Starcore International Ventures Ltd.

Starcore International Ventures Ltd.

November 17, 2006 06:00 ET

Starcore International Ventures Ltd.: Watts, Griffis and McOuat Limited NI 43-101 Report on San Martin Mine

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 17, 2006) - Starcore International Ventures Ltd. ("Starcore") (TSX VENTURE:SAM) has received notification that a National Instrument 43-101-compliant report on the San Martin project in the State of Queretaro, Mexico, which is owned and operated by Luismin S.A. de C.V. ("Luismin"), a wholly owned subsidiary of Goldcorp Inc., and Luismin's wholly owned subsidiary Compania Minera Pena de Bernal S.A. de C.V., contains the following conclusions:

- Total Proven and Probable Mineral Reserves estimated as of December 31, 2005 for the San Martin Mine are 894,615 tonnes at a grade of 47 g Ag/t and 4.05 g Au/t using cut-off grades based on total operating costs of US$26.15/t and cut off values for silver of US$6.00 per troy ounce and for gold of US$400 per troy ounce;

- The total Inferred Mineral Resources estimated as of December 31, 2005 for the San Martin Mine and not included in the Mineral Reserves stated above are about 1.97 million tonnes at an approximate grade of 63 g Ag/t and 3.83 g Au/t;

- In addition to the Mineral Reserves and Mineral Resources disclosed above, the total Inferred Mineral Resources estimated as of December 31, 2005 for San Pedrito (included in the package of properties to be acquired from Luismin by Starcore), located approximately 50 km west of San Martin, are about 1.125 million tonnes at an approximate grade of 221 g Ag/t and 0.63 g Au/t;

- The procedures used by Luismin to estimate the Mineral Reserves are reasonable and fairly represent the tonnage and grade that can be expected from an operation;

- The procedures used by Luismin to estimate the Inferred Mineral Resources are reasonable and the Inferred Resource estimate represents a reasonable expectation of the potential;

- The experience and capabilities of the Luismin management team are regarded as excellent and important elements in the success of current and future operations;

- The potential for exploration, both on active mining properties as well as on exploration holdings, to expand the reserve base to both support and expand operations is excellent;

- Mining at San Martin over the past eight years has been at a rate of about 267,000/tonnes per year. Exploration is able to maintain about three years reserves replacing those mined with new reserves; and

- At present, 3.3 years of reserves remain at the present mining/milling rate or about 2.75 years at full mill capacity.

The purpose of the review was to assist Starcore in its decision to acquire the San Martin project (see news release dated October 3, 2006 for) and to support a public financing (see news releases dated May 11, 2006 and July 18, 2006). Resources and reserves previously reported by Starcore in its news release dated March 16, 2006 were based upon disclosure made by Goldcorp on its website, which combines resources at San Martin and San Pedrito. Watts, Griffis and McOuat have categorized previously reported measured and indicated resources as inferred resources for the purposes of their report.

Robert Eadie, President of the Company, stated, "I am very pleased with the Watts, Griffis and McOuat report. The information contained in the report confirms our belief that the San Martin is a quality acquisition."

Velasquez Spring, P.Eng., a Senior Geologist of Watts, Griffis and McOuat Limited of Toronto, Canada, is the author of the NI 43-101 report and is an Independent Qualified Person as required under NI 43-101. He has reviewed and approved the technical information contained in this press release.

The report entitled "A Technical Review of the San Martin Project, Mexico" will be filed with the British Columbia Securities Commission and will be available on SEDAR within 45 days.


Robert Eadie, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Starcore International Ventures Ltd.
    Robert Eadie
    (604) 602-4935 or Toll Free: 1-866-602-4935
    (604) 602-4936 (FAX)