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Monday, 2nd March 2009 (1457 views)

Coeur d'Alene Mines has revealed that it plans to increase its gold production during 2009 by 85 per cent to around 85,000 ounces.

According to the firm, it held record year-end reserve levels of 2.3 million ounces of gold, 54 per cent higher than the previous year.

A "notable increase" is expected in 2009 production and cash flow from its mines and operations at its new Palmarejo property in Mexico is expected to commence this month.

Dennis Wheeler, Coeur d'Alene Mines chairman, president and chief executive, stated: "With the heavy investment now behind us, Coeur is now transitioning into a long-term phase of positive and significant cash flow generation."

Coeur d'Alene Mines has predicted higher gold prices during 2009, pushing up its profits from net income of $4.3 million (£3.05 million) for the fourth quarter of 2008.

Based in Coeur d'Alene, Idaho, the gold producer and silver company has properties in Bolivia, Mexico, Chile, Argentina, Nevada and Alaska.

 

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