Exploration

Coeur, either directly or through its wholly-owned subsidiaries, has interests in certain mining properties located in Argentina, Chile, Mexico, United States, Chile, Argentina, Tanzania, Bolivia, and Mexico. Exploration and reserve development expenditures of approximately $18.9 million, $23.6 million and $11.9 million were incurred by the Company in 2009, 2008 and 2007 respectively on these properties.

Highlights of the 2009 program include:

Drilling and engineering studies on the Guadalupe structure at Palmarejo led to estimation of the first proven and probable ore reserve estimate for that important gold and silver system in south east Palmarejo.
Discovery of new high-grade mineralization at the La Negra zone at Joaquin in Argentina located northwest of the Company's Martha mill facility.
Discovery of a new gold-bearing vein and vein system at Kensington called Kimberly. Fourteen core holes were completed on this new discovery.
Definition drilling on the Delia vein at Cerro Bayo, discovered in late 2008, resulting in the first proven and probable ore reserve estimate for that gold and silver-bearing vein.

Coeur plans to spend $17.9 million in exploration during 2010 with approximately 80% of the budget earmarked for expansion of mineral resources and reserves at or near its existing operations at Palmarejo (Mexico), Kensington (Alaska), Rochester (Nevada), Martha (Argentina) and Cerro Bayo (Chile).