Coeur Alaska announced today that it has awarded the principal civil and piping contract to a joint venture between AIC, an Alaska-based contractor, and Kake Tribal Corporation, an Alaska Native corporation, for the Kensington Gold Mine tailings facility, the only remaining item to be constructed at the mine. The electrical work for the project is being awarded to ALCAN Electrical & Engineering, Inc., based out of Juneau.
Both ALCAN and the AIC/Kake Tribal joint venture are available for immediate mobilization of personnel. Once construction of the facility is complete, the mine expects to begin production in the third quarter of 2010.
“We are pleased to make this award to these highly skilled Alaska-based union contractors and look forward to bringing Kensington into production next year,” said Tom Henderson, Vice-President and General Manager of Kensington. The mine is expected to employ up to 300 workers during remaining construction, and approximately 200 during operations.
Coeur Alaska is a subsidiary of Coeur d’Alene Mines Corporation, one of the world’s leading silver companies and also a significant gold producer. Coeur will have its first full year of production this year at the world’s largest pure silver mine - San Bartolomé in Bolivia – and began production in March at another world-leading silver mine – Palmarejo in Mexico. The Company also operates underground mines in southern Chile and Argentina and one surface mine in Nevada; and owns a non-operating interest in a low-cost mine in Australia. The Company also owns a major gold project - Kensington in Alaska - and conducts exploration activities in Argentina, Chile and Mexico. Coeur common shares are traded on the New York Stock Exchange under the symbol CDE, the Toronto Stock Exchange under the symbol CDM, and its CHESS Depositary Interests are traded on the Australian Securities Exchange under symbol CXC.
This press release contains forward-looking statements within the meaning of securities legislation in the United States, Canada, and Australia, 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 presentation 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 schedules, currency exchange rates, and the completion and/or updating of mining feasibility studies, changes that could result from future acquisitions of new mining properties or businesses, the risks and hazards inherent in the mining business (including environmental hazards, industrial accidents, weather or geologically related conditions), regulatory and permitting matters, 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 SEC, the Canadian securities regulators, and the Australian Securities Exchange, including, without limitation, Coeur’s reports on Form 10-K and Form 10-Q. 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 fourth parties in respect of Coeur, its financial or operating results or its securities.