Coeur d’Alene Mines Corporation (ASX:CXC/NYSE:CDE/TSX:CDM) announced today it has received proceeds of $US20.4 million from the early exercise of a warrant relating to the Floating Rate Notes it issued in October of 2008.
Chief Financial Officer Mitchell Krebs said, "these proceeds further bolster the Company’s cash resources that are being used to fund the execution of its growth strategy. With production at the Palmarejo silver and gold project in Mexico now only weeks away, Coeur is nearing the end of an intensive period of capital expenditures that will result in a 66% increase in silver production and an 85% increase in gold production in 2009 compared to 2008.”
Coeur d’Alene Mines Corporation is one of the world’s leading silver companies and also a significant gold producer. Coeur, which has no silver production hedged, is now producing silver at what is considered to be the world’s largest pure silver mine - San Bartolomé in Bolivia – and is currently constructing 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 non-operating interests in two low-cost mines in Australia. The Company also owns a major gold project - Kensington in Alaska.
Coeur CDI's were trading at $A1.285 on the ASX.