared to a loss of $(346), or $(0.00) per share for the prior year;
  
  
• The following table contains selected highlights from the Company’s audited consolidated statement of operations for the quarters ended October 31, 2013 and 2012:
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

  (in thousands of Canadian dollars)	October 31, 2013	October 31, 2012
  Revenues	$ 8,749	$ 6,481
  Cost of Sales	(5,632)	(5,230)
  Earnings from mining operations	3,117	1,251
  Net income (loss)
  (i) Net income (loss)	$ 2,296	$ (346)
  (ii) Income per share – basic	$ 0.02	$ (0.00)
  (iii) Income per share – diluted	$ 0.02	$ (0.00)

  
  
  
• The mine improved ore grade significantly for the quarter to 2.89 g/t and 27.0 g/t for gold and silver, respectively, and recovery improved in the first quarter averaging 88.2% and 56%, respectively, well over the results from the prior year when the mine was experiencing recovery and grade issues. As a result, overall metal production was much improved for the last quarter at 6,900 equivalent ounces (“EqOz”), compared to 6,300 EqOz in the previous quarter and only 3,900 EqOz in the prior year;
  
  
• Mine operating cash costs decreased to US$628/EqOz compared to US$705/EqOz in the previous quarter and US$1,073/EqOz in the prior year. All-in Sustaining Costs, which includes sustaining capital expenditures, exploration, reclamation and corporate and administrative cost were US$989/EqOz;
  
  
• The following table is a summary of mine production statistics for the San Martin mine for the three months ended October 31, 2013 and for the year ended July, 2013: