Radar: CDE
Big news: record production, +65% vs. Q1 08.
Earnings call 1:00 pm today.
COEUR D'ALENE, Idaho, May 11, 2009 (BUSINESS WIRE) -- Coeur d'Alene Mines Corporation (NYSE:CDE) (TSX:CDM) (ASX:CXC) today announced an all-time first quarter production record of 3.9 million ounces of silver during the first quarter of 2009. This represents a 65% increase in silver production compared to last year's first quarter and was largely driven by new ounces of silver production from the new San Bartolomé silver mine in Bolivia. In addition to this significant production growth in the first quarter, the Company commenced production at its Palmarejo silver/gold mine in Mexico. This represents the Company's second major new mine to begin production within the last nine months.
"The impact of Coeur's new mines is now beginning to be reflected in the Company's quarterly results, which we expect will lead to a 66% increase in total silver production and a 85% jump in gold production this year," said Dennis E. Wheeler, Chairman, President and Chief Executive Officer. "With the on-time and on-budget completion of Palmarejo - one of the largest new silver/gold mines in the world - Coeur's heaviest periods of capital investment in our two-year growth strategy plan are now behind us. As Palmarejo ramps up and San Bartolomé continues to perform consistently, we look forward to the transition into positive and significant cash flow generation."
"Just think, right now as you read this, some guy somewhere is gettin’ ready to hang himself." - G. Carlin
