STARCORE RESOURCES LTD - Starcore International Mines Ltd.

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STARCORE INTERNATIONAL VENTURES LTD. (Formerly Starcore Resources Ltd.) NOTES TO THE INTERIM FINANCIAL STATEMENTS For the Second Quarter Ended January 31, 2005 1. NATURE OF OPERATIONS The Company is in the process of exploring its resource properties and has not determined whether these properties contain reserves which are economically recoverable. The recoverability of amounts shown for resource properties and related deferred costs is dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain necessary financing to complete the development and future profitable production from the properties or proceeds from disposition. On February 2, 2004, the Company changed its name from Starcore Resources Ltd. to Starcore International Ventures Ltd. 2. SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Company have been prepared in accordance with generally accepted accounting principles. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgment. The financial statements have, in management’s opinion, been properly prepared within reasonable limits of materiality and within the framework of the significant accounting policies summarized below: (a) (b) (c) Resource properties Acquisition costs of resource properties together with direct exploration and development expenditures thereon are deferred in the accounts. When production is attained these costs will be amortized. When deferred expenditures on individual producing properties exceed the estimated net realizable value, the properties are written down to the estimated value. Costs relating to properties abandoned are written-off when the decision to abandon is made. Investments Investments are carried at cost except where, in the opinion of management, there has been a loss in value that is other than a temporary decline in which case the carrying value is reduced to its estimated realizable value. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Amortization is provided on the declining balance basis at the following annual rates: Furniture and fixtures 20% Office equipment 20%
STARCORE INTERNATIONAL VENTURES LTD. (Formerly Starcore Resources Ltd.) NOTES TO THE INTERIM FINANCIAL STATEMENTS For the Second Quarter Ended January 31, 2005 2. SIGNIFICANT ACCOUNTING POLICIES (cont’d) (d) Going concern The accompanying financial statements have been presented assuming the Company will continue as a going concern. At January 31, 2005, the Company had accumulated $12,411,544 in losses and had no revenue-producing operations. At the date of this report, the Company does not have significant liquidity and its ability to continue as a going concern is dependent upon its ability to raise additional capital or merge with a revenue producing venture partner. These matters raise substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made in the accompanying financial statements to provide for this uncertainty. The Company had a positive working capital of $1,490,113. 3. INVESTMENTS Investments consist of 20,000 shares in a public company, which as at January 31, 2005 had a quoted market value of $21,000 (2003 - $5,000). 4. RESOURCE PROPERTIES Resource properties consists of: Jan-31-2005 Jul-31-2004 Cerro Dolores Acquisition costs $ 100,000 $ 100,000 Assaying & sampling 16,735 15,196 Consulting fees (Geological & Engineering) 98,318 49,308 Field work, equipment & supplies 7,718 - General & admin 19,336 - Legal fees & licenses 5,390 5,390 Maps & reports 2,413 1,877 Property taxes 18,662 7,307 Site visits 31,739 28,217 Vehicle & transportation 3,184 - 303,495 207,295 Black Silver Acquisition costs $ 12,140 $ - Denain Acquisition costs $ 1 $ 1 Total Resource Properties $ 315,636 $ 207,296
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