Starcore International Ventures Ltd.
TSX VENTURE : SAM

Starcore International Ventures Ltd.

September 10, 2007 10:00 ET

Starcore Prepays US$3.12 Million of Debt Secured for the Acquisition of San Martin Mine From Goldcorp/Luismin

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 10, 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) is pleased to announce that it has prepaid the principal amount of US$3,120,000 originally due October 1st, 2007 and January 31st, 2008 as part of its US$13 million loan ("Loan") from Investec Bank (UK) PLC ("Investec"), bringing the Loan balance down to US$9.88 million.

The Loan was used to complete Starcore's acquisition of Compania Minera Pena de Bernal, S.A. de C.V. ("Bernal"), the owner of the San Martin Mine in Queretaro, Mexico, from Luismin, S.A. de C.V. ("Luismin"), a wholly-owned subsidiary of Goldcorp Inc.

Under the original terms of the Loan agreement with Investec, Starcore was to maintain the funds in a reserve account until January 31, 2008. The Company negotiated with Investec to allow prepayment of the debt, resulting in substantial savings in interest cost that would otherwise have accumulated. The Company made the US$3.12 million prepayment out of a portion of excess cash flow accumulated over the first six months of mining operations at the San Martin mine.

The San Martin mine, located 50 km east of the city of Queretaro, has been operational since 1993. For a more detailed description of the San Martin property, please see the Technical Report on the San Martin Project, Mexico dated September 27, 2006, prepared by Watts, Griffis and McOuat Limited, as filed on SEDAR.

For more information on the Company visit our website at www.starcore.com.

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.

Contact Information

  • Starcore International Ventures Ltd.
    Robert Eadie
    Chief Executive Officer and Director
    (604) 602-4935 or Toll Free: 1-866-602-4935
    (604) 602-4936 (FAX)
    Email: info@starcore.com
    Website: www.starcore.com