Coeur Rochester Receives Notice of Claim Dispute
December 05 2011 - 2:29PM
Business Wire
Coeur d’Alene Mines Corporation (NYSE:CDE) (TSX:CDM)
reports that Rye Patch Gold Corp. has challenged Coeur’s ownership
of a substantial portion of its unpatented claims at its Rochester
property located in northern Nevada. On December 5, 2011, Coeur
filed a legal complaint in Pershing County, Nevada asserting that
its unpatented claims are valid and that it has a valid possessory
interest in such claims. The Company is seeking damages and an
injunction preventing Rye Patch Gold from interfering with its
claims.
The Company continues to review this matter and intends to
vigorously defend its rights. The Company cannot predict the
outcome of this matter, including legal outcomes and the likelihood
of diminishment of its Rochester property package. However, the
Company preliminarily estimates that the disputed claims may
involve up to 20 percent of the Rochester property’s mineral
reserves and a substantial amount of the property’s mineralized
material.
At this time, operating activities at Rochester continue.
Through the first nine months of 2011, Rochester produced
approximately 1.0 million ounces of silver and 4,283 ounces of
gold.
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,
production, reserves and mineralized material information and
estimates regarding the Rochester silver-gold mine, the outcome of
the legal and technical analysis of the Rochester property and
unpatented claims, allegations of competing unpatented property
claims and other third party characterizations, financial position
of Coeur to pursue legal and technical undertakings, length of time
to a resolution, and other statements in this release are based on
information that Coeur believes is reasonable, but involve
significant uncertainties affecting the business of Coeur,
including, but not limited to, the outcome of legal action, future
gold and silver prices, costs, ore grades, estimation of gold and
silver reserves, mining and processing conditions, construction
schedules, currency exchange rates, the risks and hazards inherent
in the mining business (including environmental hazards, industrial
accidents, weather or geologically related conditions), regulatory
and permitting matters, 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,
except as required by law. 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.
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