|Coeur's San Bartolome Silver Mine Performing at Design Capacity, Leading to Increased Production and Reduced Costs|
|COEUR D'ALENE, Idaho, Dec 10, 2008 (BUSINESS WIRE) -- Coeur d'Alene Mines Corporation (NYSE:CDE) (TSX:CDM) (ASX:CXC) is
pleased to report operations at its new San Bartolome silver mine in
Bolivia are performing according to plan, resulting in continued
increases in monthly silver production and reductions in monthly
In November, the mine produced a record 818,000 ounces of silver, representing a 34% increase over October production of 611,000 ounces and 112% higher than September's operating results. The Company expects December production from San Bartolome to reach nearly one million ounces, bringing the 2008 production total up to approximately 3.2 million ounces, as previously forecast. Cash costs in November declined 37% from October levels to $6.90 per ounce and are expected to decline below $6.00 per ounce in December.
Plant processing facilities are performing up to expectations, metallurgical recovery rates are in-line with forecast, and the mine is shipping a near pure form of dore to refiners. In addition to the mine's performance, safety and training remain top priorities at San Bartolome. As of September, over six million man days had been worked without a lost time accident. Training programs are ongoing to improve worker productivity.
Dennis E. Wheeler, Coeur's Chairman and Chief Executive Officer, commented, "The revised operating plan for San Bartolome as outlined in early August is now being consistently achieved. K. Leon Hardy, Senior Vice President and Interim General Manager, and Donald P. Gray, Senior Vice President of South American Operations as well as the entire San Bartolome team have done an excellent job of getting the mine on-track during the third and fourth quarters. We look forward to 2009 with confidence and enthusiasm for the mine's first full year of operation."
The mine, located in Potosi, is the largest pure silver mine in the world, with reserves totaling 153 million ounces and an estimated 14-year mine life, with 2009 production expected of approximately 9 million ounces.
Coeur d'Alene Mines Corporation is one of the world's leading silver companies and also a significant gold producer. Coeur, which has no silver production hedged, is now producing silver at what is considered 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, and Mexico. 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.
SOURCE: Coeur d'Alene Mines Corporation
Coeur d'Alene Mines Corporation