Coeur Alaska and Goldbelt, Incorporated Announce Memorandum of Understanding on Marine Transportation for Kensington Mine
Mon Apr 14, 9:35 AM
ca.news.finance.yahoo.com
JUNEAU, Alaska--(BUSINESS WIRE)--Goldbelt, Incorporated and Coeur d’Alene Mines Corporation (NYSE: CDE) (TSX: CDM.TO) (ASX: CXC.AX) jointly announced today that Goldbelt and Coeur Alaska have entered into a new Memorandum of Understanding designed to address the Kensington Gold Mine’s transportation needs. The new MOU will focus on an alternate marine transportation center at Yankee Cove that will move mine workers to and from the Kensington, located approximately 45 miles north of Juneau.
Gary Droubay, Chief Executive Officer for Goldbelt, stated: “The new agreement we are working on addresses the transportation, security and other support services the mine will need under its new Modified Plan of Operations. We are also delighted in the progress of the permitting of the Modified Plan of Operations and the apparent position of the three Conservation groups that the new tailings option is preferable to the previous Lower Slate Lake project.
“Coeur and Goldbelt can now move ahead on a new transportation operating agreement. This plan will put Goldbelt shareholders back to work. The delay caused by the lawsuit adversely impacted both jobs and services in which Goldbelt shareholders would have benefited. I know the recent developments to progress the project are good news for Juneau and all of Southeast Alaska,” Mr. Droubay added.
Dennis E. Wheeler, CEO and Chairman of Coeur, stated, “The MOU with Goldbelt continues to progress our new Plan of Operations which will move our employees to the mine by busing them from Juneau to Yankee Cove, and then by boat from Yankee Cove to the mine site. While the permitting process has been extended by the litigation, there is now a clear path to permitting Coeur’s new ‘paste’ tailings proposal.”
Mr. Wheeler added, “Our aim is to complete all necessary permitting in the Fall of 2008, with production targeted for 2009.”
During the long term relationship between Coeur and Goldbelt, over $35 million in environmental and design studies and three Environment Impact Statements have been conducted on the project.
Kensington is a major gold project located about 45 miles northwest of Juneau with an estimated annual production profile of approximately 140,000 ounces of gold. Construction of all surface facilities, except for the tailings facility, is essentially completed. In addition, the 2.5 mile horizontal access tunnel is completed, connecting the Jualin mine site, where the plant and mill are located, and Kensington. Proven and probable reserves measure approximately 1.4 million ounces of gold.
About Goldbelt
Goldbelt is an Alaska Native Corporation with 3,300 shareholders. It currently operates a number of companies involved in hospitality, transportation and security services, and it continues to pursue development plans for its ANCSA land holdings, including its land at Echo Cove.
About Coeur
Coeur d’Alene Mines Corporation is one of the world’s leading silver companies and also a significant gold producer, with anticipated 2008 production of approximately 16 million ounces of silver, a 40% increase over 2007 levels. Coeur, which has no silver or gold production hedged, is now set to commence production at the world’s largest pure silver mine - San Bartolomé in Bolivia – and is currently another world-leading silver mine – Palmarejo in Mexico. The Company also operates two underground mines in southern Chile and Argentina and one surface mine in Nevada; and owns non-operating interests in two low-cost mines in Australia. The Company also owns a major gold project in Alaska and conducts exploration activities in Argentina, Bolivia, Chile, Mexico and Tanzania. Coeur common shares are traded on the New York Stock Exchange under the symbol CDE, the Toronto Stock Exchange under the symbol CDM, and its CHESS Depositary Interests are traded on the Australian Securities Exchange under symbol CXC.
Cautionary Statement
This press release contains forward-looking statements within the meaning of securities legislation in the United States, Canada, and Australia, including statements regarding anticipated operating results. Such statements are subject to numerous assumptions and uncertainties, many of which are outside the control of Coeur. Operating, exploration and financial data, and other statements in this press release are based on information that Coeur believes is reasonable, but involve significant uncertainties affecting the business of Coeur, including, but not limited 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 future acquisitions 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 filings made from time to time with the SEC, the Canadian securities regulators, and the Australian Securities Exchange, including, without limitation, Coeur’s reports on Form 10-K and Form 10-Q. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. Coeur disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Coeur undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Coeur, its financial or operating results or its securities.
Coeur d’Alene Mines Corporation
Investor Contact
Karli Anderson, 208-665-0345
Director of Investor Relations
or
Media Inquiries
Tony Ebersole, 208-665-0777
Director of Corporate Communications
or
Goldbelt, Incorporated
Gary Droubay, 907-790-1440
President/CEO |
