Illegal Employee Disruption Causes Temporary Shut-Down at Coeur d’Alene Mines’ Palmarejo Mine
May 23 2012 - 2:13PM
Business Wire
A small, unorganized group of employees of a subsidiary of Coeur
Mexicana last weekend blocked access to Coeur d’Alene Mines’
(NYSE:CDE, TSX:CDM) Palmarejo Mine located in the state of
Chihuahua in northern Mexico. Palmarejo management supervised an
orderly, temporary shut-down of the mine and mill in order to allow
for dialogue with employees while ensuring the safety of workers at
the mine site. Management considers the actions taken by the small
group blocking access to the mine to be illegal.
The small group blocking access to the mine does not represent
Palmarejo Mine employees as a whole; however their actions are
preventing other employees from safely reporting to work. The group
of employees did not raise their concerns with Palmarejo management
in any way before blocking access to the mine. Management’s
attempts to resolve the issue through discussions were
unsuccessful. Mine management has requested assistance from
Chihuahuan government authorities to help resolve the
situation.
At this time, the Company does not anticipate the temporary
shut-down to have a material impact on 2012 production at
Palmarejo.
Cautionary Statement
This news release contains forward-looking statements within the
meaning of securities legislation in the United States and Canada.
Words such as “expects,” “anticipates,” “goals,” “plans,”
“believes,” “continues,” “may,” “will” and similar expressions are
intended to identify forward-looking statements. Examples of
forward-looking statements include, but are not limited to,
statements we make regarding anticipated operating results
including production. These statements are based on information
that Coeur believes is reasonable, but involve significant
uncertainties affecting the business of Coeur that could cause
actual results to differ materially from those in the
forward-looking statement including, but not limited to, the
duration of the current Palmarejo mine shut-down, future gold and
silver prices, costs, ore grades, estimation of gold and silver
reserves, mining and processing conditions, construction schedules,
currency exchange rates, the expected cost 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, 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 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 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.
About Coeur
Coeur d'Alene Mines Corporation is the largest U.S.-based
primary silver producer and a growing gold producer. The Company
built and commenced production from three wholly-owned, long-lived
mines 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. Further production has commenced
from a new heap leach pad at Coeur's long-time Rochester
silver-gold mine in Nevada. The Company also owns and operates the
Martha silver-gold mine in Argentina and owns a non-operating
interest in a silver-base metal mine in Australia. Coeur conducts
ongoing exploration activities near and within its operating
properties in Argentina, Mexico, Alaska, Nevada and Bolivia. In
addition, Coeur owns strategic minority shareholdings in five
silver development companies in North and South America.
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