|Coeur Provides Update on San Bartolome Project -|
Cerro Rico, Potosi -
Coeur d'Alene Mines Corporation -
(NYSE:CDE)(TSX:CDM) announced an updated summary
of progress on -
The San Bartolomé Silver Mine -
which is targeted -
for completion near the end of 2007 -
Construction highlights are summarized below,
as of March 2007:
* 24 contractors on site and total employment of
approximately 450 workers, most of whom are Bolivian
* More than 213,000 man-hours without a lost-time accident
* Completed installation of concrete batch plant
* Have begun pouring concrete in leach tank area
* 90% complete with grading and topsoil removal for
tailings facility; work under way on tailings dam foundation
* 90% complete with site preparation for processing plant
area Contractor mobilizing to install field-erected tanks
In recent months, the company has continued to meet
with officials of the Bolivian government to discuss
issues related to the project.
In those meetings, the company has received
repeated expressions of support for -
the San Bartolomé mine -
San Bartolome - Leading Coeur's Next Generation in Silver -
Leading Coeur's new growth in silver is San Bartolome,
the largest new primary silver mine to be built in
the Americas in decades.
With construction underway, this major Bolivian silver mine
is scheduled for annualized production -
of more than 8 million ounces of silver.
Construction of the open pit milling operation and processing
facility is expected to cost approximately $174 million.
The new facility could be completed near the end of 2007,
with commercial production beginning in January 2008.
Cash operating costs are anticipated at $4.00 per ounce
in the initial years, which at recent market prices would
generate significant cash flow for the Company.
Total proven and probable reserves of more that 150 million
ounces of silver are contained in surface gravel deposits,
or pallacos, which lend themselves to simple, low-tech
Of the several pallaco deposits which are controlled by
Coeur and surround Cerro Rico mountain,
three are of primary importance and are known as
Diablo (consisting of Diablo Norte, and Diablo Este) and
The facilities will be located near established industrial
infrastructure in the historically silver-rich area of
where more than two billion ounces of silver have been mined.
The building of the new mine -
is expected to generate as many as 1,000 local jobs
during construction, and
approximately 200 full-time jobs during operations.
The project will also establish a foundation, called
to assist in the development of new local industries,
such as silversmithing and tourism -
CDE Mission -
Shipwreck yields record treasures -
US treasure hunters have recovered half a million silver coins
and hundreds of gold coins and worked gold from a
colonial-era shipwreck in the Atlantic -
US treasure hunters said the coins, worth an estimated $500m (£253m), were recovered in the Atlantic Ocean.