Coeur Signs Exploration Agreement on Properties in Argentina
November 20 2006 - 9:00AM
PR Newswire (US)
OEUR D'ALENE, Idaho, Nov. 20 /PRNewswire-FirstCall/ -- Coeur
d'Alene Mines Corporation (NYSE:CDENYSE:TSX:NYSE:CDM) said today
that is has signed an exploration agreement with Mirasol Resources
Ltd., under which Coeur has obtained exclusive rights for up to
four years to conduct exploration and evaluation work on two highly
prospective silver and gold properties near Coeur's existing Martha
mine operations in the Santa Cruz province of Argentina. "These two
properties are located in an area that's well known for having some
of the highest-grade silver deposits in the world as well as
world-class gold deposits," said Dennis E. Wheeler, Chairman,
President, and Chief Executive Officer of Coeur. "We are
particularly excited by this agreement because it dramatically and
cost-effectively expands our exploration horizon in Santa Cruz and,
in so doing, perfectly complements the drilling we are already
doing on our own properties adjacent to the Martha mine." In the
event that Coeur determines that the properties warrant commercial
production, the company has the option to enter into a joint
venture with Mirasol in which Coeur would act as manager and have
an interest of at least 51%, with further options to increase its
managing joint venture interest. The properties covered by the
agreement are known as Sascha and Joaquin, both of which feature
multiple vein systems in the same volcanic rocks that host Coeur's
Martha deposit and other major precious metal deposits in the
province. Samples collected to-date by Mirasol and Coeur, from
surface exposures and trenches, have identified high grades of both
silver and gold. The Sascha property covers approximately 16 square
kilometers and contains a 4.5 kilometer trend of classic,
low-sulphidation quartz veins, which host bonanza silver and gold
grades. Best surface samples include grades of 467 grams per tonne
of silver and 160.0 grams per tonne of gold from surface outcrop.
The Joaquin property covers approximately 18 square kilometers and
includes four discrete silver and gold targets that contain
vein-hosted mineralization. Mineralized trends have shown values of
up to 4,748 grams per tonne of silver and 46.9 grams per tonne of
gold from surface outcrop and up to 848.6 grams per tonne silver
and 1.4 grams per tonne gold from saw channel samples over 3.4
meters in width. Coeur d'Alene Mines Corporation is one of the
world's leading primary silver producers and a growing gold
producer. The company has mining interests in Alaska, Argentina,
Australia, Bolivia, Chile, and Nevada. Cautionary Statement Company
press releases may contain 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, construction schedules,
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 such forward-looking statements, whether as a
result of new information, future events or otherwise. 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 document. Mr. Birak has reviewed
the available data and procedures and believes the collection of
exploration data reported in this document was conducted in a
professional and competent manner. The potential quantity and grade
of the silver and gold and the Sascha and Joaquin properties are
conceptual in nature. Insufficient exploration has been carried out
to define a mineral resource at either property, and it is
uncertain if further exploration will result in the delineation of
mineral resources. Contact: Scott Lamb 208-665-0777 DATASOURCE:
Coeur d'Alene Mines Corporation CONTACT: Scott Lamb of Coeur
d'Alene Mines Corporation, +1-208-665-0777 Web site:
http://www.coeur.com/
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