Coeur Reports Improved First Quarter Results - New Endeavor
acquisition to immediately add to silver production, net income and
cash flow - COEUR D'ALENE, Idaho, May 9 /PRNewswire-FirstCall/ --
Coeur d'Alene Mines Corporation (NYSE: CDE; TSX: CDM), the world's
largest primary silver producer and a growing gold producer, today
reported financial results for the first quarter 2005. First
Quarter Highlights -- Income of $0.5 million before income tax
provision and non-recurring item. Net loss of $1.8 million. --
Silver production of 2,884,646 ounces. -- Gold production of 29,423
ounces. -- Consolidated cash costs of $4.77 per ounce of silver
produced during the first quarter, expected to average
approximately $3.90 for the full-year 2005. -- April 2005
acquisition of Endeavor mine (Australia) silver production and
reserves, expected to immediately increase silver production,
income and operating cash flow. -- Strong cash, cash equivalents
and short-term investments of $314.2 million at March 31, 2005.
2005 Outlook -- Full year expected silver production of 13.5
million ounces. -- Full year expected gold production of 130,000
ounces. -- Estimated consolidated cash operating costs of $3.90 per
ounce of silver for full year. -- Expanded exploration program
expected to deliver additional reserves and resources in 2005.
"Coeur continued to focus on its internal and external growth
initiatives during the first quarter of 2005. Despite a heavy
investment in exploration and pre-development expenses totaling
$5.5 million, we delivered income of $0.5 million before income
taxes and a one-time charge for litigation settlement. We remain
committed to improving the performance of our North American
operations, adding reserves and resources through aggressive
development at our South American operations, and continuing to
develop our major San Bartolome and Kensington mines," said Dennis
E. Wheeler, Chairman, President and Chief Executive Officer of
Coeur. "In April, we announced the acquisition of the silver
contained at the Endeavor mine in Australia. This acquisition,
which represents a re-entry for us in mineral-rich Australia, will
increase Company-wide silver production by 10% and reserves by 12%,
as well as providing additional leverage to silver prices for our
shareholders," Mr. Wheeler added. "The majority of the Company's
$314 million of cash, cash equivalents, and short term investments
is earmarked to develop our two major projects, both of which
advanced during the first quarter. Construction is in the early
stages at San Bartolome and permitting is near completion at
Kensington, where we have a July 1 target date to begin
construction. By 2006, these major projects are expected to life
silver and gold production 66% and 77%, respectively, over current
levels. "Meanwhile, we expect to achieve further efficiencies at
our operating properties, in North America in particular, as the
year progresses, with full year cash costs expected to be $3.90 per
ounce of silver produced, while continuing to strategically exploit
our vast exploration potential near Coeur's existing low-cost
operations. The Company's investment in exploration has increased
250% over the past three years to a budget of $13.4 million in
2005, which is already generating positive results. We expect these
efforts, combined with the strong silver and gold markets, to
further extend Coeur's dominance as the leading primary silver
producer." Mr. Wheeler said. Financial Summary Coeur d'Alene Mines
Corporation reported first quarter 2005 revenues of $38.1 million,
an increase of 31% compared to revenue of $29.0 million in the
first quarter of 2004. Company-wide production was 2,884,646 ounces
of silver and 29,423 ounces of gold in the first quarter, compared
to 3,435,091 ounces of silver and 22,011 ounces of gold in the same
period last year. The 34% increase in first quarter gold production
was due to higher production from both the Rochester and Cerro Bayo
operations. The decreased silver production was due to lower
production at Rochester, as anticipated in the mine plan, and lower
than expected mined grade at Silver Valley which is expected to
improve in the remainder of 2005. For the first quarter of 2005,
the Company reported a net loss of $1.8 million, or $0.01 per
share, compared to a net loss of $1.7 million, or $0.01 per share,
for the same period in the prior year. During the quarter, the
Company recorded a one-time non-recurring provision to settle
outstanding litigation of $1.6 million. In addition, the first
quarter included 60% higher exploration expense of $3.1 million,
part of Coeur's expanded exploration program, and $2.4 million was
invested in pre-development activities at Kensington. Operating
income before these items was $5.3 million. During the first
quarter of 2005, the Company also spent $0.9 million in connection
with the Sarbanes-Oxley compliance program. During the first
quarter, the Company recorded sales totaling 3,265,000 ounces of
silver and 35,000 ounces of gold. For the first quarter, Coeur
realized an average silver price of $6.85 per ounce, compared to an
average silver price of $6.94 per ounce during last year's first
quarter. For its gold sales, Coeur realized an average price of
$424 per ounce during the first quarter of 2005 compared to an
average gold price of $392 per ounce during the same period last
year. The Company's balance sheet remained very strong in the first
quarter, with cash, cash equivalents and short-term investments of
$314.2 million at March 31, 2005. For the full year 2005, the
Company expects to produce 13.5 million ounces of silver and
130,000 ounces of gold at an average cash operating cost of $3.90
per ounce of silver. Coeur does not currently have any of its
silver or gold production hedged. New Australian acquisition builds
on Company silver production, reserves and cash flow Endeavor mine
(Australia) In April, 2005, Coeur acquired the entire estimated
silver reserves and production of the Endeavor mine in Australia
for $38.5 million, payable in two payments. Endeavor is expected to
have an immediate positive impact on the Coeur's production, income
and operating cash flow beginning in the second quarter. The
Endeavor mine, which is owned and operated by CBH Resources Ltd. of
Australia, produces approximately 1.3 million silver ounces per
year. Total proven and probable silver reserves measure 24.0
million ounces(1), representing a 12% increase in Coeur's total
silver reserves over the Company's year-end 2004 levels. In
addition, under the terms of the agreement, Coeur is entitled to
receive a maximum of 17.7 million payable ounces from the current
contained resource at the Endeavor mine. For ongoing silver
production until April 2007, Coeur will pay a cash operating cost
of $1.00 per ounce. Thereafter, Coeur will pay a further increment
equal to 50% of the amount by which the silver price exceeds $5.23
per ounce. Expected production to Coeur for the remainder of 2005
is approximately 900,000 ounces, with full-year production levels
of 1.3 million beginning in 2006, which would translate to an
estimated $6.2 million of operating cash flow at current silver
price levels. Coeur will also participate in results of new
exploration at Endeavor, which is considered to have excellent
potential for new silver. In addition to existing reserves, the
mine currently has measured and indicated mineral resources of
approximately 8.2 million ounces of silver, and inferred mineral
resources containing approximately 0.5 million silver ounces(1).
Coeur will pay a cost contribution of an additional $0.25 per ounce
for new ounces of proven and probable silver reserves as they are
discovered. The Endeavor mine is a lead/zinc/silver mine located in
New South Wales and first commenced production in 1983. CBH
Resources Ltd. is one of Australia's leading zinc and lead
producers. South American Operations - Very low cash operating
costs at Cerro Bayo/Exploration successes at Martha. Cerro Bayo
(Chile) -- First quarter production of 659,293 ounces of silver and
14,868 ounces of gold. -- Cash costs of minus ($0.15) per ounce of
silver, giving effect to the gold by-product credit as a reduction
of operating costs. -- Completion of approximately 69,000 feet of
drilling in the quarter as part of the accelerated 2005 exploration
program. For the full year 2005, Cerro Bayo is expected to produce
approximately 3.0 million ounces of silver and 56,500 ounces of
gold at an estimated average cash cost of approximately $1.01 per
ounce of silver. The Company's exploration program, near existing
infrastructure at Cerro Bayo, continued at an accelerated level in
the first quarter from last year's rate. Drilling continued at a
high pace with five drills operating. The full-year 2005
exploration budget at Cerro Bayo is $3.9 million, and is focused on
extensions of existing vein systems and the discovery of new
systems. The near-term target is to define reserves sufficient to
support at least three years of future production. The exploration
potential to discover additional high-grade veins within the entire
Cerro Bayo trend, which is 2.5 miles east-west by 6 miles
north-south, is considered to be excellent(2). Martha (Argentina)
-- First quarter production of 379,060 ounces of silver and 471
ounces of gold. -- Cash costs of $5.07 per ounce of silver in the
first quarter, 2005. -- Completion of 28,600 feet of drilling in
the quarter of the accelerated 2005 exploration program. --
Expected full year production of 1.8 million ounces of silver and
1,760 ounces of gold at a cash operating cost of $4.16 per ounce of
silver. Martha in the first quarter produced 379,060 ounces of
silver compared to 421,271 in last year's comparable period. Mining
continued in the R4 Deep and Martha Deep areas, while accelerated
exploration drilling continued to define additional tonnage and the
high-grade potential of the Martha area, where reserve levels
tripled based on the 2004 exploration program. Encouraging drilling
results were obtained during the quarter, especially at the R4
Deep, which remains open at depth, and the Francisca, Catalina and
Martha Norte veins. Drilling and development will continue on these
veins and other targets during the year. The 2005 exploration
budget at Martha is $2.7 million, an increase of 17% over last
year, with a near term target of building reserves to support to a
minimum of three-years production. In addition, Coeur believes
there is excellent potential to discover additional silver
resources on prospects within the 530 square miles the Company
controls in the Santa Cruz province(2). North American Operations -
higher production/lower costs expected through 2005 Rochester Mine
(Nevada) -- 1,135,997 ounces of silver and 13,992 ounces of gold
produced during the first quarter. -- Cash costs of $6.30 per ounce
of silver during the first quarter, expected to decline to
approximately $5.55 per ounce for the full year. -- Anticipated
full year production of approximately 4.0 million ounces of silver
and 72,500 ounces of gold. In the first quarter, Rochester produced
1,135,997 ounces of silver and 13,992 ounces of gold, a 22%
increase in gold production from last year's first quarter and 13%
below the quarterly silver production of a year ago, which were
expected in the long-range mine plan. First quarter cash costs were
impacted early in the year due to weather-related issues and slower
than expected gold production. During the rest of 2005, cash cost
per ounce of silver is expected to decrease as higher gold ores now
on the pad lead are recovered. In 2005, Rochester expects to
produce approximately 72,500 ounces of gold and 4.0 million ounces
of silver at an average cash cost of approximately $5.55 per ounce.
Coeur Silver Valley - Galena Mine (Idaho) -- First quarter
production - 710,296 ounces of silver. -- Cash costs of $6.73 per
ounce, expected to decline to $5.20 per ounce for the full year. --
Positive first quarter results from expanded exploration drilling
and development program. -- Full-year production expected of 3.6
million ounces. -- Exploration drilling of over 19,200 feet in the
quarter. Mining continued on the Upper Silver Vein and on the 5500
down ramp area in the 72 Vein, which has shown improved grades at
depth. Cash costs are projected to be significantly lower during
the remainder of the year, averaging an expected $5.20 for 2005.
Aggressive exploration drilling continues at Silver Valley,
primarily in the West Caladay area, where early results indicated
the potential to bring that area into production by year-end.
During 2005, Coeur Silver Valley is expected to produce 3.6 million
ounces of silver. Successful exploration and development work is
targeted to increase production levels to five to seven million
ounces per year, with lower cash operating costs(2). Development
Projects progressing toward 2006 startups San Bartolome (Bolivia)
Construction activities continued at San Bartolome in the first
quarter, with a targeted production start-up in 2006. Focus in the
recent first quarter was on advancing engineering and procurement
activities. Coeur has completed assembling its mine management
team, headed by Americo Villafuerte in Potosi, Bolivia. An
international construction and engineering team has also been
assembled for construction of the mine and processing facilities.
Local personnel from the historically mining-rich region of Potosi
will be utilized during both construction and operation. During the
first quarter of 2005, the Company capitalized $1.9 million in
connection with construction activities at San Bartolome.
Construction is currently expected to cost approximately $135
million, with production startup in 2006. Optimization is ongoing
to lower capital expenditures and operating costs. Initial average
annual production of eight million ounces of silver is expected
from San Bartolome during the first five years of production at an
anticipated cash operating cost of $3.50 per ounce, designed to
generate significant cash flow for the Company. The mine has an
initial estimated mine life of 15 years. Kensington (Alaska)
Construction of the major Kensington gold project is expected to
begin early in the third quarter. Initial mine production of
100,000 ounces per year is anticipated to begin in late 2006.
During the first quarter of this year, the U.S. Forest Service, as
the lead agency, affirmed it's previously issued Final Supplemental
Environmental Impact Statement (FSEIS) and Record of Decision (ROD)
which supports Coeur's operating and development plan for the
project. During the same time, the National Marine Fisheries
Service (NMFS) issued its biological opinion which concluded the
project will not jeopardize any species listed as endangered or
threatened. The State of Alaska, Department of Natural Resources
announced that is has completed coordination of the State's review
of the proposed Kensington Mine for consistency with the Alaska
Coastal Management Program ("ACMP") and has determined that the
project is consistent with the ACMP. The few remaining federal and
state permits are expected by the end of the second quarter. Direct
construction cost at Kensington is estimated at $91.5 million, with
annualized cash operating cost of $220 per ounce of gold. 2005
Outlook For the full year 2005, the Company expects to produce
approximately 13.5 million ounces of silver and 130,000 ounces of
gold. Consolidated cash costs of silver production (net of gold
by-product credits) are expected to average approximately $3.90 per
ounce of silver. The company anticipates spending $13.7 million in
sustaining capital during 2005. Coeur d'Alene Mines Corporation is
the world's largest primary silver producer, as well as a
significant, low-cost producer of gold. The Company has mining
interests in Nevada, Idaho, Alaska, Argentina, Australia, Chile and
Bolivia. (1) Donald Earnest, PG, Independent Consultant to Coeur,
is the qualified person responsible for the preparation of the
scientific and technical information related to the Endeavor mine,
which is included in this press release. Mr. Earnest has reviewed
the available data and procedures and believes the calculation of
the Endeavor mine reserves and resources was conducted in a
professional and competent manner. (2) Donald J. Birak, Coeur's
Senior Vice President of Exploration is the qualified person
responsible for the preparation of the scientific and technical
information in this press release related to Cerro Bayo, Martha,
Rochester, Silver Valley, San Bartolome and Kensington. Mr. Birak
has reviewed the available data and procedures and believes the
calculation of resources and reserves in connection with these
properties was conducted in a professional and competent manner.
Technical reports for above-mentioned properties are filed on SEDAR
at http://www.sedar.com/. COEUR D'ALENE MINES CORPORATION
PRODUCTION STATISTICS Three Months Ended March 31, 2005 2004
ROCHESTER MINE Silver ozs. 1,135,997 1,310,295 Gold ozs. 13,992
11,475 Cash Costs per oz./silver $6.30 $5.58 Full Costs per
oz./silver $8.53 $7.21 GALENA MINE Silver ozs. 710,296 906,980 Gold
ozs. 92 101 Cash Costs per oz./silver $6.73 $4.93 Full Costs per
oz./silver $7.45 $5.44 CERRO BAYO(A)(B) Silver ozs. 659,293 796,545
Gold ozs. 14,868 9,957 Cash Costs per oz./silver $(0.15) $1.52 Full
Costs per oz./silver $1.78 $3.59 MARTHA MINE(B) Silver ozs. 379,060
421,271 Gold ozs. 471 579 Cash Costs per oz./silver $5.07 $3.81
Full Costs per oz./silver $5.51 $4.80 CONSOLIDATED PRODUCTION
TOTALS Silver ozs. 2,884,646 3,435,091 Gold ozs. 29,423 22,011 Cash
costs per oz./Silver $4.77 $4.25 Full Costs per oz./Silver $6.32
$5.61 CONSOLIDATED SALES TOTALS Silver ozs. sold 3,265,000
3,293,000 Gold ozs. sold 35,000 20,000 Realized price per silver
oz. $6.85 $6.94 Realized price per gold oz. $424 $392 (A) The
negative cash cost per ounce of silver is the result of the gold
by-product credit as a reduction of operating costs. (B) During the
first quarter of 2005, the Company has segregated operating
statistics to conform to current year presentation. Note: "Cash
Costs per Ounce" are calculated by dividing the cash costs computed
for each of the Company's mining properties for a specified period
by the amount of gold ounces or silver ounces produced by that
property during that same period. Management uses cash costs per
ounce produced as a key indicator of the profitability of each of
its mining properties. Gold and silver are sold and priced in the
world financial markets on a US dollar per ounce basis. By
calculating the cash costs from each of the Company's mines on the
same unit basis, management can easily determine the gross margin
that each ounce of gold and silver produced is generating. "Cash
Costs" are costs directly related to the physical activities of
producing silver and gold and include mining, processing and other
plant costs, deferred mining adjustments, third-party refining and
smelting costs, marketing expense, on-site general and
administrative costs, royalties, in- mine drilling expenditures
that are related to production and other direct costs. Sales of
by-product metals (primarily gold and copper) are deducted from the
above in computing cash costs. Cash costs exclude depreciation,
depletion and amortization, corporate general and administrative
expense, exploration, interest, and pre-feasibility costs and
accruals for mine reclamation. Cash costs are calculated and
presented using the "Gold Institute Production Cost Standard"
applied consistently for all periods presented. Total cash costs
per ounce is a non-GAAP measurement and investors are cautioned not
to place undue reliance on it and are urged to read all GAAP
accounting disclosures presented in the consolidated financial
statements and accompanying footnotes. In addition, see the
reconciliation of "cash costs" to production costs under "Costs and
Expenses" set forth below: The following tables present a
reconciliation between cash costs per ounce and GAAP production
costs reported in the Statement of Operations: Three months ended
March 31, 2005 Rochester Silver Cerro Martha Total Valley Bayo
Production of Silver (ounces) 1,135,997 710,296 659,293 379,060
2,884,646 Cash Costs per ounce $6.30 $6.73 $(0.15) $5.07 $4.77
Total Cash Costs (thousands) $7,153 $4,782 $(98) $1,921 $13,758
Add/(Subtract): Third Party Smelting Costs (210) (1,206) (1,008)
(222) (2,646) By-Product Credit 5,991 938 6,348 201 13,478 Deferred
Stripping and other adjustments (100) -- -- -- (100) Change in
Inventory (2,932) (697) 673 (275) (3,231) Production Costs $9,902
$3,817 $5,915 $1,625 $21,259 Three months ended March 31, 2004
Rochester Silver Cerro Martha Total Valley Bayo Production of
Silver (ounces) 1,310,295 906,980 796,545 421,271 3,435,091 Cash
Costs per ounce $5.58 $4.93 $1.52 $3.81 $4.25 Total Cash Costs
(thousands) $7,317 $4,468 $1,208 1,603 $14,596 Add/(Subtract):
Third Party Smelting Costs (232) (1,279) (757) (448) (2,716)
By-Product Credit 4,688 793 4,071 237 9,789 Deferred Stripping and
other adjustment (101) -- -- -- (101) Change in Inventory (3,895)
1,260 (1,644) (339) (4,618) Production Costs $7,777 $5,242 $2,878
$1,053 $16,950 CONSOLIDATED BALANCE SHEETS COEUR D'ALENE MINES
CORPORATION AND SUBSIDIARIES (Unaudited) March 31, December 31,
2005 2004 (In Thousands) ASSETS CURRENT ASSETS Cash and cash
equivalents $261,276 $273,079 Short-term investments 52,920 48,993
Receivables 12,199 10,634 Ore on leach pad 14,137 15,046 Metal and
other inventory 17,131 17,639 Deferred tax assets 1,824 2,592
Prepaid expenses and other 3,450 3,727 362,937 371,710 PROPERTY,
PLANT AND EQUIPMENT Property, plant and equipment 85,931 85,070
Less accumulated depreciation (55,869) (54,154) 30,062 30,916
MINING PROPERTIES Operational mining properties 122,641 121,344
Less accumulated depletion (102,484) (100,079) 20,157 21,265
Mineral interests 20,125 20,125 Non-producing and development
properties 27,936 26,071 68,218 67,461 OTHER ASSETS Non-current ore
on leach pad 33,511 28,740 Restricted cash and cash equivalents
11,145 10,847 Debt issuance costs, net 5,681 5,757 Deferred tax
assets 1,900 1,811 Other 8,274 8,535 60,511 55,690 TOTAL ASSETS
$521,728 $525,777 COEUR D'ALENE MINES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, December 31, 2005
2004 (In Thousands) LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT
LIABILITIES Accounts payable $7,144 $8,389 Accrued liabilities and
other 7,134 5,192 Accrued interest payable 473 1,035 Accrued
salaries and wages 3,863 6,379 Current portion of remediation costs
802 1,041 Current portion of capital lease obligations 83 114
19,499 22,150 LONG-TERM LIABILITIES 1 1/4% Convertible Senior Notes
due January 2024 180,000 180,000 Reclamation and mine closure
24,089 23,670 Other long-term liabilities 6,625 6,503 210,714
210,173 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY Common
Stock, par value $1.00 per share-authorized 500,000,000 shares,
issued 241,074,417 and 241,028,303 shares in 2005 and 2004
(1,059,211 shares held in treasury) 241,074 241,028 Additional
paid-in capital 629,595 629,809 Accumulated deficit (563,678)
(561,908) Shares held in treasury (13,190) (13,190) Accumulated
other comprehensive loss (2,286) (2,285) 291,515 293,454 TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY $521,728 $525,777 CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS COEUR D'ALENE MINES
CORPORATION AND SUBSIDIARIES (Unaudited) Three Months ended March
31, 2005 2004 (In Thousands, except per share data) REVENUES Sales
of metal $36,207 $29,650 Interest and other 1,941 (647) Total
revenues 38,148 29,003 COSTS AND EXPENSES Production 21,259 16,950
Depreciation and depletion 4,661 4,846 Administrative and general
5,526 3,608 Exploration 3,118 1,944 Pre-development 2,369 1,614
Interest 570 938 Litigation settlement 1,600 -- Other holding costs
136 756 Total cost and expenses 39,239 30,656 LOSS FROM CONTINUING
OPERATIONS BEFORE TAXES (1,091) (1,653) Income tax provision (679)
-- NET LOSS (1,770) (1,653) Other comprehensive loss (1) (208)
COMPREHENSIVE LOSS (1,771) $(1,861) BASIC AND DILUTED LOSS PER
SHARE: Net loss $(0.01) $(0.01) Weighted average number of shares
of common stock (000's) $239,985 $213,142 COEUR D'ALENE MINES
CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 2004 and 2003 (Unaudited) Three Months
Ended March 31, 2005 2004 (In Thousands) CASH FLOWS FROM OPERATING
ACTIVITIES: Net loss $(1,770) $(1,653) Add (deduct) non-cash items:
Depreciation and depletion 4,661 4,846 Deferred taxes 679 --
Unrealized loss (gain) on embedded derivative (626) (1,127)
Amortization of premium/discount 313 385 Amortization of restricted
stock compensation 423 567 Amortization of debt issuance costs 76
181 Other charges (2) 229 Changes in Operating Assets and
Liabilities: Receivables (1,564) (3,435) Prepaid and other current
assets 882 436 Inventories (3,353) (4,650) Accounts payable and
accrued liabilities (2,182) (3,854) CASH USED IN OPERATING
ACTIVITIES (2,463) (8,075) CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of short-term investments (10,546) (52,107) Proceeds from
sales of short-term investments 6,015 9,590 Capital expenditures
(4,177) (1,480) Other 17 215 CASH USED IN INVESTING ACTIVITIES
(8,691) (43,782) CASH FLOWS FROM FINANCING ACTIVITIES: Retirement
of Long Term Debt -- (9,561) Debt issuance costs -- (6,097)
Proceeds from issuance of subordinated notes -- 180,000 Bank
borrowings on working capital facility -- 6,056 Payments to bank on
working capital facility -- (5,696) Common stock repurchase (569)
(793) Retirement of building loan -- (1,200) Other (80) 45 CASH
PROVIDED BY (USED IN) FINANCING ACTIVITIES: (649) 162,754 INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS (11,803) 110,897 Cash and
cash equivalents at beginning of period 273,079 62,417 Cash and
cash equivalents at end of period $261,276 $173,314 The Company's
first quarter earnings conference call and web cast will be held on
May 9, 2005 beginning at 1:00 p.m. Eastern time. To participate:
Dial-In Number: (877) 209-0397 (US and Canada) (612) 332-1025
(International) Host: Dennis E. Wheeler The conference call will
also be simultaneously carried on our web site at
http://www.coeur.com/ under Investor Relations/Presentations and
will be archived for a limited time. Cautionary Statement This
document contains numerous forward-looking statements within the
meaning of securities legislation in the United States and Canada
relating to the Company's silver and gold mining business. Such
statements are subject to numerous assumptions and uncertainties,
many of which are outside the Company's control. Operating,
exploration and financial data, and other statements in this
document are based on information the Company believes reasonable,
but involve significant uncertainties as to future gold and silver
prices, costs, ore grades, estimation of gold and silver reserves,
mining and processing conditions, currency exchange rates, and the
completion and/or updating of mining feasibility studies, changes
that could result from the Company's future acquisition 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 the Company's filings from time to time with the SEC and
the Ontario Securities Commission, including, without limitation,
the Company's reports on Form 10-K and Form 10-Q. Actual results
and timetables could vary significantly from the estimates
presented. Readers are cautioned not to put undue reliance on
forward-looking statements. The Company disclaims any intent or
obligation to update publicly these forward-looking statements,
whether as a result of new information, future events or otherwise.
DATASOURCE: Coeur d'Alene Mines Corporation CONTACT: Tony Ebersole,
Director of Investor Relations of Coeur d'Alene Mines Corporation,
+1-800-523-1535, Web site: http://www.coeur.com/
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