Coeur Reports Third Quarter Results and New Gold
Discovery At Its Fachinal Mine
COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Nov. 14, 2000--Coeur d'Alene Mines Corp. (NYSE:CDE - news)
reported a net loss attributable to common shareholders of $8.5 million, or $0.23 per share, for the third quarter of 2000
compared to a net income of $7.0 million, or $0.29 per share, in the third quarter of 1999.
Operating results for the latest quarter were highlighted by record silver production and sharply lower silver cash costs at Coeur
Silver Valley in Idaho.
Coeur has discovered a new area of high-grade gold and silver mineralization at the Fachinal district in Chile. This new area,
named Cerro Bayo, which consists of multiple veins and veinlets, can be traced at least 8,200 feet along strike and up to 3,300
feet in width. Coeur is temporarily suspending operations at Fachinal while it develops a detailed development plan for this new
zone. The size and high-grade nature of Cerro Bayo give it the potential to vastly improve the economics of the Fachinal mine.
Third quarter results for the current year include a $2.1 million mark to market gain on the Company's gold price protection
program. The 1999 third quarter results included a $21.1 million gain on the settlement of a lawsuit and a $2.6 million gain on
the early retirement of debt, partially offset by a $2.2 million write-down of certain mining assets and a non-cash mark to
market loss of $5.8 million on a portion of the Company's gold price protection program. Results for the third quarter of 1999
also included the payment of dividends to preferred shareholders of $2.6 million. On March 15, 2000, Coeur's preferred
shares were converted into approximately 7.9 million common shares of the Company and as a consequence, no further
dividends have been paid.
In the first nine months of 2000, the Company incurred a net loss attributable to common shareholders of $30.9 million or
$0.89 per share, compared to a net loss of $12.5 million or $0.56 per share during the corresponding nine-month period of
1999.
Third Quarter Highlights
Produced 3.1 million ounces of silver, an increase of 28 percent as compared to the third quarter of 1999.
Achieved record silver production at Coeur Silver Valley.
Produced 37,848 ounces of gold, a decline of 7 percent from last year's third quarter.
Cash costs at primary silver operations were below $4.00 per ounce.
Cash costs at primary gold operations increased to $336 per ounce, primarily due to severe winter conditions
experienced by Coeur's Chilean operations.
The high-grade Cerro Bayo gold-silver vein system was discovered near the Company's Fachinal mine.
Increased resource estimate at San Bartolome by 15 percent to 122 million contained ounces of silver.
Continued major exploration and drilling programs at Coeur Silver Valley and Rochester are increasing reserves and
resources.
Coeur has commenced an exploration drilling program on the recently acquired Wonder silver property in Nevada. The
Wonder property is a highly prospective, past-pr
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