Coeur Begins Production at New Kensington Gold Mine in Alaska
June 24 2010 - 4:05PM
Business Wire
Coeur d’Alene Mines Corporation (NYSE:CDE) (TSX:CDM) (ASX:CXC)
is pleased to announce today that production has commenced ahead of
schedule at its Kensington Gold Mine in Alaska. The Company
anticipates that Kensington will produce 50,000 ounces of gold
during the remainder of 2010 and will average approximately 125,000
ounces of gold annually over the mine’s initial 12.5 year life.
Once in full production, cash costs are expected to average
approximately $490 per ounce over the mine life.
“Kensington represents Coeur’s third new precious metals mine to
commence production in the past three years and will provide
continued, meaningful growth to the Company’s production and cash
flow,” said Dennis E. Wheeler, Chairman, President and Chief
Executive Officer of Coeur. “In addition, the startup of production
at Kensington represents the culmination of a community-wide effort
by the Juneau community, which has supported the project from the
beginning and who will participate in the economic benefits
Kensington will provide.”
Leon Hardy, Coeur’s Senior Vice President of Operations,
commented, “We are extremely pleased with the timely completion and
early startup at Kensington and look forward to ramping up
production during the remainder of the year and delivering
consistent results over the coming years.”
Coeur Alaska will employ close to 200 workers during operations.
The Company works closely with Berners Bay Consortium, made up of
Klukwan, Inc., Kake Tribal and Goldbelt Native Corporations on job
training and supporting local and Native hire at Kensington.
About Coeur
Coeur d'Alene Mines Corporation is one of the world's leading
silver companies and also a significant gold producer. Coeur is
also a recognized leader in environmental stewardship and worker
safety, with nine national and international awards earned over the
past year. The Company’s three new long-life mines include the San
Bartolomé silver mine in Bolivia which began operations in 2008,
the Palmarejo silver/gold mine in Mexico, which began operations in
2009, and the Kensington gold mine in Alaska. The Company also owns
underground mines in Argentina and one surface mine in Nevada, and
owns a non-operating interest in a low-cost mine in Australia. The
Company conducts exploration activities in Alaska, Argentina, Chile
and Mexico. Coeur common shares are traded on the New York Stock
Exchange under the symbol CDE, and 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.
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