Coeur Receives Key Approval for Kensington Gold Project
COEUR D'ALENE, Idaho, Jun 19, 2003 /PRNewswire-FirstCall via COMTEX/ -- Coeur
d'Alene Mines Corporation (NYSE: CDE) reported today that the Juneau Assembly
approved an amendment to its Mining Ordinance, which allows Coeur to eliminate
permitting duplications and streamline the permitting process for its Kensington
Gold Project. The Company estimates that this modification will reduce the
amount of time required to obtain its remaining permits by six months. Coeur now
anticipates receiving all necessary permits for Kensington by the end of January
2004.
Dennis E. Wheeler, Coeur's Chairman and Chief Executive Officer stated,
"Obtaining this key approval to amend the Ordinance will streamline the
remaining permitting process and will result in cost savings of approximately
$300,000. In addition to enjoying a higher gold price, our optimization work
continues to focus on programs designed to reduce Kensington's projected capital
and operating costs."
The Kensington Gold Project is located approximately 45 miles north of Juneau,
Alaska and contains 1.8 million ounces of proven and probable gold reserves and
1.4 million ounces of resources. Capital costs necessary to place Kensington
into production are currently estimated to be $150 million, while annual gold
production is projected to average 175,000 ounces annually at estimated average
cash operating costs of approximately $200 per ounce. Coeur believes that
additional exploration potential exists at Kensington that could significantly
increase the project's total resources.
Coeur d'Alene Mines Corporation is the world's largest primary 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.
Contact: Tony Ebersole
208-769-8155
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 "resources" 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. You can
review and obtain copies of that filing from the SEC website at
sec.gov .
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 and resources,
mining and processing conditions, 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.
SOURCE Coeur d' Alene Mines Corporation
CONTACT: Tony Ebersole of Coeur d' Alene Mines Corporation,
+1-208-769-8155
URL: coeur.com
prnewswire.com
Copyright (C) 2003 PR Newswire. All rights reserved.
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ProviderSequenceNumber: 1390
KEYWORD: Idaho
Alaska
INDUSTRY KEYWORD: MNG
SUBJECT CODE: LEG
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