Exploration
2008 was an excellent year for Coeur on the exploration front. The Company invested $23.5 million in a robust exploration program that focused principally around existing operations in Mexico, Chile and Argentina. Highlights of the program included:
- -- Completion of the final feasibility study for Palmarejo.
- --Significant increases in Palmarejo's measured, indicated and inferred mineral resources between the June feasibility study and year-end with;
- -- 52% increase in measured and indicated silver resources
- -- 30% increase in inferred silver resources
- -- 37% increase in measured and indicated gold resources
- -- 20% increase in inferred gold resources
- -- Discovery of the Delia vein at Cerro Bayo, expected to become a key component to the Company's new mine plan to re-start production next year, has returned wide silver and gold bearing vein intercepts just 500 meters from the processing facilities. The Delia now extends over one kilometer in strike and up to 100 meters vertically.
Coeur plans to invest $17.6 million in exploration during 2009 with over 85% of this amount earmarked for expansion of mineral resources and reserves near its existing operations at Palmarejo (Mexico), Martha (Argentina) and Cerro Bayo (Chile).
