Coeur Mining Inc. (TSX:CDM,NYSE:CDE) announced a “significant increase” in mineral reserves at its Nevada-based Rochester mine, commenting that contained ounces of proven and probable reserves total about 86 million ounces of silver and 605,000 ounces of gold. That amounts to respective increases of 91.5 and 96.4 percent.
As quoted in the press release:
In addition to these reserves, Coeur estimates that effective as of September 16, 2013, Rochester contains approximately 69.3 million silver ounces and 560,000 gold ounces of measured and indicated resources and approximately 26.2 million silver ounces and 105,000 gold ounces of inferred resources. The resource estimates do not reflect results from the ongoing 2013 drilling program.
Mitchell J. Krebs, Coeur’s president and CEO, commented:
Resolving the mining claims dispute at Rochester in late June enabled us to develop a new mine plan for Rochester, which significantly increased our silver and gold reserves. Based on this work, we now have a higher level of confidence in the long-term profile of Rochester, which we believe will extend well past the life of the current reserves. We expect to further increase in-situ and stockpile reserves and resources at Rochester at year end as a result of our 2013 drilling program. Rochester represents a unique and attractive source of growth for our stockholders with relatively minimal capital requirements, high expected returns, an attractive jurisdiction, and lower execution risk given its operating history of more than 25 years.