Coeur Reports 39-percent Rise in Gold Reserves at Wharf Mine

Coeur Mining Inc. (NYSE:CDE) announced that proven and probable reserves at its South Dakota-based Wharf gold mine now sit at about 781,000 ounces of gold. That’s a 39-percent increase from the last reported estimate.

The company’s total gold reserves now sit at 3 million ounces.

As quoted in the press release:

Mitchell J. Krebs, president and CEO of Coeur, commented:

Given the importance of Wharf to our Company, we felt it was necessary to take the time to complete a more informed resource model based on pre-existing data to improve our mine planning and ability to execute according to plan. We were optimistic that this effort would result in additional reserves based on the mine’s history of positive reconciliations between the reserve model and production. The results have surpassed our expectations by adding three years of expected mine life, making Wharf a key producing asset for Coeur for at least the next decade. We are optimistic that exploration efforts now underway around the existing open pit will further add to Wharf’s reserves.

Click here to read the full Coeur Mining Inc. (NYSE:CDE) press release.

Coeur Mining is the largest U.S.-based silver producer and a significant gold producer with five precious metals mines in the Americas employing approximately 2,100 people. Coeur produces from its wholly owned operations: the Palmarejo silver-gold mine in Mexico, the San Bartolomé silver mine in Bolivia, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska, and the Wharf gold mine in South Dakota. The Company also has a non-operating interest in the Endeavor mine in Australia in addition to royalties on the Cerro Bayo mine in Chile, the El Gallo complex in Mexico, the Zaruma mine in Ecuador, and the Correnso mine in New Zealand. In addition, the Company has two silver-gold exploration projects – the La Preciosa project in Mexico and the Joaquin project in Argentina. The Company also conducts ongoing exploration activities in Alaska, Argentina, Bolivia, Mexico, and Nevada. The Company owns strategic investment positions in several silver and gold development companies with projects in North and South America.