Coeur Reports Improved First Quarter Results With Stronger
Operating Performance Expected in 2004; Feasibility Studies at San
Bartolome and Kensington Nearing Completion Quarterly Loss Reduced
From $31.2 Million a Year Ago to Just $3.0 Million in 2004's First
Quarter COEUR D'ALENE, Idaho, May 5 /PRNewswire-FirstCall/ --
Highlights -- Significantly improved results compared to last
year's first quarter. -- Silver production of 3.4 million ounces
during the first quarter. -- First quarter gold production of
22,000 ounces. -- Consolidated cash costs of $4.25 per ounce/silver
during the first quarter, expected to average approximately $3.00
for the full year 2004. -- Projected 2004 annual production of 14.5
million ounces of silver and 133,000 ounces of gold. -- Strong
balance sheet with $235 million in cash and short-term investments
at March 31, 2004. -- Accelerated exploration in South America
returns early positive results. -- San Bartolome and Kensington
feasibility studies on track for second quarter completion. -- No
silver or gold hedge positions in place. -- Standard and Poor's
rating agency upgrades Coeur's rating to B-. "With stronger metals
prices and our strengthened capital structure, our results in this
most recent quarter improved significantly from last year's period.
We look forward to much improved cash flow and earnings throughout
2004 with sustained metals prices," said Dennis E. Wheeler,
Chairman and Chief Executive Officer. "Our balance sheet and cash
position remain very strong, with approximately $235 million in
cash and short term investments at March 31, giving us the
financial strength to aggressively move forward with our growth
projects. This growth profile was noted in Standard and Poor's
recent upgrade of Coeur's credit rating," Mr. Wheeler added. "Coeur
remains on target for 2004 production growth, with expectations of
achieving full-year silver production of 14.5 million ounces, a 2%
increase over 2003, and 133,000 ounces of gold production, an 11%
increase over last year's level. Full year 2004 cash costs are
expected to be approximately $3.00 per ounce, a 9% reduction from
the previous year's level," said Robert Martinez, President and
Chief Operating Officer. "At the San Bartolome silver project and
the Kensington gold project, work continues on the final updated
feasibility studies, which are scheduled to be completed during the
second quarter of this year. Both of these major projects --
designed to increase silver production by approximately 41% and
gold production by approximately 75% over current levels -- are
expected to begin contributing to production in 2006, assuming the
successful completion of updated feasibility studies and the
permitting process at both projects," Mr. Martinez said.
"Meanwhile, our aggressive exploration program is on plan to add
low-cost ounces to our operating properties in Chile and Argentina,
further extending mine life at these important producing mines,"
Mr. Wheeler added. Financial Summary Coeur d'Alene Mines
Corporation (NYSE:CDE), the world's largest primary silver
producer, today reported first quarter 2004 revenue of $27.6
million, compared to revenue of $29.3 million in the first quarter
of 2003. Company-wide production was 3.4 million ounces of silver
and 22,000 ounces of gold in the first quarter, compared to 3.6
million ounces of silver and 33,000 ounces of gold in the same
period last year. Gold production was impacted by transition of
mining at Cerro Bayo from the Furioso deposit to other vein
systems, and the normal, cyclical nature of production at
Rochester, as well as normal delay in recovering higher grade gold
ores through the pad. For the full year, Rochester is expected to
realize approximately 50% more gold production compared to the
previous year. Silver production was slightly lower in the first
quarter compared to a year ago due to the development project at
Silver Valley, which has stepped up exploration for future
production growth. For the first quarter of 2004, the Company
reported a significant improvement in its bottom line, with a
reported net loss of $3.0 million, or $0.01 per share, compared to
a net loss of $31.2 million, or $0.23 per share, for the same
period in the prior year. The recent first quarter was impacted by
increased exploration expense totaling $1.9 million related to the
Company's accelerated exploration program in addition to $1.0
million related to the completion of updated feasibility studies at
the San Bartolome and Kensington projects. In addition, the Company
eliminated its gold forward contracts to zero during the quarter,
which increased the net loss by $0.9 million. Interest expense was
reduced by more than half in the recent first quarter compared to a
year ago, a result of the Company's restructuring and significantly
strengthened balance sheet. During the first quarter, the Company
redeemed its remaining $9.6 million of 7 1/4 % Convertible
Subordinated Debentures. In January, 2004, Coeur raised $180
million through the sale of 1 1/4% Convertible Senior Notes due
January 2024. As a result, cash and short-term investments at March
31, 2004 totaled $234.8 million. For the first quarter, Coeur
realized an average silver price of $6.85 per ounce compared to an
average realized price during last year's first quarter of $4.77
per ounce. For its gold sales, Coeur realized an average price of
$395 per ounce during the first quarter of 2004 compared to an
average gold price of $341 per ounce during the same period last
year. Overview of Operations South America Cerro Bayo
(Chile)/Martha (Argentina) -- 1,217,816 ounces of silver and 10,536
ounces of gold produced during the first quarter -- Cash costs of
$2.31 per ounce of silver, giving effect to the gold by- product
credit as a reduction of operating costs -- Completion of 11,000
feet of drilling in the quarter pursuant to an accelerated
exploration program Costs and production at Cerro Bayo/Martha were
impacted in the first quarter due to the completion of mining in
2003 of the Furioso area at Cerro Bayo, a major gold producer for
the mine in the past year. During 2004, production will focus on
the high-grade vein systems in the main Cerro Bayo area, including
Javiera Sur, the Luz Eliana, and Raul veins, as well as veins in
the Laguna Verde area just west of the Cerro Bayo mine. Extensions
of the high-grade Javiera Sur vein were mined in the first quarter.
For the full year 2004, Cerro Bayo is expected to produce 4.9
million ounces of silver and 54,000 ounces of gold at an estimated
average cash cost of approximately $2.05 per ounce of silver. The
Company's exploration program near existing infrastructure at Cerro
Bayo and Martha, and in select areas in the Santa Cruz province,
had its first full quarter of accelerated drilling, building on
positive results from 2003. In the first quarter, over 4,300 meters
of definition and 6,700 meters of drilling were completed around
Cerro Bayo and Martha. Encouraging results were obtained,
especially at the R4/Del Medio area of Martha, where recent results
indicate economic high-grade mineralization exists below the
260-meter level where ramp construction is in progress. Coeur has
also commenced reconnaissance and target generation exploration at
its land holdings in Patagonia which will continue throughout the
year. The exploration budget for Chile and Argentina in 2004 totals
approximately $5.7 million, more than double last year's budget.
North America Rochester Mine (Nevada) -- 1,310,295 million ounces
of silver and 11,475 ounces of gold produced during the first
quarter -- Silver production increased by 20% and gold production
up 7% as a result of the completion of the crusher relocation
project -- Cash costs of $5.58 per ounce of silver during the first
quarter, expected to decline to approximately $2.65 per ounce for
the full year -- Higher gold ore grades placed on the pad in first
quarter will result in higher gold production and lower operating
costs though the remainder of 2004 In the first quarter, Rochester
produced 1.3 million ounces of silver and 11,000 ounces of gold,
slightly higher than last year's first quarter in both metals.
Production in the first quarter of the year was impacted by weather
conditions as is typical in the first quarter of the year. The
crusher expansion, which was completed during the fourth quarter of
2003, deferred the mining of high-grade gold ore until the first
quarter of 2004. During the recent quarter, higher grade gold ores
were placed on the pad, which are expected to increase gold
production and lower operating costs during the rest of the year.
With the installation of the new crusher now complete, mining,
crushing and leaching operations are now operating according to
plan. During 2004, the Company expects Rochester production to
total approximately 78,500 ounces of gold and 5.8 million ounces of
silver at an average cash cost of approximately $2.65 per ounce.
Coeur Silver Valley -- Galena Mine (Idaho) -- First quarter silver
production -- 906,980 ounces -- Cash operating costs of $4.93 per
ounce -- Promising early results from expanded exploration drilling
and development program The Company's 100 percent owned Coeur
Silver Valley produced 0.9 million ounces of silver in the first
quarter of 2004, compared to 1.2 million ounces in the first
quarter of 2003. As previously announced, the decrease in
production is the result of the Company's decision in the third
quarter of last year to increase exploration and decrease mine
production during the 2004 to 2005 time frame, with the focus on
increasing reserves to allow the mine to increase production to
seven million ounces in 2007. In the first quarter 2004, cash costs
totaled $4.93 per ounce of silver versus $4.22 in the same period a
year ago, due in part to the development plan, which has an early
emphasis on the adding of new reserves through exploration
drilling. So far, drilling and drifting have taken place in the
upper area of the Galena mine, returning promising results with
drifting now underway to provide drill access to targets in the
Coeur mine area. During 2004, Coeur Silver Valley is expected to
produce 3.7 million ounces of silver at an average cash cost of
approximately $4.80 per ounce. Production is expected to increase
to seven million ounces by 2007, with costs declining to $4.00 per
ounce of silver. Development Projects San Bartolome (Bolivia) The
final updated feasibility study at the San Bartolome silver project
near Potosi, Bolivia is scheduled for completion at the end of the
second quarter of 2004. Based on the Company's assessment of the
updated feasibility study, the Company is revising several of the
key benchmarks of the property. The initial expected mine life is
fifteen years, with proven and probable reserves of 123 million
ounces of silver. The Company expects plant throughput to increase
from 4,700 tons per day to 5,200 tons per day and changes in the
metallurgical circuit are expected to increase silver recovery from
71% to 78%. The addition of the tin circuit will allow for the
recovery of this significant by-product metal. Based upon these
modifications, it is now estimated that annual mine production
would be as high as eight million ounces of silver and two million
pounds of tin annually. Annual production the first three full
years of operation was initially expected to average six million
ounces of silver per year. It is now estimated that 95 million
ounces of silver and 30 million pounds of tin will be produced over
the life of the project from established ore reserves and
mineralized material. Based on the work performed by the
independent consultant, the Company believes there is an
opportunity to expand the mineralized material. Initial capital
costs are now estimated at $130 million, including a contingency of
12%, and per ounce operating costs, net of by-product credits, are
now estimated at approximately $3.75 per ounce of silver. The
revised project is based upon a silver price of $6.00 and a tin
price of $2.90. The updated feasibility study is addressing these
project modifications along with optimization opportunities. The
final environmental study was filed with the Bolivian government on
April 27, 2004. Pending the review of the final updated feasibility
study and receipt of final permits, construction of the project
could commence during 2004 with production commencing in 2006.
Kensington (Alaska) At the Kensington gold project, located 45
miles north of Juneau in southeast Alaska, the final updated
feasibility results to date indicate a project of approximately $85
million to be spent during 2004-2005, with annual production of
approximately 100,000 ounces of gold when the proposed mine reaches
full production. In addition, 7.3 million tons of mineralized
material averaging .12 ounces of gold per ton exist on the
property. The cash cost of production is expected to be
approximately $195 per ounce. The expected mine life is
approximately ten years. During the first quarter of 2004, the
draft supplemental environmental impact statement was released for
public comment. The comment period closed and the U.S. Forest
Service is currently developing responses to the comments. The
Environmental Protection Agency has released the preliminary draft
National Pollutant Discharge Elimination System permit to affected
governmental agencies for review and comment. The draft permit is
currently being reviewed by the Army Corp of Engineers for
completeness. The Company expects the project will have all
required permits in the third quarter of 2004. Upon successful
completion of the final updated feasibility and receipt of final
permits, construction of the project could still commence during
2004 with production beginning in 2006. Recently, the Alaska
Industrial Development and Export Authority (AIDEA) introduced a
bill to the Alaska House (HB 556) seeking legislative approval to
issue bonds of up to $20 million to finance the acquisition,
development, improvement and construction of port and related
facilities located at Slate Creek Cove and Cascade Point in Berners
Bay in southeast Alaska. These proposed facilities would facilitate
the operation at Kensington. On April 30, 2004, the House passed
the bill by a 38 to 0 margin. The bill is now in Senate Finance
with final action expected in May, 2004. 2004 Outlook During 2004,
the Company expects to produce 14.5 million ounces of silver and
133,000 ounces of gold. Cash costs of silver production (net of
gold by-product credits) are expected to average approximately
$3.00 per ounce. The company expects to spend $9.5 million in
sustaining capital during 2004. Recent Credit Upgrade by Standard
& Poor's Rating Services In late April, Standard & Poor's
Ratings Services announced it raised its corporate credit and
senior unsecured debt ratings on Coeur to 'B-' from 'CCC.' The
outlook on Coeur is stable. S&P noted that the upgrade
"reflects the improvement in industry conditions and in the
company's liquidity and financial profile, which have provided
Coeur with the capital necessary to fund development of its
low-cost mining projects so that it may develop its reserve base
and improve profitability and diversity." Hedging Coeur does not
currently have any of its silver or gold production hedged. Coeur
d'Alene Mines Corporation is the country's largest silver producer,
as well as a significant, low-cost producer of gold. The Company
has mining interests in Nevada, Idaho, Alaska, Argentina, Chile and
Bolivia. Cautionary Note to U.S. Investors -- The United States
Securities and Exchange Commission permits 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 the term "resource" in this press release which the SEC
guidelines strictly prohibit us from including in our filings with
the SEC. U.S. investors are urged to consider closely the
disclosure in our Form 10-K for the year ended December 31, 2003
and Form 10-Q for the quarter ended March 31, 2004. You can review
and obtain copies of that filing from the SEC website at
http://www.sec.gov/edgar.html. This document contains numerous
forward-looking statements relating to the Company's silver and
gold mining business. The United States Private Securities
Litigation Reform Act of 1995 provides a "safe harbor" for certain
forward-looking statements. Operating, exploration and financial
data, and other statements in this document are based on
information the company believes reasonable, but involve
significant uncertainties as to future gold and silver prices,
costs, ore grades, estimation of gold and silver reserves, mining
and processing conditions, the completion and/or updating of mining
feasibility studies, changes that could result from the Company's
future acquisition 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, and risks inherent in the ownership and operation of, or
investment in, mining properties or businesses in foreign
countries. Actual results and timetables could vary significantly
from the estimates presented. Readers are cautioned not to put
undue reliance on forward-looking statements. The Company disclaims
any intent or obligation to update publicly these forward-looking
statements, whether as a result of new information, future events
or otherwise. CONTACT: Tony Ebersole, Investor Relations Coeur
d'Alene Mines Corporation 800-523-1535 COEUR D'ALENE MINES
CORPORATION PRODUCTION STATISTICS Three Months Ended March 31, 2004
2003 ROCHESTER MINE Silver ozs. 1,310,295 1,089,700 Gold ozs.
11,475 10,747 Cash Costs per oz./silver $5.58 $6.46 Full Costs per
oz./silver $7.21 $7.40 GALENA MINE Silver ozs. 906,980 1,235,771
Cash Costs per oz./silver $4.93 $4.22 Full Costs per oz./silver
$5.44 $4.51 CERRO BAYO/MARTHA MINE (A) Silver ozs. 1,217,816
1,277,457 Gold ozs. 10,536 22,416 Cash Costs per oz./silver $2.31
$(0.29) Full Costs per oz./silver $4.01 $2.01 CONSOLIDATED
PRODUCTION TOTALS Silver ozs. 3,435,091 3,602,928 Gold ozs. 22,011
33,163 Cash costs per oz./Silver $4.25 $3.30 Full Costs per
oz./Silver $5.61 $4.50 CONSOLIDATED SALES TOTALS Silver ozs. sold
3,293,000 4,133,000 Gold ozs. sold 20,000 35,000 Realized price per
silver oz. $6.85 $4.77 Realized price per gold oz. $395 $341 (A)
The negative cash cost per ounce of silver is the result of the
gold by-product credit as a reduction of operating costs. See "Cost
and Expenses" below. Note: "Cash Costs per Ounce" are calculated by
dividing the 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 costs per ounce produced as a key indicator of
the profitability of each of its mining properties. Gold and silver
are sold and priced in the world financial markets on a US dollar
per ounce basis. By calculating the cash costs from each of the
Company's mines on the same unit basis, management can easily
determine the gross margin that each ounce of gold and silver
produced is generating. "Cash Costs" are costs directly related to
the physical activities of producing silver and gold and include
mining, processing and other plant costs, deferred mining
adjustments, third-party refining and smelting costs, marketing
expense, on-site general and administrative costs, royalties,
in-mine drilling expenditures that are related to production and
other direct costs. Sales of by-product metals (primarily gold and
copper) are deducted from the above in computing cash costs. Cash
costs exclude depreciation, depletion and amortization, corporate
general and administrative expense, exploration, interest, and
pre-feasibility costs and accruals for mine reclamation. Cash costs
are calculated and presented using the "Gold Institute Production
Cost Standard" applied consistently for all periods presented.
Total cash costs per ounce is a non-GAAP measurement and investors
are cautioned not to place undue reliance on it and are urged to
read all GAAP accounting disclosures presented in the consolidated
financial statements and accompanying footnotes. In addition, see
the reconciliation of "cash costs" to production costs under "Costs
and Expenses" set forth below: Three months ended March 31, 2004
Silver Cerro Rochester Valley Bayo Total Production of Silver
(ounces) 1,310,295 906,980 1,217,816 3,435,091 Cash Costs per ounce
$5.58 $4.93 $2.31 $4.25 Total Cash Costs (thousands) $7,317 $4,468
$2,811 $14,596 Add/(Subtract): Third Party Smelting Costs (232)
(1,279) (1,205) (2,716) By-Product Credit 4,688 793 4,308 9,789
Deferred Stripping Adjustment (101) -- -- (101) Change in Inventory
(3,895) 1,260 (1,983) (4,618) Production Costs $7,777 $5,242 $3,931
$16,950 Three months ended March 31, 2003 Silver Cerro Rochester
Valley Bayo Total Production of Silver (ounces) 1,089,700 1,235,771
1,277,457 3,602,928 Cash Costs per ounce $6.46 $4.22 $(0.29) $3.30
Total Cash Costs (thousands) $7,039 $5,215 $(370) $11,884
Add/(Subtract): Third Party Smelting Costs (173) (1,596) (1,995)
(3,764) By-Product Credit 3,777 739 7,921 12,437 Deferred Stripping
Adjustment (80) -- -- (80) Change in Inventory (1,807) 126 (918)
(2,599) Production Costs $8,756 $4,484 $4,638 $17,878 COEUR D'ALENE
MINES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
(Unaudited) March 31, December 31, 2004 2003 ASSETS (In Thousands)
CURRENT ASSETS Cash and cash equivalents $173,314 $62,417
Short-term investments 61,462 19,265 Receivables and prepaid
expenses, net 13,090 9,979 Ore on leach pad 15,424 17,388 Metal and
other inventory 13,408 12,535 276,698 121,584 PROPERTY, PLANT AND
EQUIPMENT Property, plant and equipment 82,281 87,546 Less
accumulated depreciation (48,939) (52,868) 33,342 34,678 MINING
PROPERTIES Operational mining properties 114,867 114,018 Less
accumulated depletion (92,974) (90,245) 21,893 23,773 Mineral
interests 20,125 20,125 Non-producing and development properties
25,121 25,121 67,139 69,019 OTHER ASSETS Non-current ore on leach
pad 20,445 14,705 Restricted investments 8,710 8,710 Debt issuance
costs, net 5,992 87 Marketable securities 28 19 Other 9,025 9,474
44,200 32,995 Total assets $421,379 $258,276 COEUR D'ALENE MINES
CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
(Unaudited) March 31, December 31, 2004 2003 (In Thousands)
LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts
payable $6,367 $7,772 Accrued liabilities 5,553 5,218 Accrued
interest payable 486 120 Accrued salaries and wages 3,951 5,705
Current portion of remediation costs 1,044 1,278 Current portion of
bank financing 2,727 2,367 20,128 22,460 LONG-TERM LIABILITIES 1
1/4% Convertible Senior Notes due January 2024 180,000 -- 7 1/4%
Convertible Subordinated Debentures due October 2005 -- 9,563
Reclamation and mine closure 21,304 20,934 Other long-term
liabilities 6,870 9,032 208,174 39,529 SHAREHOLDERS' EQUITY Common
Stock, par value $1.00 per share-authorized 250,000,000 shares,
issued 214,233,405 and 214,195,186 March 31, 2004 and December 31,
2003 (1,059,211 shares held in treasury) 214,233 214,195 Additional
paid-in capital 542,892 542,900 Accumulated deficit (549,273)
(546,241) Shares held in treasury (13,190) (13,190) Accumulated
other comprehensive loss (1,585) (1,377) 193,077 196,287 TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY $421,379 $258,276 CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS COEUR D'ALENE MINES
CORPORATION AND SUBSIDIARIES Three Months ended March 31, 2004 2003
(In Thousands, except per share data) REVENUES Sales of metal
$28,271 $29,001 Interest and other (647) 262 Total revenues 27,624
29,263 COSTS and Expenses Production 16,950 17,878 Depreciation and
depletion 4,846 5,019 Administrative and general 3,608 3,055
Exploration 1,944 1,087 Pre-development 1,614 377 Interest 938
2,007 Write-down of mining properties and other holding costs 756
624 Loss on exchange and early retirement of debt -- 28,107 Total
cost and expenses 30,656 58,154 LOSS FROM CONTINUING OPERATIONS
BEFORE TAXES AND CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE (3,032) (28,891) Income tax benefit -- 7 LOSS BEFORE
CUMULATIVE EFFECT IN CHANGE IN ACCOUNTING PRINCIPLE (3,032)
(28,884) Cumulative effect of change in accounting principle --
(2,306) Net loss (3,032) (31,190) Other comprehensive loss (208)
(297) COMPREHENSIVE LOSS $(3,240) $(31,487) BASIC AND DILUTED LOSS
PER SHARE: Weighted average number of shares of common stock
(000's) 213,142 133,503 Net loss per common share before cumulative
effect of change in accounting principle $(0.01) $(0.21) Cumulative
effect of change in accounting principle -- (0.02) Net loss per
common share $(0.01) $(0.23) COEUR D'ALENE MINES CORPORATION AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months
Ended March 31, 2004 and 2003 (Unaudited) Three Months Ended March
31, 2004 2003 (In Thousands) CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $(3,032) $(31,190) Add (deduct) non-cash items:
Depreciation and depletion 4,846 5,019 Loss on early retirement of
convertible subordinated debentures -- 28,107 Interest expense on
convertible senior subordinated notes paid in common stock -- 1,101
Cumulative effect of change in accounting principle -- 2,306
Compensation expense on restricted stock issue 567 29 Other charges
795 214 Changes in Operating Assets and Liabilities: Receivables
(2,747) (1,160) Inventories (4,650) (2,694) Accounts payable and
accrued liabilities (3,854) (3,078) CASH USED IN OPERATING
ACTIVITIES (8,075) (1,346) CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of short-term investments (52,107) (40,750) Proceeds from
sales of short-term investments 9,590 19,720 Expenditures on mining
assets (1,480) (3,264) Other 215 (50) CASH USED IN INVESTING
ACTIVITIES (43,782) (24,344) CASH FLOWS FROM FINANCING ACTIVITIES:
Retirement of Long Term Debt (9,561) -- Debt issuance costs (6,097)
(248) Proceeds from issuance of subordinated notes 180,000 33,786
Bank borrowings on working capital facility 6,056 12,155 Payments
to bank on working capital facility (5,696) (9,777) Common stock
repurchase (793) -- Retirement of building loan (1,200) Other (45)
(31) CASH PROVIDED BY FINANCING ACTIVITIES: 162,754 35,885 INCREASE
IN CASH AND CASH EQUIVALENTS 110,897 10,195 Cash and cash
equivalents at beginning of period 62,417 9,093 Cash and cash
equivalents at end of period $173,314 $19,288 During the first
quarter of 2003, holders of $2.8 million of the Series I 13 3/8%
Convertible Senior Subordinated Notes due December 31, 2003 (the
"Series I 13 3/8% Notes") voluntarily converted such notes, in
accordance with original terms, into approximately 2.1 million
shares of common stock. In addition, 0.1 million shares of common
stock were issued as payment for $0.2 million of interest expense
on the Series I 13 3/8% Notes. During the first quarter of 2003,
the Company purchased $26.9 million and $1.7 million principal
amount of its outstanding 6 3/8% and 7 1/4% Convertible
Subordinated Debentures, respectively, in exchange for 16.9 million
shares of common stock and recorded a loss on exchange and early
retirement of debt of approximately $28.1 million. In addition, 0.6
million shares of common stock were issued as payment for $0.9
million of interest expense as part of the transaction. In
conjunction with the issuance of the 9% Convertible Senior
Subordinated Notes, the Company also issued 0.6 million shares of
common stock for partial payment of offering costs of $1.0 million.
During the first quarter of 2003, the Company issued 1.2 million
shares of common stock in conjunction with its long-term incentive
program. DATASOURCE: Coeur d'Alene Mines Corporation CONTACT: Tony
Ebersole, Investor Relations of Coeur d'Alene Mines Corporation,
800-523-1535 Web site: http://www.coeur.com/
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