Coeur Reports Significant Results from Its 2007 Exploration Program
*GREAT NEWS!!!
Coeur Reports Significant Results from Its 2007 Exploration Program Thursday February 28, 9:00 am ET
-- Success Leads to Near Doubling of 2008 Companywide Exploration Budget -- -- Aggressive 2008 Budget for New Palmarejo Project -- -- Substantial Silver and Gold Grades from Drilling at Guadalupe and Los Bancos --
COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) (ASX:CXC - News) today announced significant results from its $14.9 million exploration program during 2007. Coeur’s exploration strategy continued to focus on cost-effectively adding new mineralization at its existing properties while continuing to expand the Company’s greenfields initiatives.
Due to this success and the addition of the Palmarejo Project in late 2007, the Company has increased its 2008 exploration budget to a record $27.6 million, with almost a third of that amount allocated to Palmarejo, where production is expected to commence next year at annualized levels of approximately 10.4 million ounces of silver and 115,000 ounces of gold.
Highlights of the 2007 program include:
* High-grade drill results from Guadalupe Norte at Palmarejo, Mexico and from the new Los Bancos target north of Guadalupe. * Nearly eleven million new silver mineral resource ounces defined in two of five new veins discovered in the Cerro Bayo District, Chile. * Discovery of the new Betty Sur high-grade silver veins in the Martha District, Argentina. * New silver, gold and base metal mineralization at the Rochester mine, Nevada. * Favorable results from exploration on the company’s properties in the Lake Victoria Gold Belt of Tanzania.
“These positive results confirm our ability to continue to grow the Company through exploration on our large land positions around our existing mines and development projects,” said Dennis E. Wheeler, Chairman, President and Chief Executive Officer. “Because of these recent successes and the completion of the transactions that resulted in the addition of the Palmarejo project to Coeur, we have increased our exploration program by over 80% this coming year, with almost a third of the total targeted for our newly acquired Palmarejo silver and gold development property, where production will begin within twelve months, and where our extensive land holdings hold great potential for additional exploration success.”
Palmarejo
Drilling in December at the Company’s newly acquired Palmarejo project in the state of Chihuahua, Mexico returned positive results from the Guadalupe zone and also continued to confirm the prospective nature of the nearby Los Bancos structure. Palmarejo is under construction with production expected to begin in the first quarter of 2009. The site is located in Mexico’s premier silver-gold district in Chihuahua and the Sierra Madre belt, with land holdings covering more than 12,100 hectares. A feasibility study is nearing completion to define the first proven and probable mineral reserve on this large prospective property. The Company believes the Palmarejo District holds tremendous exploration potential and has committed over $8.3 million in 2008 to discover new mineral resources and define new mineral reserves.
In recent drilling at Guadalupe, assay results confirmed the extension of the Guadalupe Norte Clavo which remains open to the north and at depth. Very significant results were received from several holes – notably TGDH-218D and 222D. At the Los Bancos target, located north of Guadalupe, reverse circulation drill hole LBDH-025, the deepest hole drilled to date, intercepted a 36.6-meter thick high-grade horizon. Previous shallow drilling had intersected anomalous mineralization with high silver-to-gold ratios, suggesting that this earlier drilling intersected the veins high in the paleo-epithermal system and above ore grade mineralization. Hole 25 confirmed our geologic model.
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