CHICAGO--(BUSINESS WIRE)--Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) is pleased to announce that it has commenced production at its high-grade Silvertip mine in British Columbia, Canada, following the successful commissioning of mill operations. Ramp-up of production is now slightly ahead of schedule with mill throughput expected to steadily increase throughout the remainder of the year from an estimated 250 tonnes per day (“tpd”) in April to 750 tpd by year-end.
“The achievement of this important milestone at Silvertip builds upon the strong momentum with which we have started 2018,” said Mitchell J. Krebs, Coeur’s President and Chief Executive Officer. “Ramp-up of milling rates and production is planned to continue under temporary permit coverage through year-end. We expect to submit an application for a full permit amendment during the second quarter, receive approval by year-end and reach nameplate capacity of 1,000 tpd in early 2019. Combined with our recent exit from Bolivia and the release of Rochester’s noteworthy preliminary economic assessment, we believe commencement of production at Silvertip further demonstrates the growing strength of Coeur’s North America-focused portfolio.”
Coeur Mining, Inc. is a well-diversified, growing precious metals producer with five mines in North America employing approximately 2,000 people. Coeur’s wholly-owned operations include the Palmarejo silver-gold complex in Mexico, the Silvertip silver-zinc-lead mine in British Columbia, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska, and the Wharf gold mine in South Dakota. In addition, the Company owns the La Preciosa project in Mexico, a silver-gold exploration stage project, and conducts exploration activities throughout North America.
This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding operations at Silvertip, including production ramp-up, mill throughput, permitting efforts, and results. 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 the Silvertip production ramp-up and permitting process is not successfully achieved on a timely basis or at all, 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, silver, zinc and lead reserves and resources, changes that could result from Coeur's future acquisition of new mining properties or businesses, 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.