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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (36482)	3/21/2007 9:06:33 PM
From: LoneClone	Read Replies (2) \| Respond to of 78408

Coeur to build mill at existing mine in Argentina Source: Press Release metalsplace.com Coeur d'Alene Mines Corporation (NYSE:CDE; TSX:CDM) said Wednesday that it will construct a flotation mill at the company's Martha mine in the province of Santa Cruz, Argentina, at a cost of $13.9 million. The design of the mill would accommodate annual silver production of as much as 3 million ounces. Completion is expected by the end of the year. The company's continued success in expanding the high-grade reserves and resources at Martha, as well as the mine's significant exploration upside, are key reasons for deciding to create a standalone operation at Martha. As previously announced, Martha reported a 50 percent increase in proven and probable silver mineral reserves as of the end of 2006 as compared to 2005. In 2006, the average grade of proven and probable silver mineral reserves also increased, to more than 61 ounces of silver per ton, which ranks among the world's highest silver grades. Additionally, in 2006, the company acquired interests in four highly prospective silver-gold exploration properties in Santa Cruz and has budgeted more than $4.6 million for exploration in Santa Cruz in 2007. The mill also will enable Martha to reduce its cash operating cost by processing ore on site. Currently, Martha's ore is processed at the company's Cerro Bayo facilities in Chile. In 2006, Martha produced approximately 2.7 million ounces of silver and more than 3,400 ounces of gold. Dennis E. Wheeler, Coeur's Chairman, President, and Chief Executive Officer, said, "Not only does the mill create value for the company, but it will provide new jobs and generate positive economic activity in the region, where mining continues to be of growing importance. In addition, we are particularly pleased and grateful to have the support of the provincial government and federal mining authorities as we begin to move forward with this project." Coeur originally acquired Martha in 2002 for $2.5 million. Since that time, the company has mined more than 9.5 million ounces of silver there. Coeur d'Alene Mines is one of the world's leading primary silver producers and has a strong presence in gold. The company has mining interests in Alaska, Argentina, Australia, Bolivia, Chile, Nevada and Tanzania.