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Date Posted: 22:58:38 01/19/05 Wed
Author: siempre
Subject: Lawrence Roulston article on Starcore

Starcore has focused on Mexico in order to take advantage of the numerous opportunities to acquire advanced stage silver projects which can be moved quickly toward production.
Management plans to develop a number of small to medium-sized silver
mines to build a mid-tier producer.
Starcore’s first project is the El Transito
deposit located in Pueblo state. Starcore has an option to earn an 80%
interest from Wheaton River (subject
to a 3% royalty) in the Cerro de Dolores property that hosts the deposit.
The project came to Wheaton through the acquisition of Luismin,
and Wheaton has dealt off many of the exploration projects that came
with that deal. The U.S.-based engineering firm of
Pincock Allen & Holt carried out a
pre-feasibility study on the El Transito deposit in 1988. That study was based on a deposit of 552,000 tonnes grading 11.2 ounces per tonne of silver with 2.6% lead and 5.3% zinc. That study was done before implementation of the present regulations with respect to mineral reserves and resources and is not compliant with
the present regulations. However, it does provide a meaningful indication of the potential of the project. The deposit is defined by about 50 diamond drill holes. In addition, underground
workings were completed, consisting of 350 meters of tunneling
through the mineralized zone, along with cross cuts and raises.
Starcore presently has a team at work to update the engineering and resource studies. That team has considerable expertise with regard to small mine development. For example, that team developed a gold-silver mine in South Korea. They installed a complete 175 ton per day processing plant within three months at a total cost of under $2 million. The project repaid the capital cost after only three
months of production. The first stage of the project is expected
to be similar to the South Korea project, in that used equipment
would be used to minimize capital cost. A similar short time frame for
development is anticipated, once the engineering studies are completed
and approvals granted. Once El Transito is in production, efforts will be directed to the balance of the Cerro de Dolores property. Previous work on the property has identified other areas with potential to host deposits similar to El Transito.
In total, the property has the potential to host tens of millions of ounces. The company is actively evaluating additional projects, of which there are many available. Starcore has a miniscule value for a
company that has near-term production potential and considerable exploration potential. That value could rise quickly as work continues on the El Transito deposit. The acquisition of other projects could further accelerate the increase in value.

http://www.starcore.com/

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