Vancouver, B.C. … Starcore International Mines Ltd. (the “Company”) announces it has approved a nonbrokered private placement for gross proceeds of up to $1,200,000 (the “Financing”). The private placement will consist of up to 6,000,000 units (the “Units”) at a price of $0.20 per Unit. Each Unit is comprised of one common share of Starcore and one-half of one transferable common share purchase warrant (the “Warrants”), each whole Warrant exercisable for a period of four years from the date of issue to purchase one common share of Starcore at a price of $0.30 per share, provided that, if after the expiry of all resale restrictions, the closing price of the Company’s shares is equal to or greater than $0.40 per share for 20 consecutive trading days, the Company may, by notice to the Warrant holders (which notice may be by way of general news release), reduce the remaining exercise period of the Warrants to not less than 30 days following the date of such notice.