Coeur Reports Update on San Bartolome Silver Mine: Production Ramping Up; Production Estimates Confirmed
Coeur d’Alene Mines Corporation (NYSE:CDE) (TSX:CDM) (ASX:CXC) is pleased to report that output continues to increase at its San Bartolome silver mine in Bolivia and expects the operation to achieve full capacity in the fourth quarter. For the year, Coeur anticipates the mine will produce 3.2 million ounces of silver and that it will achieve its 2009 production estimate of approximately 9 million silver ounces.
As of today, the processing facility has operated twelve days since the new bearings were installed for the ball mill without any unanticipated interruption. Daily silver production has steadily increased up to a current level of 15,000 ounces, which is expected to result in approximately 500,000 ounces of silver production during the month of September. Through the end of August, San Bartolome produced approximately 390,000 ounces of silver year-to-date. Recoveries are now consistently achieving the planned levels of 70% to 80%, and head grades of 250 grams per tonne are in line with expectations. As previously announced, Coeur Senior Vice President Leon Hardy is heading up the operation as Interim General Manager.
Coeur d’Alene Mines Corporation is one of the world’s leading silver companies and also a significant gold producer, with anticipated 2008 silver production of approximately 13 million ounces of silver. Coeur, which has no silver or gold production hedged, is now producing silver at what is expected to be 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–Kensington 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.