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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Coeur Mining Inc | NYSE:CDE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.05 | 1.04% | 4.84 | 5.08 | 4.764 | 4.90 | 6,442,693 | 01:00:00 |
Coeur Mining, Inc. (the "Company" or "Coeur") (NYSE:CDE) today announced first quarter production of 3.4 million ounces of silver and 78,072 ounces of gold, or 8.1 million silver equivalent1 ounces.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20160407005624/en/
Quarterly Production Results (Graphic: Business Wire)
First Quarter 2016 Operational Results
First quarter operational highlights for each of Coeur's operations are provided below.
Palmarejo, Mexico 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015 Underground Operations: Tons mined 215,642 189,383 190,399 172,730 149,150 Average silver grade (oz/t) 4.21 3.96 4.11 3.90 4.34 Average gold grade (oz/t) 0.07 0.06 0.10 0.09 0.07 Surface Operations: Tons mined 35,211 102,018 247,071 257,862 281,481 Average silver grade (oz/t) 4.18 3.86 3.56 3.47 3.79 Average gold grade (oz/t) 0.04 0.03 0.03 0.03 0.04 Processing: Total tons milled 246,533 301,274 427,635 435,841 451,918 Average recovery rate – Ag 89.1% 95.4% 87.9% 78.5% 78.7% Average recovery rate – Au 92.1% 88.8% 84.7% 76.2% 73.9% Silver production ounces (000's) 933 1,126 1,422 1,247 1,354 Gold production ounces 14,668 14,326 22,974 18,127 15,495Silver-equivalent1 production ounces (000's)
1,813 1,985 2,800 2,335 2,284Silver equivalent1 production ounces (000's)
1,557 1,800 1,740 2,279 1,967Gold equivalent1 production ounces
21,186 32,231 23,427 16,794 6,609Coeur Capital, Inc.
Endeavor, Australia 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015 Silver production ounces (000's) 115 171 121 204 1332016 Production Outlook
Coeur's 2016 silver and gold production guidance is shown below. Guidance has been updated to reflect lower production outlook from the Endeavor silver stream. Production guidance for mines operated by Coeur remains unchanged.
(silver and silver equivalent ounces in thousands) Silver Gold Silver Equivalent1 Palmarejo 3,800 - 4,300 67,000 - 72,000 7,820 - 8,620 San Bartolomé 5,700 - 6,000 — 5,700 - 6,000 Rochester 4,700 - 5,200 48,000 - 55,000 7,580 - 8,500 Endeavor 175 - 200 — 175 - 200 Kensington — 115,000 - 125,000 6,900 - 7,500 Wharf 80 - 100 90,000 - 95,000 5,480 - 5,800 Total 14,455 - 15,800 320,000 - 347,000 33,655 - 36,6201. Silver and gold equivalence calculated using a 60:1 silver to gold ratio.
Financial Results and Conference Call
Coeur will report its full operational and financial results for first quarter 2016 on April 27, 2016 after the New York Stock Exchange closes for trading. There will be a conference call on April 28, 2016 at 11:00 a.m. Eastern time.
Dial-In Numbers: (855) 560-2581 (US) (855) 669-9657 (Canada) (412) 542-4166 (International) Conference ID: Coeur MiningThe conference call and presentation will also be webcast on the Company’s website www.coeur.com. Hosting the call will be Mitchell J. Krebs, President and Chief Executive Officer of Coeur, who will be joined by Peter C. Mitchell, Senior Vice President and Chief Financial Officer, Frank L. Hanagarne, Jr., Senior Vice President and Chief Operating Officer, Hans Rasmussen, Senior Vice President of Exploration, and other members of management. A replay of the call will be available through May 13, 2016.
Replay numbers: (877) 344-7529 (US) (855) 669-9658 (Canada) (412) 317-0088 (International) Conference ID: 100 83 340About Coeur
Coeur Mining is the largest U.S.-based primary silver producer and a significant gold producer with five precious metals mines in the Americas employing approximately 2,000 people. Coeur produces from its wholly owned operations: the Palmarejo silver-gold mine in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska, the Wharf gold mine in South Dakota, and the San Bartolomé silver mine in Bolivia. The Company also has a non-operating interest in the Endeavor mine in Australia in addition to royalties on the El Gallo complex in Mexico, the Zaruma mine in Ecuador, and the Correnso mine in New Zealand. In addition, the Company has two silver-gold exploration projects - the La Preciosa project in Mexico and the Joaquin project in Argentina. The Company also conducts ongoing exploration activities in Alaska, Argentina, Bolivia, Mexico, and Nevada. The Company owns strategic investment positions in several silver and gold development companies with projects in North and South America.
Cautionary Statement
This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding anticipated production, operations at the Palmarejo complex, production levels at Rochester, exploration and development efforts at Kensington and potential asset sales. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Coeur's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the risk that anticipated production levels are not attained, the risks and hazards inherent in the mining business (including risks inherent in developing large-scale mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), changes in the market prices of gold and silver and a sustained lower price environment, the uncertainties inherent in Coeur's production, exploratory and developmental activities, including risks relating to permitting and regulatory delays, ground conditions, grade variability, any future labor disputes or work stoppages, the uncertainties inherent in the estimation of gold and silver reserves, changes that could result from Coeur's future acquisition of new mining properties or businesses, reliance on third parties to operate certain mines where Coeur owns silver production and reserves and the absence of control over mining operations in which Coeur or its subsidiaries hold royalty or streaming interests and risks related to these mining operations including results of mining and exploration activities, environmental, economic and political risks of the jurisdiction in which the mining operations are located, the loss of any third-party smelter to which Coeur markets silver and gold, the effects of environmental and other governmental regulations, the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, Coeur's ability to raise additional financing necessary to conduct its business, make payments or refinance its debt, as well as other uncertainties and risk factors set out in filings made from time to time with the United States Securities and Exchange Commission, and the Canadian securities regulators, including, without limitation, Coeur's most recent report on Form 10-K. 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.
Dana Willis, Coeur's Director, Resource Geology 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, Canadian investors should refer to the Technical Reports for each of Coeur's properties as filed on SEDAR at sedar.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160407005624/en/
Coeur Mining, Inc.Rebecca Hussey, Manager, Investor Relations(312) 489-5827www.coeur.com
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