40% increase in Palmarejo silver and gold reserves for Coeur d'Alene Mines

Coeur d'Alene Mines' Guadalupe deposit in Mexico is showing considerable promise as exploration drilling continues.

RENO, NV - 

Coeur d'Alene Mines announced Wednesday a 40% increase in silver and gold reserves at its Palmarejo silver and gold mine in Chihuahua, Mexico, to a total of 88.6 million ounces of silver and 1.1 million ounces of gold.

The 25.8 million ounces of new silver reserves and 315,000 ounces of new gold reserves represent the initial underground ore reserves at the nearby Guadalupe deposit. Guadalupe is expected to begin contributing to Palmarejo's production in 2011.

In a news release, Don Birak, Coeur's senior vice president of exploration, said, "The Guadalupe vein system is now over 2.1 kilometers long and remains open along strike to the north and at depth. ...This area, along with other targets near Guadalupe, will continue to be the focus of our aggressive drilling program in 2010."

Palmarejo began production in March of this year. It is expected to produce 5.3 million ounces of silver and 72,000 ounces of gold in 2009.

Coeur anticipates beginning underground development of Guadalupe's reserves in 2010.

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