Gimme the Low-Down on Calorie Intake!

First off, hi everyone!  This is my first post on the forums, so please be patient, this may have already been asked and answered.

My question is, I have heard this starvation mode thing flying around my whole adult life, I have heard its true, I've heard its false, I am not sure what to believe I just want to do what is healthy for ME.

That being said, I am currently eating around 1500 calories a day, and burning an extra 500 a day with exercise.  So, 1500-500=1000 which is apparently below the dreaded 1200 calorie mark.  If I continue exercising and eating 1500 calories, will there be an adverse affect on my health?  I would hate to hurt myself while trying to better myself!  Any input would be helpful!

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