Mine Construction on Schedule and on Budget for January 2008 Startup
COEUR D'ALENE, IDAHO, June 5 /CNW/ - Coeur d'Alene Mines Corporation
(NYSE: CDE)(TSX:CDM) today announced that construction work at its large San
Bartolome silver mine in Bolivia has surpassed 600,000 man hours without a
lost time accident, while remaining on schedule and on budget as it moves
toward an anticipated January 2008 startup date.
The construction of San Bartolome, which is expected to produce
approximately 9 million ounces of silver in its first year, employs
approximately 615 workers, most of whom are local Bolivians from the
historically mining-rich town of Potosi, through 23 separate contractors.
All detailed engineering work at the project has been completed, all of
the major purchase orders have been issued, and all major construction
contracts have been awarded. Foundation work continues for the leach tanks and
the crusher, and the erection of the leach tanks is underway.
"We are extremely proud of Coeur's South American Subsidiary, Empresa
Minera Manquiri, led by Jim Duff, President, all of Coeur's contractors, and
the entire workforce in Bolivia," said Dennis E. Wheeler, Chairman, President
and Chief Executive Officer of Coeur. "This is a true testament to the entire
team's dedication and commitment to the successful completion of this
world-class mine at the highest level of safety, while maintaining discipline
over costs and schedule."
Additional photos of construction progress at San Bartolome are available
on the Coeur website, www.coeur.com.
Coeur d'Alene Mines Corporation is one of the world's leading primary
silver producers and a growing gold producer. The company has mining interests
in Alaska, Argentina, Australia, Bolivia, Chile, Nevada, and Tanzania.
Cautionary Statement: Company press releases may contain numerous
forward-looking statements within the meaning of securities legislation in the
United States and Canada relating to the company's silver and gold mining
business. Such statements are subject to numerous assumptions and
uncertainties, many of which are outside the company's control. 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,
construction schedules, currency exchange rates, and 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, 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 the company's filings from
time to time with the SEC and the Ontario Securities Commission, including,
without limitation, the company's reports on Form 10-K and Form 10-Q. 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 such
forward-looking statements, whether as a result of new information, future
events or otherwise. Donald J. Birak, Coeur's Senior Vice President of
Exploration, is the qualified person responsible for the preparation of the
scientific and technical information in this document. Mr. Birak has reviewed
the available data and procedures and believes the collection of exploration
data and calculation of mineral reserves reported in this document was
conducted in a professional and competent manner. For a description of the key
assumptions, parameters and methods used to estimate mineral reserves and
resources, as well as 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 project as filed on SEDAR at www.sedar.com.
For further information:
For further information: Coeur d'Alene Mines Corporation Director of
Investor Relations Tony Ebersole, 208-665-0777