STARCORE RESOURCES LTD - Starcore International Mines Ltd.

Starcore International Ventures Ltd.
MD&A
January 31, 2005
Page 8
1.7 Capital Resources
The only capital resource of the Company is the mineral property, valued at $315,636 as at January 31, 2005.
The Company is committed to further expenditures on the property, as detailed in Section 1.4 Results of
Operations.
1.8 Off Balance Sheet Arrangements
There are no off-balance sheet arrangements to which the Company is committed.
1.9 Transactions with Related Parties
During the six months ended January 31, 2005, the Company incurred management fees of $16,500 (2004 -
$23,500) and deferred geological consulting fees of $18,000 (2004 – Nil), and deferred general and
administration costs of $16,500 (2004 – Nil) to two directors. At the end of the period, there were no amounts
due to the directors (2004 - $152,728).
1.10 Second Quarter
The second quarter results do not differ significantly from other quarters with the exception of the marketing
and communication fees incurred. The Company engaged the services of these two consultants for
specifically the following services:
• Shareholders communications and inquiries ($2,125 effective Jan-05);
• Marketing ($2,500 effective Oct-04).
The Company also incurred other marketing consulting fees, however the consultants hired were on a as you
need them basis.
1.11 Proposed Transactions
None.
1.12 Critical Accounting Estimates
N/A
1.13 Changes in Accounting Policies
N/A
1.14 Financial and Other Instruments
The carrying value of cash and cash equivalents and accounts payable approximate their fair values due to the
short maturity of those instruments. Unless otherwise noted, it is managements’ opinion that the Company is
not exposed to significant interest, currency or credit risks arising from these financial statements.
The recoverability of the amounts capitalized for the mineral properties under exploration is dependent upon
the determination of economically recoverable ore reserves, the ability to obtain the necessary financing to
complete the development, and future profitable production or proceeds from the disposition thereof.