Mr. Robert Eadie reports

STARCORE ENTERS INTO LOI TO LEASE A HISTORICAL PAST-PRODUCING SILVER MINE

Through its wholly owned Mexican subsidiary, Compania Minera Pena de Bernal, Starcore International Mines Ltd. has entered into a non-binding letter of intent with Manuel Felipe Arreguin Martinez (the owner) to lease the owner's six mineral claims and two properties comprising what is commonly known as the San Juan Nepomuceno project (the Tortilla project), located in Queretaro, Mexico.

The Tortilla project includes a historical mine situated 150 kilometres from the capital, Santiago de Queretaro, 40 kilometres northeast of the San Martin mining unit and five kilometres west of the La Negra mine. Mining activity in the area dates back to 1557 with records of continuous operation until 1870 under Spanish control. During this period, the deposit was known as El Doctor mine. Toward the end of the 19th century, a British company, O.J. Braniff, resumed exploration activities and installed a processing plant to process minerals from the San Juan Nepomuceno and Santo Entierro mines. However, operations only lasted two years. There are no historical production records.

In consideration of the lease agreement for a period of 10 years covering the Tortilla project, Starcore must pay the owner an aggregate of five million Mexican pesos (approximately $268,500 (U.S.)) as follows:

• Two million Mexican pesos (approximately $107,500 (U.S.)) upon signing a definitive agreement on or before July 24, 2025, or as extended by mutual agreement;
• 500,000 Mexican pesos (approximately $27,000 (U.S.)) monthly for the next six months, commencing the month after the signing of the definitive agreement.

After all payments have been made, the owner shall be entitled to a 2-per-cent net smelter return royalty from mineral production derived from the Tortilla project.

During the term of the 10-year lease, the owner has the option to sell all of the claims and concessions to Starcore at a purchase price of $7-million (U.S.).

"Although there are no historical production records, based on the size of the old mine sites and average ore grades, we believe we have an excellent opportunity to capitalize on the untapped potential of the Tortilla project and the attractive price of silver, which has been steadily increasing for years," said Robert Eadie, president and chief executive officer of Starcore. "Our exposure is minimal, and the possibilities could be extremely rewarding."

About Starcore International Mines Ltd.

Starcore International Mines is engaged in precious metals production with focus and experience in Mexico. While this base of producing assets is complemented by exploration and development projects throughout North America, Starcore has expanded its reach internationally with the project in Ivory Coast. The company is a leader in corporate social responsibility and advocates value-driven decisions that will increase long-term shareholder value.

We seek Safe Harbor.