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Starcore International Mines Reaches Communities Agreement for La Tortilla Project

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Starcore International Mines' (SAM.TO) has reached a 'Communities Agreement' for La Tortilla Project in Mexico, the company said earlier Wednesday.

Its wholly-owned Mexican subsidiary, CMPB, operator of the San Martin Mine, has reached an agreement with the El Doctor Agrarian Community, in the municipality of Cadereyta de Montes, Queretaro, Mexico, granting CMPB the social license to operate the project, the company added.

The agreement is for the same 10-year period as the La Tortilla lease has with the concession owner, with an option to renew, said Starcore, adding the agreement grants CMPB permission to use the access road to La Tortilla, which passes through their communities.

"The general terms of the agreement directly benefit the communities, creating well-paying jobs, contributing to the economic stability of local residents, improving basic medical services, and enhancing the community's quality of life and infrastructure," added the company. "It also includes the future possibility for the community members to provide transportation services to CMPB, transporting ore from La Tortilla to the processing plant at San Martin."

The company's shares were last seen down $0.03 at $0.64 on the Toronto Stock Exchange, amid losses for the broader market.

Price: $0.64, Change: $-0.03, Percent Change: -4.48%

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