VANCOUVER, BRITISH COLUMBIA–(Marketwire – Dec. 5, 2012) – Starcore International Mines Ltd. (TSX:SAM) (the “Company”) is pleased to announce results for a recently completed Reserve estimate for its San Martin Mine in Queretaro, Mexico.
The result of the estimate, effective as of July 31, 2012 is Proven and Probable reserves totaling 651,605 tonnes at a grade of 2.21 g Au/t and 30 g Ag/t. In addition to the Proven and Probable Reserves, an Inferred Mineral Resource is estimated at 998,000 tonnes at an approximate grade of 2.18 g Au/t and 28 g Ag/t. Inferred Mineral Resources are not known to the same degree of certainty as Mineral Reserves and do not have demonstrated economic viability.
The reserve estimate is based on the methods used for the last 14 years by Luismin, Goldcorp and Starcore at the mine and modified over the past few years to try to account for changes in dilution due to the increased reliance on Tronco ores.
The estimate was prepared by mine staff in compliance with NI 43-101. Joe Campbell P. Geo. who is a qualified person as defined by NI 43-101 has verified all information used for the estimate.
The most important assumptions used as the basis of the estimate include