July 9, 2008
Coeur Announces Key Personnel Appointments in North and South American Operations Groups
Coeur d'Alene Mines Corporation (NYSE:CDE) (TSX:CDM) (ASX:CXC) today announced the promotions and appointments of key personnel in both its North and South American operations groups. This enhanced management structure is designed to provide each operation with additional oversight, experience, and resources in order to meet the Company's production, cost, and development targets.
South AmericaDon Gray has been appointed Senior Vice President of South American Operations and will be located in the Company's offices in Santiago, Chile. Don will oversee the Company's Cerro Bayo and Martha mines. Most recently, Don was the General Manager at Coeur's Cerro Bayo operation, where he has successfully led the effort to implement cost-reduction initiatives and drive production increases. Don has more than 27 years of mining operations and development experience including key South American operations roles with several leading mining companies.
Stuart O'Brien will assume Don Gray's role as General Manager at Cerro Bayo. Stuart has been with Coeur since February 2008 as Operations Manager at Cerro Bayo. Prior to joining Coeur, Stuart worked for Minera Hecla in Venezuela and has more than ten years of mining operations experience, much of it international.
Gordon Babcock has been promoted to General Manager at Martha Mine. Gordon has been with Coeur since October 2006 as Assistant General Manager at Martha. Gordon has more than 25 years experience in mine exploration, project development and mine production management.
Leon Hardy has been promoted to Senior Vice President of North American Operations. Leon will be based in the corporate headquarters in Coeur d'Alene and will lead the Company's efforts to recommence operations at its Rochester silver/gold mine in Nevada. In addition, Leon will be responsible for the completion of construction activities and the commencement of production at Coeur's Kensington gold project in Alaska. Leon has been with Coeur since May 2003 and has been the General Manager at the Company's Martha Mine in Argentina. Leon has over 25 years experience in mine management and operations expertise.
Both Leon and Don will report directly to Richard Weston, the Company's Senior Vice President of Operations. Coeur's two largest mines -- San Bartolome in Bolivia and Palmarejo in Mexico -- will continue to report directly to Richard.
Bernie O'Leary has been promoted to General Manager Technical Support Services. Bernie has been with Coeur since August 2007, most recently as General Manager for Coeur Australia, but has spent a considerable amount of time at Coeur's existing operations and projects in South America. Prior to joining Coeur, Bernie worked for a number of mines in Australia and New Zealand for Barrick, MIM and others. The Technical Support Services group will be based in Santiago.
In addition, Al Tattersall has been promoted to Corporate Mine Engineering Manager. Al has been with Coeur since August 2001 at Rochester where he was most recently Mine Manager. Since last September, Al has been focusing on Coeur's Palmarejo project. The addition of Al to Coeur's Technical Support Services Group will enhance the Company's ability to focus on cost-reduction and mine-optimization opportunities at all of its sites. Al previously worked for Teck in Canada in various capacities, as well as for Gold Fields of South Africa.
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 producing silver at the world's largest pure silver mine -- San Bartolome in Bolivia -- and is currently constructing another world-leading silver mine -- Palmarejo in Mexico. The Company also operates 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 presentation 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.