Coeur d’Alene Mines (CDE-N, CDM-T, CXC-A) has found a significant booster to reserves at its Palmarejo silver mine just a few kilometers away.
The company announced that reserves at Palmarejo have gone up by 40% thanks to the drilling at the Guadalupe deposit, which is 6 km from its Palmarejo mine in Chihuahua, Mexico.
Guadalupe brings an additional 25.8 million oz. of silver and 315,000 oz. of gold to Palmarejo’s already sizeable reserves, bringing the total now to 88.6 million oz. of silver and 1.1 million oz. of gold.
Guadalupe will be developed as an underground mine with ore being trucked the 6 km to the Palmarejo mine for processing.
Coeur says it will continue to drill and that underground mining should start next year with ore from the deposit contributing to Palmarejo’s silver and gold production by 2011.
Palmarejo has 10.9 million tonnes in the proven and probable reserve category grading 2.15 grams gold and 178.6 grams silver for 756,000 oz. of gold and 63.6 million oz. of silver.
Guadalupe has 4.9 million tonnes grading 1.97 grams gold and 161.6 grams gold.
The Guadalupe vein system is now over 2.1 km long and remains open along strike to the north and at depth.
In New York on November 4, Coeur’s shares were down 13¢ to US$22.07 on 4.9 million shares traded.
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