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March 03, 2009 |
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Commodity Online
ALASKA: Following the surge in gold demand, Coeur d’Alene Mines will 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.
The company said with the heavy investment now behind the firm, Coeur is 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 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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