Mr. Robert Eadie reports

STARCORE SECURES EXTENSION ON $4.5 MILLION BONDS

Starcore International Mines Ltd. has obtained an extension on the repayment of outstanding secured bonds in the aggregate principal amount of $4.5-million (see news release of Nov. 17, 2015). The bonds were to mature on Nov. 12, 2016. The bondholder has agreed to extend the maturity date by six months, with the bonds continuing to be secured and bearing interest at 8 per cent per annum.

As consideration for the extension of the bonds, Starcore will pay a prolongation fee of 1 per cent at the end of the extended term. The interest due on the initial 12-month term has been paid. The bonds, together with the prolongation fee and interest for the additional six months of the term, will be due and payable on the new maturity date of May 12, 2017.

All other terms of the bonds remain unchanged.

"The extension we were granted on the repayment of the bonds reflects the confidence our investors and financiers have in Starcore's outlook for 2017," said Robert Eadie, president and chief executive officer of the company.

About Starcore

Starcore is engaged in exploring, extracting and processing gold and silver through its wholly owned subsidiary, Compania Minera Pena de Bernal, S.A. de C.V., which owns the San Martin mine in Queretaro, Mexico. Through its wholly owned subsidiary, Altiplano Goldsilver S.A. de C.V, Starcore also owns and operates the Altiplano concentrate processing facility for precious metals in Matehuala, Mexico.