|Coeur's San Bartolome Mine Set to Begin Processing Ore -|
Crushing Activities Underway -
First Silver Pour Expected to Take Place before Month’s End -
To Become World’s Largest Pure Silver Mine -
Coeur d’Alene Mines Corporation -
(NYSE:CDE) (TSX:CDM) (ASX:CXC) announced today that
the commissioning of the Company’s new -
San Bartolomé silver mine in Bolivia -
is well underway.
Coeur anticipates processing ore shortly, with the first
doré expected to be poured before month’s end.
The crushing circuit is now fully operational and an
initial stockpile of crushed ore is being generated.
The facility has been connected to the Bolivian national
This important milestone allows for the final commissioning
of the grinding, leaching and silver recovery circuits.
Production and plant utilization will steadily increase
with full plant capacity anticipated to be reached
by August, as originally forecast.
The construction efforts at San Bartolomé -
have involved up to 2,100 workers,
almost all of them Bolivians, who constructed
the state-of-the art facility while achieving safety
records that surpassed 4.6 million man hours without
a lost time accident.
Overview of Key Mine Metrics:
* Expected silver production during 2008 of over six million ounces
* Operating cash costs once plant reaches full capacity through the end of the year are expected to be $4.10 per ounce of silver (excluding royalties and production taxes of $2.03 per ounce)
* Over ten million ounces of silver production during the first twelve months of full-scale operations
* 153.0 million ounces of silver mineral reserves and 34.2 million ounces of additional indicated mineral resource
* Estimated mine life of 14 years
Additional photographs of the operation can be accessed through Coeur’s website at www.coeur.com.
Coeur d’Alene Mines Corporation is one of the world’s leading silver companies and also a significant gold producer, with anticipated 2008 production of approximately 16 million ounces of silver, a 40% increase over 2007 levels. Coeur, which has no silver or gold production hedged, is now set to commence production at the world’s largest pure silver mine - San Bartolomé in Bolivia – and is currently another world-leading silver mine – Palmarejo in Mexico. The Company also operates two underground mines in southern Chile and Argentina and one surface mine in Nevada; and owns non-operating interests in two low-cost mines in Australia. The Company also owns a major gold project in Alaska and conducts exploration activities in Argentina, Bolivia, Chile, Mexico and Tanzania. Coeur common shares are traded on the New York Stock Exchange under the symbol CDE, the Toronto Stock Exchange under the symbol CDM, and its CHESS Depositary Interests are traded on the Australian Securities Exchange under symbol CXC.
This press release contains forward-looking statements within the meaning of securities legislation in the United States, Canada, and Australia, including statements regarding anticipated operating results. Such statements are subject to numerous assumptions and uncertainties, many of which are outside the control of Coeur. Operating, exploration and financial data, and other statements in this press release are based on information that Coeur believes is reasonable, but involve significant uncertainties affecting the business of Coeur, including, but not limited to, future gold and silver prices, costs, ore grades, estimation of gold and silver reserves, mining and processing conditions, construction schedules, currency exchange rates, and the completion and/or updating of mining feasibility studies, changes that could result from future acquisitions of new mining properties or businesses, the risks and hazards inherent in the mining business (including environmental hazards, industrial accidents, weather or geologically related conditions), regulatory and permitting matters, risks inherent in the ownership and operation of, or investment in, mining properties or businesses in foreign countries, as well as other uncertainties and risk factors set out in filings made from time to time with the SEC, the Canadian securities regulators, and the Australian Securities Exchange, including, without limitation, Coeur’s reports on Form 10-K and Form 10-Q. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. Coeur disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Coeur undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Coeur, its financial or operating results or its securities.
Donald J. Birak, Coeur’s Senior Vice President of Exploration, is the qualified person responsible for the preparation of the scientific and technical information concerning Coeur’s mineral projects in this news release. For a description of the key assumptions, parameters and methods used to estimate 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 Technical Reports for each of Coeur’s properties as filed on SEDAR at www.sedar.com.
This press release might use the terms “Mineralized Material” or “Measured”, “Indicated” and “Inferred Mineral Resources”, or “Probable Ore Reserves” and “Proved Ore Reserves”. U.S. investors are advised that while such terms are recognized and required by Canadian and Australian regulations, the Securities and Exchange Commission does not recognize them. “Inferred Resources” and “Probable and Proved Ore Reserves” have a great amount of uncertainty as to their economic and legal feasibility. Under Canadian rules, estimates of Inferred Resources may not form the basis of a feasibility study. U.S. investors are cautioned not to assume that all or any part of Mineralized Material or Measured, Indicated or Inferred Mineral Resources will ever be converted into reserves. U.S. investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.
Coeur d’Alene Mines Corporation
Director of Investor Relations
Karli Anderson, 208-665-0345
Director of Corporate Communications
Tony Ebersole, 208-665-0777
Source: Business Wire (April 1, 2008 - 9:35 AM EDT)