Starcore International Ventures Ltd.
TSX VENTURE : SAM

Starcore International Ventures Ltd.

January 24, 2007 21:28 ET

Starcore Closes $18.7 Million Non-Brokered Financing, Receives TSX Venture Exchange Approval for the San Martin Mine Acquisition

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 24, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Starcore International Ventures Ltd. (the "Company") (TSX VENTURE:SAM) has closed its previously announced offering of 37.4 million subscription receipts (the "Subscription Receipts") at a price of $0.50 per Subscription Receipt for gross proceeds of $18.7 million (the "Offering"). The gross proceeds will be used for closing the acquisition (the "Acquisition") by Starcore of the San Martin Mine from Luismin S.A. de C.V. ("Luismin"), a wholly owned subsidiary of Goldcorp Inc. (NYSE:GG)(TSX:G), as announced in previous press releases.

Each Subscription Receipt entitles the holder thereof to receive, upon closing of the Acquisition and without payment of additional consideration or further action, one common share of the Company and one-half of one share purchase warrant (a "Warrant"). Each full Warrant is exercisable into one additional common share of the Company for a period of three years from the closing of the Offering at an exercise price of $0.80. The Warrants include an early expiry feature which may be triggered should the common shares close above $2.50 over a minimum period of forty-five calendar days. The shares and warrants will be issued concurrently with the closing of the Acquisition.

The Company has also received Exchange acceptance to complete the Acquisition. In connection with the Acquisition, the Company will pay US$24 million to Luismin and issue US$2 million in common shares to Luismin.

With the closing of the private placement and receipt of Exchange acceptance, the Company can now proceed with all closing matters related to the property transaction. "Concurrent with the closing of the acquisition of the San Martin Mine, the Company will graduate to Tier 1 on the TSX Venture Exchange," reports Robert Eadie, President of Starcore.

ON BEHALF OF STARCORE INTERNATIONAL VENTURES LTD.

Robert Eadie, Chief Executive Officer and Director

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The TSX Venture Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.

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