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Coeur Achieves Record Production, Sales and Operating Cash Flow in 2011

Coeur d'Alene Mines Corporation (NYSE:CDE)(TSX:CDM) realized all-time record full-year production, metal sales and operating cash flow1 in 2011.

“Our successful year was driven by record production levels at our two largest operations, Palmarejo and San Bartolomé, supported by higher silver and gold prices.”

2011 Highlights:

  • Net metal sales nearly doubled compared to 2010 to a record $1.0 billion.
  • Operating cash flow1 increased 147% compared to 2010 to a record $454.4 million.
  • Adjusted earnings1 reached a record $232.5 million, or $2.60 per share, nearly a five-fold increase compared to 2010 adjusted earnings of $41.5 million, or $0.48 per share.
  • Net income totaled a record $93.5 million, or $1.05 per share, compared to a net loss of ($91.3) million, or ($1.05) per share in 2010.
  • Average realized silver and gold prices were $35.15 per ounce and $1,588 per ounce, 67% and 26% respectively, higher than 2010.
  • Record silver production topped 19.1 million ounces, a 14% increase over 2010, at cash operating costs of $6.31 per ounce1, a 3% decrease from 2010.
  • Record gold production reached 220,382 ounces in 2011, a 40% increase over 2010. Kensington's cash operating costs were $1,088 per gold ounce, a 10% increase from 2010.
  • Proven and probable silver reserves totaled 216.3 million ounces at year-end, while proven and probable gold reserves totaled 2.3 million ounces.
  • Working capital was $212.8 million at year-end compared to negative working capital at year-end 2010.
  • Cash and equivalents increased to $175.0 million at December 31, 2011, up 165% from year-end 2010.

Fourth Quarter Highlights:

  • Silver production of 5.3 million ounces.
  • Cash operating costs1 of $6.19 per silver ounce.
  • Gold production of 49,544 ounces.
  • Metal sales totaled $246.9 million.
  • Adjusted earnings1 were $43.2 million, or $0.48 per share.
  • Operating cash flow1 totaled $97.5 million.

2012 Outlook:

  • Estimated silver production of 18.5 million - 20.0 million ounces and gold production of 210,000 - 230,000 ounces.
  • Estimated cash operating costs1 of $6.50 to $7.50 per ounce of silver (assuming $1,500 per ounce gold for the by-product credit).
  • Estimated $40.0 million exploration program, a 53% increase compared to 2011 levels, targeting resource-to-reserve conversions, and reserve and resource expansions by year-end 2012.

Mitchell J. Krebs, Coeur's President and Chief Executive Officer, said, “Our successful year was driven by record production levels at our two largest operations, Palmarejo and San Bartolomé, supported by higher silver and gold prices.”

He continued, “2011 was a transformational year for the Company. It marked the first full year that all three of our newer mines were in production together. The resulting cash flow was put to good use. We aggressively paid down nearly $50 million of debt, invested $120 million in capital expenditures intended to benefit shareholders over the long-term, invested $25 million in five silver exploration and development companies, and funded a robust $26 million exploration program. We also transformed the Company's management team at all levels, which better positions us to achieve our objectives of operating more efficiently and consistently, growing the business in value-creating ways, containing operating and non-operating costs, and re-dedicating ourselves to the highest level of worker safety, environmental stewardship, and effective community relationships where we operate.”

Looking to 2012, Mr. Krebs added, “We expect 2012 to be a year of important decisions and catalysts for the Company. We are focused on resuming full production at Kensington in Alaska in the second half of the year and operating more efficiently and effectively. Our increased exploration program is expected to generate new targets and ounces around our existing operations, particularly at Palmarejo. At Rochester in Nevada, where we invested $27 million last year to construct a new leach pad, mining is now underway and forecasted to add seven more years of mine life. At the Joaquin project in southern Argentina, we expect to provide an updated resource estimate by mid-2012 and continue to advance work on a feasibility study. We are passionate about materially reducing non-operating costs during 2012 and containing operating costs at our mines. We also expect to continue to develop and bolster our team. Solid execution of our objectives depends on attracting and retaining highly motivated and highly skilled professionals, something on which we are keenly focused.”

Table 1: Financial Highlights:

                 
US$ in millions (except price of silver and gold)   4Q 2011   4Q 2010   FY 2011  

FY 2010

Sales of Metal   $ 246.9     $ 207.6     $ 1,021.2     $ 515.5  
Production Costs   $ 109.1     $ 87.6     $ 420.0     $ 257.6  
EBITDA (1)   $ 119.7     $ 109.5     $ 531.3     $ 216.5  
Adjusted Earnings (1)   $ 43.2     $ 53.2     $ 232.5     $ 41.5  
Adjusted Earnings Per Share   $ 0.48     $ 0.60     $ 2.60     $ 0.48  
Net Income/(Loss)   $ 11.4     $ (5.1 )   $ 93.5     $ (91.3 )
EPS   $ 0.13     $ (0.06 )   $ 1.05     $ (1.05 )
Operating Cash Flow (1)   $ 97.5     $ 99.4     $ 454.4     $ 183.9  
Capital Expenditures   $ 40.2     $ 26.6     $ 120.0     $ 156.0  
Cash and Equivalents   $ 175.0     $ 66.1     $ 175.0     $ 66.1  
Total Debt   $ 121.5     $

171.1

    $ 121.5     $

171.1

 
Shares Issued & Outstanding   89.7     89.3     89.7     89.3  
Avg. Realized Price - Silver   $30.87   $26.83   $35.15   $20.99
Avg. Realized Price - Gold   $1,674   $1,357   $1,558   $1,237
                 

Table reflects continuing operations

Sales of metal increased by $505.7 million, or 98.1%, to $1.0 billion from 2010 to 2011, due to higher silver production from Palmarejo and San Bartolomé, the first full year of gold production from the Kensington mine, and substantially higher silver and gold prices.

Sales of silver contributed 65% of the Company's total metal sales, with gold sales contributing the remainder. In 2011, the Company sold 19.1 million ounces of silver and 238,551 ounces of gold, compared to 17.2 million ounces of silver and 130,142 ounces of gold in 2010. During the fourth quarter of 2011, sales were 5.1 million ounces of silver and 55,308 ounces of gold.

Coeur reports a non-U.S. GAAP metric of adjusted earnings1 as a measure of operating income, which excludes non-cash fair value adjustments, other non-cash adjustments, deferred taxes and discontinued operations. Full year and fourth quarter adjusted earnings1 were $232.5 million, or $2.60 per share, and $43.2 million, or $0.48 per share, respectively, compared with adjusted earnings1 of $41.5 million, or $0.48 per share, and $53.2 million or $0.60 per share, for 2010 and the fourth quarter of 2010, respectively.

In 2011, the Company realized net income of $93.5 million, or $1.05 per share, including net income of $11.4 million, or $0.13 per share, for the fourth quarter of 2011. The earnings reflected an income tax provision of $114.3 million compared to an income tax benefit of $9.5 million in 2010. In addition, earnings were impacted by fair value adjustments that decreased net income by $52.1 million for the year ended December 31, 2011 and increased income by $19.0 million in the fourth quarter of 2011. These fair value adjustments are driven primarily by the change in gold prices which increases or decreases the estimated future liability related to a gold royalty obligation at Palmarejo and a small gold collar option position related to a term credit facility secured by the Company's Alaskan subsidiary. Net income for 2011 was also affected by a $5.5 million non-cash loss from early retirement of Senior Term Notes.

During 2010, the Company reported a net loss of ($91.3 million) or ($1.05) per share, which included fair value adjustments of $117.1 million and a $20.3 million loss from debt extinguishments. In the fourth quarter of 2010, the net loss was ($5.1 million) or ($0.06) per share.

Coeur generated operating cash flow1 of $454.4 million during 2011, including $97.5 million in the fourth quarter. This is compared with operating cash flow of $183.9 million and $99.4 million in 2010 and the fourth quarter of 2010, respectively.

Capital expenditures totaled $120.0 million in 2011, a 23% reduction from 2010. Most of the capital expenditures were at Palmarejo for activities at the tailings facility, at Kensington for the construction of the underground paste backfill plant and for underground development, and at Rochester for construction of the new leach pad. Capital expenditures in 2012 are expected to total approximately $90.0 million-$120.0 million, with approximately $20.0 million of this total representing capital that was budgeted to be spent in 2011.

Cash and cash equivalents totaled $175.0 million at December 31, 2011, an increase of approximately 165% from 2010. Total shares outstanding remained flat at 89.7 million at year-end 2011 compared to the year-end 2010.

Table 2:  Operational Highlights - Production

                 
(ounces; silver in thousands)   4Q 2011   4Q 2010  

Twelve
Months Ended
December 31,
2011

 

Twelve
Months Ended
December 31,
2010

    Silver Gold   Silver Gold   Silver Gold   Silver Gold
Palmarejo   2,690   34,108     2,010   30,089     9,042   125,071     5,888   102,440
San Bartolomé   1,997       2,011       7,501       6,709  
Rochester   373   1,993     549   2,400     1,392   6,276     2,023   9,641
Martha   130   144     150   163     530   615     1,576   1,838
Endeavor   112       120       613       566  
Kensington     13,299       27,988       88,420       43,143
Total   5,303   49,544     4,840   60,640     19,078   220,382     16,762   157,062
                                       

Table reflects continuing operations. Additional operating statistics are in the tables in the appendix.

Table 3:  Operational Highlights - Cash Operating Costs 1

                 
($/ounce)   4Q 2011   4Q 2010  

Twelve
Months Ended
December 31,
2011

 

Twelve
Months Ended
December 31,
2010

    Silver Gold   Silver Gold   Silver Gold   Silver Gold
Palmarejo   (2.13 )     2.67       (0.97 )     4.10  
San Bartolomé   9.18       7.60       9.10       7.87  
Rochester   37.99       2.94       22.97       2.93  
Martha   33.75       33.39       32.79       13.16  
Endeavor   14.74       16.03       18.87       10.15  
Kensington     1,807       875       1,088       989
Total   6.19   1,807     6.06   875     6.31   1,088     6.53   989
                                       

Table reflects continuing operations. Additional operating statistics are in the tables in the appendix.

Palmarejo, Mexico - Flag Ship Mine Generates Strong Cash Flow

  • Palmarejo produced 9.0 million ounces of silver and 125,071 ounces of gold at cash operating costs of ($0.97) per silver ounce in 2011. In 2010, Palmarejo produced 5.9 million ounces of silver and 102,440 ounces of gold at cash operating costs of $4.10 per silver ounce.
  • This increased production resulted from significantly higher silver and gold grades and higher silver recovery rates compared to 2010. Cash operating costs per silver ounce were lower than 2010 due mostly to the gold by-product credit.
  • Palmarejo is the Company's largest contributor of sales and operating cash flow1, reaching $454.4 million and $298.8 million, respectively, in 2011. Capital expenditures were $37.0 million. In 2010, sales at Palmarejo totaled $230.0 million, operating cash flow1 was $86.6 million and capital expenditures totaled $54.2 million.

San Bartolomé, Bolivia - Consistent in 2011

  • San Bartolomé produced 7.5 million ounces of silver at cash operating costs1 of $9.10 per silver ounce in 2011, compared to production of 6.7 million ounces of silver at cash operating costs1 of $7.87 per silver ounce in 2010. This increased production was driven by higher mill throughput and higher ore grade while costs were higher due to higher production-related taxes as a result of the increased production levels.
  • In December 2011, the Bolivian government granted the Company an exemption to mine the Huacajchi Sur deposit located above the 4,400-meter mining restriction level mandated by the federal government. Continued mining over the next two years of the higher-grade Huacajchi Sur ore should enable Coeur to realize higher margins to help offset expected higher labor and consumable costs in 2012.
  • San Bartolomé contributed $267.5 million in sales and $127.6 million in operating cash flow1 in 2011. Capital expenditures were $17.7 million. In 2010, sales at San Bartolomé totaled $143.0 million while operating cash flow1 was $54.4 million and capital expenditures were $6.2 million.

Kensington, Alaska - First Half Reduction Expected to Drive to Long-Term Consistency

  • As previously announced, production levels at Kensington have been curtailed during the first half of 2012 to complete several key projects designed to improve operational efficiency and consistency. Highlights of the progress at Kensington include:
    • Underground development activities, which we expect to provide operational flexibility and facilitate in-fill drilling and exploration work, are on schedule.
    • Construction of the paste backfill plant is nearly complete with electrical and piping work underway.
    • New surface facilities including a miners' dormitory, kitchen and dining facilities are completed and in use. An expanded warehouse and administrative offices are currently under construction.
  • Coeur announced the promotion of Wayne Zigarlick to General Manager at Kensington, effective January 23, 2012. Mr. Zigarlick previously served as the Assistant General Manager. Prior to joining Coeur at the Kensington Mine in March 2011, he served as Operations Manager at Kinross' Kettle River-Buckhorn operation in Washington State. He has over 20 years of mining and metallurgical experience with past positions at Kinross and the former Echo Bay Mines in the United States and Canada.
  • The mine contributed $151.2 million in sales and $36.1 million in operating cash flow1 in 2011. Capital expenditures were $34.0 million. In 2010, Kensington's sales were $23.6 million, operating cash flow1 totaled $7.4 million and capital expenditures totaled $92.7 million.

Rochester, Nevada - Commencing Full Production from Heap Leach Expansion

  • 2011 was a transitional year at Rochester as residual leaching of older pads continued to trail off as planned, while construction of a new heap leach pad was completed in the fourth quarter. As a result, 2011 production of 1.4 million ounces of silver and 6,276 ounces of gold was lower than 2010 production levels. Commercial production from the new leach pad commenced in November. Production is expected to accelerate each quarter for a full year estimated production of 2.6 million to 2.9 million ounces of silver and 30,000 to 35,000 ounces of gold. The conveyor system and crushing plant are now operating at full capacity and leach recovery rates have been improving in February 2012 as the flow rates of solution have increased.
  • As expected, cash operating costs1 per silver ounce were significantly higher in 2011 compared to 2010. Pre-strip and ore haulage costs associated with the development of the new leach pad and related mining activities were expensed during 2011, while ounces produced were lower as described above. As a result, costs per silver ounce were higher. In 2012 and over the estimated seven year mine life from the new leach pad, cash operating costs are expected to average approximately $12 per silver ounce.
  • Coeur has appointed Carl Waggoner as General Manager at Rochester. With over 30 years of industry experience, Mr. Waggoner previously served as Manager of Construction and Engineering of Barrick's Turquoise Ridge joint venture operation in Nevada and worked at BHP Copper, Asarco and Fluor.
  • Based on the year-end 2011 reserves and resources estimate, the ongoing legal dispute related to certain disputed unpatented claims has no effect on Rochester's 2011 mineral reserves estimate and may have some impact to Rochester's 2011 mineral resources estimate, depending on the legal outcome of the November 2012 court case.
  • The mine contributed $57.3 million in sales and $3.1 million in operating cash flow1 in 2011, with 84% of sales derived from silver and the remainder from gold. Capital expenditures were $27.2 million. In 2010, sales from Rochester totaled $54.3 million, operating cash flow1 was $24.9 million and capital expenditures were $2.3 million.

Reserves and Resources

The Company realized steady levels of silver and gold reserves and increased silver and gold resources, which did not reflect the Company's aggressive exploration drilling completed in the second half of 2011.

Table 4:  2011 Reserves and Resources Summary (For further details, please see page 23 of the Appendix.)

           
(silver in millions)   Silver Ounces(1)     Gold Ounces(1)
Proven & Probable Reserves as of December 31, 2010   227.1     2,528,100  
Contained ounces depleted from mining during 2011(2)   (23.2 )   (242,800 )
Net changes   12.4     (9,600 )
Reserves as of December 31, 2011   216.3     2,275,700  
Measured & Indicated Resources as of December 31, 2010   206.2     1,379,080  
Measured & Indicated Resources as of December 31, 2011   223.9     1,677,440  
Inferred Resources as of December 31, 2010   53.9     816,195  
Inferred Resources as of December 31, 2011   82.0     780,960  

 

       
  1. Ounces shown as contained
  2. Reflects mill feed

Exploration Highlights

Exploration and reserve development expenditures were $26.2 million in 2011, 51% greater than 2010. In 2012, the Company plans to continue accelerated exploration, especially in the first half of the year, with a $40.0 million exploration program, a 53% increase over 2011. The Company expects to increase contained silver and gold reserves and resources year-over-year in 2012.

The exploration program for 2012 will focus on advancing the Guadalupe and La Patria deposits at Palmarejo, the Kensington gold mine in Alaska, and the Joaquin silver-gold project in Argentina in which Coeur has a 51% managing joint venture interest.

During 2011, exploration highlights included:

  • Completion of the first Canadian National Instrument 43-101-compliant mineral resource estimate on the Joaquin property in Argentina containing 19.7 million silver ounces of Indicated Resources and 48.0 million ounces of silver in Inferred Resources, all in two deposits, La Negra and La Morocha; both remain open for expansion. Coeur's current share of this initial mineral resource is 51%. Drilling in the fourth quarter of 2011 focused on expansion and definition of the two deposits and this work will continue into 2012, followed by exploration of the greater property. An updated mineral resource estimate is expected to be completed in mid-2012. With completion of a feasibility study, Coeur will earn a 61% interest.
  • Over 12,800 meters of drilling were completed on the La Patria deposit at Palmarejo. This drilling was the first drilling by Coeur on this nearly 2 kilometer-long mineralized structure, which is located about six kilometers south of the current Palmarejo mining operations. Gold and silver mineralization at La Patria has been exposed in new surface trenches as zone veins and stockwork, from 4 to 28 meters wide, and extends over 350 meters deep. Much of the new drilling cut multiple intersections of mineralization. At this time, the program's focus is on completing a new mineral resource model and defining the extent of higher-grade shoots, or “clavos” that have been defined with our drilling.
  • At Guadalupe, also in the Palmarejo area, over 20,500 meters of drilling was completed; mostly in the second half of 2011. Mineralization at Guadalupe, in wide veins and associated stockwork, has been defined over a strike length of +2.5 kilometers and remains open along strike and at depth. Further drilling is planned to define and expand the zone, especially on the northern half where initial mining is scheduled to commence in 2013.
  • In addition, drilling at the main Palmarejo open pit and underground deposits focused on the Tucson-Chapotillo surface zones with underground drilling at the Rosario and 76 zones. Rosario drilling results have been encouraging and follow up drilling is underway.
  • One hole was completed on a new target at Palmarejo, called Independencia, in December 2011. This hole cut three zones of mineralization ranging from 1.1 meters to 3.7 meters true width grading from 2.2 to 6.8 grams per tonne of gold and 192 to 452 grams per tonne of silver. Follow-up drilling on this new structure is underway.
  • At Kensington, underground drilling was conducted on the Raven zone, located approximately 2,000 feet (600 meters) west of the main Kensington mine area and on a new target, Kensington South, located about 1,000 feet (300 meters) south of the know southern limit of the Kensington mine. Work on a new model of Raven mineral resources is scheduled to commence following drilling planned for the first half of 2012.

2012 Outlook

Coeur expects to produce between 18.5 million and 20.0 million ounces of silver and 210,000 and 230,000 ounces of gold in 2012. Cash operating costs1 are expected to be between $6.50 and $7.50 per ounce of silver (assuming $1,500 per ounce of gold for the by-product credit). Kensington's cash operating costs1 are expected to be between $1,150 and $1,250 per ounce of gold in 2012. Kensington's cash operating costs1 are anticipated to be approximately $1,750 per ounce in the first half of 2012 while production remains temporarily scaled back, and then improve to $800 to $1,000 per ounce in the fourth quarter. Approximately 30% of Kensington's full-year production is expected to take place during the first half of 2012 with the remaining 70% expected in the second half.1

Table 5: 2012 Production Outlook

             
(Ounces; silver in thousands)   Country   Silver   Gold
Palmarejo   Mexico   8,500-9,000   98,000-108,000
San Bartolomé   Bolivia   6,300-6,700  
Rochester   Nevada, USA   2,600-2,900   30,000-35,000
Martha   Argentina   700-900   400-500
Endeavor   Australia   400-500  
Kensington   Alaska, USA       82,600-86,500
Total       18,500-20,000   210,000-230,000
             

Table 6: 2012 Financial Guidance

     
Description   Expenses ($M)
General & Administrative*   ~$26
DD&A   $235-$245
Exploration Expense   ~$40
Capital Expenditures   $90-$120
     

*G&A includes $6 million of non-cash net stock compensation.

1. EBITDA, operating cash flow, adjusted earnings and cash operating costs per ounce are non-GAAP measures. Please see the tables in the Appendix for reconciliation to GAAP.

Conference Call Information

Coeur's fourth quarter and year-end 2011 financial results conference call will be held at 1:00 p.m. Eastern Time today, Thursday, February 23, 2012.

Dial-in number: (877) 464-2820

International dial-in number: (660) 422-4718

Conference ID: 48487351

Webcast: www.coeur.com

A replay of the conference call will be available through March 2, 2012.

Replay number: (855) 859-2056

International replay number: (404) 537-3406

Replay code: 48487351

Cautionary Statement

This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding anticipated operating results. Such statements are subject to numerous assumptions and uncertainties, many of which are outside the control of Coeur. Operating, exploration and financial data, and other statements in this release are based on information that Coeur believes is reasonable, but involve significant uncertainties affecting the business of Coeur, including, but not limited to, future gold and silver prices, costs, ore grades, estimation of gold and silver reserves, mining and processing conditions, construction delays and related disruptions in production, disputed mineral claims, currency exchange rates, costs of capital expenditures and the completion and/or updating of mining feasibility studies, changes that could result from future acquisitions of new mining properties or businesses, risks and hazards inherent in the mining business (including environmental hazards, industrial accidents, weather and geologically related conditions), permitting and regulatory matters (including penalties, fines, sanctions, and shutdowns), 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 filings made from time to time with the United States Securities and Exchange Commission, and the Canadian securities regulators, including, without limitation, Coeur's reports on Form 10-K and Form 10-Q. Current mineralized material estimates were inclusive of disputed and undisputed claims at Rochester. While the Company believes it holds a superior position in the ongoing claim dispute, the Company believes an adverse legal outcome would cause it to modify mineralized material estimates. 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.

Donald J. Birak, Coeur's Senior Vice President of Exploration and a qualified person under Canadian NI 43-101, supervised the preparation of the scientific and technical information concerning Coeur's mineral projects in this news release. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant factors, please see the Technical Reports for each of Coeur's properties as filed on SEDAR at www.sedar.com.

Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this presentation, such as “measured,” “indicated,” and “inferred resources,” that are recognized by Canadian regulations, but that SEC guidelines generally prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 10-K which may be secured from us, or from the SEC's website at http://www.sec.gov.

Non-U.S. GAAP Measures

We supplement the reporting of our financial information determined under United States generally accepted accounting principles (U.S. GAAP) with certain non-U.S. GAAP financial measures, including cash operating costs, operating cash flow, adjusted earnings, and EBITDA. We believe that these adjusted measures provide meaningful information to assist management, investors and analysts in understanding our financial results and assessing our prospects for future performance. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of, or are unrelated to our core operating results, and provide a better baseline for analysing trends in our underlying businesses. We believe cash operating costs, operating cash flow, adjusted earnings and EBITDA are important measures in assessing the Company's overall financial performance.

About Coeur

Coeur d'Alene Mines Corporation is the largest U.S.-based primary silver producer and a growing gold producer. The Company built and commenced production from three wholly-owned, long-lived mines between 2008 and 2010: the San Bartolomé silver mine in Bolivia, the Palmarejo silver-gold mine in Mexico and the Kensington gold mine in Alaska. Further production has commenced from a new heap leach pad at Coeur's long-time Rochester silver-gold mine in Nevada. The Company also owns and operates the Martha silver-gold mine in Argentina and owns a non-operating interest in a silver-base metal mine in Australia. Coeur conducts ongoing exploration activities near and within its operating properties in Argentina, Mexico, Alaska, Nevada and Bolivia. In addition, Coeur owns strategic minority shareholdings in five silver development companies in North and South America.

APPENDIX:

Table 7:  Operating Statistics from Continuing Operations

             
    2011   2010   2009
PRIMARY SILVER OPERATIONS:            
Palmarejo(1)            
Tons milled   1,723,056     1,835,408     1,065,508  
Ore grade/Ag oz   6.87     4.60     4.31  
Ore grade/Au oz   0.08     0.06     0.06  
Recovery/Ag oz (1)   76.4 %   69.8 %   66.3 %
Recovery/Au oz (1)   92.2 %   91.1 %   88.2 %
Silver production ounces(3)   9,041,488     5,887,576     3,047,843  
Gold production ounces(3)   125,071     102,440     54,740  
Cash operating costs/oz (4)   $ (0.97 )   $ 4.10     $ 9.80  
Cash cost/oz (4)   $ (0.97 )   $ 4.10     $ 9.80  
Total production cost/oz   $ 16.80     $ 19.66     $ 26.80  
San Bartolomé            
Tons milled   1,567,269     1,504,779     1,518,671  
Ore grade/Ag oz   5.38     5.03     5.49  
Recovery/Ag oz   88.9 %   88.6 %   89.6 %
Silver production ounces(3)   7,501,367     6,708,775     7,469,222  
Cash operating costs/oz (4)   $ 9.10     $ 7.87     $ 7.80  
Cash cost/oz (4)   $ 10.64     $ 8.67     $ 10.48  
Total production cost/oz   $ 13.75     $ 11.72     $ 12.96  
Rochester(2)            
Tons Mined   2,028,889          
Ore grade/Ag oz   0.47          
Ore grade/Au oz   0.005          
Recovery/Ag oz(2)   165.1 %        
Recovery/Au oz(2)   75.6 %        
Silver production ounces(3)   1,392,433     2,023,423     2,181,788  
Gold production ounces(3)   6,276     9,641     12,663  
Cash operating costs/oz (4)   22.97     2.93     1.95  
Cash cost/oz (4)   24.82     3.78     2.58  
Total production cost/oz   27.21     4.82     3.51  
             
    2011   2010   2009
Martha            
Tons milled   101,167     56,401     109,974  
Ore grade/Ag oz   6.29     31.63     36.03  
Ore grade/Au oz   0.01     0.04     0.05  
Recovery/Ag oz   83.2 %   88.3 %   93.6 %
Recovery/Au oz   74.0 %   84.1 %   87.6 %
Silver production ounces   529,602     1,575,827     3,707,544  
Gold production ounces   615     1,838     4,709  
Cash operating costs/oz(4)   $ 32.79     $ 13.16     $ 6.19  
Cash cost/oz(4)   $ 34.08     $ 14.14     $ 6.68  
Total production cost/oz   $ 36.19     $ 20.02     $ 8.62  
Endeavor            
Tons milled   743,936     653,550     552,799  
Ore grade/Ag oz   1.83     1.96     1.67  
Recovery/Ag oz   45.0 %   44.3 %   49.9 %
Silver production ounces   613,361     566,134     461,800  
Cash operating costs/oz(4)   $ 18.87     $ 10.15     $ 6.80  
Cash cost/oz(4)   $ 18.87     $ 10.15     $ 6.80  
Total production cost/oz   $ 24.00     $ 13.66     $ 9.55  
GOLD OPERATIONS:            
Kensington            
Tons milled   415,340     174,028      
Ore grade/Au oz   0.23     0.28      
Recovery/Au oz   92.7 %   89.9 %    
Gold production ounces(3)   88,420     43,143      
Cash operating costs/oz (4)   $ 1,088     $ 989     $  
Cash cost/oz (4)   $ 1,088     $ 989     $  
Total production cost/oz   $ 1,494     $ 1,394     $  
CONSOLIDATED PRODUCTION TOTALS            
Silver ounces(3)   19,078,251     16,761,735     16,868,197  
Gold ounces(3)   220,382     157,062     72,112  
Cash operating costs/oz(4)   $ 6.31     $ 6.53     $ 7.03  
Cash cost per oz/silver(4)   $ 7.09     $ 7.05     $ 8.40  
Total production cost/oz   $ 17.14     $ 14.52     $ 13.19  
CONSOLIDATED SALES TOTALS            
Silver ounces sold(3)   19,057,503     17,221,335     16,310,225  
Gold ounces sold(3)   238,551     130,142     65,607  
Realized price per silver ounce   $ 35.15     $ 20.99     $ 14.83  
Realized price per gold ounce   $ 1,558     $ 1,236.8     $ 1,002.87  
                         

(1) Palmarejo commenced commercial production on April 20, 2009. Mine statistics do not represent normal operating results.

(2) The leach cycle at Rochester requires 5 to 10 years to recover gold and silver contained in the ore. The Company estimates the metallurgical recovery to be approximately 61% for silver and 92% for gold. Current recovery may vary significantly from ultimate recovery. See Critical Accounting Policies and Estimates — Ore on Leach Pad.

(3) Current production ounces and recoveries reflect final metal settlements of previously reported production ounces.

(4) See "Reconciliation of Non-GAAP Cash Costs to GAAP Production Costs."

Table 8:
Coeur d'Alene Mines Corporation and Subsidiaries
Consolidated Balance Sheets
     
    December 31,
    2011   2010
   

(In thousands,
except share data)

 

ASSETS
CURRENT ASSETS        
Cash and cash equivalents   $ 175,012     $ 66,118  
Short-term investments   20,254      
Receivables   83,497     58,880  
Ore on leach pads   27,252     7,959  
Metal and other inventory   132,781     118,340  
Deferred tax assets   1,869      
Restricted assets   60     25  
Prepaid expenses and other   24,218     14,889  
    464,943     266,211  
NON-CURRENT ASSETS        
Property, plant and equipment   687,676     668,101  
Mining properties   2,001,027     2,122,216  
Ore on leach pads, non-current portion   6,679     10,005  
Restricted assets   28,911     29,028  
Receivables, non current   40,314     42,866  
Marketable securities   19,844      
Debt issuance costs, net   1,889     4,333  
Deferred tax assets   263     804  
Other   12,895     13,963  
TOTAL ASSETS   $ 3,264,441     $ 3,157,527  
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES        
Accounts payable   $ 78,590     $ 88,321  
Accrued liabilities and other   13,179     18,608  
Accrued income taxes   47,803     28,397  
Accrued payroll and related benefits   16,240     17,953  
Accrued interest payable   559     834  
Current portion of capital leases and other debt obligations   32,602     63,317  
Current portion of royalty obligation   61,721     51,981  
Current portion of reclamation and mine closure   1,387     1,306  
    252,081     270,717  
NON-CURRENT LIABILITIES        
Long-term debt   115,861     130,067  
Non-current portion of royalty obligation   169,788     190,334  
Reclamation and mine closure   32,371     27,779  
Deferred income taxes   527,573     474,264  
Other long-term liabilities   30,046     23,599  
    875,639     846,043  
COMMITMENTS AND CONTINGENCIES        
SHAREHOLDERS’ EQUITY        
Common Stock, par value $0.01 per share; authorized 150,000,000 shares, 89,655,124 issued at December 31, 2011 and 89,315,767 shares issued and outstanding at December 31, 2010   897     893  
Additional paid-in capital   2,585,632     2,578,206  
Accumulated deficit   (444,833 )   (538,332 )
Accumulated other comprehensive loss   (4,975 )    
    2,136,721     2,040,767  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 3,264,441     $ 3,157,527  
                 
Table 9:
Coeur d'Alene Mines Corporation and Subsidiaries
Consolidated Statement of Operations and Comprehensive Income (Loss)
     
    Years Ended December 31,
    2011   2010   2009
    (In thousands, except share data)
Sales of metal   $ 1,021,200     $ 515,457     $ 300,361  
Production costs applicable to sales   (419,956 )   (257,636 )   (191,311 )
Depreciation and depletion   (224,500 )   (141,619 )   (81,376 )
Gross profit   376,744     116,202     27,674  
COSTS AND EXPENSES            
Administrative and general   31,379     24,176     22,070  
Exploration   19,128     14,249     13,056  
Pre-development, care, maintenance and other   19,441     2,877     1,468  
Total costs and expenses   69,948     41,302     36,594  
OPERATING INCOME (LOSS)   306,796     74,900     (8,920 )
OTHER INCOME AND EXPENSE            
Gain (loss) on debt extinguishments   (5,526 )   (20,300 )   31,528  
Fair value adjustments, net   (52,050 )   (117,094 )   (82,227 )
Interest and other income (expense)   (6,610 )   771     1,648  
Interest expense, net of capitalized interest   (34,774 )   (30,942 )   (18,102 )
Total other income and expense   (98,960 )   (167,565 )   (67,153 )
Income (loss) from continuing operations before income taxes   207,836     (92,665 )   (76,073 )
Income tax benefit (expense)   (114,337 )   9,481     33,071  
Income (loss) from continuing operations   93,499     (83,184 )   (43,002 )
Income (loss) from discontinued operations, net of income taxes       (6,029 )   (9,601 )
Income (loss) on sale of net assets of discontinued operations, net of taxes $0.0 million for 2010 and $0.0 million for 2009       (2,095 )   25,537  
NET INCOME (LOSS)   93,499     (91,308 )   (27,066 )
Other comprehensive loss   (4,975 )   (5 )    
COMPREHENSIVE INCOME (LOSS)   $ 88,524     $ (91,313 )   $ (27,066 )
BASIC AND DILUTED INCOME (LOSS) PER SHARE            
Basic income (loss) per share:            
Income (loss) from continuing operations   $ 1.05     $ (0.95 )   $ (0.60 )
Income (loss) from discontinued operations       (0.10 )   0.22  
Net income (loss)   $ 1.05     $ (1.05 )   $ (0.38 )
Diluted income (loss) per share:            
Income (loss) from continuing operations   $ 1.04     $ (0.95 )   $ (0.60 )
Income (loss) from discontinued operations       (0.10 )   0.22  
Net income (loss)   $ 1.04     $ (1.05 )   $ (0.38 )
Weighted average number of shares of common stock:            
Basic   89,383     87,185     71,565  
Diluted   89,725     87,185     71,565  
                   
Table 10: Coeur d'Alene Mines Corporation and Subsidiaries
Consolidated Statements of Cash Flows
     

 

  Years Ended December 31,
    2011   2010   2009
    (In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:            
Net income (loss)   $ 93,499     $ (91,308 )   $ (27,066 )
Add (deduct) non-cash items:            
Depreciation, depletion, and amortization   224,500     143,813     87,140  
Amortization of debt discount and debt issuance costs   4,041     3,374     504  
Accretion of royalty obligation   21,550     19,018     14,209  
Deferred income taxes   51,792     (37,628 )   (43,061 )
Loss (gain) on debt extinguishment   5,526     20,300     (31,528 )
Fair value adjustments   46,450     115,458     81,035  
Loss on foreign currency transactions   380     3,867     546  
Share-based compensation   8,122     7,217     4,876  
Loss on sale of asset backed securities           600  
Loss (gain) on asset retirement obligation   (335 )   (167 )   1,181  
Gain on sales of assets   (1,145 )   (25 )   (31,988 )
Environmental remediation           5,040  
Changes in operating assets and liabilities:            
Receivables and other current assets   (21,950 )   (6,228 )   (10,592 )
Prepaid expenses and other   (8,839 )   5,871     (3,728 )
Inventories   (30,408 )   (47,887 )   (26,804 )
Accounts payable and accrued liabilities   22,990     29,888     39,783  
CASH PROVIDED BY OPERATING ACTIVITIES   416,173     165,563     60,147  
CASH FLOWS FROM INVESTING ACTIVITIES:            
Purchases of investments   (49,501 )   (5,872 )   (24,012 )
Proceeds from maturities of investments   6,246     24,244     38,531  
Capital expenditures   (119,988 )   (155,994 )   (218,235 )
Proceeds from sales of assets   2,531     6,211     57,364  
Other   (249 )   (284 )   (494 )
CASH USED IN INVESTING ACTIVITIES   (160,961 )   (131,695 )   (146,846 )
CASH FLOWS FROM FINANCING ACTIVITIES            
Proceeds from sale of gold production royalty           75,000  
Additions to restricted assets associated with Kensington Term Facility   (1,326 )   (2,353 )   (966 )
Payments on gold production royalty   (73,191 )   (43,125 )   (15,762 )
Proceeds from issuance of notes and bank borrowings   27,500     176,166     40,804  
Payments on notes, long-term debt, capital leases, credit facility, and associated costs   (85,519 )   (104,595 )   (26,226 )
Proceeds from gold lease facility       18,445     5,108  
Payments of gold lease facility   (13,800 )   (37,977 )   (1,627 )
Proceeds from sale-leaseback transactions       4,853     12,511  
Payments of common stock and debt issuance costs       (2,232 )   (121 )
Other   18     286      
CASH PROVIDED (USED) BY FINANCING ACTIVITIES   (146,318 )   9,468     88,721  
INCREASE IN CASH AND CASH EQUIVALENTS   108,894     43,336     2,022  
Cash and cash equivalents at beginning of year   66,118     22,782     20,760  
Cash and cash equivalents at end of year   $ 175,012     $ 66,118     $ 22,782  
                         

Table 11: Operating Cash Flow Reconciliation

Operating cash flow is a non-U.S. GAAP measure defined as net income plus depreciation, depletion and amortization and other non-cash items prior to changes in operating assets and liabilities. On a U.S. GAAP basis, the Company generated cash flow from operations of $97.5 million in the fourth quarter of 2011 and $454.4 million in the year ended December 31, 2011. See the reconciliation from non-U.S. GAAP to U.S. GAAP at the end of this news release.

    4Q 2011   3Q 2011   2Q 2011   1Q 2011   4Q 2010
                     
Cash provided by operating activities   $ 87,412     $ 181,911     $ 111,065     $ 35,785     $ 129,397  
Changes in operating assets and liabilities:                    
Receivables and other current assets   $ (8,904 )   $ 10,513     $ 8,138     $ 4,841     $ (5,908 )
Prepaid expenses and other   $ 8,839     $ 8,697     $ (1,354 )   $ 19     $ (5,871 )
Inventories   $ 17,574     $ (23,234 )   $ 23,575     $ 12,493     $ 19,999  
Accounts payable and accrued liabilities   $ (7,452 )   $ (26,930 )   $ (25,585 )   $ 36,977     $ (38,186 )
OPERATING CASH FLOW   $ 97,469     $ 150,957     $ 115,839     $ 90,115     $ 99,431  
                                         
    FY 2011   FY 2010
Cash provided by operating activities   $ 416,173     $ 165,563  
Changes in operating assets and liabilities:        
Receivables and other current assets   $ 14,588     $ 6,228  

Prepaid expenses and other

  $ 16,201     $ (5,871 )
Inventories   $ 30,408     $ 47,887  
Accounts payable and accrued liabilities   $ (22,990 )   $ (29,888 )
OPERATING CASH FLOW   $ 454,380     $ 183,919  
                 

Table 12: EBITDA Reconciliation

EBITDA is a non-U.S. GAAP measure defined as earnings before interest, taxes, depreciation and amortization. A reconciliation of this measure to U.S. GAAP is provided at the end of this news release.

    4Q 2011   3Q 2011   2Q 2011   1Q 2011   4Q 2010
Net income (loss)   $ 11,364     $ 31,060     $ 38,611     $ 12,464     $ (5,078 )
(Gain) loss on sale of net assets of discontinued operations, net of income taxes   $     $     $     $     $ 1  
Loss from discontinued operations, net of income taxes   $     $     $     $     $  
Income tax provision (benefit)   $ 52,390     $ 27,606     $ 21,402     $ 12,939     $ 3,655  
Interest expense, net of capitalized interest   $ 8,222     $ 7,980     $ 9,268     $ 9,304     $ 9,539  
Interest and other income   $ 4,697     $ 6,610     $ (2,763 )   $ (1,934 )   $ (3,495 )
Fair value adjustments, net   $ (19,035 )   $ 53,351     $ 12,432     $ 5,302     $ 51,213  
Loss on debt extinguishments   $ 3,886     $ 784     $ 389     $ 467     $ 7,586  
Depreciation and depletion   $ 58,166     $ 58,652     $ 57,641     $ 50,041     $ 46,116  
EBITDA   $ 119,690     $ 186,043     $ 136,980     $ 88,583     $ 109,537  
                                         
    FY 2011   FY 2010
Net income (loss)   $ 93,499     $ (91,308 )
(Gain) loss on sale of net assets of discontinued operations, net of income taxes   $     $ 2,095  
Loss from discontinued operations, net of income taxes   $     $ 6,029  
Income tax provision (benefit)   $ 114,337     $ (9,481 )
Interest expense, net of capitalized interest   $ 34,774     $ 30,942  
Interest and other income   $ 6,610     $ (771 )
Fair value adjustments, net   $ 52,050     $ 117,094  
Loss on debt extinguishments   $ 5,526     $ 20,300  
Depreciation and depletion   $ 224,500     $ 141,619  
EBITDA   $ 531,296     $ 216,519  
                 

Table 13: Adjusted Earnings Reconciliation

Adjusted earnings is a non-U.S. GAAP measure defined as operating income plus interest and other income less interest expense and current taxes. Adjusted earnings exclude non-cash fair value adjustments, other non-cash adjustments, deferred taxes and discontinued operations. The Company realized net income of $11.4 million in the fourth quarter of 2011 and $93.5 million during the year ended December 31, 2011. See reconciliation between non-U.S. GAAP adjusted earnings and U.S. GAAP at the end of this news release. Adjusted earnings per share represent the adjusted earnings divided by the number of shares outstanding at the end of the quarter.

    4Q 2011   3Q 2011   2Q 2011   1Q 2011   4Q 2010
Net income (loss)   $ 11,364     $ 31,060     $ 38,611     $ 12,464     $ (5,078 )
Loss on sale of net assets of discontinued operations, net of income taxes   $     $     $     $     $ 1  
Share Based Compensation   $ 2,861     $ 457     $ (3,351 )   $ 8,155     $ 3,248  
Loss from discontinued operations, net of income taxes   $     $     $     $     $  
Deferred income tax provision   $ 38,614     $ 3,110     $ 4,198     $ 5,870     $ (8,386 )
Interest expense, accretion of royalty obligation   $ 5,523     $ 4,990     $ 5,770     $ 5,267     $ 4,611  
Fair value adjustments, net   $ (19,035 )   $ 53,351     $ 12,432     $ 5,302     $ 51,213  
Loss on debt extinguishments   $ 3,886     $ 784     $ 389     $ 467     $ 7,586  
ADJUSTED EARNINGS (LOSS)   $ 43,213     $ 93,752     $ 58,049     $ 37,525     $ 53,195  
                                         
  FY 2011   FY 2010
Net income (loss) $ 93,499     $ (91,308 )
Loss on sale of net assets of discontinued operations, net of income taxes $     $ 2,095  
Share Based Compensation $ 8,122     $ 7,217  
Loss from discontinued operations, net of income taxes $     $ 6,029  
Deferred income tax provision $ 51,792     $ (38,901 )
Interest expense, accretion of royalty obligation $ 21,550     $ 19,018  
Fair value adjustments, net $ 52,050     $ 117,094  
Loss on debt extinguishments $ 5,526     $ 20,300  
ADJUSTED EARNINGS (LOSS) $ 232,539     $ 41,544  
               

Table 14:  Results of Operations by Mine - Palmarejo

                         
in millions of US$   FY 2011   4Q 2011   3Q 2011   2Q 2011   1Q 2011   4Q 2010
Sales of Metal   $ 513.1     $ 134.3     $ 166.9     $ 123.7     $ 88.2     $ 78.1  
Production Costs   186.2     47.0     64.1     37.7     37.4     35.6  
EBITDA   319.0     83.7     100.4     84.6     50.2     41.0  
Operating Income/(Loss)   159.8     38.7     61.6     43.0     16.5     13.0  
Operating Cash Flow   298.8     77.4     91.2     81.8     48.4     38.7  
Capital Expenditures   37.0     12.1     9.5     10.3     5.1     11.1  
Gross Profit   $ 326.9     $ 87.3     $ 102.8     $ 86.0     $ 50.8     $ 42.5  
Gross Margin   63.7 %   65 %   61.6 %   69.5 %   57.6 %   54.4 %
                         
Ounces unless otherwise noted   FY 2011   4Q 2011   3Q 2011   2Q 2011   1Q 2011   4Q 2010
Underground Operations:                        
Tons Mined   623,421     191,966     143,010     144,614     143,831     151,032  
Average Silver Grade (oz/t)   8.87     8.04     9.36     10.08     8.30     6.30  
Average Gold Grade (oz/t)   0.13     0.11     0.13     0.14     0.14     0.10  
Surface Operations:                        
Tons Mined   1,106,077     321,881     260,618     276,699     246,879     281,177  
Average Silver Grade (oz/t)   5.75     5.88     6.56     5.85     4.60     7.33  
Average Gold Grade (oz/t)   0.05     0.05     0.05     0.06     0.05     0.07  
Processing:                        
Total Tons Milled   1,723,056     505,619     403,978     414,719     398,740     514,391  
Average Recovery Rate – Ag   76.4 %   77.9 %   75.9 %   78.3 %   72.7 %   66.72 %
Average Recovery Rate – Au   92.2 %   92.4 %   93.6 %   95.2 %   87.4 %   90.32 %
Silver Production - oz   9,042     2,690     2,251     2,371     1,730     2,010  
Gold Production - oz   125     34     30     33     28     30  
Cash Operating Costs/Ag Oz   $ (0.97 )   $ (2.13 )   $ (1.16 )   $ (3.68 )   $ 4.80     $ 2.68  
                                                 

Table 15:  Reconciliation of EBITDA for Palmarejo

    2011   4Q 2011   3Q 2011   2Q 2011   1Q 2011   4Q 2010
Sales of metal   $ 513.1     $ 134.3     $ 166.9     $ 123.7     $ 88.2     $ 78.1  
Production costs applicable to sales   $ (186.2 )   $ (47 )   $ (64.1 )   $ (37.8 )   $ (37.4 )   $ (35.6 )
Administrative and general                        
Exploration   (6.9 )   (2.8 )   $ (2.2 )   $ (1.3 )   $ (0.6 )   $ (1.5 )
Care and maintenance and other   (1 )   (0.8 )   $ (0.2 )            
Pre-development                        
EBITDA   $ 319.0     $ 83.7     $ 100.4     $ 84.6     $ 50.2     $ 41.0  
                                                 

Table 16:  Operating Cash Flow for Palmarejo

    2011   4Q 2011   3Q 2011   2Q 2011   1Q 2011   4Q 2010
Cash provided by operating activities   $ 248.6     $ 70.9     $ 104.7     $ 62.9     $ 10.1     $ 63.5  
Changes in operating assets and liabilities:                        
Receivables and other current assets   13.4     5.7     (0.8 )   8.9     (0.4 )   (14.5 )
Prepaid expenses and other   0.8     (3.2 )   3.4     (0.4 )   1.0     (1.7 )
Inventories   21.8     9.9     (16.2 )   12.0     16.1     16.4  
Accounts payable and accrued liabilities   14.2     (5.9 )   0.1     (1.6 )   21.6     (25 )
OPERATING CASH FLOW   $ 298.8     $ 77.4     $ 91.2     $ 81.8     $ 48.4     $ 38.7  
                                                 

Table 17:  Results of Operations by Mine - San Bartolomé

                         
in millions of US$   FY 2011   4Q 2011   3Q 2011   2Q 2011   1Q 2011   4Q 2010
Sales of Metal   $ 267.5     $ 62.8     $ 102.8     $ 55.6     $ 46.3     $ 67.1  
Production Costs   79.7     21.4     30.1     14.1     14.1     22.4  
EBITDA   187.2     41.2     72.5     41.4     32.1     44.7  
Operating Income/(Loss)   164.8     34.9     66.7     36.2     27.0     39.2  
Operating Cash Flow   127.6     28.7     49.6     25.7     23.6     23.3  
Capital Expenditures   17.7     6.5     4.4     3.3     3.5     3.5  
Gross Profit   $ 187.8     $ 41.4     $ 72.7     $ 41.5     $ 32.2     $ 44.7  
Gross Margin   70.2 %   65.9 %   70.7 %   74.6 %   69.5 %   66.6 %
                         
Ounces unless otherwise noted   FY 2011   4Q 2011   3Q 2011   2Q 2011   1Q 2011   4Q 2010
Tons Milled   1,567,269     371,983     428,978     378,640     387,668     404,160  
Average Silver Grade (oz/t)   5.4     5.4     5.4     5.2     5.6     5.4  
Average Recovery Rate   88.9 %   90.5 %   88.6 %   87.7 %   88.6 %   92 %
Silver Production   7,501     1,997     2,051     1,742     1,711     2,011  
Gold Production                        
Cash Operating Costs/Ag Oz   $ 9.10     $ 9.18     $ 9.32     $ 8.73     $ 9.13     $ 7.53  
                                                 

Table 18:  Reconciliation of EBITDA for San Bartolomé

    2011   4Q 2011   3Q 2011   2Q 2011   1Q 2011   4Q 2010
Sales of metal   $ 267.5     $ 62.8     $ 102.8     $ 55.6     $ 46.3     $ 67.1  
Production costs applicable to sales   $ (79.7 )   $ (21.4 )   $ (30.1 )   $ (14.1 )   $ (14.1 )   $ (22.4 )
Administrative and general                        
Exploration   (0.3 )       $ (0.1 )   $ (0.1 )   $ (0.1 )    
Care and maintenance and other   (0.3 )   (0.2 )   $ (0.1 )            
Pre-development                        
EBITDA   $ 187.2     $ 41.2     $ 72.5     $ 41.4     $ 32.1     $ 44.7  
                                                 

Table 19:  Operating Cash Flow for San Bartolomé

    2011   4Q 2011   3Q 2011   2Q 2011   1Q 2011   4Q 2010
Cash provided by operating activities   $ 149.1     $ 22.3     $ 78.1     $ 38.2     $ 10.5     $ 28.8  
Changes in operating assets and liabilities:                        
Receivables and other current assets   8.4     0.2     5.0     1.5     1.7     1.3  
Prepaid expenses and other   3.7     4.6     0.2     (0.6 )   (0.5 )   (0.6 )
Inventories   4.6     2.9     (7.2 )   4.0     4.9     4.2  
Accounts payable and accrued liabilities   (38.2 )   (1.3 )   (26.5 )   (17.4 )   7.0     (10.4 )
OPERATING CASH FLOW   $ 127.6     $ 28.7     $ 49.6     $ 25.7     $ 23.6     $ 23.3  
                                                 

Table 20:  Results of Operations by Mine - Rochester

                         
in millions of US$   FY 2011   4Q 2011   3Q 2011   2Q 2011   1Q 2011   4Q 2010
Sales of Metal   $ 57.3     $ 11.1     $ 17.5     $ 14.4     $ 14.3     $ 25.3  
Production Costs   28.3     4.2     11.4     5.3     7.4     10.6  
EBITDA   7.1     3.2     2.7     (2.2 )   3.4     14.1  
Operating Income/(Loss)   6.7     4.6     2.1     (2.9 )   2.9     15.2  
Operating Cash Flow   3.1     3.4     2.7     (3.9 )   0.9     9.0  
Capital Expenditures   27.2     7.7     13.6     4.2     1.7     2.1  
Gross Profit   $ 29.0     $ 6.9     $ 6.1     $ 9.1     $ 6.9     $ 14.7  
Gross Margin   50.6 %   62.2 %   34.9 %   63.2 %   48.3 %   58.1 %
                         
Ounces unless otherwise noted   FY 2011   4Q 2011   3Q 2011   2Q 2011   1Q 2011   4Q 2010
Silver Production   1,392     373     352     333     334     549  
Gold Production   6     2     1     1     2     2  
Cash Operating Costs/Ag Oz   $ 22.97     $ 37.99     $ 36.71     $ 4.34     $ 10.28     $ 2.94  
                                                 

Table 21:  Reconciliation of EBITDA for Rochester

    2011   4Q 2011   3Q 2011   2Q 2011   1Q 2011   4Q 2010
Sales of metal   $ 57.3     $ 11.1     $ 17.5     $ 14.4     $ 14.3     $ 25.3  
Production costs applicable to sales   $ (28.3 )   $ (4.2 )   $ (11.4 )   $ (5.3 )   $ (7.4 )   $ (10.6 )
Administrative and general                        
Exploration   (2 )   (1.5 )   $ (0.2 )   $ (0.3 )        
Care and maintenance and other   (19.9 )   (2.2 )   $ (3.2 )   $ (11 )   $ (3.5 )   $ (0.6 )
Pre-development                        
EBITDA   $ 7.1     $ 3.2     $ 2.7     $ (2.2 )   $ 3.4     $ 14.1  

Table 22:  Operating Cash Flow for Rochester

    2011   4Q 2011   3Q 2011   2Q 2011   1Q 2011   4Q 2010
Cash provided by operating activities   $ (11.2 )   $ (11.4 )   $ 0.9     $ (2.1 )   $ 1.4     $ 11.8  
Changes in operating assets and liabilities:                        
Receivables and other current assets   (0.3 )   (0.2 )   0.2         (0.3 )   0.3  
Prepaid expenses and other   1.7     0.7     0.7     0.4     (0.1 )   0.1  
Inventories   21.7     14.2     5.9     0.6     1.0     (1.8 )
Accounts payable and accrued liabilities   (8.8 )   0.1     (5 )   (2.8 )   (1.1 )   (1.4 )
OPERATING CASH FLOW   $ 3.1     $ 3.4     $ 2.7     $ (3.9 )   $ 0.9     $ 9.0  
                                                 

Table 23:  Results of Operations by Mine - Kensington

                         
in millions of US$   FY 2011   4Q 2011   3Q 2011   2Q 2011   1Q 2011   4Q 2010
Sales of Metal   $ 151.2     $ 32.9     $ 44.2     $ 26.0     $ 48.1     $ 15.1  
Production Costs   101.7     31.7     24.3     12.8     32.9     6.6  
EBITDA   48.1     0.5     19.6     12.8     15.2     8.5  
Operating Income/(Loss)   12.3     (6.6 )   10.3     2.8     5.8     (1.8 )
Operating Cash Flow   36.1     (4.1 )   14.5     11.7     14.0     8.0  
Capital Expenditures   34.0     12.0     9.2     7.4     5.4     9.6  
Gross Profit   $ 49.5     $ 1.2     $ 19.9     $ 13.2     $ 15.2     $ 8.5  
Gross Margin   32.7 %   3.6 %   45 %   50.8 %   31.6 %   56.3 %
                         
Ounces unless otherwise noted   FY 2011   4Q 2011   3Q 2011   2Q 2011   1Q 2011   4Q 2010
Tons Milled   415,340     71,700     116,255     121,565     105,820     83,774  
Average Gold Grade (oz/t)   0.2     0.2     0.2     0.2     0.2     0.4  
Average Recovery Rate   92.9 %   96.5 %   91.7 %   93 %   92.4 %   91 %
Gold Production   89     13     25     26     24     28  
Cash Operating Costs/Ag Oz   $ 1,088.37     $ 1,807.25     $ 973.28     $ 923.56     $ 988.75     $ 874.60  
                                                 

Table 24:  Reconciliation of EBITDA for Kensington

    2011   4Q 2011   3Q 2011   2Q 2011   1Q 2011   4Q 2010
Sales of metal   $ 151.2     $ 32.9     $ 44.2     $ 26.0     $ 48.1     $ 15.1  
Production costs applicable to sales   $ (101.7 )   $ (31.7 )   $ (24.3 )   $ (12.8 )   $ (32.9 )   $ (6.6 )
Administrative and general                        
Exploration   (1.1 )   (0.5 )   $ (0.3 )   $ (0.3 )        
Care and maintenance and other   (0.3 )   (0.2 )       $ (0.1 )        
Pre-development                        
EBITDA   $ 48.1     $ 0.5     $ 19.6     $ 12.8     $ 15.2     $ 8.5  
                                                 

Table 25:  Operating Cash Flow for Kensington

    2011   4Q 2011   3Q 2011   2Q 2011   1Q 2011   4Q 2010
Cash provided by operating activities   $ 42.5     $ 9.3     $ 8.6     $ 7.6     $ 17.0     $ (5.6 )
Changes in operating assets and liabilities:                        
Receivables and other current assets   7.3     (5.1 )   5.0     (1 )   8.4     (2.2 )
Prepaid expenses and other   1.9     0.5     1.3     0.2     (0.1 )   0.1  
Inventories   (15.6 )   (10.1 )   (1.3 )   8.0     (12.2 )   15.3  
Accounts payable and accrued liabilities       1.3     0.9     (3.1 )   0.9     0.4  
OPERATING CASH FLOW   $ 36.1     $ (4.1 )   $ 14.5     $ 11.7     $ 14.0     $ 8.0  
                                                 

Table 26:  Results of Operations by Mine - Martha

in millions of US$   FY 2011   4Q 2011   3Q 2011   2Q 2011   1Q 2011
Sales of Metal   $ 13.3     $ 2.8     $ 6.0     $ 4.8     $ (0.3 )
Production Costs   15.5     3.9     8.1     3.9     (0.4 )
EBITDA   (8.8 )   (3.3 )   (3.8 )   (0.5 )   (1.2 )
Operating Income/(Loss)   (9.2 )   (3 )   (4 )   (0.4 )   (1.8 )
Operating Cash Flow   (7.7 )   (5 )   (1.7 )   (0.9 )   (0.1 )
Capital Expenditures   3.4     1.4     1.1     0.6     0.3  
Gross Profit   $ (2.2 )   $ (1.1 )   $ (2.1 )   $ 0.9     $ 0.1  
Gross Margin   (16.5 )%   (39.6 )%   (34.9 )%   18.8 %   na
                     
Ounces unless otherwise noted   FY 2011   4Q 2011   3Q 2011   2Q 2011   1Q 2011
Total Tons Milled   101,167     37,141     24,086     22,122     17,818  
Average Silver Grade (oz/t)   6.29     4.65     5.33     5.44     12.06  
Average Gold Grade (oz/t)   0.01     0.01     0.01     0.01     0.02  
Average Recovery Rate – Ag   83.2 %   75.2 %   92.3 %   84 %   83.7 %
Average Recovery Rate – Au   74 %   74.2 %   72.9 %   72.4 %   75.3 %
Silver Production   530     130     119     101     180  
Gold Production   1                  
Cash Operating Costs/Ag Oz   $ 32.79     $ 33.75     $ 39.31     $ 38.79     $ 24.44  
                                         

Table 27: Reconciliation of EBITDA for Martha

    2011   4Q 2011   3Q 2011   2Q 2011   1Q 2011   4Q 2010
Sales of metal   $ 13.3     $ 2.8     $ 6.0     $ 4.8     $ (0.3 )   $ 18.7  
Production costs applicable to sales   $ (15.5 )   $ (3.9 )   $ (8.2 )   $ (3.8 )   $ 0.4     $ (10.3 )
Administrative and general                        
Exploration   (6.4 )   (2.1 )   $ (1.5 )   $ (1.5 )   $ (1.3 )   $ (1.9 )
Care and maintenance and other   (0.2 )   (0.1 )   $ (0.1 )            
Pre-development                        
EBITDA   $ (8.8 )   $ (3.3 )   $ (3.8 )   $ (0.5 )   $ (1.2 )   $ 6.5  
                                                 

Table 28: Operating Cash Flow for Martha

    2011   4Q 2011   3Q 2011   2Q 2011   1Q 2011   4Q 2010
Cash provided by operating activities   $ (9.3 )   $ (3.2 )   $ 0.2     $ (3.2 )   $ (3.1 )   $ 4.6  
Changes in operating assets and liabilities:                        
Receivables and other current assets   (4.2 )   (0.9 )   2.3     0.2     (5.8 )   5.4  
Prepaid expenses and other   0.2     (0.3 )   0.4     0.1          
Inventories   1.3     0.4     (3.3 )   0.1     4.1     (4.8 )
Accounts payable and accrued liabilities   4.3     (1 )   (1.3 )   1.9     4.7     (1.4 )
OPERATING CASH FLOW   $ (7.7 )   $ (5 )   $ (1.7 )   $ (0.9 )   $ (0.1 )   $ 3.8  
                                                 

Table 29: Results of Operations by Mine - Endeavor

                         
in millions of US$   FY 2011   4Q 2011   3Q 2011   2Q 2011   1Q 2011   4Q 2010
Sales of Metal   $ 18.7     $ 2.8     $ 6.2     $ 6.6     $ 3.1     $ 3.3  
Production Costs   8.6     1.0     3.2     3.3     1.1     1.4  
EBITDA   10.1     1.8     3.0     3.3     2.0     1.9  
Operating Income/(Loss)   7.0     1.1     2.1     2.4     1.4     1.3  
Operating Cash Flow   9.0     2.1     1.3     3.6     2.0     1.8  
Capital Expenditures                        
Gross Profit   $ 10.1     $ 1.8     $ 3.0     $ 3.3     $ 2.0     $ 1.9  
Gross Margin   54 %   64.3 %   48.4 %   50 %   64.5 %   57.6 %
                         
Ounces unless otherwise noted   FY 2011   4Q 2011   3Q 2011   2Q 2011   1Q 2011   4Q 2010
Silver Production   613     111     138     215     149     120  
Gold Production                        
Cash Operating Costs/Ag Oz   $ 18.87     $ 14.74     $ 22.26     $ 20.04     $ 17.15     $ 16.03  
                                                 

Table 30: Reconciliation of EBITDA for Endeavor

    2011   4Q 2011   3Q 2011   2Q 2011   1Q 2011   4Q 2010
Sales of metal   $ 18.7     $ 2.8     $ 6.2     $ 6.6     $ 3.1     $ 3.3  
Production costs applicable to sales   $ (8.6 )   $ (1 )   $ (3.2 )   $ (3.3 )   $ (1.1 )   $ (1.4 )
Administrative and general                        
Exploration                        
Care and maintenance and other                        
Pre-development                        
EBITDA   $ 10.1     $ 1.8     $ 3.0     $ 3.3     $ 2.0     $ 1.9  
                                                 

Table 31: Operating Cash Flow for Endeavor

 

  2011   4Q 2011   3Q 2011   2Q 2011   1Q 2011   4Q 2010
Cash provided by operating activities   $ 9.1     $ 2.1     $ 2.4     $ 2.5     $ 2.1     $ 2.7  
Changes in operating assets and liabilities:                        
Receivables and other current assets   (0.9 )   (1.2 )   (1.4 )   2.7     (1 )   (0.4 )
Prepaid expenses and other                        
Inventories   0.1     0.1     (0.9 )       0.9      
Accounts payable and accrued liabilities   0.7     1.1     1.2     (1.6 )       (0.5 )
OPERATING CASH FLOW   $ 9.0     $ 2.1     $ 1.3     $ 3.6     $ 2.0     $ 1.8  
                                                 

Table 32: Operating Cash Flow by Mine for 2010

                         
    Palmarejo   San Bartolome   Kensington   Rochester   Martha   Endeavor
Cash provided by operating activities   $ 72.2     $ 64.5     $ (19 )   $ 32.2     $ 14.9     $ 4.5  
Changes in operating assets and liabilities:                        
Receivables and other current assets   (8 )   4.1     4.9     0.3     3.8     (3.1 )
Prepaid expenses and other   (4.7 )   (1.5 )   2.6              
Inventories   32.1     8.3     25.6     (5.7 )   (6 )    
Accounts payable and accrued liabilities   (5 )   (21 )   (6.7 )   (1.9 )   (3.4 )   5.1  
OPERATING CASH FLOW   $ 86.6     $ 54.4     $ 7.4     $ 24.9     $ 9.3     $ 6.5  
                                                 

Table 33: Reconciliation of Non-U.S. GAAP Cash Costs to U.S. GAAP Production Costs (Three months ending Dec. 31, 2011)

Cash operating costs are a non-U.S. GAAP measure defined as cash costs less production taxes and royalties if applicable. See the reconciliation between non-U.S. GAAP at the end of this news release. Consolidated cash operating costs per silver ounce are net of gold by-product and represent the consolidation of all Coeur's mines except for Kensington, which is a primary gold mine and reports cash operating costs per gold ounce.

(In thousands except ounces and per ounce costs)   Palmarejo   San Bartolomé   Kensington   Rochester   Martha   Endeavor   Total
Total Cash Operating Cost (Non-U.S. GAAP)   (5,730 )   18,332     24,035     14,191     4,386     1,647     56,861  
Royalties       3,279             98         3,377  
Production taxes               124             124  
Total Cash Costs (Non-U.S. GAAP)   (5,730 )   21,611     96,234     14,315     4,484     1,647     60,362  
Add/Subtract:                            
Third party smelting costs           (1,881 )       (516 )   (483 )   (2,880 )
By-product credit   57,501             3,344     242         61,087  
Other adjustments   233     608         266     97         1,204  
Change in inventory   (5,054 )   (869 )   9,407     (13,722 )   (296 )   (112 )   (10,646 )
Depreciation, depletion and amortization   42,646     6,021     7,016     1,152     474     750     58,059  
Production costs applicable to sales, including depreciation, depletion and amortization (U.S. GAAP)   $ 89,596     $ 27,370     $ 38,577     $ 5,356     $ 4,486     $ 1,802     $ 167,187  
Production of silver (ounces)   2,690,368     1,997,416         373,589     129,972     111,723     5,303,068  
Cash operating cost per silver ounce   $ (2.13 )   $ 9.18     $     $ 37.99     $ 33.75     $ 14.74     $ 6.19  
Cash costs per silver ounce   $ (2.13 )   $ 10.82     $     $ 38.32     $ 34.50     $ 14.74     $ 6.85  
Production of gold (ounces)   $     $     $ 13,299.00     $     $     $     $ 13,299.00  
Cash operating cost per gold ounce   $     $     $ 1,807.25     $     $     $     $ 1,807.25  
Cash cost per gold ounce   $     $     $ 1,807.25     $     $     $     $ 1,807.25  
                                                         

Table 34: Reconciliation of Non-U.S. GAAP Cash Costs to U.S. GAAP Production Costs (Twelve months ending Dec. 31, 2011) Cash operating costs are a non-U.S. GAAP measure defined as cash costs less production taxes and royalties if applicable. See the reconciliation between non-U.S. GAAP at the end of this news release. Consolidated cash operating costs per silver ounce are net of gold by-product and represent the consolidation of all Coeur's mines except for Kensington, which is a primary gold mine and reports cash operating costs per gold ounce.

(In thousands except ounces and per ounce costs)   Palmarejo   San Bartolomé   Kensington   Rochester   Martha   Endeavor   Total
Total Cash Operating Cost (Non-U.S. GAAP)   (8,743 )   68,277     96,234     31,978     17,367     11,573     216,686  
Royalties       11,561         2,177     685         14,423  
Production taxes               409             409  
Total Cash Costs (Non-U.S. GAAP)   (8,743 )   79,838     96,234     34,564     18,052     11,573     231,518  
Add/Subtract:                            
Third party smelting costs           (11,003 )       (2,882 )   (2,872 )   (16,757 )
By-product credit   197,342             9,898     949         208,189  
Other adjustments   1,441     906     19     522     559         3,447  
Change in inventory   (3,839 )   (1,065 )   16,422     (16,727 )   (1,165 )   (67 )   (6,441 )
Depreciation, depletion and amortization   159,231     22,408     35,839     2,807     554     3,148     223,987  
Production costs applicable to sales, including depreciation, depletion and amortization (U.S. GAAP)   $ 345,432     $ 102,087     $ 137,511     $ 31,064     $ 16,067     $ 11,782     $ 643,943  
Production of silver (ounces)   9,041,488     7,501,367         1,392,433     529,602     613,361     19,078,251  
Cash operating cost per silver ounce   $ (0.97 )   $ 9.10     $     $ 22.97     $ 32.79     $ 18.87     $ 6.31  
Cash costs per silver ounce   $ (0.97 )   $ 10.64     $     $ 24.82     $ 34.08     $ 18.87     $ 7.09  
Production of gold (ounces)   $     $     $ 88,420.00     $     $     $     $ 88,420.00  
Cash operating cost per gold ounce   $     $     $ 1,088.37     $     $     $     $ 1,088.37  
Cash cost per gold ounce   $     $     $ 1,088.37     $     $     $     $ 1,088.37  
                                                         
Table 35: Mineral Reserves at Year End 2011

Effective December 31, 2011 except Endeavor effective June 31, 2011.

                 
        SHORT TONS   GRADE (Oz/Ton)   OUNCES
YEAR END 2011   LOCATION       SILVER   GOLD   SILVER   GOLD
PROVEN RESERVES                        
Rochester   Nevada, USA   31,532,400     0.59     0.006     18,680,600     178,800
Martha   Argentina                  
San Bartolome   Bolivia   959,000     3.01         2,888,250    
Kensington   Alaska, USA   1,164,100         0.280         325,920
Endeavor   Australia   2,634,500     1.39         3,673,870    
Palmarejo   Mexico   4,915,900     5.31     0.067     26,090,800     329,950
Joaquin   Argentina                  
Total       41,205,900             51,333,520     834,670
PROBABLE RESERVES                        
Rochester   Nevada, USA   15,747,300     0.69     0.004     10,892,300     68,200
Mina Martha   Argentina   52,500     12.79     0.011     671,400     580
San Bartolome   Bolivia   43,555,500     2.64         115,191,460    
Kensington   Alaska, USA   4,842,300         0.209         1,014,090
Endeavor   Australia   2,998,300     2.50         7,500,770    
Palmarejo   Mexico   7,581,300     4.05     0.047     30,727,260     358,170
Joaquin   Argentina                  
Total       74,777,200             164,983,190     1,441,040
PROVEN AND PROBABLE RESERVES                        
Rochester   Nevada, USA   47,279,700     0.63     0.005     29,572,900     247,000
Martha   Argentina   52,500     12.79     0.011     671,400     580
San Bartolome   Bolivia   44,514,500     2.65         118,079,710    
Kensington   Alaska, USA   6,006,400         0.223         1,340,010
Endeavor   Australia   5,632,800     1.98         11,174,640    
Palmarejo   Mexico   12,497,200     4.55     0.055     56,818,060     688,120
Joaquin   Argentina                  
Total Proven and Probable       115,983,100             216,316,710     2,275,710
                             
  1. Effective December 31, 2011 except Endeavor effective June 31, 2011.
  2. Metal prices used for mineral reserves were $23 US per ounce of silver and $1,220 US per ounce of gold except Endeavor at $2,200 per metric ton of lead, $2,200 per metric ton of zinc and $25 per ounce of silver and Martha at $1,250 US per ounce of gold and $24 US per ounce of silver.
  3. Palmarejo Mineral Reserves are the addition of Palmarejo and Guadalupe (Proven and Probable).
  4. Rounding of tons as required by reporting guidelines may result in apparent differences between tons, grade and contained metal content.
  5. For details on the estimation of mineral resources and reserves for each property, please refer to the Technical Report on file at www.sedar.com.

Table 36: Mineral Resources (Exclusive of Reserves) at Year End 2011

                 
        SHORT TONS   GRADE (Oz/Ton)   OUNCES
YEAR END 2011   LOCATION       SILVER   GOLD   SILVER   GOLD
MEASURED RESOURCES                        
Rochester   Nevada, USA   131,085,400     0.46     0.004     60,586,200     500,500
Martha   Argentina                  
San Bartolome   Bolivia                  
Kensington   Alaska, USA   495,200         0.234         115,910
Endeavor   Australia   10,923,900     2.67         29,148,830    
Palmarejo   Mexico   1,792,900     4.24     0.052     7,593,880     93,250
Joaquin   Argentina                  
Total       144,297,400             97,328,910     709,660
INDICATED RESOURCES                        
Rochester   Nevada, USA   120,387,000     0.43     0.003     51,762,400     366,300
Martha   Argentina   35,100     12.15     0.013     426,450     440
San Bartolome   Bolivia   21,263,600     2.59         54,968,370    
Kensington   Alaska, USA   2,544,200         0.185         471,410
Endeavor   Australia   123,500     0.01         1,830    
Palmarejo   Mexico   3,268,700     2.88     0.034     9,398,900     111,270
Joaquin   Argentina   4,049,900     2.48     0.005     10,043,430     18,360
Total       151,672,000             126,601,380     967,780
MEASURED AND INDICATED RESOURCES                        
Rochester   Nevada, USA   251,472,400     0.45     0.003     112,348,600     866,800
Martha   Argentina   35,100     12.15     0.013     426,450     440
San Bartolome   Bolivia   21,263,600     2.59         54,968,370    
Kensington   Alaska, USA   3,039,400         0.193         587,320
Endeavor   Australia   11,047,400     2.64         29,150,660    
Palmarejo   Mexico   5,061,600     3.36     0.040     16,992,780     204,520
Joaquin   Argentina   4,049,900     2.48     0.005     10,043,430     18,360
Total Measured and Indicated       295,969,400             223,930,290     1,677,440
INFERRED RESOURCES                        
Rochester   Nevada, USA   40,542,600     0.58     0.003     23,618,600     122,400
Martha   Argentina   259,400     4.32     0.005     1,121,270     1,210
San Bartolome   Bolivia   3,384,800     1.07         3,617,040    
Kensington   Alaska, USA   730,700         0.232         169,680
Endeavor   Australia   3,527,400     1.09         3,835,584    
Palmarejo   Mexico   11,653,000     2.40     0.052     27,928,190     611,650
Joaquin   Argentina   7,755,300     3.15     0.003     24,455,520     21,420
Total       67,853,200             84,576,204     926,360
                             
  1. Effective December 31, 2011 except Endeavor effective June 31, 2011, Joaquin effective May 26, 2011.
  2. Metal prices used for mineral resources were $30.00 US per ounce of silver and $1,500 US per ounce of gold except Endeavor at $2,200 per metric ton of lead, $2,200 per metric ton of zinc and $25 per ounce of silver, Martha at $1,250 US per ounce of gold and $24 US per ounce of silver, and Joaquin at $20 US per ounce of silver and $1,300 US per ounce of gold.
  3. Palmarejo Mineral Resources are the addition of Palmarejo, Guadalupe and La Patria (Measured, Indicated and Inferred).
  4. Coeur is the operator of the Joaquin Project and holds a 51% project interest as of November, 2011.
  5. Mineral Resources are in addition to mineral reserves and have not demonstrated economic viability.
  6. Rounding of tons as required by reporting guidelines may result in apparent differences between tons, grade and contained metal content.
  7. For details on the estimation is mineral resources and reserves for each property, please refer to the Technical Report on file at www.sedar.com.

 

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