Coeur Announces Discovery of Two Significant Vein Systems at South American Mines
January 04 2006 - 8:00AM
PR Newswire (US)
COEUR D'ALENE, Idaho, Jan. 4 /PRNewswire-FirstCall/ -- Coeur
d'Alene Mines Corporation (NYSE: CDE; TSX: CDM), the world's
largest primary silver producer and a growing gold producer,
announced today that exploration activity in the fourth quarter of
2005 at its Cerro Bayo mine in Chile and at the Martha mine in
Argentina has resulted in discovery of two new, high-grade silver
and gold bearing vein systems that the company expects will add to
its mineral resources and, ultimately, mineral reserves. Dennis E.
Wheeler, Chairman, President and Chief Executive Officer of Coeur,
said, "This most recent exploration work is tremendously positive
news for our Cerro Bayo and Martha mines -- and bodes well for a
significant increase in mineral resources and reserves and a
continued extension of mine life. Even before consideration of
these latest vein systems, Cerro Bayo reserves & resources had
increased nearly 200% since 2001, and Martha reserves and resources
had more than tripled since 2002. We are confident that our ongoing
exploration program will continue to yield additional discoveries
of new ore-bearing veins." Cerro Bayo Results At Cerro Bayo,
exploration southeast of the company's current underground mining
operations at the Lucero and Javiera veins has discovered the new
Cascada vein system, a zone of low-sulphidation silver and gold
mineralization hosted in a main vein and two sub-parallel veins. To
date, a total of 3,973 meters of core drilling in 17 holes has been
completed on the Cascada system. Eight of these holes, with a total
of 1,938 meters, define a continuous mineralized zone 210 meters
long and 110 meters high. The new mineralized system remains open
to the south and at depth and in the sub-parallel veins encountered
thus far. Results from the recent core drilling into the new
mineralized zone are as follows. Cascada Vein System - Cerro Bayo
District, Chile Drill Mineralized Intercept Hole From To Length Au
(g/t) Ag (g/t) Number (Meters) (Meters) (Meters) MH-61 175.6 177.6
2.0 32.52 1,011 MH-62 200.1 203.0 2.9 5.63 61 MH-63 185.0 188.4 3.4
2.74 50 MH-64 261.7 262.1 0.4 3.71 141 MH-65 173.4 177.5 4.1 3.57
146 MH-67 136.8 138.8 2.0 8.24 127 MH-68 212.2 216.5 4.3 15.13 135
MH-70 243.8 245.4 1.6 11.44 171 In addition, the company has
continued definition drilling of the Marcela Sur vein discovery
announced at the end of the third quarter. The high-grade silver
and gold horizons in the new vein and sub-parallel vein splays,
which are covered by post-mineral sediments, are nearly 700 meters
long and 80 meters high. A total of 6,747 meters of core drilling
in 34 drill holes has been completed on the Marcela Sur system to
date. The company recently commenced driving a drift from the
Lucero mining operation to access the new vein system. Martha
Results At Martha, fourth-quarter exploration defined a new zone of
high-grade silver mineralization, in the Betty Oeste vein,
approximately 1,000 meters north of existing Martha/R4 mining
operations. To date, a total of 1,861 meters of core drilling in 17
holes has been completed on the Betty Oeste system. Six holes, with
a total of 837 meters, define a continuous mineralized horizon 160
meters long and 40 meters high. The system remains open to the west
and east. Results from core drilling completed thus far in the
mineralized horizon are as follows. Betty Oeste Vein - Martha
District, Argentina Drill Mineralized Intercept Hole From To Length
Au (g/t) Ag (g/t) Number (Meters) (Meters) (Meters) M-398 113.6
114.2 0.6 3.15 2,582 M-399 116.8 117.7 0.9 0.00 2,096 M-401 130.2
131.0 0.8 0.00 2,792 M-402 130.3 130.6 0.3 0.10 626 M-413 101.4
102.0 0.6 0.15 1,214 M-414(*) 67.9 68.3 0.3 0.40 1,176 M-419 109.1
109.5 0.4 0.00 1,759 (*) Hole M-414 is a high grade intercept above
the mineralized horizon. Exploration activities are continuing at
Cerro Bayo and Martha to further define the new results and in
search for additional gold and silver-bearing veins. Coeur d'Alene
Mines Corporation is the world's largest primary silver producer
and a growing gold producer. The Company has mining interests in
Alaska, Argentina, Australia, Bolivia, Chile, Nevada, and Idaho.
Investor Contact Scott Lamb Vice President of Investor Relations
208-665-0777 Cautionary Statement Company press releases may
contain numerous forward-looking statements within the meaning of
securities legislation in the United States and Canada relating to
the Company's silver and gold mining business. Such statements are
subject to numerous assumptions and uncertainties, many of which
are outside the Company's control. Operating, exploration and
financial data, and other statements in this document are based on
information the Company believes reasonable, but involve
significant uncertainties as to future gold and silver prices,
costs, ore grades, estimation of gold and silver reserves, mining
and processing conditions, currency exchange rates, and the
completion and/or updating of mining feasibility studies, changes
that could result from the Company's future acquisition of new
mining properties or businesses, the risks and hazards inherent in
the mining business (including environmental hazards, industrial
accidents, weather or geologically related conditions), regulatory
and permitting matters, risks inherent in the ownership and
operation of, or investment in, mining properties or businesses in
foreign countries, as well as other uncertainties and risk factors
set out in the Company's filings from time to time with the SEC and
the Ontario Securities Commission, including, without limitation,
the Company's reports on Form 10-K and Form 10-Q. Actual results
and timetables could vary significantly from the estimates
presented. Readers are cautioned not to put undue reliance on
forward-looking statements. The Company disclaims any intent or
obligation to update publicly such forward-looking statements,
whether as a result of new information, future events or otherwise.
Donald J. Birak, Coeur's Senior Vice President of Exploration, is
the qualified person, per Canadian National Instrument 43-101,
responsible for the preparation of the scientific and technical
information in this news release. Mr. Birak has reviewed the
available data and procedures and believes the calculation of
information contained herein was conducted in a professional and
competent manner. DATASOURCE: Coeur d'Alene Mines Corporation
CONTACT: investors, Scott Lamb, Vice President of Investor
Relations of Coeur d'Alene Mines Corporation, +1-208-665-0777 Web
site: http://www.coeur.com/
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