|Coeur Announces U.S. Supreme Court Agrees to Review Ninth Circuit Court Ruling on Kensington Tailings Permit|
COEUR D'ALENE, Idaho--(BUSINESS WIRE)--June 27, 2008--Coeur d'Alene Mines Corporation (NYSE:CDE) (TSX:CDM) (ASX:CXC) today announced that the U.S. Supreme Court has granted the State of Alaska and Coeur Alaska's Petitions for a writ of certiorari to review a Ninth Circuit Court of Appeals decision relating to the Kensington 404 tailings permit.
The announcement came after the State of Alaska and Coeur Alaska both filed Petitions for a writ of certiorari with the U.S. Supreme Court in February asking for a review of the Ninth Circuit decision which overturned a lower court decision and invalidated the Kensington tailings permit. In May, the Solicitor General's office filed a brief with the Supreme Court on behalf of the U.S. Forest Service and the Army Corps of Engineers, stating that if the Petitions were granted, it would likewise argue that the Ninth Circuit erred in its ruling against the permit, and support the validity of the earlier issued permit for the tailings facility.
We are pleased that the U.S. Supreme Court considers the case worthy of consideration, and that the Solicitor General's office in Washington has stated it will continue its support of the permitting agencies in upholding the original permit for Kensington tailings disposal, said Dennis E. Wheeler, Chairman, President and Chief Executive Officer of Coeur. All the main surface facilities at Kensington are complete except the tailings facility, and Coeur's focus is to move Kensington into production.
Kensington is a major gold project 45 miles northwest of Juneau, Alaska. A final Supreme Court decision or completion of alternative permitting plans may allow for construction to take place next year, leading to potential production in later 2009. Kensington is expected to produce 140,000 ounces of gold per year and has an initial mine life of 10 years based on current reserves.
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 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 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.
CONTACT: Coeur d'Alene Mines Corporation