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Coeur Mining, Inc. Message Board

  • barren_wuffett barren_wuffett Mar 14, 2005 8:37 AM Flag

    (PR NEWSWIRE) Coeur Reports 4th Quarte

    (PR NEWSWIRE) Coeur Reports 4th Quarter Profit and 2004 Results=1
    Coeur Reports 4th Quarter Profit and 2004 Results=1

    COEUR D'ALENE, Idaho, March 14 /PRNewswire-FirstCall/ -- Coeur d'Alene
    Mines Corporation (NYSE: CDE; TSX: CDM), the world's largest primary silver
    producer and a growing gold producer, today reported results for the fourth
    quarter and full year 2004.
    Highlights
    Fourth Quarter
    -- Net income of $13.0 million, or $0.05 per diluted share, compared with
    a loss of $12.9 million, or $0.06 per share, in the fourth quarter of 2003.
    Results for the quarter include operating income of $1.8 million, $2.1 million
    related to cumulative reduction in depletion and income taxes for the year and
    $9.1 million of tax benefits associated with the expected utilization of past
    net operating losses.
    -- Revenue of $46.1 million, an increase of 48% over reported revenue of
    $31.2 million in the fourth quarter of 2003.
    -- Silver production of 4.3 million ounces, up 23% from a year ago and 43%
    from last quarter.
    -- Fourth quarter gold production of 47,055 ounces, up 80% from 2003's
    fourth quarter and 46% from last quarter.
    -- Average cash cost declined 36% to $2.22 per ounce of silver, compared
    to $3.47 in 2003's comparable period and 49% lower than last quarter.
    -- Cash, cash equivalents and short-term investments of $322.1 million at
    December 31, 2004.
    -- Coeur shares commenced trading on the Toronto Stock Exchange (TSX:CDM)
    further enhancing the Company's leading liquidity position among silver
    producers.
    Full Year 2004
    -- Revenue of $133.5 million, up 21% from the previous year
    -- Full year silver production of 14.1 million ounces compared to 14.2
    million ounces in 2003
    -- Full year gold production of 129,332 ounces, up 8% from 2003's level of
    119,518 ounces.
    -- Average cash cost per ounce of $3.66, compared to $3.27 the previous
    year.
    -- Total silver reserves increased 12% above last year's reserve levels,
    to 196 million ounces - reserve levels more than doubled at Cerro Bayo and
    Martha as a result of the expanded exploration program, further extending mine
    life.

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    • 2005 Outlook
      -- San Bartolome construction has commenced, commercial production
      expected in 2006.
      -- Revised Record of Decision ("ROD") for Kensington for the Final
      Environmental Impact Statement ("FSEIS") issued by the U.S. Forest Service.
      Final permits expected in the first half of 2005.
      -- Exploration program expanded in 2005
      "With continued strong silver and gold production, Coeur reported
      substantial profit in the fourth quarter of 2004, finishing the year in strong
      fashion," said Dennis E. Wheeler, Chairman, President and Chief Executive
      Officer of Coeur. "We are seeing the successful completion of Coeur's
      strategy to shift to new low-cost mines, significantly expand exploration
      spending to develop new low-cost ore reserves and improve our operations
      capability. We believe this focus on exploiting our vast exploration
      potential and low discovery costs at or near our existing low-cost operations
      will further strengthen our position as the premier silver investment.
      "Our young mines in South America, Cerro Bayo and Martha, had excellent
      fourth quarter and full year results, with strong metals production and low
      operating costs -- $0.60 per ounce of silver (net of gold production credits)
      in the fourth quarter and $2.07 per ounce for the full year -- as well as
      exploration results which exceeded our expectations and continued to extend
      mine life. We will continue our expanded exploration program there in 2005,"
      Mr. Wheeler added.
      "Construction has commenced at our San Bartolome silver project, with an
      excellent construction and operating team in place. San Bartolome is expected
      to produce approximately eight million ounces of production annually which
      will increase the Company's total silver production by 56%. Production is
      expected to begin in 2006, with anticipated strong cash flow at existing
      silver prices. We are pursuing optimization of the project to further reduce
      capital expenditures and operating costs. Our cash liquidity position is
      strong, with $322 million in cash, cash equivalents and short-term investments
      at year-end, which will help fund our growth projects, including San Bartolome
      and Kensington, and gives us great flexibility to look for new opportunities
      to expand company production, reserves and cash flow," Mr. Wheeler said.

 
CDE
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