KENSINGTON - LEADING COEUR'S GROWTH IN GOLD
On June 24th, production started ahead of schedule at the Company's new Kensington Gold Mine in Alaska. Kensington is a pure gold mine and is expected to produce 50,000 ounces of gold during the remainder of 2010 and will average approximately 125,000 ounces of gold annually over the mine’s initial 12.5 year life. Once in full production, cash costs are expected to average approximately $490 per ounce over the mine life.
“Kensington represents Coeur’s third new precious metals mine to commence production in the past three years and will provide continued, meaningful growth to the Company’s production and cash flow,” said Dennis E. Wheeler, Chairman, President and Chief Executive Officer of Coeur. “In addition, the startup of production at Kensington represents the culmination of a community-wide effort by the Juneau community, which has supported the project from the beginning and who will participate in the economic benefits Kensington will provide.”
• Process plant operating at design tonnage of 1,250 tons per day, ahead of schedule
• Recovery rates during initial month of ramp-up consistent with plan and expected to climb as processing of higher-grade ore begins
• First two gold concentrate shipments have been sent to China National Gold Corporation, marking a groundbreaking agreement, the first of its kind, between a Chinese state-owned corporation and a U.S. precious metals mine
Coeur Alaska will employ close to 200 workers during operations. The Company works closely with Berners Bay Consortium, made up of Klukwan, Inc., Kake Tribal and Goldbelt Native Corporations on job training and supporting local and Native hire at Kensington.
| Stage | Production |
| Location | Juneau, Alaska |
| Type | Underground |
| Metals Produced | Gold |
| Product | Gold concentrate |
Link to Kensingtongold.com and Kensington job opportunities.
