Coeur's Palmarejo pours first doré

Monday, March 30, 2009

US-based Coeur d'Alene Mines (NYSE: CDE, TSX: CDM) poured the first silver-gold doré March 28 at its Palmarejo mine in Mexico, the company reported in a statement.

The company expects to churn out 5.3Moz of silver and 72,000oz of gold at Palmarejo in 2009.

Palmarejo's mine plan contemplates an average output of 9Moz/y silver and 120,000oz/y gold for 11 years. With the mine, Coeur expects its silver output this year to reach some 20Moz.

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"We are proud of the work accomplished by our Palmarejo team including the local workforce, who completed construction on schedule and on budget," CEO Dennis Wheeler was quoted as saying.

Palmarejo is expected to employ 454 workers during its operation.

Coeur has operations in Bolivia, Chile, Argentina, Mexico, Nevada and Australia.