Starcore Enters Sale Agreement on Real Estate Asset

http://www.canadianminingjournal.com/press-releases/story/?id=1003772684

VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 9, 2016) – Starcore International Mines Ltd. (TSX:SAM) (“Starcore” or the “Company”) announces that it has entered into a binding Agreement to sell the San Pedrito Property located in Queretaro, Mexico. The sale is expected to net the Company approximately $7 Million US dollars.* The agreement requires the buyer to deposit $50 million pesos (approximately $2.8 million US dollars), which deposit has been received and held in trust pending various confirmations, including compliance with state and municipal regulations and evidence that the property is in good standing so conveyancing can proceed. The agreement is subject to a $50 million pesos penalty clause in case of non-performance that will become effective if the purchaser do not pay the owed amount when all the conditions have been comply or if “Starcore” does not wants to continue with the sale. Upon receipt of the required confirmations, the Agreement provides for the subject conditions to be removed and the balance of funds to be paid immediately to the Company.

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