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View FS - Starcore International Mines Ltd.

View FS - Starcore International Mines Ltd.

BDO Dunwoody LLP

BDO Dunwoody LLP Chartered Accountants 600-925 W Georgia St. Vancouver, BC, Canada V6C 3L2 Telephone: (604) 688-5421 Telefax: (604) 688-5132 E-mail: vancouver@bdo.ca www.bdo.ca Auditors' Report To the Shareholders of Starcore International Mines Ltd. We have audited the Consolidated Balance Sheets of Starcore International Mines Ltd. (formerly Starcore International Ventures Ltd.) as at July 31, 2008 and 2007 and the Consolidated Statements of Operations and Other Comprehensive Loss, Cash Flows and Shareholders’ Equity for the years then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Company as at July 31, 2008 and 2007 and the results of its operations and its cash flows for the years then ended in accordance with Canadian generally accepted accounting principles. Chartered Accountants Vancouver, Canada October 20, 2008

Starcore International Mines Ltd. (formerly Starcore International Ventures Ltd.) Consolidated Balance Sheets (in thousands of Canadian dollars) July 31, 2008 2007 Assets Current Cash and cash equivalents (notes 4 and 14(a)) $ 2,890 $ 9,072 Amounts receivable (note 5) 2,664 1,647 Inventory (note 6) 1,517 1,149 Prepaid expenses and advances 1,090 1,307 8,161 13,175 Mining interest, plant and equipment (notes 3 and 7) 38,294 36,180 Mineral properties and deferred exploration costs (note 8) 806 754 Liabilities $ 47,261 $ 50,109 Current Accounts payable and accrued liabilities $ 4,953 $ 2,786 Current portion of loan payable (note 9) 2,173 4,132 7,126 6,918 Loan payable (notes 3, 9, 13, and 14(a)) 6,304 8,815 Reclamation and closure cost obligations (note 10) 1,708 1,506 Other long-term liabilities (note 11) 2,190 1,786 Future income taxes (note 16) 7,674 6,796 Shareholders’ Equity 25,002 25,821 Share capital (notes 3 and 12) 33,318 33,266 Contributed surplus (note 12(d)) 3,985 2,704 Warrants (notes 3, 9 and 12(e)) 6,202 6,202 Accumulated other comprehensive loss (2,750) (1,955) Deficit (18,496) (15,929) Commitments (notes 3, 8, 9, 10, 11, 12, and 14) Segmented information (note 15) Nature of Operation and Going Concern (note 1) Approved by the Directors: 22,259 24,288 $ 47,261 $ 50,109 “Robert Eadie” Director “Gary Arca” Director The accompanying notes form an integral part of these financial statements. 3

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