Coeur Adds Key Management Depth in Mexico, Bolivia and Alaska
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Officers Named at New Projects and Corporate Office to Guide
Company Growth
COEUR D'ALENE, Idaho--(Business Wire)--Coeur d'Alene Mines Corporation (NYSE:CDE) (TSX:CDM) (ASX:CXC)
today announced the promotions of key personnel at its San Bartolome
(Bolivia), Palmarejo (Mexico), and Kensington (Alaska) projects, to
guide each project from construction into production phase. Promotions
were also announced in the corporate Treasury and Human Resources
divisions to prepare for the Company's growth.
"The promotions of Rick Irvine at San Bartolome; Stuart Mathews at
Palmarejo; and Tom Henderson at Kensington to key officer positions at
our three major growth projects is designed to significantly
strengthen our operations management team. In addition to the new
officers named in our corporate Treasury and Human Resources
divisions, these leaders at our sites help further secure the
Company's position in its next level of strategic growth as the
world's leading silver producer," said Dennis E. Wheeler, Chairman,
President and Chief Executive Officer. "With the imminent production
at San Bartolome and the addition of Palmarejo in 2009, Coeur is
poised to deliver approximately 30 million ounces of silver annually.
I am confident these are the right people to help us deliver on this
new and exciting growth."
All of the three new Vice Presidents at the project sites were
previously General Managers at their respective properties and have
added the titles of Vice President.
Palmarejo, Mexico
Stuart Mathews is the new Vice President and General Manager of
the Palmarejo silver/gold project in northern Mexico. The Palmarejo
Project is expected to begin production in just over a year at an
annualized rate of approximately 10.4 million ounces of silver and
115,000 ounces of gold per year with cash costs, net of gold
by-product credits, of an estimated ($0.41) per ounce of silver and an
initial mine life of nine years.
San Bartolome, Bolivia
At San Bartolome, Rick Irvine is now Vice President and General
Manager for Company's new silver mine in Potosi, Bolivia. As San
Bartolome moves toward its expected 2008 startup, over 1,600 personnel
on site at the project have surpassed 3.2 million man hours without a
lost time accident. Initial production levels are estimated at
approximately 9 million ounces of silver annually.
Kensington, Alaska
At Kensington -- Coeur's major gold project near Juneau, Alaska --
Tom Henderson was promoted to Vice President and General Manager for
Coeur Alaska. Construction at Kensington is over 90% complete. The
process plant and ancillary construction activities, including
pre-operational testing, are fully complete. A supplemental operations
team remains focused on improving the process plant control systems,
as well as other minor activities including sediment control, overall
site maintenance, and weather conditioning.
Additional corporate promotions announced in Treasury and Human
Resources
In addition, Carolyn S. Turner was promoted to Treasurer and Larry
A. Nelson was promoted to Vice President Human Resources at the
Company's corporate offices. Carolyn joined Coeur in March 1996 in the
accounting department at Coeur Silver Valley. She served as Assistant
Treasurer for Coeur since December 2006. Carolyn is a licensed CPA and
earned her MBA from Regis University and her Bachelor of Science
Degree in Business Administration with Accounting Emphasis from
Eastern Montana College.
Larry joined Coeur in March 1996 as Human Resources Manager at
Coeur Silver Valley, and was most recently Director of Human Resources
for Coeur. He has over thirty years of experience in human resources
in the mining and nonferrous metals industries. Larry holds an MBA
from Pacific Lutheran University and Bachelor of Science Degree in
Business Administration from the University of Montana.
About Coeur
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 or gold production hedged, is presently constructing two
of the world's largest silver mines -- San Bartolome in Bolivia and
Palmarejo in Mexico; 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.
Cautionary Statement
This press release contains forward-looking statements within the
meaning of securities legislation in the United States and Canada,
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 press release 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 and the Ontario Securities Commission, including,
without limitation, Coeur's reports on Form 10-K and Form 10-Q and
Palmarejo's Annual Information Form. 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.
Technical Information
The disclosure regarding the Palmarejo Project, and the
contribution to production by Palmarejo in the overall expectations of
silver production of Coeur in 2009, are based on a preliminary
assessment on the Palmarejo project that is summarized in a September
17, 2007 technical report. The report outlines the basis for the
preliminary assessment and the qualifications and assumptions
underlying the preliminary assessment, and is available for review on
SEDAR. The preliminary assessment is preliminary in nature and
includes inferred mineral resources that are considered too
speculative geologically to have the economic considerations applied
to them that would enable them to be categorized as mineral reserves,
and there is no certainty that the preliminary assessment will be
realized.
Donald J. Birak, Coeur's Senior Vice President of Exploration, is
the qualified person responsible for the preparation of the scientific
and technical information concerning Coeur's mineral projects in this
news release. For a description of the key assumptions, parameters and
methods used to estimate mineral reserves and resources, as well as a
general discussion of the extent to which the estimates may be
affected by any known environmental, permitting, legal, title,
taxation, socio-political, marketing or other relevant factors, please
see the Technical Reports for each of Coeur's properties as filed on
SEDAR at www.sedar.com.
This press release uses the terms "Measured," "Indicated" and
"Inferred" Resources. U.S. investors are advised that while such terms
are recognized and required by Canadian regulations, the Securities
and Exchange Commission does not recognize them. "Inferred Resources"
have a great amount of uncertainty as to their existence and as to
their economic and legal feasibility. Under Canadian rules, estimates
of Inferred Resources may not form the basis of feasibility or other
economic studies. U.S. investors are cautioned not to assume that all
or any part of Measured or Indicated Resources will ever be converted
into reserves. U.S. investors are also cautioned not to assume that
all or any part of an Inferred Mineral Resource exists, or is
economically or legally mineable.
Coeur d'Alene Mines Corporation
Director, Investor Relations North America
Tony Ebersole, 208-665-0777
Copyright Business Wire 2008
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