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Not Rick! IMHO, he is still asleep at the wheel.
WTF! I like the sell at .0084 when the bid ask is at .01x.0112.
Weeeeeeeeee!!!!!
Hallmark!!! Think of the confusion among those who follow astrology!! LOL
We may be forced to go to a 2 month calendar....
January will have 181 days (except for leap year) and July will be composed of 184 days.
We should be getting news as we're only 13 days from the end of July. LOL
I figure whatever shows up is what I have. LOL
I believe great news for the company, but the price sure is looking to tank this AM.
I agree, but it should have been stated as a dividend instead. A split means that they are splitting the share that you have and it is being replaced by the new number, 10.
News---
Army Corps of Engineers Reactivates Permit at Coeur's Kensington Gold Mine, Clearing Way for Expected 2010 Production StartLast update: 8/17/2009 9:00:03 AMCOEUR D'ALENE, Idaho, Aug 17, 2009 (BUSINESS WIRE) --
Coeur d'Alene Mines Corporation (CDE) (CA:CDM) (ASX:CXC) today announced that the U.S. Army Corps of Engineers has reactivated the 404 permit for Coeur's Kensington Gold Mine located 40 miles northwest of Juneau, Alaska. With approximately 90% of the mine already complete, the Company will immediately begin to finalize construction of the remaining areas of the operation. "There is an extensive list of groups and individuals to thank for their efforts and continued support of Kensington. The Company looks forward to getting back to accomplishing the main objective, which is to construct and operate a world-class gold mine that all stakeholders will be proud of," said Dennis E. Wheeler, Chairman, President and Chief Executive Officer of Coeur. "Kensington represents Coeur's third new mine in the past two years. This transformation to these large, long-life mines will continue to provide shareholders with further growth in production and cash flow." About Coeur Coeur d'Alene Mines Corporation is one of the world's leading silver companies and also a significant gold producer. Coeur will have its first full year of production this year at the world's largest pure silver mine - San Bartolome in Bolivia - and began production in March at another world-leading silver mine - Palmarejo in Mexico. The Company also operates underground mines in southern Chile and Argentina and one surface mine in Nevada; and owns a non-operating interest in a low-cost mine in Australia. The Company also owns a major gold project - Kensington in Alaska - and conducts exploration activities in Argentina, Chile and Mexico. 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.
Not really, they once again stated 1 for 10 which means you will posses 10 shares for every 1 share that you owned post split. But then go on to state that you will receive an additional 10 shares.
1 for 10 means you will 10 afterwards.
additional means you will have 11.
Same confusion, just different numbers.
The details are suppose to be discussed today by the board of directors. Maybe another PR this afternoon.
Does anybody know what has become of this, just seems like it fell off the face of the earth.
They keeping trying to entice sellers, but no one is dumping. He-he-he-he.
Touche!
That news could scare people away, cause that has the smell of P&D.
I like agreements, not LOIs.
There was news posted late last night:
Environmental Power Announces 2009 Second Quarter Results and Provides Business Update
8:00p ET August 10, 2009 (PR NewsWire)
Environmental Power Corporation (Nasdaq: EPG) ("we", "us", "EPC", or the "Company") today announced results for the second quarter ended June 30, 2009 and is providing the following business update.
Business Commentary
During the last quarter, the Company continued in its efforts relating to a number of initiatives in its transformation from a development based company to a sustainable operating company. These initiatives and accomplishments included the following, which will be further described later in this press release:
-- Huckabay Ridge operations are performing at or exceeding targeted reliability levels and producing RNG(R) in accordance with expectations. -- We entered into an on-site energy services agreement to allow for increased RNG(R) sales at Huckabay Ridge of 147,000 MMBtus per year resulting in improved operating margins. -- Based on the third generation of our RNG(R) process design which incorporates the lessons learned from Huckabay Ridge, we have increased the expected RNG(R) sales volume for each of our development projects. We are also assessing other alternative means to maximize our RNG sales, including third party energy services agreements. -- Marathon Capital, LLC, is actively working to obtain final financing proposals from prospective investors in support of our announced project pipeline and for discussions with the California bondholders. -- In light of the current capital raising activities, we extended from June 30, 2009 until September 15, 2009 the bondholders option period to redeem the California tax-exempt bonds in order to facilitate further discussions with them as to financing options. -- We are aggressively pursuing the availability of funds under the federal stimulus package and other federal programs. -- We continue to gain support for legislation to create tax credits for the production of renewable natural gas from waste products. -- We continue to evaluate options to reduce our project capital costs and operating expenses to improve project returns. -- We reduced G&A costs by 25%, and expect to maintain these reductions for 2009. -- We entered into a new technology agreement with Xergi/DBT, better reflecting EPC's build/own/operate business model. -- Xergi acquired $3 million of EPG's 14% convertible notes. Our financing plans include the possibility of future financings on similar terms with other parties
We believe the success of these initiatives will ensure that we maintain our leadership position in the RNG(R) market.
Market Update
We continue to experience very positive market conditions for our RNG(R) product as a source of carbon neutral gas for utility and industrial companies and we anticipate that federal renewable energy incentives, a national Renewable Electricity Standard, and a mandatory cap-and-trade program will increase the demand and value of our RNG(R) product and associated greenhouse gas offset credits.
Because our RNG(R) product can be used as a fuel in existing plant assets, it is available 24/7, does not require new electric transmission capacity and does not impact food related crops, demand for our RNG(R) product remains high. While "brown" natural gas prices remain low, we believe that our principal competition is not this form of gas but rather the cost of other renewables such as wind and solar on an equivalent energy basis. As shown by a recent analysis by the California PUC, biogas at our green premium pricing is still more competitive than other forms of renewable energy. It is to this standard that we price our RNG(R) product as reflected in the existing long term RNG Sales agreements with PG&E and Xcel, both of which received their respective PUC approvals. We are also seeing utilities getting more proactive in pursuit of renewable options as they prepare for a new carbon constrained world and the requirement of a national Renewable Electricity Standard ("RES"). We expect demand for our RNG(R) product to remain high and even increase as both utilities and industrial organizations strive to improve environmental stewardship and address the new regulatory regime related to renewables and carbon.
We believe the market for our unique product which addresses the environmental needs of the agricultural and food processing sectors while creating a versatile and renewable energy product with greenhouse gas offset credits will be a key component in addressing the future energy and environmental needs of the US.
Financial Results
The Company had a net loss applicable to common shareholders of $2.6 million, or loss per common share of $0.17, for the quarter ended June 30, 2009, as compared to a net loss applicable to common shareholders of $5.3 million, or loss per common share of $0.34 for the quarter ended June 30, 2008. The reduction in net loss for 2009 of $2.7 million is primarily due to a reduction in general and administrative expenses in 2009 as a result of management's cost reduction program and reduced operating expenses at the Company's Huckabay Ridge facility.
Revenues. Revenues for the three months ended June 30, 2009 were essentially unchanged, increasing to $1.2 million during the second quarter of 2009 as compared to $1.1 million during the second quarter of 2008.
Operations and maintenance expenses. These expenses declined by $1.0 million in the second quarter of 2009 to $0.9 million, as compared to $1.9 million for the second quarter of 2008. The reduction in expenses principally reflects lower operating expenses at Huckabay Ridge. At Huckabay Ridge in the second quarter of 2009 start-up and non-recurring expenses were reduced from 2008 levels. Insurance proceeds received in the second quarter of 2009 and the reversal of certain reserves established in 2008 for the costs of disposal of substrate also resulted in lower operations and maintenance costs in the second quarter of 2009.
General and administrative expenses. General and administrative expenses were $1.5 million for the three months ended June 30, 2009, as compared to $3.6 million for the three months ended June 30, 2008, a reduction of $2.1 million. This reduction reflects lower salary expenses as a result of the Company's cost reduction program, lower non-cash compensation expenses in 2009 and reduced development expenses in 2009 as we slowed development efforts to conserve cash pending our fundraising initiatives. Excluding the decline in non-cash compensation expenses, general and administrative expenses declined to $1.4 million in the second quarter of 2009 as compared to $2.5 million for the second quarter of 2008, a decline of $1.1 million.
Depreciation and amortization expenses. Depreciation and amortization expense was $0.4 million for the second quarters of both 2009 and 2008.
Operating loss. As a result of the factors described above, the operating loss from continuing operations during the second quarter of 2009 was $1.6 million, as compared to an operating loss of $4.8 million for the second quarter of 2008.
Interest income. Interest income declined to $0.01 million in the second quarter of 2009, as compared to $0.1 million in the second quarter of 2008. Interest income declined due both to lower invested cash balances and lower interest rates on such balances.
Interest expense. Interest expense increased by $0.3 million to $0.6 million for the second three months of 2009, as compared to $0.3 million for the second three months of 2008. The increase in interest expense was due principally to the fact we accrued $0.3 million in interest expense on $8.0 million original principal amount of our 14% convertible notes which were issued in March and May 2009. Interest expense in the second quarter of 2009 also increased because we expensed $0.1 million related to our Swift facility in Grand Island, Nebraska in connection with our temporary suspension of construction as of April 1, 2009, whereas we had capitalized these costs in the second quarter of 2008.
A complete presentation of the Company's financial results for the three months ended June 30, 2009, and management's discussion and analysis thereof, is included in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2009, which was filed with the Securities and Exchange Commission on August 10, 2009 and is available on the Company's web site.
Caturano & Company, P.C., our independent registered public accounting firm, reported that the Company's audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2008 contain a paragraph that indicates that, while the Company's financial statements have been prepared on a going concern basis, there is substantial doubt about its ability to continue as a going concern, and that no adjustments have been made to the financial statements that might result from the outcome of this uncertainty.
Financing Initiatives
As of June 30, 2009, the Company's unrestricted cash and cash equivalents amounted to $1.8 million. The Company continues to aggressively pursue capital from a number of sources, and hopes to obtain the financing it requires during the third quarter of 2009. The level of funds the Company is able to raise will determine the level of development and construction activity that it can pursue.
The company had previously announced its intention to issue convertible notes as a source of capital. On March 13, 2009, the Company completed an offering of $5.0 million of its 14% Convertible Notes due January 1, 2014, resulting in net proceeds of approximately $4.5 million. The conversion price schedule of the bonds starts at an initial conversion price of $5.40 which increases to $11.00 by the maturity of the bonds. Furthermore, in May 2009, the Company issued $3.0 million of convertible notes on the same terms to Xergi's subsidiary Danish Biogas Technology, our technology rights provider, as payment of project licensing fees. Our financing plans include the possibility of future financings on similar terms.
As previously announced, the Company and its advisor, Marathon Capital, are working to finalize financing proposals from prospective investors. Efforts are on-going related to due diligence and potential financing structures as we seek to secure committed financing for the Company and its project equity requirements.
Project Capacity Update
As a result of our experienced gained at Huckabay Ridge and the plan to utilize other gas conditioning technologies in our future projects, our parasitic use of our RNG(R) product is expected to decrease, resulting in increased RNG(R) product sales volumes as described below.
Project Cnossen Mission Rio Leche Hanford Riverdale Bar 20 Previous MMBtu Sales 635,000 635,000 635,000 732,000 621,000 601,000 Current MMBtu Sales 670,000 670,000 670,000 780,000 639,000 629,000 Percent Increase 6% 6% 6% 7% 3% 5%
The increased revenue from increased RNG(R) product sales will be partially offset by increased parasitic electricity costs.
We are actively assessing the benefits of producing or purchasing lower cost energy for our parasitic requirements at all our development projects, either by utilizing a similar CHP process as at Huckabay Ridge or other means which would result in an additional increase in RNG sales volume, offset by the net cost of energy procured.
Project Status
Huckabay Ridge
As previously reported, comprehensive upgrades to process-instrumentation and controls, the gas conditioning system, and the gas-collection system continue to deliver improved online reliability. Indeed, for both the months of June and July 2009, we were producing product 93% of the time versus a targeted level of 90%. We achieved this level of performance while exceeding pipeline-quality standards for the removal of CO2, H2S and H2O and managing through extreme ambient conditions. These results confirm our confidence in our operating model and give us added confidence in our ability to manage the biogas-generation process as we look forward to our next generation of operating units.
Digester biogas production continues to be at or above calculated levels as the performance and health of the digesters have never been better. Key indicators are tracking with small variations and the predictability of biogas generation and actual results are consistent with our theoretical operating model.
Expected biogas production and RNG(R) production continues to be attainable as a result of successfully managing the array of substrate supply challenges, all driven by a sagging economy. As previously discussed, due to the recession, the quantity and quality of substrate material affected our biogas production rates in the first quarter. We established a substrate sourcing plan to address our needs, executed on the plan and have met or exceeded the biogas production levels anticipated by the plan's phase-in while reducing our related costs. In addition, we are witnessing improvements both in the quantity of materials and their quality beyond that contemplated in our substrate sourcing plan and are encouraged by early indications that these improvements are sustainable. We remain confident in our efforts to manage to our sourcing plan and in the prospect of improved production as the quality of substrate feedstock improves.
A positive result of expanding our reach of suppliers based on this sourcing plan is to improve the pool of suppliers for Huckabay Ridge as well as building our pool of suppliers for our other Texas projects. In addition, when the biodiesel industry turns around we are prepared to take delivery of glycerin, an excellent form of substrate, as project economic conditions dictate.
We are also pursuing an expanded environmental licensing capability at Huckabay Ridge to accept a broader scope of substrate materials. Specifically, we have had discussions with the Texas ECQ and we should be able to modify our existing permit to broaden the type of organic materials we may utilize in our process which will expand the universe of suppliers for our substrate. In addition, we are also working on material handling designs and capacities that can accept varying substrate consistencies, and working to develop additional strategic relationships with larger and potentially long-term substrate providers that will assist us at Huckabay Ridge and our other Texas facilities. We believe that all of these efforts will not only address current unprecedented market conditions but will also allow us greater operating flexibility in the future.
While we believe that the reduced availability of highly concentrated substrates is directly related to recessionary forces, and we fully expect their availability to improve along with an improved economy, designs at all future facilities now take into account the ability to handle lower concentrations of substrate materials. Therefore, we believe that, should we experience these same market conditions, RNG(R) output from our facilities will not be effected. On the other hand, should substrate quality return to the higher volatile solids concentrations as previously experienced, we expect that the resulting output of RNG(R) will be higher than previously targeted levels.
As part of our continuing efforts to optimize RNG(R) sales, we entered into an energy services agreement with Alcor Energy Solutions who will install a combined heat and power (CHP) plant at our Huckabay Ridge project to provide efficient thermal and electrical energy under a long term agreement. This arrangement will allow us to reduce our internal RNG(R) parasitic loads, which had increased due to modifications required by the gas conditioning process, freeing up more gas for sale in the market. The net effect will be an increase in revenue as we now anticipate producing an annual sales volume of 782,000 MMBtus per year, an increase of 147,000 MMBtus per year of RNG(R) sales above the previously announced target. This enhanced revenue stream will be partially offset by increased thermal costs but at a lower value than our RNG(R) product sales under the long term PG&E contract and enhanced due to reduced electric costs for the facility, thereby increasing overall operating margins. The CHP facility is expected to be in operation during the first quarter of 2010.
As previously noted, we are actively assessing the benefits of producing or purchasing lower cost energy for our parasitic requirements at all our development projects, either by utilizing a similar CHP process as at Huckabay Ridge or other means which would result in an additional increase in RNG sales volume, offset by the net cost of energy procured.
Other Texas Facilities
The Rio Leche and Cnossen projects are slated to resume site construction activities in the third quarter of 2009, pending the timing of the financing initiatives presently underway. Both facilities are fully permitted and have undergone partial site preparation and other precursor steps to construction. Engineering work is being completed for these projects and we are in the process of preparing RFPs for the procurement of long lead-time equipment packages. We currently expect the facilities to be operational during the second half of 2010.
California - Hanford and Riverdale
In September 2008, Microgy Holdings completed a $62.4 million dollar tax-exempt bond financing in support of the new Riverdale and Hanford facilities in California. All permits are in place for these projects, and final engineering specifications are being completed. Construction is anticipated to begin in the fourth quarter of 2009, with commercial operations commencement targeted for the end of 2010, pending the results of our discussions with the California bondholders and our general financing initiatives. Under an agreement executed on July 31, 2009 between EPC and the bondholders, the parties agreed to extend until September 15, 2009, the date until which the bondholders may exercise their redemption option. The Company and the California bondholders have decided that it is in their respective best interests to extend the period of time during which the option may be exercised, in light of current capital raising activities by Microgy Holdings, Inc. and the Company.
California - Bar 20
We have been investigating various financing alternatives for Bar 20, the third announced facility in California, for which we have all the necessary permits to begin construction. Although the Company returned its tax-exempt volume cap allocation for Bar 20 from last year, we have the option to reapply for a new volume cap allocation once tax-exempt market conditions improve in accordance with California Debt Limit Allocation Committee ("CDLAC") policy. Our intention is to obtain the most favorable financing rates for Bar 20 that allow construction to begin at the earliest date possible, thus minimizing any potential delay waiting for the financial markets to improve.
Nebraska
Construction at Microgy's Grand Island biogas facility progressed through the first quarter of 2009, with major equipment procurement nearly complete. We temporarily suspended construction on this facility effective April 1, 2009, pending the results of our financing initiatives. Operations are expected to commence in 2010, pending the Company securing the equity funds necessary for the completion of this project. The plant is expected to produce 235,000 MMBtu per year of biogas that will be purchased by Swift under a fifteen year gas purchase agreement to offset natural gas consumption at Swift Grand Island. Swift will be providing all the necessary feedstock material, both manure and substrate, required by our process.
Xergi - Our Technology Partner
On April 23, 2009, the Company entered into a Cooperation Agreement with Danish Biogas Technology, A.S. ("DBT") and its parent, Xergi, A.S. ("Xergi"). The new technology agreement better reflects the Company's build / own / operate business model. Xergi acquired, in a private placement transaction, $3.0 million of EPG's 14% convertible notes on the same terms as the $5.0 million of our convertible notes issued in March 2009. Xergi's $3.0 million payment obligation for the notes was netted against Microgy's $3.0 million payment obligation for technology rights for certain upcoming projects, and the agreement replaces all other agreements previously in place between Microgy and DBT. The closing of the issuance of the notes to DBT under this agreement was completed in May 2009.
Under the terms of the new agreement, the Company and its wholly owned subsidiary, Microgy, Inc., continue to have exclusive licensing rights for Xergi's anaerobic digester technology in North America, while reducing the license fees on Microgy's current and future projects. In addition, the Company and Xergi will continue to collaborate on development and use of other technologies and techniques such as the use of micro-organisms and enzymes, which enhance the production of biogas from manure and other organic substrates.
Federal Initiatives Update
We continue our aggressive pursuit of the array of grants, credits, loans and loan-guarantees being made available through the United States Department of Energy, the Department of Treasury, and key State Energy Offices under the American Recovery and Reinvestment Act of 2009, as well as funding opportunities being administered by the US Department of Agriculture under the 2008 Farm Bill. In addition, we continue to pursue a number of initiatives at the federal legislative level in order to secure parity with other biofuel and renewable electricity producers. Specifically, we are pursuing a renewable gas production tax credit that would provide parity as well as promote technologies that reduce carbon emissions and increase the production of renewable energy -- a major focus of the administration. Two bills have been introduced in Congress, Senate Bill S306 and House Bill HR 1158, which would provide a 10-year, $4.27 per MMBtu tax credit for renewable gas, manure based projects such as ours. We are encouraged by the bipartisan support for the bills in the House and Senate and also by the acceptance of biogas as a qualified renewable in the current House and Senate versions of the Renewable Electricity Standard pending in Congress. We extend our continuing thanks to Gas Technology Institute and PG&E Corporation for their leadership in securing the important legislative milestones that have been reached to date at the federal level.
Closing Statement
The organization has been focused and committed to transforming itself from a late stage development company to a sustainable operating entity and leader in its field. We believe that our RNG(R) product continues to be one of the most reliable, cost effective renewable sources of energy that can be used in existing electric production facilities. The uniqueness of our Company, the shovel-ready nature of our projects, and our leadership present a unique opportunity for others to participate in our projects. We like to thank all the investors who have supported our organization, especially during these challenging economic times.
Management Conference Call
Richard Kessel, President and CEO and Micky Thomas, Chief Financial Officer will host the call.
Conference Call Details
When: 10:00am Eastern Time; August 11, 2009 Dial-in: U.S. Toll Free: 888-299-4099 Canadian Toll Free: 866-682-1172 International Toll: 302-709-8337 Verbal Passcode: VK45402 Replay Access #: U.S. 800-355-2355 Code 45402# Int. & Canadian Toll: 402-220-2946 Code 45402#
The call will be available for 3 days by accessing the number above.
ABOUT ENVIRONMENTAL POWER CORPORATION
Environmental Power Corporation is a developer, owner, and operator of renewable energy production facilities. Our principal operating subsidiary, Microgy, Inc., develops and operates proven large scale, commercial anaerobic digestion based projects which produce a versatile methane-rich biogas from livestock waste and other organic sources. For more information visit the Company's web site at http://www.environmentalpower.com.
CAUTIONARY STATEMENT
The Private Securities Litigation Reform Act of 1995, referred to as the PSLRA, provides a "safe harbor" for forward-looking statements. Certain statements contained in this press release, such as statements concerning financing, our planned manure-to-energy systems, our sales pipeline, our backlog, our projected sales and financial performance, statements containing the words "may," "assumes," "forecasts," "positions," "predicts," "strategy," "will," "expects," "estimates," "anticipates," "believes," "projects," "intends," "plans," "budgets," "potential," "continue," "targets" "proposed," and variations thereof, and other statements contained in this press release regarding matters that are not historical facts are forward-looking statements as such term is defined in the PSLRA. Because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to: uncertainties involving development-stage companies; uncertainties regarding corporate and project financing and our ability to continue as a going concern, the lack of binding commitments and/or the need to negotiate and execute definitive agreements for the construction and financing of projects, the sale of project output, the supply of substrate and other requirements and for other matters; financing and cash flow requirements and uncertainties; inexperience with the development of multi-digester projects; risks relating to fluctuations in the price of commodity fuels like natural gas, and our inexperience with managing such risks; difficulties involved in developing and executing a business plan; difficulties and uncertainties regarding acquisitions; technological uncertainties; including those relating to competing products and technologies; risks relating to managing and integrating acquired businesses; unpredictable developments; including plant outages and repair requirements; the difficulty of estimating construction, development, repair and maintenance costs and timeframes; the uncertainties involved in estimating insurance and implied warranty recoveries, if any; the inability to predict the course or outcome of any negotiations with parties involved with our projects; uncertainties relating to general economic and industry conditions, and the amount and rate of growth in expenses; uncertainties relating to government and regulatory policies and the legal environment; uncertainties relating to the availability of tax credits, deductions, rebates and similar incentives; intellectual property issues; the competitive environment in which Environmental Power Corporation and its subsidiaries operate and other factors, including those described in our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, well as in other filings we make with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date that they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Company Contact Scott Tetenman, Manager of Project Financing and Treasury Environmental Power Corporation (914) 631-1435 x42 stetenman@environmentalpower.com Public Relations Contact John Abrashkin Ricochet Public Relations (212) 679-3300 x121 jabrashkin@ricochetpr.com
SOURCE Environmental Power Corporation
http://www.environmentalpower.com
I'm here, just don't have a whole lot to post about.
You can always tell ones age by the insignificant trivia they remember. LOL
Just in case you forgot 8675309
He has until the 61st. Since this is July we have 61 days not 60, correct? LOL
Or the company dumping more shares into the market, trying to create capital.
I'm believing it's going to be fun to watch.
News
COEUR D'ALENE, Idaho, Aug 06, 2009 (BUSINESS WIRE) -- Coeur d'Alene Mines Corporation (CDE) (CA:CDM) (ASX:CXC): Second Quarter Highlights: -- 74% increase in silver production to a second quarter record 4.3 million ounces -- 46% increase in revenue to all-time high of $73 million -- 692% increase in quarterly operating cash flow(1) to $16.8 million -- Quarterly net income of $11.6 million, or $0.17 per share -- 22% reduction in G&A expenses - third consecutive quarter of double digit declines -- Favorable Supreme Court decision received regarding Kensington permit -- Total debt reduced over $150 million, or 37% -- Sale of Broken Hill interest for $55 million results in pro forma cash balance of $80 million Coeur d'Alene Mines Corporation today announced a second quarter silver production record of 4.3 million ounces during the second quarter of 2009. This represents a 74% increase compared to last year's second quarter and was driven by silver production from the Company's two new large, long-life mines, the San Bartolome silver mine in Bolivia and the Palmarejo silver and gold mine in Mexico, which combined for a total of 2.5 million ounces of silver production, or 58% of the Company's total silver production, during the second quarter. "Our second quarter results reflect the significant impact the Company's two new large mines are now having on production levels and cash flow," said Dennis E. Wheeler, Chairman, President and Chief Executive Officer. "As the new Palmarejo mine continues to ramp up production through the remainder of the year, we expect this growth in production and cash flow to continue. "Meanwhile, Coeur continues to fortify its balance sheet. The Company's cash position now stands at a strong $80 million, and our total debt has been reduced by over $150 million, or 37%, since the beginning of the year. "Finally, we are very pleased with the recent decision by the U.S. Supreme Court affirming the previously issued tailings permit at our Kensington gold mine project in Alaska. The Court decision and dissolution of the previous injunction now clears the way for the only remaining item left to be constructed at the mine - the tailings facility - and for production to commence beginning in the second half of 2010, providing long-term economic benefits to the Alaskan economy and Coeur shareholders," Mr. Wheeler said. Palmarejo (Mexico) Continues to Ramp Up to Full Scale The Palmarejo silver and gold mine in northern Mexico continued to ramp up production during its initial quarter of operations. During the quarter, Palmarejo produced 588,000 ounces of silver and 9,730 ounces of gold. All construction contractors have been demobilized and both underground and open-pit operations are performing according to plan. Final commissioning of certain areas of the processing plant continue to take place. The Company expects to achieve design mining and processing rates by the beginning of the fourth quarter. San Bartolome (Bolivia) Quarterly Production of 1.9 Million Ounces Silver production during the second quarter at San Bartolome was 1.9 million ounces with cash operating costs of $7.37 per ounce. Production was slightly lower and costs were slightly higher than the first quarter of the year due to a temporary SAG mill motor failure, which caused the mill to not operate for fifteen days during the month of May. The SAG mill issue was successfully addressed and operations resumed at normal levels throughout the rest of the quarter. For the first six months of the year, San Bartolome produced 4.0 million ounces of silver at average cash operating costs of $7.04 per ounce. The Company expects full-year 2009 silver production at San Bartolome to reach approximately 8.4 million ounces of silver at an average cash operating cost of approximately $6.50 per ounce.(2) U.S. Supreme Court Decision Upholds Kensington Permit; Company Updates Cost Estimates In the second quarter, the United States Supreme Court released its decision reversing the Ninth Circuit Court of Appeals and upholding the previously issued permit for the tailings facility for the Kensington gold mine near Juneau, Alaska. The Ninth Circuit Court then lifted the prior court ordered injunction, and the only remaining action needed is for the Corps of Engineers to lift the prior suspension of the permit which is expected timely. The Company then plans to proceed with construction of the only item remaining to be constructed, the tailings facility, and for production to commence at the mine, providing job growth and economic stimulus to Southeast Alaska. The Company is expecting production to begin in the second half of 2010. The mine is expected to average approximately 120,000 ounces of annual gold production over a 12.5 year mine life based on current proven and probable mineral reserves. Cash operating costs are expected to average $475 per ounce. The remaining construction and mine-related capital costs estimated to bring the mine into production are expected to be approximately $70 million. Construction contracts have been awarded and the construction management team has been mobilized. In 2009, construction activities will be focused on completing the tailings facility towards a second half 2010 startup. Balance Sheet Strengthened Through Debt Reduction Program and Sale of Broken Hill Interest During the first half of 2009, the Company reduced its convertible debt by over $150 million, or approximately 37%. During the second quarter, the Company reduced the outstanding balance of its 1.25% convertible notes by $51.1 million and reduced the outstanding balance of its 3.25% convertible notes by $63.0 million. Coeur announced on July 16 that it agreed to sell back to Perilya Limited its interest in the silver contained at the Broken Hill mine in Australia for US$55.0 million in cash. Coeur originally purchased this interest from Perilya in September 2005 for $36.9 million, and has received a total of more than 6.1 million ounces of payable silver from the Broken Hill mine. As of June 30, 2009, the Company had recovered approximately 137.2% of the original consideration. The Company will also continue to review rationalization of smaller assets. Coeur's issued and outstanding shares stood at 75.4 million on August 4th, 2009, giving effect to the reverse split on May 26, 2009. Exploration Update Guadalupe, Mexico. The Company's exploration program was focused on the Guadalupe vein system in the Palmarejo District. The program, which completed over 7,200 meters of new drilling, was designed to expand the Guadalupe deposit, define the known mineralization at Las Animas and Guadalupe Sur zone - both of which show potential for surface mining and quick ore access - and to discover new silver and gold mineralization nearby. Favorable results were obtained from all drilling. In addition, field work identified two new silver and gold bearing structures to the west and northwest of Guadalupe - termed La Antena and La Higuera, respectively - and a new model of Las Animas and Guadalupe is being completed which is expected to have important positive implications for future discoveries in the district. All of these new targets will be part of the next phase of drilling during the remainder of the year. The Company expects this work will yield an increase in proven and probable mineral reserves for the Guadalupe vein system to be reported later this year. Cerro Bayo, Chile. Exploration drilling focused on definition and expansion of the large Delia vein system during the second quarter, which is located less than 500 meters southeast of the Cerro Bayo mill, and on testing new targets in the district. A total of 13,300 meters of drilling was completed this quarter on all targets. In June, the Company's exploration team intersected very high-grade silver and gold mineralization in a new vein - termed Trinidad - which occurs just to the west of Delia. Follow up drilling on this and other targets is underway. Joaquin, Argentina. Coeur's exploration teams completed a second phase of drilling at the La Morocha and La Negra zones at the Joaquin Project, under option from Mirasol Resources Ltd., located north of the Company's Martha mine. A total of 15 holes and 1,900 meters were completed in this phase. All of the second phase core holes encountered wide zones of silver and gold mineralization. A third phase of drilling is planned for Q3 at Joaquin as well as a first phase on Nico, a second property under option, which borders the Martha mine property at the north. Don Birak, Coeur's Senior Vice President of Exploration, said, "We are pleased to report these positive exploration results. The results from this quarter's drilling at Guadalupe continue to expand and define the mineralized system in this large target located approximately six kilometers from the processing facilities at Palmarejo. The deposit is over 2 kilometers long and still open for expansion. As drilling activities continued on our land position at Palmarejo during the quarter, we were encouraged with the discovery of the new La Antena and La Higuera zones located near Guadalupe." "In Chile, the new high-grades at the Trinidad vein at Cerro Bayo are significant given their close proximity to the Delia vein, discovered late last year, and we will continue to drill there and on other new targets. Results at Joaquin in southern Argentina have been very encouraging this year with wide zone of silver and gold mineralization encountered in nearly all drill holes, and a third phase of drilling will commence in the next quarter at this potential stand-alone surface mining opportunity to establish the size of the mineralization and provide samples for initial metallurgical testing." (1) Non-GAAP measure; Amount equal to cash flow from operations (US GAAP) less working capital changes as set forth in cash flow statement. See table below for a reconciliation of operating cash flow to cash provided by (used in) operating activities. (2) Non GAAP measure; defined as operating costs less by-product credits (if any) divided by silver production; excludes royalties and taxes. About Coeur Coeur d'Alene Mines Corporation is one of the world's leading silver companies and also a significant gold producer. Coeur will have its first full year of production this year at the world's largest pure silver mine - San Bartolome in Bolivia - and began production in March at another world-leading silver mine - Palmarejo in Mexico. The Company also operates underground mines in southern Chile and Argentina and one surface mine in Nevada; and owns a non-operating interest in a low-cost mine in Australia. The Company also owns a major gold project - Kensington in Alaska - and conducts exploration activities in Argentina, Chile and Mexico. 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. Photos of projects and other information can be accessed through company website at . Conference Call Information Coeur will hold a conference call to discuss the Company's second quarter 2009 results at 1:00 p.m. Eastern time on August 6, 2009. To listen live via telephone, call 866-853-4681 (US and Canada) or 660-422-4718 (International). The conference ID number is 21050936. The conference call and presentation will also be webcast on the Company's web site . A replay of the call will be available through August 13, 2009. The replay dial-in numbers are 800-642-1687 (US and Canada) and 706-645-9291 (International) and the access code is 21050936. In addition, the call will be archived for a limited time on the company's web site. Non-GAAP Measures We supplement the reporting of our financial information determined under generally accepted accounting principles (GAAP) with certain Non-GAAP financial measures, including cash operating costs. We believe that these adjusted measures provide meaningful information to assist management, investors and analysts in understanding our financial results and assessing our prospects for future performance. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of, or are unrelated to our core operating results, and provide a better baseline for analyzing trends in our underlying businesses. We also provide the amount of our operating cash flow to supplement our cash flow determined under GAAP. We define operating cash flow as cash flow from operations (US GAAP) less working capital changes as set forth in cash flow statement. We believe operating cash flow is an important measure in assessing the Company's overall financial performance. The following table provides a reconciliation of operating cash flow to cash provided by (used in) operating activities: (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2009 2008 2009 2008Cash provided by/(used in) operations: $20,127 ($2,575 ) $21,730 ($10,224 )Subtract changes in operating assets and liabilities: Receivables and other current assets 8,601 11,921 5,948 26,219 Inventories 8,024 (2,062 ) 13,186 (6,659 ) Accounts payable and accrued liabilities (19,943 ) (5,162 ) (17,233 ) 3,985OPERATING CASH FLOW $16,809 $2,122 $23,631 $13,321Cautionary 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 presentation 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 first parties in respect of Coeur, its financial or operating results or its securities. Donald J. Birak, Coeur's Senior Vice President of Exploration, is the qualified person responsible for the preparation of the scientific and technical information concerning Coeur's mineral projects in this press release. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources, as well as a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant factors, please see the Technical Reports for each of Coeur's properties as filed on SEDAR at . Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits U.S. 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 certain terms in this press release, such as "measured," "indicated," and "inferred" "resources," that are recognized by Canadian and Australian regulations, but that SEC guidelines generally prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 10-K which may be obtained from us or from the SEC's website at . Operating Statistics From Continuing OperationsThe following table presents information by mine and consolidatedsales information for the three and six month periods ended June30, 2009 and 2008: Three Months Ended June 30, Six Months Ended June 30, 2009 2008 2009 2008San Bartolome Tons milled 352,938 17,078 716,717 17,078 Ore grade/Ag oz 6.10 8.15 6.46 8.15 Recovery/Ag oz 89.0% 15.7% 87.1% 15.7% Silver production ounces 1,916,359 21,856 4,029,910 21,856 Cash operating costs/oz $ 7.37 $12.48 $ 7.04 $12.48 Cash cost/oz $10.64 $13.15 $ 9.35 $13.15 Total cost/oz $13.13 $15.85 $11.82 $15.85Martha Mine Tons milled 27,097 13,170 54,914 22,147 Ore grade/Ag oz 28.31 49.26 30.02 59.47 Ore grade/Au oz .037 .065 .039 .071 Recovery/Ag oz 92.3% 94.7% 91.9% 96.0% Recovery/Au oz 83.4% 95.3% 83.9% 92.8% Silver production ounces 707,898 614,442 1,515,905 1,265,078 Gold production ounces 834 815 1,807 1,469 Cash operating costs/oz $ 7.89 $8.73 $ 6.74 $7.31 Cash cost/oz $ 8.33 $9.66 $ 7.20 $8.12 Total cost/oz $10.03 $11.84 $ 8.74 $10.12Cerro Bayo Tons milled - 67,063 - 158,581 Ore grade/Ag oz - 5.45 - 5.25 Ore grade/Au oz - .126 - .124 Recovery/Ag oz - 93.8% - 93.3% Recovery/Au oz - 77.7% - 84.8% Silver production ounces - 342,856 - 776,886 Gold production ounces - 6,593 - 16,722 Cash operating costs/oz - $7.62 - $4.06 Cash cost/oz - $7.62 - $4.06 Total cost/oz - $13.96 - $10.44Rochester(A) Silver production ounces 543,543 898,837 1,013,404 1,579,347 Gold production ounces 3,231 6,062 6,049 11,912 Cash operating costs/oz $ 2.50 $(1.74) $ 2.64 $(1.93) Cash cost/oz $ 2.96 $(.89) $ 3.14 $(1.05) Total cost/oz $ 3.90 $(.24) $ 4.14 $(.24)Palmarejo(B) Tons milled 285,095 - 285,095 - Ore grade/Ag oz 3.84 - 3.84 - Ore grade/Au oz .044 - .044 - Recovery/Ag oz 53.6% - 53.6% - Recovery/Au oz 77.0% - 77.0% - Silver production ounces 587,716 - 587,716 - Gold production ounces 9,730 - 9,730 - Cash operating costs/oz $ 19.44 - $ 19.44 - Cash cost/oz $ 19.44 - $ 19.44 - Total cost/oz $ 40.50 - $ 40.50 -Broken Hill Tons milled 462,573 526,197 827,766 1,027,167 Ore grade/Ag oz 1.42 1.02 1.44 1.03 Recovery/Ag oz 69.0% 71.0% 70.6% 72.6% Silver production ounces 454,184 382,349 843,594 768,829 Cash operating costs/oz $ 3.42 $3.66 $ 3.43 $3.69 Cash cost/oz $ 3.42 $3.66 $ 3.43 $3.69 Total cost/oz $ 5.34 $5.43 $ 5.35 $5.46Endeavor Tons milled 130,872 281,991 297,843 529,153 Ore grade/Ag oz 1.92 1.44 1.51 1.53 Recovery/Ag oz 48.7% 56.5% 58.8% 56.6% Silver production ounces 122,705 228,791 264,519 457,290 Cash operating costs/oz $ 6.19 $2.59 $ 5.52 $2.47 Cash cost/oz $ 6.19 $2.59 $ 5.52 $2.47 Total cost/oz $ 8.76 $5.00 $ 8.09 $4.61CONSOLIDATED PRODUCTION TOTALS Silver ounces 4,332,405 2,489,131 8,255,048 4,869,286 Gold ounces 13,795 13,470 17,586 30,103 Cash operating cost per oz $8.03 $3.49 $ 6.91 $2.79 Cash cost per oz/silver $9.61 $4.03 $ 8.18 $3.29 Total cost/oz $14.24 $6.19 $11.57 $5.58CONSOLIDATED SALES TOTALS(C) Silver ounces sold 4,761,279 2,270,588 8,369,085 4,682,905 Gold ounces sold 11,827 15,168 16,923 29,930 Realized price per silver ounce $13.85 $18.84 $13.26 $18.64 Realized price per gold ounce $959.93 $987.70 $934.56 $976.68(A) The leach cycle at Rochester requires 5 to 10 years to recover gold and silver contained in the ore.The Company estimates the ultimate recovery to be approximately 61.5% for silver and 93% for gold.However, ultimate recoveries will not be known until leaching operations cease, which is currently estimated for 2014.Current recovery may vary significantly from ultimate recovery. See Critical Accounting Policies and Estimates - Ore on Leach Pad.(B) Palmarejo achieved commercial production on April 20, 2009.Mine statistics do not represent normal operating results.It is expected that Palmarejo will continue to ramp up its production rate throughout the remainder of 2009.(C) Units sold at realized metal prices will not match reported metal sales due primarily to the effects on revenues of mark-to-market adjustments on embedded derivatives in the Company's provisionally priced sales contracts. "Operating Costs per Ounce" and "Cash Costs per Ounce" are calculated by dividing the operating cash costs and cash costs computed for each of the Company's mining properties for a specified period by the amount of gold ounces or silver ounces produced by that property during that same period. Management uses cash operating costs and cash costs per ounce as key indicators of the profitability of each of its mining properties. Gold and silver are sold and priced in the world financial markets on a U.S. dollar per ounce basis. "Cash Operating Costs" and "Cash Costs" are costs directly related to the physical activities of producing silver and gold, and include mining, processing and other plant costs, third-party refining and smelting costs, marketing expense, on-site general and administrative costs, royalties, in-mine drilling expenditures that are related to production and other direct costs. Sales of by-product metals are deducted from the above in computing cash costs. Cash costs exclude depreciation, depletion and amortization, accretion, corporate general and administrative expense, exploration, interest, and pre-feasibility costs. Cash operating costs include all cash costs except production taxes and royalties, if applicable. Cash costs are calculated and presented using the "Gold Institute Production Cost Standard" applied consistently for all periods presented. Total operating costs and cash costs per ounce are non-GAAP measures and investors are cautioned not to place undue reliance on them and are urged to read all GAAP accounting disclosures presented in the consolidated financial statements and accompanying footnotes. In addition, see the reconciliation of cash costs to production costs under "Reconciliation of Non-GAAP Cash Costs to GAAP Production Costs" set forth below.THREE MONTHS ENDED JUNE 30, 2009(In thousands except ounces and per ounce costs) San Martha Cerro Bayo Rochester Palmarejo Broken Hill Endeavor Total BartolomeProduction of Silver (ounces) 1,916,359 707,898 - 543,543 587,716 454,184 122,705 4,332,405Cash operating costs per ounce $ 7.37 $ 7.89 $ - $ 2.50 $ 19.44 $ 3.42 $ 6.19 $ 8.03Cash Costs per ounce $ 10.64 $ 8.33 $ - $ 2.96 $ 19.44 $ 3.42 $ 6.19 $ 9.61Total operating costs (Non-GAAP) 14,119 5,587 - 1,358 11,423 1,554 760 34,801Royalties 6,277 307 - - - - - 6,584Production taxes - - - 249 - - - 249Total Cash Costs (Non-GAAP) $ 20,396 $ 5,894 - $ 1,607 $ 11,423 $ 1,554 $ 760 $ 41,634Add/Subtract:Third party smelting costs - (1,378 ) - - (214 ) (622 ) (262 ) (2,476 )By-product credit - 772 - 2,974 9,101 - - 12,847Other adjustments - 167 - 53 - - - 220Change in inventory 1,850 634 - 1,506 (6,854 ) (30 ) (25 ) (2,919 )Depreciation, depletion and amortization 4,774 1,034 - 457 12,380 872 316 19,833Production costs applicable to sales, including depreciation, $ 27,020 $ 7,123 $ - $ 6,597 $ 25,836 $ 1,774 $ 789 $ 69,139depletion and amortization (GAAP)SIX MONTHS ENDED JUNE 30, 2009(In thousands except ounces and per ounce costs) San Martha Cerro Bayo Rochester Palmarejo Broken Hill Endeavor Total BartolomeProduction of Silver (ounces) 4,029,910 1,515,905 - 1,013,404 587,716 843,594 264,519 8,255,048Cash operating costs per ounce $ 7.04 $ 6.74 $ - $ 2.64 $ 19.44 $ 3.43 $ 5.52 $ 6.91Cash Costs per ounce $ 9.35 $ 7.20 $ - $ 3.14 $ 19.44 $ 3.43 $ 5.52 $ 8.18Total operating costs (Non-GAAP) 28,366 10,223 - 2,684 11,423 2,897 1,460 57,053Royalties 9,302 691 - - - - 9,993Production taxes - - - 503 - - - 503Total Cash Costs (Non-GAAP) $ 37,668 $ 10,914 - $ 3,187 $ 11,423 $ 2,897 $ 1,460 $ 67,549Add/Subtract:Third party smelting costs - (2,846 ) - - (214 ) (1,151 ) (534 ) (4,745 )By-product credit - 1,655 - 5,531 9,101 - - 16,287Other adjustments 7 167 - 88 - - - 262Change in inventory (241 ) 669 1,211 2,040 (6,853 ) (59 ) (97 ) (3,330 )Depreciation, depletion and amortization 9,947 2,174 - 927 12,380 1,619 681 27,728Production costs applicable to sales, including depreciation, $ 47,381 $ 12,733 $ 1,211 $ 11,773 $ 25,837 $ 3,306 $ 1,510 $ 103,751depletion and amortization (GAAP)THREE MONTHS ENDED JUNE 30, 2008(In thousands except ounces and per ounce costs) San Martha Cerro Bayo Rochester Broken Hill Endeavor Total BartolomeProduction of Silver (ounces) 21,856 614,442 342,856 898,837 382,349 228,791 2,489,131Cash operating costs per ounce $ 12.48 $ 8.73 $ 7.62 $ (1.74 ) $ 3.66 $ 2.59 $ 3.49Cash Costs per ounce $ 13.15 $ 9.66 $ 7.62 $ (0.89 ) $ 3.66 $ 2.59 $ 4.03Total operating cost (Non-GAAP) 273 5,362 2,613 (1,566 ) 1,400 592 8,674Royalties 14 572 - - - - 586Production taxes - - - 767 - - 767Total Cash Costs (Non-GAAP) $ 287 $ 5,934 $ 2,613 $ (799 ) $ 1,400 $ 592 $ 10,027Add/Subtract:Third party smelting costs - (1,089 ) (1,163 ) - (653 ) (369 ) (3,274 )By-product credit - 729 5,894 5,437 - - 12,060Other adjustments - 116 - (3 ) - - 113Change in inventory (346 ) (793 ) 665 6,365 79 (26 ) 5,944Depreciation, depletion and amortization 59 1,226 2,173 583 677 551 5,269Production costs applicable to sales, including depreciation, $ - $ 6,123 $ 10,182 $ 11,583 $ 1,503 $ 748 $ 30,139depletion and amortization (GAAP)SIX MONTHS ENDED JUNE 30, 2008(In thousands except ounces and per ounce costs) San Martha Cerro Bayo Rochester Broken Hill Endeavor Total BartolomeProduction of Silver (ounces) 21,856 1,265,078 776,886 1,579,347 768,829 457,290 4,869,286Cash operating costs per ounce $ 12.48 $ 7.31 $ 4.06 $ (1.93 ) $ 3.69 $ 2.47 $ 2.79Cash Costs per ounce $ 13.15 $ 8.12 $ 4.06 $ (1.05 ) $ 3.69 $ 2.47 $ 3.29Total operating costs (Non-GAAP) 273 9,252 3,157 (3,046 ) 2,836 1,130 13,602Royalties 14 1,022 - - - - 1,036Production taxes - - - 1,392 - - 1,392Total Cash Costs (Non-GAAP) $ 287 $ 10,274 $ 3,157 $ (1,654 ) $ 2,836 $ 1,130 $ 16,030Add/Subtract:Third party smelting costs - (1,463 ) (2,407 ) - (1,331 ) (680 ) (5,881 )By-product credit - 1,341 15,359 10,830 - - 27,530Other adjustments - 470 - 100 - - 570Change in inventory (346 ) (2,369 ) (43 ) 14,515 6 145 11,908Depreciation, depletion and amortization 59 2,063 4,951 1,173 1,361 979 10,586Production costs applicable to sales, including depreciation, $ - $ 10,316 $ 21,017 $ 24,964 $ 2,872 $ 1,574 $ 60,743depletion and amortization (GAAP)COEUR D'ALENE MINES CORPORATION AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(Unaudited) June 30, December 31, 2009 2008 (In thousands)ASSETSCURRENT ASSETSCash and cash equivalents $ 24,668 $ 20,760Short-term investments - 7,881Receivables 55,724 53,187Ore on leach pad 8,648 9,193Metal and other inventory 50,047 34,846Deferred tax assets 404 240Prepaid expenses and other 25,944 26,344 165,435 152,451PROPERTY, PLANT AND EQUIPMENTProperty, plant and equipment 578,667 500,025Less accumulated depreciation (102,234 ) (88,717 ) 476,433 411,308MINING PROPERTIESOperational mining properties 390,036 293,564Less accumulated depletion (138,491 ) (131,730 ) 251,545 161,834Mineral interests 1,764,794 1,764,794Less accumulated depletion (25,305 ) (16,796 ) 1,739,489 1,747,998Non-producing and development properties 322,148 356,912 2,313,182 2,266,744OTHER ASSETSOre on leach pad, non-current portion 19,528 20,998Restricted assets 23,388 23,110Receivables, non-current 38,293 34,139Debt issuance costs, net 6,017 10,253Deferred tax assets 4,947 4,666Other 5,112 4,452 97,285 97,618TOTAL ASSETS $ 3,052,335 $ 2,928,121COEUR D'ALENE MINES CORPORATION AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(Unaudited) June 30, December 31, 2009 2008 (In thousands, except share data)LIABILITIES AND SHAREHOLDERS' EQUITYCURRENT LIABILITIESAccounts payable $ 97,009 $ 66,300Accrued liabilities and other 28,148 64,673Accrued income taxes 1,092 927Accrued payroll and related benefits 7,628 8,106Accrued interest payable 2,717 4,446Current portion of capital lease and other short term obligations 13,414 14,608Current portion of royalty obligation 24,644 -Current portion of reclamation and mine closure 2,041 1,924 176,693 160,984LONG-TERM LIABILITIES3 1/4% Convertible Senior Notes due 2028 123,929 185,0011 1/4% Convertible Senior Notes due 2024 106,784 180,000Senior Secured Floating Rate Convertible Notes due 2012 - 1,830Non-current portion of royalty obligation 79,247 -Non-current portion of capital lease obligations 22,526 16,837Reclamation and mine closure 34,832 34,093Deferred income taxes 552,173 557,449Other long-term liabilities 5,386 6,015 924,877 981,225COMMITMENTS AND CONTINGENCIESSHAREHOLDERS' EQUITYCommon Stock, par value $0.01 per share; authorized 150,000,000; 754 56875,402,060 shares issued at June 30, 2009 and 56,779,909 sharesissued at December 31, 2008Additional paid-in capital 2,352,297 2,218,487Accumulated deficit (402,291 ) (419,958 )Shares held in treasury, at cost (none at June 30, 2009 and 105,921 - (13,190 )shares at December 31, 2008)Accumulated other comprehensive income 5 5 1,950,765 1,785,912TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 3,052,335 $ 2,928,121COEUR D'ALENE MINES CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME(Unaudited) Three Months Six Months Ended June 30, Ended June 30, 2009 2008 2009 2008REVENUES (In thousands except per share data)Sales of metal $ 73,207 $ 50,024 $ 123,000 $ 107,310COSTS AND EXPENSESProduction costs applicable to sales 49,549 24,873 76,266 50,158Depreciation and depletion 21,160 6,306 30,439 11,969Administrative and general 5,485 7,032 13,033 15,557Exploration 3,791 4,725 7,618 8,468Care and maintenance and other 1,140 - 2,666 -Pre-development - 10,657 - 16,441Total cost and expenses 81,125 53,593 130,022 102,593OPERATING INCOME (LOSS) (7,918 ) (3,569 ) (7,022 ) 4,717OTHER INCOME AND EXPENSEGain on debt extinguishments 23,135 - 38,838 -Loss on derivatives, net (4,609 ) - (13,855 ) -Interest and other income 2,492 177 3,379 1,507Interest expense, net of capitalized interest ( 5,193 ) ( 867 ) (5,958 ) (1,687 )Total other income and expense 15,825 ( 690 ) 22,404 (180 )Income (loss) before income taxes 7,907 (4,259 ) 15,382 4,537Income tax (provision) benefit 3,702 (1,118 ) 2,285 (5,193 )NET INCOME (LOSS) 11,609 (5,377 ) 17,667 (656 )Other comprehensive loss - (1,040 ) - (328 )COMPREHENSIVE INCOME (LOSS) $ 11,609 $ (6,417 ) $ 17,667 $ (984 )BASIC AND DILUTED INCOME (LOSS) PER SHAREBasic income per share:Net income (loss) $ 0.17 $ (0.10 ) $ 0.27 $ (0.01 )Diluted income per share:Net income (loss) $ 0.17 $ (0.10 ) $ 0.27 $ (0.01 )Weighted average number of shares of common stockBasic 70,045 55,010 65,620 55,003Diluted 70,227 55,010 65,718 55,003COEUR D'ALENE MINES CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) Three Months Six Months Ended June 30, Ended June 30, 2009 2008 2009 2008 (In Thousands)CASH FLOWS FROM OPERATING ACTIVITIES:Net income $ 11,609 $ (5,377 ) $ 17,667 $ (656 )Add (deduct) non-cash items:Depreciation and depletion 21,160 6,306 30,439 11,969Amortization of debt discount 4,359 4,359 -Deferred income taxes (4,207 ) (2,972 ) (5,721 ) (3,900 )Gain on debt extinguishment (23,135 ) - (38,838 ) -Unrealized loss on derivatives 6,068 4,698 12,870 3,524Loss on foreign currency transactions (342 ) (1,059 ) (408 ) 152Share based compensation 954 297 2,657 1,888Other charges 343 229 606 344Changes in operating assets and liabilities:Receivables and other current assets (8,601 ) (11,921 ) (5,948 ) (26,219 )Inventories (8,024 ) 2,062 (13,186 ) 6,659Accounts payable and accrued liabilities 19,943 5,162 17,233 (3,985 )CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 20,127 (2,575 ) 21,730 (10,224 )CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of investments (23 ) (153,943 ) (7,381 ) (245,622 )Proceeds from sales of investments 508 157,911 15,760 209,709Capital expenditures (42,617 ) (104,127 ) (120,931 ) (168,636 )Proceeds from sale of assets and other 1,966 (89 ) 1,824 (38 )CASH USED IN INVESTING ACTIVITIES (40,166 ) (100,248 ) (110,728 ) (204,587 )CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from sale of gold production royalty - - 75,000 -Proceeds from issuance of convertible notes - - 20,368 230,000Repayment of long-term debt and capital leases (5,919 ) (5,338 ) (14,869 ) (7,826 )Payment of debt issuance costs - (166 ) - (8,550 )Proceeds from sale-lease back transactions 12,511 - 12,511 -Common stock repurchased (9 ) - (82 ) (372 )Other (22 ) (9 ) (22 ) 730CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 6,561 (5,513 ) 92,906 213,982INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (13,478 ) (108,336 ) 3,908 (829 )Cash and cash equivalents at beginning of period 38,146 206,178 20,760 98,671Cash and cash equivalents at end of period $ 24,668 $ 97,842 $ 24,668 $ 97,842SOURCE: Coeur d'Alene Mines Corporation Coeur d'Alene Mines Corporation Investors Director of Investor Relations Karli Anderson, 208-665-0345 Media Director of Corporate Communications Tony Ebersole, 208-665-0777Copyright Business Wire 2009
Keeping my fingers crossed that July 37th is our lucky day. LOL
Are you pleading for news or do you see news out there?
Everyone is asleep at the wheel, kind of like Rick is right now. LOL
Are we getting close to news. Nice uptick to .0014 x .0015
Ouch! And I thought it was ugly that I'm sitting with and average cost of around .05!
"I think shes gonna blow soon" can be taken a couple of different ways. LOL
Coeur Sells Broken Hill Interest for US$55 Million in Cash
Last update: 7/16/2009 7:39:00 AMCOEUR D'ALENE, Idaho, Jul 16, 2009 (BUSINESS WIRE) -- Coeur d'Alene Mines Corporation (CDE) (CA:CDM) (ASX:CXC) announced today that it has agreed to sell back to Perilya Limited ("Perilya") its 100% interest in the silver contained at the Broken Hill mine in Australia for US$55.0 million in cash. Coeur originally purchased this interest from Perilya in September 2005 for $36.9 million. Closing of this transaction is expected to take place on July 31st. "By selling its interest, Coeur will further strengthen its balance sheet and enhance its liquidity. Proceeds of the sale will contribute to our growth initiatives, including construction of the final tailings facility at the Kensington gold mine in Alaska," said Dennis Wheeler, Chairman, President and Chief Executive Officer. "This transaction reflects the Company's strategic transition to large, long life mines that deliver economies of scale and exhibit superior exploration potential." Since completion of the transaction in 2005, Coeur has received a total of more than 6.1 million ounces of payable silver from the Broken Hill mine. As of March 31, 2009, CDE Australia had recovered approximately 127.1% of the original consideration. As a result of this transaction, the Company expects to realize a gain on the sale of assets in the third quarter of approximately $23.2 million, net of income taxes. Broken Hill Performance 2009 first quarter 2008 2007 2006 2005 partial yearNet Sales of Metal 4,709,000 18,591,000 20,602,000 23,791,000 4,432,000Profit 3,179,000 13,331,000 14,256,000 14,307,000 3,615,000All values in $ USDAbout Coeur Coeur d'Alene Mines Corporation is one of the world's leading silver companies and also a significant gold producer. Coeur, which has no silver production hedged, will see its first full year of production this year at the world's largest pure silver mine - San Bartolome in Bolivia - and is now in production at its newest operation - the Palmarejo silver/gold mine in Mexico. The Company also operates 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 - Kensington in Alaska - and conducts exploration activities in Argentina, Chile and Mexico. 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 presentation 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 fourth parties in respect of Coeur, its financial or operating results or its securities. SOURCE: Coeur d'Alene Mines Corporation Coeur d'Alene Mines Corporation Investors: Director of Investor Relations Karli Anderson, 208-665-0345 or Media: Director of Corporate Communications Tony Ebersole, 208-665-0777Copyright Business Wire 2009
He's using stimulus monies to get his bash back!
News posted, short synopsis
XOMA Announces Positive Results From U.S. Phase 1 Trial of XOMA 052 in Type 2 Diabetes
4:27p ET July 14, 2009 (GlobeNewswire)
Results Support Initiation of Phase 2 Program With Multiple Dose Subcutaneous Regimen Conference Call and Webcast At 4:30 pm ET Today
BERKELEY, Calif., July 14, 2009 (GLOBE NEWSWIRE) -- XOMA Ltd. (Nasdaq:XOMA), a leader in the discovery and development of therapeutic antibodies, today announced positive results from single dose and multiple dose subcutaneous arms of the randomized, placebo-controlled U.S. Phase 1 clinical trial of XOMA 052 in Type 2 diabetes patients. Of the 98 patients evaluated in different parts of the Phase 1 clinical trial, XOMA is reporting today on the 26 patients who received active drug in both single and multiple doses by subcutaneous route of administration and all 17 placebo patients. The results continue to demonstrate that XOMA 052 is well tolerated in patients. Further, a multiple dose regimen of XOMA 052 showed clinically meaningful reductions in glycosylated hemoglobin, HbA1c, and high sensitivity C-reactive protein, hsCRP, compared to a single dose regimen. Generally, a more consistent response was seen across patients in the multiple dose regimen compared to single dose regimen. New positive biological activity was observed with sustained improvements noted in fasting blood glucose, with a reduction of 29 mg/dL at day 84, equating to approximately a 1% reduction in HbA1c, and standard biomarkers of systemic inflammation and cardiovascular risk. Pharmacokinetic results continue to support monthly or less frequent dosing and drug bioavailability in patients by subcutaneous injection was 62-70% compared to IV administration. These Phase 1 results support XOMA's plan to begin Phase 2 testing of XOMA 052 in Type 2 diabetes in the current quarter.
And they picked them all!
Not I
Who's going to be the first one up to bite at those 16's?
It appears that the news is having favorable bearing on the PPS.
Nice news, thanks for the research.
I love the way they fill a small .0014 then jump it to .0015 to fill the rest, then bring it back down to .0014. What a bunch of sleezy folks.