Mr. Robert Eadie reports

STARCORE: RESERVES OF 486,586 TONS FOR SAN MARTIN MINE

Starcore International Mines Ltd. has released results for a recently completed reserve estimate for its San Martin mine in Queretaro, Mexico.

The result of the estimate, effective as of July 31, 2014, is proven and probable reserves totalling 486,586 tonnes at a grade of 2.31 grams per tonne gold and 18.5 grams per tonne silver. In addition to the proven and probable reserves, an inferred mineral resource is estimated at 898,000 tonnes at an approximate grade of 2.15 grams per tonne gold and 24 grams per tonne silver. Inferred mineral resources are not known to the same degree of certainty as mineral reserves and do not have demonstrated economic viability.

In addition to these reserves, some material known to be hosted in carbonaceous limestone have been omitted from the above total. This material requires some modifications in the plant to obtain typical recoveries. The company is investigating options for treatment of these other ores.

The reserve estimate is based on the methods used for the last 14 years by Luismin, Goldcorp and Starcore at the mine, and modified over the past few years to try to account for changes in dilution due to the increased reliance on Tronco narrower vein-hosted ores.

The estimate was prepared by mine staff in compliance with National Instrument 43-101. Joseph W. Campbell, PGeo, an independent qualified person, and David R. Gunning, PEng, who is a qualified person as defined by NI 43-101, have verified all information used for the estimate.

The most important assumptions used as the basis of the estimate include:

• Total operating costs of $74 (U.S.) per metric tonne at a gold price of $1,250 (U.S.) and silver price of $19.23 (U.S.);
• Metal recoveries of 86 per cent for gold and 52 per cent for silver;
• Resultant cut-off grade of 2.2 grams per tonne gold equivalent (compared with two grams in the prior year);
• Mining dilution of between 10 per cent and 30 per cent depending on the structure;
• Specific gravity of 2.6.

The ratio of probable to proven reserve tonnage is roughly 1.7:1, and in total there are 40,600 contained gold-equivalent ounces (using a 65:1 equivalency factor). The previous reserve estimate at San Martin was compiled as of July 31, 2013, and totalled 705,998 tonnes at 2.53 grams per tonne gold and 23.6 grams per tonne silver (containing 66,520 equivalent ounces of gold). San Martin milled 308,610 tons since the last resource estimate at an average grade of 2.55 grams per tonne gold and 24.2 grams per tonne silver. The proven and probable reserves outlined above are adequate for 1.5 additional years of production.

In comparison with the reserves estimated in 2013, this year's estimate has resulted in a decrease in tonnage and in equivalent ounces, both of which occurred while milling 253,000 tonnes from the reserve area. When put in perspective the mine replaced 30 per cent of the reserves mined during the year despite increasing the cut-off grade by 10 per cent.

The report will be filed on SEDAR and will be available on the company's website.

"We continue to find new structures and transfer resources to reserves," said Robert Eadie, chairman of the company. "We are beginning our expanded step-out exploration program this fall in the Cerro Azul area, and we continue to explore from the underground structures in the mine of over 1,000 metres per month."

David Gunning, PEng, a director of the company and chief operating officer, is the company's qualified person on the project as required under NI 43-101, and has prepared the technical information contained in this press release that has been reviewed by Mr. Campbell.

We seek Safe Harbor.