Mr. Robert Eadie reports

STARCORE EARNS $2.3 MILLION IN THE FIRST QUARTER

Starcore International Mines Ltd. has filed the results for the first quarter ended Oct. 31, 2013, for the company and its mining operations. The full version of the company's financial statements, and management's discussion and analysis can be viewed on the company's website or SEDAR. All financial information is prepared in accordance with international financial reporting standards.

First quarter, Oct. 31, 2013, highlights:

• Earnings from mining operations were $3.1-million, or 36 per cent of gross revenue, compared with $1.3-million, or 19 per cent, of gross revenue in the prior year.
• Income for the quarter was $2.3-million, or two cents per share, compared with a loss of $346,000, or nil per share, for the prior year.
• The table contains selected highlights from the company's audited consolidated statement of operations for the quarters ended Oct. 31, 2013, and 2012.

                           FINANCIAL HIGHLIGHTS
                      (In thousands, except per share)

                                                  Three months ended Oct.31,
                                                        2013           2012

Revenues                                       $       8,749  $       6,481
Cost of sales                                         (5,632)        (5,230)
Earnings from mining operations                        3,117          1,251
Net income (loss)
Net income (loss)                              $       2,296  $        (346)
Income per share -- basic                      $        0.02  $       (0.00)
Income per share -- diluted                    $        0.02  $       (0.00)

• The mine improved ore grade significantly for the quarter to 2.89 grams per tonne and 27.0 g/t for gold and silver, respectively, and recovery improved in the first quarter averaging 88.2 per cent and 56 per cent, respectively, well over the results from the prior year when the mine was experiencing recovery and grade issues. As a result, overall metal production was much improved for the last quarter at 6,900 equivalent ounces, compared with 6,300 equivalent ounces in the previous quarter and only 3,900 equivalent ounces in the prior year.
• Mine operating cash costs decreased to $628 (U.S.)/equivalent ounce compared with $705 (U.S.)/equivalent ounce in the previous quarter and $1,073 (U.S.)/equivalent ounce in the prior year. All-in sustaining costs, which include sustaining capital expenditures, exploration, reclamation, and corporate and administrative costs, were $989 (U.S.)/equivalent ounce.
• The table contains a summary of mine production statistics for the San Martin mine for the three months ended Oct. 31, 2013, and for the year ended July, 2013.

                         MINE PRODUCTION STATISTICS

                                          Actual results Actual results for
                                        for three months    12 months ended
                                     ended Oct. 31, 2013      July 31, 2013

Production of gold                   
in dore (koz)                                        6.3               18.2
Production of                       
silver in dore (koz)                                37.7                110
Equivalent ounces                   
of gold (koz)                                        6.9               20.1
Silver-to-gold                                      60:1               57:1
equivalency ratio 
Gold recovery (%)                                   88.2               77.9
Silver recovery (%)                                 56.4               53.7
Gold grade (g/t)                                    2.89               2.36
Silver grade (g/t)                                  27.0               21.0
Milled (kt)                                         77.0              307.3
Operating cost per 
tonne milled (U.S. dollars/tonne)                    $56                $55
Operating cost per 
equivalent ounce (U.S. dollars/ounce)               $628               $844

"I am very pleased with our financial results, especially in light of lower metal prices," said Robert Eadie, president and chief executive officer of the company. "Our positive cash flow continues to improve dramatically, highlighting this quarter with record production of 6,900 ounces. We thank the joint efforts of our production team at the mine and our staff at corporate headquarters for making this possible through their hard work and dedication."