Mr. Robert Eadie reports

STARCORE NOW DEBT FREE

Further to its press releases of Jan. 24 and Jan. 31, 2012, Starcore International Mines Ltd. has repaid its outstanding loan with Investec Bank (U.K.) Ltd. of approximately $3.2-million (U.S.), which funds were used to acquire the San Martin mine in Queretaro, Mexico.

"This is a huge milestone for Starcore," said Robert Eadie, president and chief executive officer of the company. "The company is now debt free. We are aggressively continuing with our exploration and development program to keep increasing our reserves at San Martin mine, as we are eager to reward our shareholders for their patience and support over the last five years."

The company is still obligated under the Investec loan agreement for forward sales contracts for the sale of 14,513 ounces of gold at a price of $731 (U.S.) per ounce until Jan. 31, 2013.