Starcore Enters into Share Purchase Agreement to Acquire Cote d'Ivoire Projects
The Share Purchase Agreement (the "Agreement")
In consideration of Cdn$500,000, Starcore acquired all of the issued and outstanding shares of K Mining from its sole shareholder, SPAM SRL (the "Shareholder"). The Agreement is subject to acceptance by the ministerial authorities in Cote d'Ivoire. Upon such acceptance, Starcore will issue a Promissory Note to the Shareholder, which shall bear interest at the rate of 2.0% per annum, and maturing three years from the date of issue.
Other Consideration
The Agreement provides for additional payments to be made by Starcore to the Shareholder, on the occurrence of the following events:
a) Upon receipt by Starcore of a NI 43-10l compliant report containing a resource estimate of at least 500,000 ounces of gold or gold equivalent on any portion of the exploration permits, Starcore will pay to the Shareholder the sum of US$500,000.
b) Upon receipt by Starcore of a preliminary positive feasibility report on any portion of the exploration permits, Starcore will pay to the Shareholder an additional sum of US$500,000.
"With ministerial approval, K Mining becomes a wholly-owned subsidiary of Starcore with exciting gold exploration projects in the central Ivory Coast," said Robert Eadie, Chief Executive Officer of the Company. "This is a key component of our strategic expansion and diversification of our portfolio targeted at asset building for our shareholders."
About Starcore
Starcore International Mines is engaged in precious metals production with focus and experience in Mexico. While this base of producing assets has been complemented by exploration and development projects throughout North America, Starcore has expanded its reach internationally with the project in Côte d'Ivoire. The Company is a leader in Corporate Social Responsibility and advocates value driven decisions that will increase long term shareholder value. You can find more information on the investor friendly website at www.starcore.com.
ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.
(Signed) "Robert Eadie"
Robert Eadie, President & Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
ROBERT EADIE
Telephone: (604) 602-4935
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for the adequacy or accuracy of this press release.
This news release contains "forward-looking" statements and information ("forward-looking statements"). All statements, other than statements of historical facts, included herein, including, without limitation, management's expectations and the potential of the Company's projects, are forward-looking statements. Forward-looking statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company's management and reflect the beliefs, opinions, and projections on the date the statements are made. Forward-looking statements involve various risks and uncertainties and accordingly, readers are advised not to place undue reliance on forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company assumes no obligation to update forward‐looking statements or beliefs, opinions, projections or other factors, except as required by law.
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