COEUR D'ALENE, IDAHO, March 17 /CNW/ - Coeur d'Alene Mines Corporation
(NYSE: CDE) (TSX:CDM) reports that, on March 16, the United States Ninth
Circuit Court of Appeals announced a ruling in the Kensington gold mine permit
challenge. In the Court Order, the Ninth Circuit said it is reversing a lower
federal court decision and vacating the permits associated with a tailings
facility at the Kensington gold mine in Alaska. Coeur Alaska had obtained its
Section 404 Army Corps of Engineers permit in 2005 for the placement of fill
material at the mine, which is currently under construction.
Coeur's Chairman, President and Chief Executive Officer Dennis E.
Wheeler, said, "We are surprised and disappointed in the Court's announcement
and what it might mean for the over 400 Kensington workers and the economy of
Southeast Alaska. We followed the rules and established process set by the
regulatory agencies involved to obtain this permit. As a result, we are simply
at a loss to explain the basis for the Court's decision. Once the Court
releases a full explanation of its ruling, the company will consider all
options of appeal."
Wheeler continued, "In a public statement issued yesterday, the
plaintiffs expressed the hope of working with Coeur on possible solutions to
this issue. Separate and apart from any possible appeal of the Court order, we
intend to take them up on that offer."
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.
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.
For further information:
For further information: Coeur d'Alene Mines Corporation Scott Lamb,