(All comparisons below refer to year-end 2013 compared with year-end 2012)
- Proven and probable silver reserves increased 15.9% to 255.4 million ounces
- 26.6% increase in measured and indicated silver resources to 386.3 million ounces
- Proven and probable gold reserves increased 12.3% to 2.2 million ounces
- 1.4% increase in measured and indicated gold resources to 2.5 million ounces
- Inferred silver resources increased 45.5% to 96.4 million ounces
- Inferred gold resources increased 36.5% to 1.1 million ounces
Mitchell J. Krebs, Coeurs President and Chief Executive Officer, said, For the past several years, our main focus has been to get all four of our mines up and running consistently. 2012 was the first year we devoted significant capital to exploration and we are starting to see the fruits of these efforts. We have spent $74 million in exploration expenditures over the past two years and will continue to fund exploration activities using a success-based approach focused on resource conversion. We believe a robust exploration program represents a high-return use of our capital based on the results we have achieved.
In 2014, we plan to invest $23 – $28 million in exploration, including approximately $10 million in capitalized drilling, but may increase this budget if we receive positive drill results that warrant further exploration activity. We are continuing a targeted focus on resource conversion at Palmarejo, which we believe holds considerable opportunity for new sources of production.
Please refer to the tables in the Appendix for tons and average grades associated with references of contained ounces in each category in this news release. All reserves and resources reported herein comply with Canadian National Instrument 43-101 (NI 43-101).
This news release contains forward-looking statements within the meaning of securities legislation in
W. David Tyler, Coeur’s Vice President, Technical Services and a qualified person under Canadian National Instrument 43-101, supervised the preparation of the scientific and technical information concerning Coeur’s mineral projects in this news release. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources, as well as data verification procedures and 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 www.sedar.com.
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 may use certain terms in public disclosures, such as “measured,” “indicated,” “inferred and resources,” that are recognized by Canadian regulations, but thatSEC 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 secured from us, or from the SEC’s website at http://www.sec.gov.
Table 1: 2013 Proven and Probable Reserves
|PROVEN AND PROBABLE RESERVES|
|Total Proven and Probable||249,470,000||255,396,000||2,233,000|
Table 2: 2013 Measured and Indicated Resources (Excluding Proven and Probable Reserves)
|MEASURED AND INDICATED RESOURCES|
|Total Measured and Indicated||270,319,000||386,297,000||2,461,000|
Table 3: 2013 Inferred Resources
|Notes to the above mineral reserves and resources:|
|1.||Effective December 31, 2013 except Endeavor, effective June 30, 2013.|
|2.||Metal prices used for mineral reserves were $25.00 per ounce of silver and $1,450 per ounce of gold, except Endeavor, at $2,300 per metric ton of lead, $2,300 per metric ton of zinc, and $34.00 per ounce of silver. Metal prices used for mineral resources were $29.00 per ounce of silver and $1,600 per ounce of gold, except for Endeavor, at $2,300 per metric ton of lead, $2,300 per metric ton of zinc and $34.00 per ounce of silver.|
|3.||Palmarejo mineral resources are the addition of Palmarejo, Guadalupe, and La Patria (measured, indicated, and inferred).|
|4.||Mineral resources are in addition to mineral reserves and have not demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be considered for estimation of mineral reserves.|
|5.||Rounding of tons and ounces, as required by reporting guidelines, may result in apparent differences between tons, grade, and contained metal content.|
For details on the estimation of mineral resources and reserves for each property, please refer to the relevant NI 43-101-compliant Technical Report on file at www.sedar.com and the updated Technical Report for Rochester to be filed within 45 days on www.sedar.com.
Coeur Mining, Inc.
Bridget Freas, Director, Investor Relations
Donna Mirandola, Director, Corporate Communications