VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 11/01/11

Starcore International Mines Ltd. (TSX:SAM) (the "Company") has filed the results for the year ended July 31, 2011 for the Company and its mining operations from the San Martin Mine. Over the year ended July 31, 2011, the Company reports revenues of $39.5 million, earnings from mining operations of $13.8 million and a net loss of $4.0 million, which includes a net $6.6 million non-cash unrealized loss on forward sales contracts and a $234,000 non-cash stock-based compensation charge on option awards vested in the year. The basic and diluted loss per share for the year ended July 31, 2011 was $0.05.

The following table is a summary of mine production statistics for the San Martin mine for the six months ended July 31, 2011 and the cumulative amounts for the year ended January 31, 2011:

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                                       Actual results for Actual results for
                                           6 months ended    12 months ended
(Unaudited)            Unit of measure      July 31, 2011   January 31, 2011
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Mine Production of                                                          
 Gold in Dore          thousand ounces                7.8               15.6
Mine Production of                                                          
 Silver in Dore        thousand ounces              134.9              170.0
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Mine Equivalent                                                             
 ounces of Gold        thousand ounces               11.1               18.5
Purchased                                                                   
 Concentrate                                                                
 Equivalent ounces     thousand ounces                5.2                2.5
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Total Mine                                                                  
 Production -                                                               
 Equivalent Ounces     thousand ounces               16.3               21.0
Mine Gold grade            grams/tonne                2.0               2.05
Mine Silver grade          grams/tonne                 40                 31
Milled             thousands of tonnes                146                274
Mine Operating Cost                                                         
 per tonne milled     US dollars/tonne                 50                 39
Mine Operating Cost                                                         
 per Equivalent                                                             
 Ounce               US dollars/ounces                699                577
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(i) assuming a 41:1 silver to gold equivalency ratio for six months ended   
    July 31, and 60:1 for the year ended January 31, 2011.                  

Overall equivalent gold production from mine operations, excluding purchased concentrate, was 11,100 ounces over the six months ended July 31, 2011, compared to an average of 4,625 per quarter for the previous twelve month period. The higher production was due mainly to consistently higher ore grades for silver, higher silver recoveries and the fact that the mine also increased tonnage through the mill to 146,000 tonnes for the six month period compared to 68,500 tonnes per quarter average for the twelve months.

Currently, the Company is continuing underground exploration in order to identify higher grade ore zones and has allocated a higher budget to support exploration, exceeding 11,000 metres of exploration drilling for the 2011 calendar year (See recent news releases of September 28th, September 22nd, August 29th and July 18, 2011).

The following table contains selected highlights from the Company's consolidated statement of operations and consolidated balance sheet for the years ending July 31, 2011 and 2010 (all amounts per table and discussion below are stated in thousands of Canadian dollars):

(000's)                                       July 31, 2011   July 31, 2010 
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Revenues                                                                    
  Mined ore                                  $       29,413  $       22,046 
  Purchased concentrate                              10,052           1,155 
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                                             $       39,465  $       23,201 
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Cost of Sales                                                               
  Mined Ore                                          13,415          10,728 
  Purchased concentrate                               9,752           1,054 
  Amortization, depletion and reclamation             2,497           1,983 
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                                             $      (25,664) $      (13,765)
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Earnings from mining operations                      13,801           9,436 
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Net loss                                                                    
  (i) Net loss for the year                  $       (4,023) $       (3,728)
  (ii) Income (loss) per share - basic       $        (0.05) $        (0.05)
  (iii) Income (loss) per share - diluted    $        (0.05) $        (0.05)
                                                                            
Total assets                                 $       46,637  $       45,170 
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Total long-term liabilities                  $       13,803  $       17,242 
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Revenues for the year ended July 31, 2011, were higher at $39,465 than 2010 revenues of $23,201 due mainly to the sale of metal from purchased concentrate, but also due to higher metal prices in 2011 and higher metal production from mine operations. For the year ended July 31, 2011, metal sales of 20,002 ounces of gold and 425,414 ounces of silver sold at average prices of US$1,308 per ounce and US$32 per ounce, respectively, compared to the year ended July 31, 2010 which approximated 17,343 ounces of gold and 181,876 ounces of silver sold at average prices of US$1,105 and US$17 per ounce, respectively. Loss for the year ended July 31, 2011 increased to a loss of $4,023 due mainly to the fluctuation in realized and unrealized forward sales contracts losses. Net realized and unrealized loss on forward contracts for the year ended July 31, 2011 was $12,541 compared to $9,873 for 2010 due to the increase in gold price from US$1,180 at July 31, 2010 to US$1,621, at July 31, 2011 on the remaining 21,343 ounces which are to be sold at an average of 1,185 ounces per month until January 31, 2013.

The Company also had positive cash flow from operations of $2,125 for the year ended July 31, 2011 compared to $3,540 for the same period in 2010.

Full financial statements are available on SEDAR at www.sedar.com and on Starcore's website at www.starcore.com.

ON BEHALF OF STARCORE INTERNATIONAL MINES LTD.

Gary Arca, Chief Financial Officer and Director

The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.

Contacts:
Starcore International Mines Ltd.
Investor Relations
1-604-602-4935 or Toll Free: 1-866-602-4935
1-604-602-4936 (FAX)
info@starcore.com
www.starcore.com