Injunction Lifted for Kensington Tailings Impoundment Following Favorable Supreme Court Ruling
July 08 2009 - 4:18PM
Business Wire
Coeur d�Alene Mines Corporation (NYSE:CDE)(TSX:CDM)(ASX:CXC)
announced today that the U.S. Court of Appeals for the Ninth
Circuit has lifted its injunction regarding the Kensington Gold
Mine 404 tailings permit, following the recent U.S. Supreme Court
decision that affirmed the permit.
With the expected reinstatement of the 404 permit by the U.S.
Army Corps of Engineers, Coeur may resume construction of the
tailings facility, the only component remaining to be constructed
at the mine, and for production to commence as scheduled in the
second half of next year. Construction of the tailings facility was
suspended in August 2006 with the issuance of the original
injunction. On June 22, 2009, the U.S. Supreme Court reversed the
earlier judgment of the Ninth Circuit Court.
Kensington is a major gold project 100% owned by Coeur and
located 45 miles northwest of Juneau, Alaska. The mine is expected
to produce approximately 125,000 ounces of gold annually,
representing a 135% increase for Coeur over the Company�s current
gold production levels. Kensington is expected to provide immediate
economic impact and job creation to Juneau and Southeast
Alaska.
Proven and probable reserves measure 1.5 million ounces of
gold.
About Coeur
Coeur d�Alene Mines Corporation is one of the world�s leading
silver companies and also a significant gold producer. Coeur will
have its first full year of production this year at the world�s
largest pure silver mine - San Bartolom� in Bolivia � and began
production in March at 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, 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.
Cautionary Statement
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 fourth parties in respect of Coeur, its
financial or operating results or its securities.
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 press 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.
Cautionary Note to U.S. Investors � The United States Securities
and Exchange Commission permits U.S. mining companies, in their
filings with the SEC, to disclose only those mineral deposits that
a company can economically and legally extract or produce. We use
certain terms in this press release, such as �measured,�
�indicated,� and �inferred� �resources,� that are recognized by
Canadian and Australian regulations, but that SEC guidelines
generally prohibit U.S. registered companies from including in
their filings with the SEC. U.S. investors are urged to consider
closely the disclosure in our Form 10-K which may be obtained from
us, or from the SEC�s website at http://www.sec.gov/edgar.shtml
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