Coeur Offers Update on San Bartolome Silver Project in Bolivia
2006-12-19 | 12:54
COEUR D ALENE, Idaho, Dec. 19 /PRNewswire-FirstCall/ --
Coeur d Alene Mines Corporation
(NYSE: CDE, TSX:CDM) today announced an updated summary of
engineering and construction progress on the San Bartolome
silver mine, which is targeted for completion near the end
of 2007.
Engineering
Overall engineering and procurement activities continue
to move forward at an aggressive pace and are nearly
two-thirds complete. All major equipment purchase orders
have been released, including the main power transformer,
SAG and ball mills, and other related major process and
recovery equipment.
Construction
The company recently initiated construction on the
approximately $30 million tailings facility.
Site preparation work is nearly complete for the process
plant area. Eight contractors are currently on site,
including ICE, the Bolivian firm responsible for
construction of the tailings facility, and Fluor
Corporation, which is acting as EPCM contractor.
During the current phase of construction, the project
expects to employ as many as 300 Bolivian workers, with
an increase in that number as construction continues
to ramp up.
In addition, the company has awarded the contracts for
structural steel supply, concrete supply, and concrete
installation.
Government Relations
The Government of Bolivia has repeatedly stated that it
welcomes foreign investment in Bolivia in the mining
sector and that private property rights will be respected.
In addition, the company continues to receive specific
expressions of support from the Government for
the San Bartolome project.
San Bartolome Silver Mine -
The San Bartolome silver mine is being developed by
Empresa Minera Manquiri S.A., a wholly owned subsidiary
of Coeur d Alene Mines.
The mine is located near the town of Potosi, Bolivia.
The project has silver mineral reserves of 152 million ounces.
The mine is expected to produce
approximately 9 million ounces of silver
in its first full year of operation and
between 6 and 8 million ounces per year thereafter.
Coeur d Alene Mines Corporation is one of the world's
leading primary silver producers and has a strong presence
in gold.
The company has mining interests in Alaska, Argentina,
Australia, Bolivia, Chile, and Nevada.
Cautionary Statement
Company press releases may contain numerous forward-looking
statements ----significantly from the estimates presented.
Readers are cautioned not to put undue reliance on
forward-looking statements. The company disclaims any
intent or obligation to update publicly such
forward-looking statements, whether as a result
of new information, future events or otherwise.
The definitions of proven and probable mineral reserves
and resources under Canadian National Instrument 43-101
are substantially identical to the definitions of such
reserves under Guide 7 of the SEC's Securities Act
Industry Guides.
Mineral resources are in addition to mineral reserves
and have not demonstrated economic viability.
Donald J. Birak,
Coeur's Senior Vice President of Exploration,
is the qualified person responsible for the preparation
of the scientific and technical information in this document.
Mr. Birak has reviewed the available data and procedures and
believes the collection of exploration data and calculation
of mineral reserves reported in this document was conducted
in a professional and competent manner.
For a description of the key assumptions, parameters and
methods used to estimate the San Bartolome mineral reserves
and resources, as well as a general discussion of the extent
to which the estimates may be affected by any known
environmental, permitting, legal, title, taxation,
socio-political, marketing or other relevant factors,
please see the San Bartolome Project Technical
Report filed on SEDAR at www.sedar.com
Contact: Scott Lamb, +1-208-665-0777.
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