Big step to leap forward.Coeur d'Alene Mines Announces Formation of Joint Management Committee to Oversee Palmarejo Project
May 15, 2007 4:15:00 PM
Copyright Business Wire 2007
COEUR D'ALENE, Idaho--(BUSINESS WIRE)--
Coeur d'Alene Mines Corporation (NYSE:CDE)(TSX:CDM) ("Coeur") Bolnisi Gold NL (ASX:BSG) ("Bolnisi") and Palmarejo Silver and Gold Corporation (TSX VENTURE:PJO) ("Palmarejo") today jointly announced that, in connection with their previously announced agreements to merge, they have formed a Joint Management Committee (the "Committee") to oversee the management of the Palmarejo Project through the close of the transaction. The Palmarejo Project, located in the state of Chihuahua, Mexico and 100% owned by Bolnisi and Palmarejo, is one of the highest-quality primary silver projects in the world today.
The Committee, which is authorized to ensure the continued progress at the Palmarejo Project until the completion of the transaction, is comprised of three senior management and operating personnel from each of Coeur, Bolnisi and Palmarejo. Coeur's Richard Weston, Senior Vice president - Operations, will serve as Chairman of the Committee.
The Committee has identified the following initial priorities:
-- Establishing Coeur's on-site presence at the Palmarejo Project
and facilitating the integration of Coeur personnel with the
Bolnisi and Palmarejo teams already in place;
-- Completing an assessment of the present status of construction
activity at the Palmarejo Project;
-- Investigating the development of a combined open pit and
underground mine plan and completing an initial estimate of
proven and probable reserves at the Palmarejo Project; and
-- Continuing exploration initiatives at Palmarejo, which totals
over 12,100 hectares of prospective terrain, and formulating a
strategy for future exploration activities.
"The formation of the joint management committee is an important step towards realizing the potential of this important transaction," said Dennis E. Wheeler, Coeur's Chairman, President and Chief Executive Officer. "We are confident that we can deliver significant additional value by bringing Coeur's extensive exploration, development, and underground and open pit mining expertise to the Palmarejo Project. We look forward to continuing our progress in reinforcing Coeur as the clear leader in the silver mining industry."
As previously announced on May 3, 2007, Coeur, Bolnisi and Palmarejo entered into agreements to merge to create the world's leading primary silver producer. Pursuant to the agreements, which are subject to Coeur, Bolnisi and Palmarejo shareholder approvals and certain other customary conditions, Coeur will acquire all of the shares of Bolnisi, and all of the shares of Palmarejo not owned by Bolnisi.
About Coeur d'Alene Mines
Coeur d'Alene Mines Corporation is one of the world's leading primary silver producers and a growing gold producer. The company has mining interests in Alaska, Argentina, Australia, Bolivia, Chile, Nevada, and Tanzania.
About Bolnisi
Bolnisi Gold NL is an Australia-based company engaged in mining and exploration for gold and minerals. The Company's activities are all Mexican precious metals operations with an existing portfolio of projects, which include the Palmarejo Silver-Gold project (including Trogan), Chihuahua; the Yecora Gold-Silver project, Sonora, and the El Realito Gold-Silver project, Chihuahua.
About Palmarejo
Palmarejo Silver And Gold Corporation is a silver/gold exploration company listed on the TSX Venture Exchange under the symbol "PJO". Palmarejo's principal activity is to explore and develop gold and silver properties located in the Temoris District of Chihuahua, Mexico within the Sierra Madre Occidental mountain range.