Martha (Argentina) Exploration
Through work done from November 2006 to year-end 2010, and total exploration costs of $6.9 million, the Company has established initial indicated mineral resources of 19.7 million contained ounces of silver and 36,000 contained ounces of gold and inferred mineral resources of 48.0 million silver and 42,000 ounces of gold at the Joaquin project located in the Santa Cruz Province of Argentina approximately seventy kilometers north of the Company’s Martha mine via all weather-gravel road. At the end of 2010, Coeur had met its obligations to have earned a managing 51% interest in the Joaquin joint venture.
Mineral Resources for the Joaquin Project (100% Ownership Basis)
Classification Tonnes (000s) Ave. Grade (grams/tonne) Contained Ounces (000s)
Au Ag Au Ag
Indicated 6,785 0.16 77.7 34 16,952
Inferred 11,128 0.09 86.6 32 30,989
Indicated 419 0.16 203.5 2 2,741
Inferred 2,667 0.12 197.8 10 16,963
Indicated 7,204 0.16 85.0 36 19,693
Inferred 13,794 0.10 108.1 42 47,952
Effective April 2010 metal prices used were US$20 /oz Ag and US$1,300 oz/Au.
Oxide mineral resources estimated using a cut off grade of 33 g/t Ag Eq and sulfide mineral resources with a cut off of 51.9 g/t Ag Eq. within Whittle®-estimated, surface mine, scoping level parameters.
Ag Eq (silver equivalent) = AU grade in grams per tonne times 65+ Ag grade in grams per tonne.
Mineral resources estimated by the consulting firm of NCL Ingeniería y Construcción Ltda. in Santiago, Chile.
Mineral resources that are not mineral reserves have not demonstrated economic viability.
Coeur is actively engaged in expanding the mineral resources at Joaquin, explore for new mineralization and commence further technical work that will result in the completion of a feasibility study, which will lift the Company’s managing joint venture interest from 51% to 61%.