Coeur Posts All-Time Record Quarterly Sales and Operating Cash Flow

Coeur d’Alene Mines Corporation (NYSE:CDE) (TSX:CDM) sold 6.2 million ounces of silver and 67,391 ounces of gold, leading to $343.6 million in sales and $151.0 million in operating cash flow1 during the third quarter of 2011.

Third Quarter Highlights:

Record net metal sales of $343.6 million were 49% higher over the prior quarter and 190% higher than last year’s third quarter
Record $151.0 million of operating cash flow1 represented a 30% jump over prior quarter and almost five-times higher than last year’s third quarter
Adjusted earnings2 totaled a record $93.8 million, or $1.05 per share, versus an adjusted loss of ($4.5) million, or ($0.05) per share, during last year’s third quarter
Net income reached $31.1 million, or $0.35 per share, compared to a net loss of ($22.6) million, or ($0.25) per share, during last year’s third quarter
Silver production totaled 4.9 million ounces, which was 3% higher than the prior quarter and 13% higher than last year’s third quarter
Gold production totaled 57,052 ounces, down slightly from the prior quarter and 20% higher compared to last year’s third quarter
Average realized prices were $38.28 per ounce for silver and $1,681.42 per ounce for gold
Cash and cash equivalents increased to $207.9 million at September 30, 2011, up from $106.8 million at June 30, 2011 and 214% higher than year-end 2010

First Nine Months 2011 Highlights:

Record net metal sales of $774.3 million represented a 152% increase over first nine months of 2010
Record operating cash flow1 of $356.9 million jumped 322% compared to first nine months of 2010
Adjusted earnings2 totaled $189.3 million, or $2.12 per share, compared to an adjusted loss of ($11.7) million, or ($0.13) per share, during the first nine months of 2010
Silver production totaled 13.8 million ounces, up 15% compared to the first nine months of 2010
Gold production totaled 170,838 ounces, up 77% over the first nine months of 2010
Average realized prices were $36.69 per ounce of silver and $1,522.65 per ounce of gold, increases of 103% and 29%, respectively, compared to the first nine months of 2010

1 Operating cash flow is a non-U.S. GAAP measure defined as net income plus depreciation, depletion and amortization and other non-cash items prior to changes in operating assets and liabilities. On a U.S. GAAP basis, the Company generated cash flow from operations of $181.8 million in the third quarter of 2011 and $328.6 million in the first nine months of 2011. See the reconciliation from non-U.S. GAAP to U.S. GAAP at the end of this news release. 2 Adjusted earnings is a non-U.S. GAAP measure defined as operating income plus interest and other income less interest expense and current taxes. Adjusted earnings exclude non-cash fair value adjustments, other non-cash adjustments, deferred taxes and discontinued operations. The Company realized net income of $31.8 million in the third quarter of 2011 and $82.8 million during the first nine months of 2011. See reconciliation between non-U.S. GAAP adjusted earnings and U.S. GAAP at the end of this news release.

“We are pleased to report all-time record sales and operating cash flow for both the quarter and the first nine months,” commented Mitchell J. Krebs, Coeur’s President and Chief Executive Officer. “In conjunction with strong prices, our rising production levels and growing cash flow offer investors a unique investment opportunity.

“The San Bartolomé and Palmarejo mines are performing consistently, and the Rochester operation is now seeing production from its recently-completed leach pad. We remain on track to produce approximately 19.5 million ounces of silver at unchanged cash operating costs5 of $5.75 per ounce and expect to achieve our financial targets of $1.0 billion in total sales and over $500 million in operating cash flow1. We are revising our gold production forecast for 2011 to approximately 220,000 ounces.”

Mr. Krebs continued, “One of our most critical objectives is to deliver consistent results for our shareholders. While we are now achieving consistency at San Bartolomé and Palmarejo, we still have work to do at Kensington, which is the newest of our three, long-life mines. We plan to temporarily reduce processing rates by 50% at Kensington over the next six months to allow time for the operation to complete several key initiatives, which we expect to better position the mine for long-term, sustainable and consistent performance.

“Finally, our cash balance grew to $207.9 million at quarter end. We are evaluating potential alternatives for returning capital to shareholders. As we continue generating significant free cash flow and achieve consistent performance from our operations, we believe we will be well-positioned to invest in high-return internal and external growth opportunities while also returning capital to our shareholders.”

Financial Highlights

US$ in millions (except price of silver and gold)

First Nine First Nine Year over Quarter Months Months Year 3Q 2011 3Q 2010 Variance 2011 2010 Variance Sales of Metal $ 343.6 $ 118.6 190 % $ 774.3 $ 307.9 151 % Production Costs $ 141.3 $ 60.4 134 % $ 310.8 $ 170.8 82 % EBITDA (3) $ 186.0 $ 48.3 285 % $ 411.6 $ 107.0 285 % Adjusted Earnings (2) $ 93.8 ($4.5 ) n.a. $ 189.3 ($11.7 ) n.a. Adjusted Earnings Per Share (2) $ 1.05 ($0.05 ) n.a. $ 2.12 ($0.13 ) n.a. Net Income/(Loss) $ 31.1 ($22.6 ) 237 % $ 82.1 ($86.2 ) 195 % EPS $ 0.35 ($0.25 ) 239 % $ 0.92 ($1.00 ) 192 % Operating Cash Flow (1) $ 151.0 $ 34.7 335 % $ 356.9 $ 84.5 322 % Capital Expenditures $ 38.1 $ 36.8 4 % $ 79.8 $ 129.4 -38 % Cash and Equivalents $ 207.9 $ 27.8 648 % $ 207.9 $ 27.8 648 % Total Debt (4) $ 146.7 $ 180.1 -21 % $ 146.7 $ 180.1 -21 % Shares Issued & Outstanding 89.7 89.3 0 % 89.7 89.3 0 % Avg. Realized Price - Silver $ 38.28 $ 18.87 103 % $ 36.69 $ 18.12 103 % Avg. Realized Price - Gold $ 1,681 $ 1,229 37 % $ 1,523 $ 1,177 29 % 1 Operating cash flow is a non-U.S. GAAP measure defined as net income plus depreciation, depletion and amortization and other non-cash items prior to changes in operating assets and liabilities. On a U.S. GAAP basis, the Company generated cash flow from operations of $181.9 million in the third quarter of 2011 and $328.8 million in the first nine months of 2011. See the reconciliation from non-U.S. GAAP to U.S. GAAP at the end of this news release. 2 Adjusted earnings is a non-U.S. GAAP measure defined as operating income plus interest and other income less interest expense and current taxes. Adjusted earnings exclude non-cash fair value adjustments, other non-cash adjustments, deferred taxes and discontinued operations. The Company realized net income of $31.1 million in the third quarter of 2011 and $82.1 million during the first nine months of 2011. See reconciliation between non-U.S. GAAP adjusted earnings and U.S. GAAP at the end of this news release. Adjusted earnings per share represent the adjusted earnings divided by the number of shares outstanding at the end of the quarter. 3 EBITDA is a non-U.S. GAAP measure defined as earnings before interest, taxes, depreciation and amortization. A reconciliation of this measure to U.S. GAAP is provided at the end of this news release. 4 Includes short and long-term indebtedness; excludes capital leases, royalty obligations and Mitsubishi gold lease facility. 5 Cash operating costs is a non-U.S. GAAP measure defined as cash costs less production taxes and royalties if applicable. See the reconciliation between non-U.S. GAAP at the end of this news release. Consolidated cash operating costs per silver ounce are net of gold by-product and represent the consolidation of all Coeur’s mines except for Kensington, which is a primary gold mine and reports cash operating costs per gold ounce.

Net metal sales increased 190% to $343.6 million in the third quarter compared to $118.6 million during last year’s third quarter, primarily due to increased gold production from the Kensington mine and higher silver production from the Palmarejo mine as well as substantially higher average realized silver and gold prices.

Silver production contributed 68% of the Company’s total metal sales during the quarter compared to 62% during the third quarter of 2010. Silver and gold ounces sold were higher than production during the quarter due to several factors, including a carryover of sales from the ounces produced but not sold during the prior quarter.

Coeur reports a non-U.S. GAAP metric of adjusted earnings2 as a measure of operating income and which excludes non-cash fair value adjustments, other non-cash adjustments, deferred taxes and discontinued operations. Third quarter adjusted earnings were $93.8 million or $1.05 per share, compared to an adjusted loss of ($4.5) million or ($0.05) per share during last year’s third quarter.

The Company realized net income of $31.1 million or $0.35 per share in the third quarter compared to a net loss of ($22.6) million or ($0.25) per share in last year’s third quarter. The earnings reflected fair value adjustments that decreased net income by $53.4 million and $19.1 million in the three months ended September 30, 2011 and 2010, respectively. These fair value adjustments are driven primarily by higher gold prices which increased the estimated future liabilities related to a gold royalty obligation at Palmarejo and a small amount of gold collar option positions related to a term credit facility secured by the Company’s Alaskan subsidiary.

On a U.S. GAAP basis, the Company generated cash flow from operations of $181.9 million during the third quarter compared to $12.9 million during the third quarter of 2010. Prior to changes in working capital, Coeur generated operating cash flow1 of $151.0 million during the third quarter, almost five times higher than a year ago.

Coeur reduced its total debt by 23% from $180.1 million a year ago to $146.7 million, including principal repayments of $6.9 million on the Kensington term facility ($82.8 million remaining) and $3.8 million in senior notes ($18.8 million remaining). As a result, interest expense for the third quarter declined by $2.0 million from a year ago to $8.0 million. Subsequent to the end of the third quarter, the Company eliminated the remaining senior notes, resulting in a further 13% reduction in remaining debt to $128 million.

Capital expenditures totaled $38.1 million during the third quarter, which was slightly higher than during last year’s third quarter. Most of the capital expenditures were at Rochester for construction of the new leach pad, at Palmarejo related to activities at the tailings facility and at Kensington for the construction of the underground paste fill plant and for underground development.

Cash and cash equivalents totaled $207.9 million at September 30, 2011, almost double from June 30, 2011 and 214% higher than year-end 2010.

Operational Highlights: Production

(silver ounces in thousands) 3Q 2011 3Q 2010 Quarter Variance First Nine Months 2011 First Nine Months 2010 Year over Year Variance Silver Gold Silver Gold Silver Gold Silver Gold Silver Gold Silver Gold Palmarejo 2,251 29,815 1,507 29,823 49 % 0 % 6,351 90,963 3,878 72,350 64 % 26 % San Bartolomé 2,051 - 1,795 - 14 % n.a. 5,504 - 4,697 - 17 % n.a. Rochester 352 1,435 419 1,935 -16 % -26 % 1,018 4,283 1,475 7,241 -31 % -41 % Martha 118 115 511 601 -77 % -81 % 400 471 1,426 1,675 -72 % -72 % Kensington - 25,687 - 15,155 n.a. 69 % - 75,121 - 15,155 n.a. 396 % Endeavor 138 - 102 - 35 % n.a. 502 - 446 - 13 % n.a. Total 4,910 57,052 4,334 47,514 13 % 20 % 13,775 170,838 11,922 96,421 16 % 77 %

Table reflects continuing operations. Additional operating statistics are in the tables in the Appendix.

Operational Highlights: Cash Operating Costs (5)

First Year Nine

First Nine

over Quarter Months

Months

Year 3Q 2011 3Q 2010 Variance 2011

2010

Variance Palmarejo $ (1.16 ) $ 0.15 -873 % $ (0.47 ) $ 4.85 -110 % San Bartolomé $ 9.32 $ 7.05 32 % $ 9.07 $ 7.99 14 % Rochester $ 36.71 $ 5.10 620 % $ 17.46 $ 2.93 496 % Martha $ 39.31 $ 9.86 299 % $ 32.48 $ 10.96 196 % Endeavor $ 22.26 $ 10.32 116 % $ 19.79 $ 8.56 131 % Total $ 7.57 $ 4.87 55 % $ 6.36 $ 6.72 -5 % Kensington $ 973.28 $ 1,199.20 -19 % $ 961.10 $ 1,199.20 -20 %

Table reflects continuing operations. Additional operating statistics are in the tables in the Appendix.

5 Cash operating costs is a non-U.S. GAAP measure defined as cash costs less production taxes and royalties if applicable. See the reconciliation between non-U.S. GAAP at the end of this news release. Consolidated cash operating costs per silver ounce are net of gold by-product and represent the consolidation of all Coeur’s mines except for Kensington, which is a primary gold mine and reports cash operating costs per gold ounce.

During the third quarter, silver production reached 4.9 million ounces while gold production totaled 57,052 ounces. Kensington contributed 45% of the Company’s total gold production. Consolidated cash operating costs were $7.57 per silver ounce in the third quarter, higher than the third quarter of 2010 due to short-term higher production costs at Palmarejo, San Bartolomé and Rochester, which are expected to improve in the fourth quarter. In general, the Company has seen cost increases in power, diesel, other inputs and labor during the quarter.

Palmarejo, Mexico – Generating Strong Cash Flow

Third quarter silver production increased 49% to 2.3 million ounces compared to the third quarter of 2010 and was slightly lower than the prior quarter. Third quarter gold production totaled 29,815 ounces, which was equivalent to gold production during last year’s third quarter and 11% lower than the prior quarter.
Tons milled declined during the third quarter due to mill maintenance and repair work that took place during July, which slightly affected quarterly production levels.
Third quarter cash operating costs per ounce were higher than the prior quarter due to increased maintenance and operational costs in the open pit and increased process costs in the areas of grinding and leaching.
Palmarejo is the Company’s largest contributor of sales and operating cash flow1, reaching $166.9 million and $91.2 million respectively, in the third quarter. Capital expenditures were $9.5 million.

San Bartolomé, Bolivia – Another Consistent Quarter

Silver production increased 14% over last year’s third quarter and 18% from the prior quarter, while cash operating costs increased 32% and 7% respectively. Increased production was driven by 13% higher mill throughput as well as slightly higher ore grade and recovery rate.
Third quarter production costs increased from last year’s third quarter due to higher project development, open pit haulage and maintenance costs.
San Bartolomé contributed $102.8 million in sales and $49.6 million in operating cash flow1 in the third quarter. Capital expenditures were $4.4 million.

Kensington, Alaska – Short-Term Reduction Expected to Lead to Long-Term Consistency

Kensington is expected to enter a six month period where processing levels will be reduced by 50% to approximately 700 tons per day. This is intended to allow the mine to implement and complete several key initiatives, including:
- Accelerated underground development, resulting in more working faces and greater operational flexibility
- Aggressive in-fill drilling program to better define the high-grade ore zones and convert existing resources into proven and probable reserves
- Completion and commissioning of the underground paste backfill plant and related distribution system, providing access to stopes located in previously mined areas
- Upgrading and completing construction of several underground and surface facilities
- Improving overall safety of the operation
Expected operational effects of this strategy:
- 2011 production of approximately 85,000 ounces at costs of approximately $990 per ounce
- 2012 production expected to be similar to 2011, with costs declining in the second half of the year as production levels increase
- Production levels in 2013 and beyond are expected to rise to approximately 125,000 – 135,000 ounces at substantially lower operating costs than the current levels
The mine contributed $44.2 million in sales and $14.5 million in operating cash flow1 in the third quarter. Capital expenditures were $9.2 million.

K. Leon Hardy, Coeur’s Chief Operating Officer, said, “2012 is expected to represent a transition year at Kensington as these projects are completed and operating activities resume at increased levels. We recognize that we need to take a step back in the ore production profile in order to advance these initiatives that we expect to ultimately reduce costs and ensure higher, more consistent production levels. Kensington is an underground operation with one primary portal, which means we will need to curtail some ore production in order to advance installations and other work in the mine.”

Rochester, Nevada – Resurgence in Production in the Fourth Quarter

Third quarter silver production was lower by 16% from last year’s third quarter and slightly higher than the prior quarter, while cash operating costs were significantly higher.
Per ounce costs were temporarily higher during the quarter as a result of increased costs associated with ore placement on the new leach pad while ounces produced during the quarter consisted solely of residual production of silver and gold from existing leach pads. The new leach pad is expected to begin producing new silver and gold ounces during the fourth quarter of 2011, which are expected to reduce cash operating costs.
During the third quarter and through the end of October, the Company placed ore containing over 5,000 ounces of gold and 418,000 ounces of silver on the new leach pad. These levels are expected to double by year end. The Company expects an initial 50% recovery rate within 30 to 60 days from the placement of this ore.
The mine contributed $17.5 million in sales and $2.7 million in operating cash flow1 in the third quarter. Capital expenditures were $13.6 million.

Exploration Highlights

Donald J. Birak, Senior Vice President of Exploration, commented, “Our accelerated exploration program is yielding excellent results, particularly at Palmarejo and Rochester. Along with the Joaquin silver project in southern Argentina, we expect this work, continuing into 2012, to result in mine life extensions and mineral resource additions at all of these properties. We anticipate dramatically increasing our investment in exploration in 2012.”

During the three months ending September 30, 2011, the Company completed over 39,600 meters (130,000 feet) of new core and reverse circulation drilling in its global exploration program. The majority of this drilling was devoted to the Company’s Palmarejo property followed by Rochester, Joaquin and Kensington.

Palmarejo, Mexico

The Company completed over 21,500 meters (70,550 feet) in the third quarter in the Palmarejo District. This exploration drilling was split between targets around the current Palmarejo mine from both surface and underground drill platforms, specifically the Rosario, Tucson and Chapotillo zones, and at the Guadalupe and La Patria deposits. This past quarter’s drilling at La Patria remained focused on exploration drilling and definition of the northern zone.

The Company is very encouraged by its initial drilling results from La Patria and has commenced a program of surface trenching to help define the continuity of the known vein structures in support of continued drilling.

Rochester, Nevada

Drilling at Rochester nearly doubled compared to the prior quarter. A total of 12,800 meters (42,000 feet) of reverse circulation drilling were completed at the Nevada Packard and Rochester silver and gold deposits. Drilling at Nevada Packard, situated approximately 2.3 kilometers (1.4 miles) south of the current Rochester mine, focused on expanding the deposit to the west. At Rochester, drilling was focused on the Northwest Rochester zone at the north side of the mine.

Both deposits remain open for expansion. Drilling is expected to continue at Rochester into the fourth quarter and into 2012.

Martha and Joaquin, Argentina

Over 3,600 meters (12,200 feet) of core drilling was completed on all targets in the Santa Cruz Province of southern Argentina in the third quarter of 2011. At Joaquin, drilling recommenced late in the quarter at the La Negra zone. The Company plans to continue to drill to define the mineral resources at Joaquin and advance the project towards completion of a feasibility study, which would increase the Company’s managing interest in the Joaquin project from 51% to 61%. Subject to certain conditions the Company has an option to increase its interest to 71%. The Joaquin project is located approximately 100 kilometers (62 miles) north of the Martha mine by road. Other targets drilled in the quarter were Betty and Wendy at Martha and Satélite, an early-stage prospect in eastern Santa Cruz.

Kensington, Alaska

Exploration at Kensington in the quarter consisted of just over 1,000 meters (3,300 feet) of core drilling nearly all of which was devoted to the Raven zone, which is located approximately 685 meters (2,250 feet) due west of the Kensington ore body. This drilling and ongoing drilling is expected to define a new mineral resource estimate on this zone. Raven is one of several gold-bearing vein structures occurring within a 300- to 450-meter wide (1,000 to 1,500 feet) corridor, extending over 3,000 meters (9,800 feet) southward to the Jualin deposit, which is located near the mill facility. Drilling commenced late in the quarter on a new target, Kensington South.

San Bartolomé, Bolivia

The ongoing program of trenching and sampling continued into the third quarter of 2011 at San Bartolomé. A total of 51 new backhoe trenches were completed and sampled, resulting in 339 new samples collected from one-meter vertical intervals. All of this work was centered on the Santa Rita and Diablo areas. Through the first nine months of 2011, 1,010 new samples have been collected from 164 trenches intended to expand and upgrade mineral resources.

Conference Call Information

Coeur will hold a conference call to discuss the Company’s third quarter 2011 results at 1:00 p.m. Eastern time on November 7, 2011. To listen live via telephone, call (877) 464-2820 (US and Canada) or (660) 422-4718 (International). The conference ID number is 18886296. The conference call and presentation will also be webcast on the Company's web site at www.coeur.com. A replay of the call will be available through November 15, 2011. The replay dial-in numbers are (855) 859-2056 (US and Canada) and (404) 537-3406 (International) and the access code is 18886296. In addition, the call will be archived for a limited time on the Company’s web site.

Cautionary Statement

This news 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 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 delays and related disruptions in production, currency exchange rates, costs of capital expenditures and the completion and/or updating of mining feasibility studies, changes that could result from future acquisitions of new mining properties or businesses, risks and hazards inherent in the mining business (including environmental hazards, industrial accidents, weather and geologically related conditions), permitting and regulatory matters (including penalties, fines, sanctions, and shutdowns), 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 United States Securities and Exchange Commission, and the Canadian securities regulators, 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 third parties in respect of Coeur, its financial or operating results or its securities.

Donald J. Birak, Coeur's Senior Vice President of Exploration and a qualified person under Canadian NI 43-101, supervised 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 data verification procedures and 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 presentation, such as “measured,” “indicated,” and “inferred resources,” that are recognized by Canadian 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 secured from us, or from the SEC’s website at http://www.sec.gov.

Non-U.S. GAAP Measures

We supplement the reporting of our financial information determined under United States generally accepted accounting principles (U.S. GAAP) with certain non-U.S. GAAP financial measures, including cash operating costs, operating cash flow, adjusted earnings, and EBITDA. We believe that these adjusted measures provide meaningful information to assist management, investors and analysts in understanding our financial results and assessing our prospects for future performance. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of, or are unrelated to our core operating results, and provide a better baseline for analyzing trends in our underlying businesses. We believe cash operating costs, operating cash flow, adjusted earnings and EBITDA are important measures in assessing the Company's overall financial performance.

About Coeur

Coeur d’Alene Mines Corporation is the largest U.S.-based primary silver producer and a growing gold producer. The Company has several core silver and gold mines generating higher production, sales and cash flow in continued strong precious metals markets. This growth is derived from wholly-owned mines that were constructed and began producing between 2008 and 2010: the San Bartolomé silver mine in Bolivia; the Palmarejo silver-gold mine in Mexico, and the Kensington gold mine in Alaska. In addition, the Company is expecting additional production from its long-time Rochester silver-gold mine in Nevada, and also owns and operates the Martha silver-gold mine in Argentina. The Company also owns a non-operating interest in a silver-base metal mine in Australia, and conducts ongoing exploration activities near and within its operating properties in Argentina, Mexico, Nevada and Alaska.

APPENDIX:

Operating Statistics from Continuing Operations

Three months ended Nine months ended September 30, September 30, 2011 2010 2011 2010

Silver Operations:

Palmarejo Tons milled 403,978 405,742 1,217,437 1,321,017 Ore grade/Ag oz 7.34 5.33 6.88 4.11 Ore grade/Au oz 0.08 0.08 0.08 0.06 Recovery/Ag oz 75.9 % 69.6 % 75.8 % 71.4 % Recovery/Au oz 93.6 % 94.4 % 92.2 % 91.4 % Silver production ounces 2,250,818 1,506,742 6,351,120 3,877,972 Gold production ounces 29,815 29,823 90,963 72,350 Cash operating cost/oz $ (1.16 ) $ 0.15 $ (0.47 ) $ 4.85 Cash cost/oz $ (1.16 ) $ 0.15 $ (0.47 ) $ 4.85 Total production cost/oz $ 17.33 $ 15.08 $ 18.07 $ 21.24 San Bartolomé Tons milled 428,978 360,605 1,195,286 1,100,619 Ore grade/Ag oz 5.40 5.70 5.21 4.89 Recovery/Ag oz 88.6 % 87.2 % 88.3 % 87.2 % Silver production ounces 2,051,426 1,794,617 5,503,951 4,697,685 Cash operating cost/oz $ 9.32 $ 7.05 $ 9.07 $ 7.99 Cash cost/oz $ 10.89 $ 7.83 $ 10.58 $ 8.69 Total production cost/oz $ 13.90 $ 10.58 $ 13.61 $ 11.70 Martha Tons milled 24,086 12,790 64,025 42,786 Ore grade/Ag oz 5.33 42.42 7.24 37.36 Ore grade/Au oz 0.01 0.05 0.01 0.04 Recovery/Ag oz 92.3 % 96.3 % 86.2 % 89.9 % Recovery/Au oz 72.9 % 93.6 % 74.0 % 88.0 % Silver production ounces 118,523 510,685 399,630 1,425,796 Gold production ounces 115 601 471 1,675 Cash operating cost/oz $ 39.31 $ 9.86 $ 32.48 $ 10.96 Cash cost/oz $ 41.29 $ 11.04 $ 33.95 $ 11.74 Total production cost/oz $ 45.73 $ 16.98 $ 35.31 $ 17.24 Rochester (A) Tons milled 607,031 - 607,031 - Silver production ounces 351,717 419,433 1,018,844 1,474,686 Gold production ounces 1,435 1,935 4,283 7,241 Cash operating cost/oz $ 36.71 $ 5.10 $ 17.46 $ 2.93 Cash cost/oz $ 39.80 $ 5.82 $ 19.87 $ 3.55 Total production cost/oz $ 41.72 $ 7.01 $ 21.75 $ 4.62 Endeavor Tons milled 182,226 188,198 556,901 464,379 Ore grade/Ag oz 1.43 1.45 1.97 2.14 Recovery/Ag oz 53.0 % 37.3 % 45.8 % 44.9 % Silver production ounces 137,843 102,053 501,638 445,752 Cash operating cost/oz $ 22.26 $ 10.32 $ 19.79 $ 8.56 Cash cost/oz $ 22.26 $ 10.32 $ 19.79 $ 8.56 Total production cost/oz $ 28.88 $ 13.55 $ 24.57 $ 11.79 Three months ended Nine months ended September 30, September 30, 2011 2010 2011 2010

Gold Operation:

Kensington(B) Tons milled 116,255 90,254 343,640 90,254 Ore grade/Au oz 0.24 0.19 0.24 0.19 Recovery/Au oz 91.7 % 87.7 % 92.3 % 87.7 % Gold production ounces 25,687 15,155 75,121 15,155 Cash operating cost/oz $ 973.28 $ 1,199.20 $ 961.10 $ 1,199.20 Cash cost/oz $ 973.28 $ 1,199.20 $ 961.10 $ 1,199.20 Total production cost/oz $ 1,345.76 $ 1,675.56 $ 1,345.04 $ 1,675.56 CONSOLIDATED PRODUCTION TOTALS(C) Total silver ounces 4,910,326 4,333,530 13,755,183 11,921,891 Total gold ounces 57,052 47,514 170,838 96,421

Silver Operations:(D)

Cash operating cost per oz - silver $ 7.57 $ 4.87 $ 6.36 $ 6.72 Cash cost per oz - silver $ 8.49 $ 5.40 $ 7.18 $ 7.17 Total production cost oz - silver $ 18.65 $ 12.62 $ 17.30 $ 14.59

Gold Operation:(E)

Cash operating cost per oz - gold $ 973.28 $ 1,199.20 $ 961.10 $ 1,199.20 Cash cost per oz - gold $ 973.28 $ 1,199.20 $ 961.10 $ 1,199.20 Total production cost per oz - gold $ 1,345.76 $ 1,675.56 $ 1,345.04 $ 1,675.56 CONSOLIDATED SALES TOTALS (F) Silver ounces sold 6,189,897 3,861,696 13,982,233 11,547,775 Gold ounces sold 67,391 37,507 183,243 86,890 Realized price per silver ounce $ 38.28 $ 18.87 $ 36.69 $ 18.12 Realized price per gold ounce $ 1,681.42 $ 1,228.51 $ 1,522.65 $ 1,177.31 (A) The Rochester mine has commenced to place ore on the new leach pad and production is expected in the fourth quarter of 2011. The leach cycle at Rochester requires five to ten years to recover gold and silver contained in the ore. The Company estimates the ultimate recovery to be approximately 61% for silver and 92% for gold. However, ultimate recoveries will not be known until leaching operations cease, which is currently estimated for 2014 for the current leach pad. Current recovery may vary significantly from ultimate recovery. See Critical Accounting Policies and Estimates – Ore on Leach Pad in the Company’s Form 10-K for the year ended December 31, 2010. (B) Kensington achieved commercial production on July 3, 2010. (C) Current production ounces and recoveries reflect final metal settlements of previously reported production ounces. (D) Amount includes by-product gold credits deducted in computing cash costs per ounce. (E) Amounts reflect Kensington per ounce statistics only. (F) Units sold at realized metal prices will not match reported metal sales due primarily to the effects on revenues of mark-to-market adjustments on embedded derivatives in the Company’s provisionally priced sales contracts.

“Operating Costs per Ounce” and “Cash Costs per Ounce” are calculated by dividing the operating cash costs and 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 operating costs per ounce and cash costs per ounce as key indicators of the profitability of each of its mining properties. Gold and silver are sold and priced in the world financial markets on a U.S. dollar per ounce basis.

“Cash Operating Costs” and “Cash Costs” are costs directly related to the physical activities of producing silver and gold, and include mining, processing and other plant costs, third-party refining and smelting costs, marketing expenses, on-site general and administrative costs, royalties, in-mine drilling expenditures related to production and other direct costs. Sales of by-product metals are deducted from the above in computing cash costs. Cash costs exclude depreciation, depletion and amortization, accretion, corporate general and administrative expenses, exploration, interest, and pre-feasibility costs. Cash operating costs include all cash costs except production taxes and royalties, if applicable. Cash costs are calculated and presented using the “Gold Institute Production Cost Standard” applied consistently for all periods presented.

Total operating costs and cash costs per ounce are non-U.S. GAAP measures and investors are cautioned not to place undue reliance on them and are urged to read all U.S. GAAP accounting disclosures presented in the consolidated financial statements and accompanying footnotes. In addition, see the reconciliation of “cash costs” to production costs under “Reconciliation of Non-U.S. GAAP Cash Costs to U.S. GAAP Production Costs” set forth below.

COEUR D’ALENE MINES CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, December 31, 2011 2010 ASSETS (In thousands, except share data) CURRENT ASSETS Cash and cash equivalents $ 207,882 $ 66,118 Short term investments 1,160 - Receivables 84,153 58,880 Ore on leach pad 12,198 7,959 Metal and other inventory 126,155 118,340 Prepaid expenses and other 22,494 14,914 454,042 266,211 NON-CURRENT ASSETS Property, plant and equipment, net 674,647 668,101 Mining properties, net 2,031,143 2,122,216 Ore on leach pad, non-current portion 10,785 10,005 Restricted assets 29,513 29,028 Marketable securities 13,884 - Receivables, non-current portion 41,329 42,866 Debt issuance costs, net 2,663 4,333 Deferred tax assets 384 804 Other 12,829 13,963 TOTAL ASSETS $ 3,271,219 $ 3,157,527 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 74,800 $ 67,209 Accrued liabilities and other 16,767 39,720 Accrued income taxes 53,174 28,155 Accrued payroll and related benefits 14,882 17,953 Accrued interest payable 168 834 Current portion of capital leases and other debt obligations 51,639 63,317 Current portion of royalty obligation 63,616 51,981 Current portion of reclamation and mine closure 1,309 1,306 Deferred tax liabilities - 242 276,355 270,717 NON-CURRENT LIABILITIES Long-term debt and capital leases 124,491 130,067 Non-current portion of royalty obligation 190,011 190,334 Reclamation and mine closure 28,815 27,779 Deferred tax liabilities 487,336 474,264 Other long-term liabilities 39,237 23,599 869,890 846,043 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY

Common stock, par value $0.01 per share; authorized 150,000,000 shares, 89,652,578 issued at September 30, 2011 and 89,315,767 issued at December 31, 2010

897 893 Additional paid-in capital 2,584,450 2,578,206 Accumulated deficit (456,197 ) (538,332 ) Accumulated other comprehensive loss (4,176 ) - 2,124,974 2,040,767 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,271,219 $ 3,157,527 COEUR D’ALENE MINES CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) Three months ended Nine months ended September 30, September 30, 2011 2010 2011 2010 (In thousands, except per share data) Sales of metal $ 343,575 $ 118,564 $ 774,289 $ 307,871 Production costs applicable to sales (141,253 ) (60,402 ) (310,829 ) (170,795 ) Depreciation, depletion and amortization (58,652 ) (37,801 ) (166,334 ) (95,503 ) Gross profit 143,670 20,361 297,126 41,573 COSTS AND EXPENSES Administrative and general 8,236 5,963 22,294 19,758 Exploration 4,772 3,840 11,611 9,521 Pre-development, care, maintenance and other 3,271 82 17,949 814 Total cost and expenses 16,279 9,885 51,854 30,093 OPERATING INCOME 127,391 10,476 245,272 11,480 OTHER INCOME AND EXPENSE Loss on debt extinguishments (784 ) (806 ) (1,640 ) (12,714 ) Fair value adjustments, net (53,351 ) (19,107 ) (71,051 ) (65,881 ) Interest income and other (6,610 ) (638 ) (1,946 ) (2,725 ) Interest expense, net of capitalized interest (7,980 ) (9,951 ) (26,553 ) (21,402 ) Total other income and expense (68,725 ) (30,502 ) (101,190 ) (102,722 ) Income (loss) from continuing operations before income taxes 58,666 (20,026 ) 144,082 (91,242 ) Income tax benefit (provision) (27,606 ) (3,233 ) (61,947 ) 13,137 Income (loss) from continuing operations 31,060 (23,259 ) 82,135 (78,105 ) Loss from discontinued operations, net of income taxes - (251 ) - (6,029 ) Gain (loss) on sale of net assets of discontinued operations, net of income taxes - 882 - (2,095 ) NET INCOME (LOSS) 31,060 (22,628 ) 82,135 (86,229 ) Other comprehensive income (loss), net of income taxes (2,789 ) 164 (4,176 ) 159 COMPREHENSIVE INCOME (LOSS) $ 28,271 $ (22,464 ) $ 77,959 $ (86,070 ) BASIC AND DILUTED INCOME PER SHARE Basic income (loss) per share: Income (loss) from continuing operations $ 0.35 $ (0.26 ) $ 0.92 $ (0.90 ) Income (loss) from discontinued operations - 0.01 - (0.10 ) Net income (loss) $ 0.35 $ (0.25 ) $ 0.92 $ (1.00 ) Diluted income (loss) per share: Income (loss) from continuing operations $ 0.35 $ (0.26 ) $ 0.92 $ (0.90 ) Income (loss) from discontinued operations - 0.01 - (0.10 ) Net income (loss) $ 0.35 $ (0.25 ) $ 0.92 $ (1.00 ) Weighted average number of shares of common stock Basic 89,449 89,236 89,350 86,489 Diluted 89,739 89,236 89,702 86,489 COEUR D’ALENE MINES CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY Nine Months Ended September 30, 2011 (Unaudited) Accumulated Common Common Additional Other Stock Stock Par Paid-In Accumulated Comprehensive (In thousands) Shares Value Capital (Deficit) Loss Total Balances at December 31, 2010 89,316 $ 893 $ 2,578,206 $ (538,332 ) $ - $ 2,040,767 Net income - - - 82,135 - 82,135 Unrealized loss on marketable securities, net of tax - - - - (4,176 ) (4,176 ) Common stock issued/cancelled under long-term incentive plans, net 337 4 6,244 - - 6,248 Balances at September 30, 2011 89,653 $ 897 $ 2,584,450 $ (456,197 ) $ (4,176 ) $ 2,124,974 COEUR D’ALENE MINES CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three months ended Nine months ended September 30, September 30, 2011 2010 2011 2010 (In thousands)

(In thousands)

CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 31,060 $ (22,628 ) $ 82,135 $ (86,229 ) Add (deduct) non-cash items Depreciation, depletion and amortization 58,652 37,913 166,334 97,697 Accretion of discount on debt and other assets, net 516 537 1,460 537 Accretion of royalty obligation 4,990 4,778 16,027 14,407 Deferred income taxes 3,084 (7,879 ) 13,177 (29,269 ) Loss on debt extinguishment 784 806 1,640 12,714 Fair value adjustments, net 50,767 17,436 71,360 64,159 (Gain) loss on foreign currency transactions 137 2,144 (600 ) 3,966 Share-based compensation 457 1,960 5,261 3,969 (Gain) loss on sale of assets 4 (970 ) (1,220 ) 1,835 Other non-cash charges 506 629 1,337 702 Changes in operating assets and liabilities: Receivables and other current assets (19,210 ) (4,511 ) (30,854 ) (12,136 ) Inventories 23,234 (22,980 ) (12,834 ) (27,888 ) Accounts payable and accrued liabilities 26,930 5,704 15,538 (8,298 ) CASH PROVIDED BY OPERATING ACTIVITIES 181,911 12,939 328,761 36,166 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investments (8,804 ) (15 ) (21,914 ) (672 ) Proceeds from sales and maturities of investments 495 12,477 3,855 13,134 Capital expenditures (38,099 ) (36,783 ) (79,780 ) (129,439 ) Other 1,397 5,902 1,670 5,977 CASH USED IN INVESTING ACTIVITIES (45,011 ) (18,419 ) (96,169 ) (111,000 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of notes and bank borrowings - 10,755 27,500 145,565 Payments on long-term debt, capital leases, and associated costs (16,405 ) (19,196 ) (51,640 ) (38,439 ) Payments on gold production royalty (19,510 ) (11,302 ) (51,569 ) (29,836 ) Proceeds from gold lease facility - 11,915 - 16,432 Payments on gold lease facility - - (13,800 ) (17,101 ) Proceeds from sale-leaseback transactions - - - 4,853 Additions to restricted asses associated with the Kensington Term Facility - (297 ) (1,325 ) (1,880 ) Other 67 210 6 250 CASH PROVIDED (USED IN) BY FINANCING ACTIVITIES: (35,848 ) (7,915 ) (90,828 ) 79,844 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 101,052 (13,395 ) 141,764 5,010 Cash and cash equivalents at beginning of period 106,830 41,187 66,118 22,782 Cash and cash equivalents at end of period $ 207,882 $ 27,792 $ 207,882 $ 27,792 OPERATING CASH FLOW RECONCILIATION 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Cash provided by operating activities $ 181,911 $ 111,065 $ 35,785 $ 129,397 $ 12,939 Changes in operating assets and liabilities: Receivables and other current assets 19,210 6,784 4,860 (11,779 ) 4,511 Inventories (23,234 ) 23,575 12,493 19,999 22,980 Accounts payable and accrued liabilities (26,930 ) (25,585 ) 36,977 (38,186 ) (5,704 ) OPERATING CASH FLOW $ 150,957 $ 115,839 $ 90,115 $ 99,431 $ 34,726 OPERATING CASH FLOW RECONCILIATION First Nine First Nine Months 2011 Months 2010 Cash provided by operating activities $ 328,761 $ 36,165 Changes in operating assets and liabilities: Receivables and other current assets 30,854 12,136 Inventories 12,834 27,888 Accounts payable and accrued liabilities (15,538 ) 8,298 OPERATING CASH FLOW $ 356,911 $ 84,487 EBITDA RECONCILIATION 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Net income (loss) $ 31,060 $ 38,611 $ 12,464 ($5,078 ) ($22,628 ) Loss on sale of net assets of discontinued operations, net of income taxes - - - 1 (883 ) Loss from discontinued operations, net of income taxes - - - - 251 Income tax provision (benefit) 27,606 21,402 12,939 3,655 3,233 Interest expense, net of capitalized interest 7,980 9,268 9,304 9,539 9,951 Interest and other income 6,610 (2,763 ) (1,934 ) (3,495 ) 638 Fair value adjustments, net 53,351 12,432 5,302 51,213 19,107 Loss on debt extinguishments 784 389 467 7,586 806 Depreciation and depletion 58,652 57,641 50,041 46,116 37,801 EBITDA $ 186,043 $ 136,980 $ 88,583 $ 109,537 $ 48,276 EBITDA RECONCILIATION First Nine Months 2011 First Nine Months 2010 Net income (loss) $ 82,135 ($86,230 ) Loss on sale of net assets of discontinued operations, net of income taxes - 2,094 Loss from discontinued operations, net of income taxes - 6,029 Income tax provision (benefit) 61,947 (13,136 ) Interest expense, net of capitalized interest 26,552 21,403 Interest and other income 1,913 2,724 Fair value adjustments, net 71,085 65,881 Loss on debt extinguishments 1,640 12,714 Depreciation and depletion 166,334 95,503 EBITDA $ 411,606 $ 106,982 ADJUSTED EARNINGS RECONCILIATION 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Net income (loss) $ 31,060 $ 38,611 $ 12,464 ($5,078 ) ($22,628 ) Loss on sale of net assets of discontinued operations, net of income taxes - - - 1 (883 ) Share Based Compensation 457 (3,351 ) 8,155 3,248 1,960 Loss from discontinued operations, net of income taxes - - - - 251 Deferred income tax provision 3,110 4,198 5,870 (8,386 ) (7,860 ) Interest expense, accretion of royalty obligation 4,990 5,770 5,267 4,611 4,778 Fair value adjustments, net 53,351 12,432 5,302 51,213 19,107 Loss on debt extinguishments 784 389 467 7,586 806 ADJUSTED EARNINGS (LOSS) $ 93,752 $ 58,049 $ 37,525 $ 53,195 ($4,469 ) ADJUSTED EARNINGS RECONCILIATION First Nine Months 2011 First Nine Months 2010 Net income (loss) $ 82,135 ($86,230 ) Loss on sale of net assets of discontinued operations, net of income taxes - 2,094 Share Based Compensation 5,261 3,969 Loss from discontinued operations, net of income taxes - 6,029 Deferred income tax provision 13,178 (30,515 ) Interest expense, accretion of royalty obligation 16,027 14,407 Fair value adjustments, net 71,085 65,881 Loss on debt extinguishments 1,640 12,714 ADJUSTED EARNINGS (LOSS) $ 189,326 ($11,651 )

Results of Operations by Mine:

PALMAREJO in millions of US$ 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Sales of Metal $ 166.9 $ 123.7 $ 88.2 $ 78.1 $ 61.5 Production Costs 64.1 37.7 37.4 35.6 31.3 EBITDA 100.4 84.6 50.2 41.0 28.9 Operating Income 61.6 43.0 16.5 13.0 6.4 Operating Cash Flow (1) 91.2 81.8 48.4 38.7 26.6 Capital Expenditures 9.5 10.3 5.1 11.1 15.8 in millions of US$ 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Gross Profit $ 102.8 $ 86.0 $ 50.8 $ 42.5 $ 30.2 Gross Margin 61.6 % 69.5 % 57.6 % 54.4 % 49.1 % Ounces unless otherwise noted 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Underground Operations: Tons Mined 143,010 144,614 143,800 151,032 146,682 Average Silver Grade (oz/t) 9.36 10.08 8.30 6.30 5.63 Average Gold Grade (oz/t) 0.13 0.14 0.14 0.10 0.10 Surface Operations: Tons Mined 260,618 276,699 246,879 281,177 256,927 Average Silver Grade (oz/t) 6.56 5.85 4.60 7.33 5.20 Average Gold Grade (oz/t) 0.05 0.06 0.05 0.07 0.07 Processing: Total Tons Milled 403,978 414,719 398,740 514,391 405,742 Average Recovery Rate – Ag 75.90 % 78.30 % 72.70 % 66.72 % 69.60 % Average Recovery Rate – Au 93.60 % 95.20 % 87.40 % 90.32 % 94.30 % Silver Production - oz (in thousands) 2,251 2,371 1,730 2,010 1,507 Gold Production - oz (in thousands) 30 33 28 30 30 Cash Operating Costs/Ag Oz ($1.16 ) ($3.68 ) $ 4.80 $ 2.68 $ 0.15 Reconciliation of EBITDA for Palmarejo 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Sales of metal $ 166.9 $ 123.7 $ 88.2 $ 78.1 $ 61.5 Production costs applicable to sales (64.1 ) (37.8 ) (37.4 ) (35.6 ) (31.3 ) Administrative and general 0.0 0.0 0.0 0.0 Exploration (2.2 ) (1.3 ) (0.6 ) (1.5 ) (1.3 ) Care and maintenance and other (0.2 ) 0.0 0.0 0.0 0.0 Pre-development 0.0 0.0 0.0 0.0 0.0 EBITDA $ 100.4 $ 84.6 $ 50.2 $ 41.0 $ 28.9 Operating Cash Flow for Palmarejo 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Cash provided by operating activities $ 104.7 $ 62.9 $ 10.1 $ 63.5 $ 14.0 Changes in operating assets and liabilities: Receivables and other current assets (0.8 ) 8.9 (0.4 ) (14.5 ) (2.6 ) Prepaid expenses and other 3.4 (0.4 ) 1.0 (1.7 ) 0.6 Inventories (16.2 ) 12.0 16.1 16.4 7.4 Accounts payable and accrued liabilities 0.1 (1.6 ) 21.6 (25.0 ) 7.2 OPERATING CASH FLOW $ 91.2 $ 81.8 $ 48.4 $ 38.7 $ 26.6 SAN BARTOLOME in millions of US$ 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Sales of Metal $ 102.8 $ 55.6 $ 46.3 $ 67.1 $ 30.0 Production Costs 30.1 14.1 14.1 22.4 12.9 EBITDA 72.5 41.4 32.1 44.7 17.1 Operating Income/(Loss) 66.7 36.2 27.0 39.2 12.2 Operating Cash Flow (1) 49.6 25.7 23.6 23.3 27.8 Capital Expenditures 4.4 3.3 3.5 3.5 0.8 in millions of US$ 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Gross Profit $ 72.7 $ 41.5 $ 32.2 $ 44.7 $ 17.1 Gross Margin 70.7 % 74.6 % 69.5 % 66.6 % 57.0 % Ounces unless otherwise noted 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Tons Milled 428,978 378,640 387,668 404,160 360,605 Average Silver Grade (oz/t) 5.4 5.2 5.6 5.4 5.7 Average Recovery Rate 88.6 % 87.7 % 88.6 % 92.0 % 87.2 % Silver Production 2,051 1,742 1,711 2,011 1,795 Gold Production 0 0 0 0 0 Cash Operating Costs/Ag Oz $ 9.32 $ 8.73 $ 9.13 $ 7.53 $ 7.05 Reconciliation of EBITDA for San Bartolome 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Sales of metal $ 102.8 $ 55.6 $ 46.3 $ 67.1 $ 30.0 Production costs applicable to sales (30.1 ) (14.1 ) (14.1 ) (22.4 ) (12.9 ) Administrative and general 0.0 0.0 0.0 0.0 Exploration (0.1 ) (0.1 ) (0.1 ) 0.0 0.0 Care and maintenance and other (0.1 ) 0.0 0.0 0.0 Pre-development 0.0 0.0 0.0 0.0 EBITDA $ 72.5 $ 41.4 $ 32.1 $ 44.7 $ 17.1 Operating Cash Flow for San Bartolome 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Cash provided by operating activities $ 78.1 $ 38.2 $ 10.5 $ 28.8 $ 15.3 Changes in operating assets and liabilities: Receivables and other current assets 5.0 1.5 1.7 1.3 0.4 Prepaid expenses and other 0.2 (0.6 ) (0.5 ) (0.6 ) 0.6 Inventories (7.2 ) 4.0 4.9 4.2 2.8 Accounts payable and accrued liabilities (26.5 ) (17.4 ) 7.0 (10.4 ) 8.7 OPERATING CASH FLOW $ 49.6 $ 25.7 $ 23.6 $ 23.3 $ 27.8 KENSINGTON in millions of US$ 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Sales of Metal $ 44.2 $ 26.0 $ 48.1 $ 15.1 $ 8.5 Production Costs 24.3 12.8 32.9 6.6 7.4 EBITDA 19.6 12.8 15.2 8.5 0.5 Operating Income/(Loss) 10.3 2.8 5.8 (1.8 ) (6.7 ) Operating Cash Flow (1) 14.5 11.7 14.0 8.0 (0.3 ) Capital Expenditures 9.2 7.4 5.4 9.6 20.0 in millions of US$ 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Gross Profit $ 19.9 $ 13.2 $ 15.2 $ 8.5 $ 1.1 Gross Margin 45.0 % 50.8 % 31.6 % 56.3 % 13.1 % Ounces unless otherwise noted 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Tons Milled 116,255 121,565 105,820 83,774 90,254 Average Gold Grade (oz/t) 0.2 0.2 0.2 0.4 0.2 Average Recovery Rate 91.7 % 93.0 % 92.4 % 91.0 % 87.7 % Gold Production 26 26 24 28 15 Cash Operating Costs/Ag Oz $ 973.28 $ 923.56 $ 988.75 $ 874.60 $ 1,199.20 Reconciliation of EBITDA for Kensington 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Sales of metal 44.2 26.0 48.1 15.1 8.5 Production costs applicable to sales (24.3 ) (12.8 ) (32.9 ) (6.6 ) (7.4 ) Administrative and general 0.0 0.0 0.0 0.0 0.0 Exploration (0.3 ) (0.3 ) 0.0 0.0 (0.4 ) Care and maintenance and other (0.1 ) 0.0 0.0 (0.2 ) Pre-development 0.0 0.0 0.0 0.0 0.0 EBITDA $ 19.6 $ 12.8 $ 15.2 $ 8.5 $ 0.5 Operating Cash Flow for Kensington 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Cash provided by operating activities $ 8.6 $ 7.6 $ 17.0 $ (5.6 ) $ (14.9 ) Changes in operating assets and liabilities: Receivables and other current assets 5.0 (1.0 ) 8.4 (2.2 ) 7.3 Prepaid expenses and other 1.3 0.2 (0.1 ) 0.1 1.9 Inventories (1.3 ) 8.0 (12.2 ) 15.3 10.1 Accounts payable and accrued liabilities 0.9 (3.1 ) 0.9 0.4 (4.7 ) OPERATING CASH FLOW $ 14.5 $ 11.7 $ 14.0 $ 8.0 $ (0.3 ) ROCHESTER in millions of US$ 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Sales of Metal $ 17.5 $ 14.4 $ 14.3 $ 25.3 $ 5.8 Production Costs 11.4 5.3 7.4 10.6 2.8 EBITDA 2.7 (2.2 ) 3.4 14.1 2.8 Operating Income/(Loss) 2.1 (2.9 ) 2.9 15.2 2.3 Operating Cash Flow (1) 2.7 (3.8 ) 0.9 9.0 4.6 Capital Expenditures 13.6 4.2 1.7 2.1 0.1 in millions of US$ 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Gross Profit $ 6.1 $ 9.1 $ 6.9 $ 14.7 $ 3.1 Gross Margin 34.9 % 63.2 % 48.3 % 58.1 % 52.5 % Ounces unless otherwise noted 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Silver Production (in thousands) 352 333 334 549 419 Gold Production (in thousands) 1 1 2 2 2 Cash Operating Costs/Ag Oz $ 36.71 $ 4.34 $ 10.28 $ 2.94 $ 5.10 Reconciliation of EBITDA for Rochester 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Sales of metal 17.5 14.4 14.3 25.3 5.8 Production costs applicable to sales (11.4 ) (5.3 ) (7.4 ) (10.6 ) (2.8 ) Administrative and general 0.0 0.0 0.0 0.0 0.0 Exploration (0.2 ) (0.3 ) 0.0 0.0 (0.1 ) Care and maintenance and other (3.2 ) (11.0 ) (3.5 ) (0.6 ) (0.1 ) Pre-development 0.0 0.0 0.0 0.0 0.0 EBITDA $ 2.7 $ (2.2 ) $ 3.4 $ 14.1 $ 2.8 Operating Cash Flow for Rochester 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Cash provided by operating activities $ 0.9 $ (2.0 ) $ 1.4 $ 11.8 $ 6.2 Changes in operating assets and liabilities: Receivables and other current assets 0.2 - (0.3 ) 0.3 - Prepaid expenses and other 0.7 0.4 (0.1 ) 0.1 (0.1 ) Inventories 5.9 0.6 1.0 (1.8 ) (1.7 ) Accounts payable and accrued liabilities (5.0 ) (2.8 ) (1.1 ) (1.4 ) 0.2 OPERATING CASH FLOW $ 2.7 $ (3.8 ) $ 0.9 $ 9.0 $ 4.6 MARTHA in millions of US$ 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Sales of Metal $ 6.0 $ 4.8 ($0.3 ) $ 18.6 $ 11.0 Production Costs 8.1 3.9 -0.4 10.3 5.3 EBITDA (3.8 ) (0.5 ) (1.2 ) 6.5 4.3 Operating Income/(Loss) (4.0 ) (0.4 ) (1.8 ) 5.2 2.1 Operating Cash Flow (1) (1.7 ) (0.9 ) 2.9 3.8 (1.2 ) Capital Expenditures 1.1 0.6 0.3 0.1 0.0 in millions of US$ 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Gross Profit ($2.1 ) $ 0.9 $ 0.1 $ 8.3 $ 5.7 Gross Margin -34.9 % 18.8 % na 44.6 % 52.1 % Ounces unless otherwise noted 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Total Tons Milled 24,086 22,122 17,818 13,616 12,790 Average Silver Grade (oz/t) 5.33 5.44 12.06 14.53 42.42 Average Gold Grade (oz/t) 0.01 0.01 0.02 0.02 0.05 Average Recovery Rate – Ag 92.30 % 84.00 % 83.70 % 75.85 % 96.30 % Average Recovery Rate – Au 72.90 % 72.40 % 75.30 % 57.68 % 93.60 % Silver Production (in thousands) 119 101 180 150 511 Gold Production (in thousands) 0 0 0 0 1 Cash Operating Costs/Ag Oz $ 39.31 $ 38.79 $ 24.44 $ 33.99 $ 9.86 Reconciliation of EBITDA for Martha 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Sales of metal 6.0 4.8 (0.3 ) 18.7 11.0 Production costs applicable to sales (8.2 ) (3.8 ) 0.4 (10.3 ) (5.3 ) Administrative and general 0.0 0.0 0.0 0.0 0.0 Exploration (1.5 ) (1.5 ) (1.3 ) (1.9 ) (1.4 ) Care and maintenance and other (0.1 ) 0.0 0.0 0.0 0.0 Pre-development 0.0 0.0 0.0 0.0 0.0 EBITDA $ (3.8 ) $ (0.5 ) $ (1.2 ) $ 6.5 $ 4.3 Operating Cash Flow for Martha 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Cash provided by operating activities $ 0.2 $ (3.2) $ (3.1) $ 4.6 $ 1.9 Changes in operating assets and liabilities: Receivables and other current assets 2.3 0.2 (5.8) 5.4 (3.7) Prepaid expenses and other 0.4 0.1 - - - Inventories (3.3) 0.1 4.1 (4.8) 0.8 Accounts payable and accrued liabilities (1.3) 1.9 4.7 (1.4) (0.2) OPERATING CASH FLOW $ (1.7) $ (0.9) $ (0.1) $ 3.8 $ (1.2) ENDEAVOR in millions of US$ 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Sales of Metal $ 6.2 $ 6.6 $ 3.1 $ 3.3 $ 1.7 Production Costs 3.2 3.3 1.1 1.4 0.7 EBITDA 3.0 3.3 2.0 1.9 1.0 Operating Income/(Loss) 2.1 2.4 1.4 1.3 0.7 Operating Cash Flow (1) 1.3 3.6 2.0 1.8 1.3 Capital Expenditures 0.0 0.0 0.0 0.0 0.0 in millions of US$ 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Gross Profit $ 3.0 $ 3.3 $ 2.0 $ 1.9 $ 1.0 Gross Margin 48.4 % 50.0 % 64.5 % 57.6 % 60.2 % Ounces unless otherwise noted 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Silver Production (in thousands) 138 215 149 120 102 Gold Production (in thousands) 0 0 0 0 0 Cash Operating Costs/Ag Oz $ 22.26 $ 20.04 $ 17.15 $ 16.03 $ 10.32 Reconciliation of EBITDA for Endeavor 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Sales of metal 6.2 6.6 3.1 3.3 1.7 Production costs applicable to sales (3.2 ) (3.3 ) (1.1 ) (1.4 ) (0.7 ) Administrative and general 0.0 0.0 0.0 0.0 0.0 Exploration 0.0 0.0 0.0 0.0 0.0 Care and maintenance and other 0.0 0.0 0.0 0.0 0.0 Pre-development 0.0 0.0 0.0 0.0 0.0 EBITDA $ 3.0 $ 3.3 $ 2.0 $ 1.9 $ 1.0 Operating Cash Flow for Endeavor 3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 Cash provided by operating activities $ 2.4 $ 2.5 $ 2.1 $ 2.7 $ 0.3 Changes in operating assets and liabilities: Receivables and other current assets (1.4 ) 2.7 (1.0 ) (0.4 ) 1.2 Prepaid expenses and other - - - - - Inventories (0.9 ) - 0.9 - - Accounts payable and accrued liabilities 1.2 (1.6 ) - (0.5 ) (0.2 ) OPERATING CASH FLOW $ 1.3 $ 3.6 $ 2.0 $ 1.8 $ 1.3 Reconciliation of Non-U.S. GAAP Cash Costs to U.S. GAAP Production Costs Three months ended September 30, 2011 (In thousands except ounces and per ounce costs) Palmarejo San Bartolomé Kensington Rochester Martha Endeavor Total Production of silver (ounces) 2,250,818 2,051,426 - 351,717 118,523 137,843 4,910,327 Production of gold (ounces) - - 25,687 - - - 25,687 Cash operating cost per Ag ounce $ (1.16 ) $ 9.32 $ - $ 36.71 $ 39.31 $ 22.26 $ 7.57 Cash costs per Ag ounce $ (1.16 ) $ 10.89 $ - $ 39.80 $ 41.29 $ 22.26 $ 8.49 Cash operating cost per Au ounce $ - $ - $ 973.28 $ - $ - $ - $ 973.28 Cash cost per Au ounce $ - $ - $ 973.28 $ - $ - $ - $ 973.28 Total Cash Operating Cost (Non-U.S. GAAP) $ (2,607 ) $ 19,120 $ 25,000 $ 12,912 $ 4,660 $ 3,068 $ 62,153 Royalties - 3,217 - 827 234 - 4,278 Production taxes - - - 260 - - 260 Total Cash Costs (Non-U.S. GAAP) (2,607 ) 22,337 25,000 13,999 4,893 3,068 66,691 Add/Subtract: Third party smelting costs - - (3,096 ) - (566 ) (808 ) (4,470 ) By-product credit 51,185 - - 2,433 198 - 53,816 Other adjustments 435 111 - 117 290 - 953 Change in inventory 15,099 7,637 2,443 (5,193 ) 3,328 949 24,263 Depreciation, depletion and amortization 41,174 6,062 9,568 556 237 914 58,511

Production costs applicable to sales, including depreciation, depletion and amortization (U.S. GAAP)

$ 105,286 $ 36,147 $ 33,915 $ 11,912 $ 8,380 $ 4,123 $ 199,764 Reconciliation of Non-U.S. GAAP Cash Costs to U.S. GAAP Production Costs Nine months ended September 30, 2011 (In thousands except ounces and per ounce costs) Palmarejo San Bartolomé Kensington Rochester Martha Endeavor Total Production of silver (ounces) 6,351,120 5,503,951 - 1,018,844 399,630 501,638 13,775,183 Production of gold (ounces) - - 75,121 - - - 75,121 Cash operating cost per Ag ounce $ (0.47 ) $ 9.07 $ - $ 17.46 $ 32.48 $ 19.79 $ 6.36 Cash costs per Ag ounce $ (0.47 ) $ 10.58 $ - $ 19.87 $ 33.95 $ 19.79 $ 7.18 Cash operating cost per Au ounce $ - $ - $ 961.10 $ - $ - $ - $ 961.10 Cash cost per Au ounce $ - $ - $ 961.10 $ - $ - $ - $ 961.10 Total Cash Operating Cost (Non-U.S. GAAP) $ (3,014 ) $ 49,946 $ 72,199 $ 17,787 $ 12,981 $ 9,926 $ 159,825 Royalties - 8,281 - 1,734 587 - 10,602 Production taxes - - - 728 - - 728 Total Cash Costs (Non-U.S. GAAP) (3,014 ) 58,227 72,199 20,249 13,568 9,926 171,155 Add/Subtract: Third party smelting costs - - (9,122 ) - (2,366 ) (2,390 ) (13,878 ) By-product credit 139,842 - - 6,554 706 - 147,102 Other adjustments 1,208 298 19 256 462 - 2,243 Change in inventory 1,216 (196 ) 7,015 (3,005 ) (869 ) 45 4,206 Depreciation, depletion and amortization 116,584 16,387 28,823 1,655 81 2,398 165,928

Production costs applicable to sales, including depreciation, depletion and amortization (U.S. GAAP)

$ 255,836 $ 74,716 $ 98,934 $ 25,709 $ 11,582 $ 9,979 $ 476,756 Reconciliation of Non-U.S. GAAP Cash Costs to U.S. GAAP Production Costs Three months ended September 30, 2010 (In thousands except ounces and per ounce costs) Palmarejo San Bartolomé Kensington Rochester Martha Endeavor Total Production of silver (ounces) 1,506,742 1,794,617 - 419,433 510,685 102,053 4,333,530 Production of gold (ounces) - - 15,155 - - - 15,155 Cash operating cost per Ag ounce $ 0.15 $ 7.05 $ - $ 5.10 $ 9.86 $ 10.32 $ 4.87 Cash costs per Ag ounce $ 0.15 $ 7.83 $ - $ 5.82 $ 11.04 $ 10.32 $ 5.40 Cash operating cost per Au ounce $ - $ - $ 1,199.20 $ - $ - $ - $ 1,199.20 Cash costs per Au ounce $ - $ - $ 1,199.20 $ - $ - $ - $ 1,199.20 Total Operating Cost (Non-U.S. GAAP) $ 227 $ 12,651 $ 18,174 $ 2,140 $ 5,039 $ 1,053 $ 39,284 Royalties - 1,396 - - 601 - 1,997 Production taxes - - - 304 - - 304 Total Cash Costs (Non-U.S. GAAP) 227 14,047 18,174 2,444 5,640 1,053 41,585 Add/Subtract: Third party smelting costs - - (1,618 ) - (995 ) (354 ) (2,967 ) By-product credit 36,538 - - 2,361 734 - 39,633 Other adjustments - - - 53 914 - 967 Change in inventory (5,423 ) (1,146 ) (9,135 ) (2,088 ) (1,009 ) (15 ) (18,816 ) Depreciation, depletion and amortization 22,491 4,943 7,219 446 2,119 330 37,548

Production costs applicable to sales, including depreciation, depletion and amortization (U.S. GAAP)

$ 53,833 $ 17,844 $ 14,640 $ 3,216 $ 7,403 $ 1,014 $ 97,950 Reconciliation of Non-U.S. GAAP Cash Costs to U.S. GAAP Production Costs Nine months ended September 30, 2010 (In thousands except ounces and per ounce costs) Palmarejo San Bartolomé Kensington Rochester Martha Endeavor Total Production of silver (ounces) 3,877,972 4,697,685 - 1,474,686 1,425,796 445,752 11,921,891 Production of gold (ounces) - - $ 15,155 - - - 15,155 Cash operating cost per Ag ounce $ 4.85 $ 7.99 $ - $ 2.93 $ 10.96 $ 8.56 $ 6.72 Cash costs per Ag ounce $ 4.85 $ 8.69 $ - $ 3.55 $ 11.74 $ 8.56 $ 7.17 Cash operating cost per Au ounce $ - $ - $ 1,199.20 $ - $ - $ - $ 1,199.20 Cash costs per Au ounce $ - $ - $ 1,199.20 $ - $ - $ - $ 1,199.20 Total Operating Cost (Non-U.S. GAAP) $ 18,799 $ 37,520 18,174 $ 4,315 $ 15,624 $ 3,817 $ 98,249 Royalties - 3,287 - - 1,107 - 4,394 Production taxes - - - 912 - - 912 Total Cash Costs (Non-U.S. GAAP) 18,799 40,807 18,174 5,227 16,731 3,817 103,555 Add/Subtract: Third party smelting costs - - (1,618 ) - (2,821 ) (964 ) (5,403 ) By-product credit 85,429 - - 8,480 1,971 - 95,880 Other adjustments - - - 216 1,173 - 1,389 Change in inventory (12,120 ) (3,162 ) (9,135 ) 230 (312 ) (127 ) (24,626 ) Depreciation, depletion and amortization 63,574 14,152 7,219 1,368 6,673 1,440 94,426

Production costs applicable to sales, including depreciation, depletion and amortization (U.S. GAAP)

$ 155,682 $ 51,797 $ 14,640 $ 15,521 $ 23,415 $ 4,166 $ 265,221

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