Feb 23 2015
Coeur Mining, Inc. ("Coeur" or the "Company") announced the completion of its acquisition of the Wharf gold mine from Goldcorp, Inc. pursuant to the previously announced agreement.
Under the terms of the agreement, Coeur purchased all of the issued and outstanding shares of the common stock of Wharf from a subsidiary of Goldcorp in exchange for $105 million in cash, subject to customary post-closing working capital adjustments.
Wharf is expected to produce 74,000 – 78,0001 gold ounces for the remainder of 2015 at a cost applicable to sales per gold equivalent ounce of $750 - $8251.
Coeur expects to complete a mineral reserve and resource estimate and file a National Instrument 43-101 compliant technical report for Wharf on www.sedar.com during the first half of 2015.
About Coeur
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 2,000 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 feasibility stage 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.
Notes:
1. Guidance as of February 20, 2015. Wharf is expected to produce 85,000 - 90,000 ounces of gold for the full-year 2015 at all-in sustaining costs of $800 - $875 per gold ounce in 2015 based on guidance provided by Goldcorp on January 12, 2015. Gold equivalence assumes a silver to gold ratio of 60:1.