Coeur’s Proven and Probable Silver, Gold Reserves See “Significant” Increase

Coeur Mining Inc. (TSX:CDM,NYSE:CDE) announced yesterday that compared to the end of 2012, its proven and probable silver reserves are up 15.9 percent, at 255.4 million ounces. Meanwhile, its proven and probable gold reserves are sitting at 2.2 million ounces, a 12.3-percent increase from last year.

Those numbers are based on a silver price of $25 per ounce and a gold price of $1,450 per ounce.

Other highlights include:

• 26.6% increase in measured and indicated silver resources to 386.3 million ounces
• 1.4% increase in measured and indicated gold resources to 2.5 million ounces
• Inferred silver resources increased 45.5% to 96.4 million ounces
• Inferred gold resources increased 36.5% to 1.1 million ounces

Mitchell J. Krebs, Coeur’s president and CEO, commented:

For the past several years, our main focus has been to get all four of our mines up and running consistently. 2012 was the first year we devoted significant capital to exploration and we are starting to see the fruits of these efforts. We have spent $74 million in exploration expenditures over the past two years and will continue to fund exploration activities using a success-based approach focused on resource conversion. We believe a robust exploration program represents a high-return use of our capital based on the results we have achieved.

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