RE:RE:RE:coeur sell paas its joaquin property2012 spent5.8 mill and gained control of 51%-dec 2012 bought mirasol out for 30mill cash and 30 million in 3.3 million earmarked for exploration 2014 joaquin put on hold
coeur had to spend 8million to control 51%and without looking further ,potentialy 3.3 million for 2013 before joaquin put on hold for political situation and inability to get money out of argentina
so 11 million exploration 30 mill in cash and balance in cde shares at approx 24 about 1.25 million shares
coeur recieved back 15mill cash,555,000 shares paas, a 2% royalty-hopefully paas shares appreciate and 2% nsr returns a portion of 15 mill cash difference
after this was bought krebs purchased preciosa and hired joe phillips that was paas's mine builder and who had helped build in argentina as well as was heading up orko jv with preciosa deposit-coeur in the down metals also put preciosaon hold,had to let go of joe phillips and his experience in argentina
coeur has 3 expansions going , had 2 aquisitions and preciosa project being reviewed and has now no net debt through ATM offering of shares and liquidation non core assets-
its focus is on preciosa-joaquin was way down the road and paas needs ore at its exising mill so nsr will contribute much sooner -hate giving up a good asset bought in higher market but times change-coeur is driving down costs and focus is on its existing core mines and preciosa
sorry fo rbeing long winded but it seems short term as well as long term were not served by this deposit --nobody likes to lose money