Tahoe Provides Update on Escobal and Announces Results from 2011

Tahoe Resources Inc. (TSX:THO) announced an update to work at the Guatemala-based Escobal project and released its 2011 results.

As quoted in the press release:

Significant results for 2011 include:

• Tahoe shares on the Toronto Stock Exchange closed the year at CAD$17.68 per share, up 20%, despite a silver price decline of 11% for 2011.
• Cash and equivalents at year end were $349.8 million.
• Net earnings/ (loss) for 2011 amounted to ($69.2 million) or ($0.48) per share.

Tahoe’s President and CEO, Kevin McArthur said:

The operating mine plan calls for 317 million silver ounces to be mined over 18 years and commercial production is planned for early 2014. The original capital estimate of $326.6 million is on-budget, the project is fully financed, and we hold a significant cash reserve should we encounter unanticipated start-up issues.

Click here for the Tahoe Resources Inc. (TSX:THO) press release.