Coeur d’Alene Mines Announces Withdrawal of Proposed Offering of Senior Notes
July 03 2012 - 9:05AM
Business Wire
Coeur d’Alene Mines Corporation (the “Company” or “Coeur”)
(NYSE: CDE)(TSX: CDM) today announced that in light of current
capital market conditions it has decided not to proceed with its
previously announced offering of senior notes at this time.
"Weak overall conditions in the debt markets led us to conclude
that the proposed offering of senior notes would not be in the best
interest of shareholders under the terms currently available,”
stated Mitchell J. Krebs, President and Chief Executive Officer.
“We had hoped to opportunistically access the debt markets to
augment our already strong balance sheet, but we will only do so in
a disciplined manner. We will continue our focus on creating
shareholder value through operational consistency, cost
containment, disciplined growth, and maintaining a conservative
financial profile.”
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of securities legislation in the United States and Canada,
including, among others, Coeur’s expectations regarding operational
and financial performance.
Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause Coeur’s actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Such factors include,
among others, the risks and hazards inherent in the mining business
(including environmental hazards, industrial accidents, weather or
geologically related conditions), changes in the market prices of
gold and silver, the uncertainties inherent in Coeur’s production,
exploratory and developmental activities, including risks relating
to permitting and regulatory delays and disputed mining claims, any
future labor disputes or work stoppages, the uncertainties inherent
in the estimation of gold and silver ore reserves, changes that
could result from Coeur’s future acquisition of new mining
properties or businesses, reliance on third parties to operate
certain mines where Coeur owns silver production and reserves, the
loss of any third-party smelter to which Coeur markets silver and
gold, the effects of environmental and other governmental
regulations, the risks inherent in the ownership or operation of or
investment in mining properties or businesses in foreign countries,
Coeur’s ability to raise additional financing necessary to conduct
its business, make payments or refinance its debt, 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 and Exhibit 99.2 to
Coeur's Current Report on Form 8-K filed June 25, 2012. 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.
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 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
holds or has agreed to hold strategic minority investments in seven
silver and gold development companies in North and South
America.
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