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Coeur Achieves Record Production, Sales and Operating Cash Flow in 2011

23.02.2012  |  Business Wire


Add, after Table 6 and before Conference Call information, the following
footnote:


1. EBITDA, operating cash flow, adjusted earnings and cash operating
costs per ounce are non-GAAP measures. Please see the tables in the
Appendix for reconciliation to GAAP.


The corrected release reads:

COEUR ACHIEVES RECORD PRODUCTION, SALES AND OPERATING CASH FLOW IN
2011


Coeur d'Alene Mines Corporation (NYSE:CDE)(TSX:CDM) realized all-time
record full-year production, metal sales and operating cash flow1
in 2011.

2011 Highlights:


  • Net metal sales nearly doubled compared to 2010 to a record $1.0
    billion.

  • Operating cash flow1 increased 147% compared to 2010 to a
    record $454.4 million.

  • Adjusted earnings1 reached a record $232.5 million, or
    $2.60 per share, nearly a five-fold increase compared to 2010 adjusted
    earnings of $41.5 million, or $0.48 per share.

  • Net income totaled a record $93.5 million, or $1.05 per share,
    compared to a net loss of ($91.3) million, or ($1.05) per share in
    2010.

  • Average realized silver and gold prices were $35.15 per ounce and
    $1,588 per ounce, 67% and 26% respectively, higher than 2010.

  • Record silver production topped 19.1 million ounces, a 14% increase
    over 2010, at cash operating costs of $6.31 per ounce1, a
    3% decrease from 2010.

  • Record gold production reached 220,382 ounces in 2011, a 40% increase
    over 2010. Kensington's cash operating costs were $1,088 per gold
    ounce, a 10% increase from 2010.

  • Proven and probable silver reserves totaled 216.3 million ounces at
    year-end, while proven and probable gold reserves totaled 2.3 million
    ounces.

  • Working capital was $212.8 million at year-end compared to negative
    working capital at year-end 2010.

  • Cash and equivalents increased to $175.0 million at December 31, 2011,
    up 165% from year-end 2010.

Fourth Quarter Highlights:


  • Silver production of 5.3 million ounces.

  • Cash operating costs1 of $6.19 per silver ounce.

  • Gold production of 49,544 ounces.

  • Metal sales totaled $246.9 million.

  • Adjusted earnings1 were $43.2 million, or $0.50 per share.

  • Operating cash flow1 totaled $97.5 million.

2012 Outlook:


  • Estimated silver production of 18.5 million - 20.0 million ounces and
    gold production of 210,000 - 230,000 ounces.

  • Estimated cash operating costs1 of $6.50 to $7.50 per ounce
    of silver (assuming $1,500 per ounce gold for the by-product credit).

  • Estimated $40.0 million exploration program, a 53% increase compared
    to 2011 levels, targeting resource-to-reserve conversions, and reserve
    and resource expansions by year-end 2012.


Mitchell J. Krebs, Coeur's President and Chief Executive Officer, said,
'Our successful year was driven by record production levels at our two
largest operations, Palmarejo and San Bartolom?, supported by higher
silver and gold prices.?


He continued, '2011 was a transformational year for the Company. It
marked the first full year that all three of our newer mines were in
production together. The resulting cash flow was put to good use. We
aggressively paid down nearly $50 million of debt, invested $120 million
in capital expenditures intended to benefit shareholders over the
long-term, invested $25 million in five silver exploration and
development companies, and funded a robust $26 million exploration
program. We also transformed the Company's management team at all
levels, which better positions us to achieve our objectives of operating
more efficiently and consistently, growing the business in
value-creating ways, containing operating and non-operating costs, and
re-dedicating ourselves to the highest level of worker safety,
environmental stewardship, and effective community relationships where
we operate.?


Looking to 2012, Mr. Krebs added, 'We expect 2012 to be a year of
important decisions and catalysts for the Company. We are focused on
resuming full production at Kensington in Alaska in the second half of
the year and operating more efficiently and effectively. Our increased
exploration program is expected to generate new targets and ounces
around our existing operations, particularly at Palmarejo. At Rochester
in Nevada, where we invested $27 million last year to construct a new
leach pad, mining is now underway and forecasted to add seven more years
of mine life. At the Joaquin project in southern Argentina, we expect to
provide an updated resource estimate by mid-2012 and continue to advance
work on a feasibility study. We are passionate about materially reducing
non-operating costs during 2012 and containing operating costs at our
mines. We also expect to continue to develop and bolster our team. Solid
execution of our objectives depends on attracting and retaining highly
motivated and highly skilled professionals, something on which we are
keenly focused.?

Table 1: Financial Highlights:


 ?

 ?

 ?

 ?

US$ in millions (except price of silver and gold)
4Q 2011
4Q 2010
FY 2011


FY 2010


Sales of Metal
$246.9
$

207.6
$1,021.2
$

515.5

Production Costs
$109.1
$

87.6
$420.0
$

257.6

EBITDA (1)
$119.7
$

109.5
$531.3
$

216.5

Adjusted Earnings (1)
$43.2
$

53.2
$232.5
$

41.5

Adjusted Earnings Per Share
$0.48
$

0.60
$2.60
$

0.48

Net Income/(Loss)
$11.4
$

(5.1

)
$93.5
$

(91.3

)

EPS
$0.13
$

(0.06

)
$1.05
$

(1.05

)

Operating Cash Flow (1)
$97.5
$

99.4
$454.4
$

183.9

Capital Expenditures
$40.2
$

26.6
$120.0
$

156.0

Cash and Equivalents
$175.0
$

66.1
$175.0
$

66.1

Total Debt
$121.5
$


171.1

$121.5
$


171.1


Shares Issued & Outstanding
89.7
89.3
89.7
89.3

Avg. Realized Price - Silver
$30.87
$26.83
$35.15
$20.99

Avg. Realized Price - Gold
$1,674
$1,357
$1,558
$1,237

 ?


Table reflects continuing operations


Sales of metal increased by $505.7 million, or 98.1%, to $1.0 billion
from 2010 to 2011, due to higher silver production from Palmarejo and
San Bartolom?, the first full year of gold production from the
Kensington mine, and substantially higher silver and gold prices.


Sales of silver contributed 65% of the Company's total metal sales, with
gold sales contributing the remainder. In 2011, the Company sold 19.1
million ounces of silver and 238,551 ounces of gold, compared to 17.2
million ounces of silver and 130,142 ounces of gold in 2010. During the
fourth quarter of 2011, sales were 5.1 million ounces of silver and
55,308 ounces of gold.


Coeur reports a non-U.S. GAAP metric of adjusted earnings1 as
a measure of operating income, which excludes non-cash fair value
adjustments, other non-cash adjustments, deferred taxes and discontinued
operations. Full year and fourth quarter adjusted earnings1
were $232.5 million, or $2.60 per share, and $43.2 million, or $0.50 per
share, respectively, compared with adjusted earnings1 of
$41.5 million, or $0.50 per share, and $53.2 million or $0.60 per share,
for 2010 and the fourth quarter of 2010, respectively.


In 2011, the Company realized net income of $93.5 million, or $1.05 per
share, including net income of $11.4 million, or $0.13 per share, for
the fourth quarter of 2011. The earnings reflected an income tax
provision of $114.3 million compared to an income tax benefit of $9.5
million in 2010. In addition, earnings were impacted by fair value
adjustments that decreased net income by $52.1 million for the year
ended December 31, 2011 and increased income by $19.0 million in the
fourth quarter of 2011. These fair value adjustments are driven
primarily by the change in gold prices which increases or decreases the
estimated future liability related to a gold royalty obligation at
Palmarejo and a small gold collar option position related to a term
credit facility secured by the Company's Alaskan subsidiary. Net income
for 2011 was also affected by a $5.5 million non-cash loss from early
retirement of Senior Term Notes.


During 2010, the Company reported a net loss of ($91.3 million) or
($1.05) per share, which included fair value adjustments of $117.1
million and a $20.3 million loss from debt extinguishments. In the
fourth quarter of 2010, the net loss was ($5.1 million) or ($0.06) per
share.


Coeur generated operating cash flow1 of $454.4 million during
2011, including $97.5 million in the fourth quarter. This is compared
with operating cash flow of $183.9 million and $99.4 million in 2010 and
the fourth quarter of 2010, respectively.


Capital expenditures totaled $120.0 million in 2011, a 23% reduction
from 2010. Most of the capital expenditures were at Palmarejo for
activities at the tailings facility, at Kensington for the construction
of the underground paste backfill plant and for underground development,
and at Rochester for construction of the new leach pad. Capital
expenditures in 2012 are expected to total approximately $90.0
million-$120.0 million, with approximately $20.0 million of this total
representing capital that was budgeted to be spent in 2011.


Cash and cash equivalents totaled $175.0 million at December 31, 2011,
an increase of approximately 165% from 2010. Total shares outstanding
remained flat at 89.7 million at year-end 2011 compared to the year-end
2010.

Table 2: ? ?Operational Highlights -
Production


 ?

 ?

 ?

 ?

(ounces; silver in thousands)
4Q 2011
4Q 2010

Twelve

Months Ended

December 31,

2011


Twelve

Months Ended

December 31,

2010

SilverGold
Silver

Gold
SilverGold
Silver

Gold

Palmarejo
2,69034,108
2,010

30,089
9,042125,071
5,888

102,440

San Bartolom?
1,997?
2,011

?
7,501?
6,709

?

Rochester
3731,993
549

2,400
1,3926,276
2,023

9,641

Martha
130144
150

163
530615
1,576

1,838

Endeavor
112?
120

?
613?
566

?

Kensington
?
 ?
13,299
 ?

 ?

?

 ?

27,988

 ?

 ?
?
 ?
88,420
 ?

 ?

?

 ?

43,143

Total
5,303
 ?
49,544
 ?

 ?

4,840

 ?

60,640

 ?

 ?
19,078
 ?
220,382
 ?

 ?

16,762

 ?

157,062

 ?


Table reflects continuing operations. Additional operating statistics
are in the tables in the appendix.

Table 3: ? ?Operational Highlights - Cash
Operating Costs
1


 ?

 ?

 ?

 ?

($/ounce)
4Q 2011
4Q 2010

Twelve

Months Ended

December 31,

2011


Twelve

Months Ended

December 31,

2010

SilverGold
Silver

Gold
SilverGold
Silver

Gold

Palmarejo
(2.13)?
2.67

?
(0.97)?
4.10

?

San Bartolom?
9.18?
7.60

?
9.10?
7.87

?

Rochester
37.99?
2.94

?
22.97?
2.93

?

Martha
33.75?
33.39

?
32.79?
13.16

?

Endeavor
14.74?
16.03

?
18.87?
10.15

?

Kensington
?
 ?
1,807
 ?

 ?

?

 ?

875

 ?

 ?
?
 ?
1,088
 ?

 ?

?

 ?

989

Total
6.19
 ?
1,807
 ?

 ?

6.06

 ?

875

 ?

 ?
6.31
 ?
1,088
 ?

 ?

6.53

 ?

989

 ?


Table reflects continuing operations. Additional operating statistics
are in the tables in the appendix.

Palmarejo, Mexico - Flag Ship Mine Generates Strong Cash Flow


  • Palmarejo produced 9.0 million ounces of silver and 125,071 ounces of
    gold at cash operating costs of ($0.97) per silver ounce in 2011. In
    2010, Palmarejo produced 5.9 million ounces of silver and 102,440
    ounces of gold at cash operating costs of $4.10 per silver ounce.

  • This increased production resulted from significantly higher silver
    and gold grades and higher silver recovery rates compared to 2010.
    Cash operating costs per silver ounce were lower than 2010 due mostly
    to the gold by-product credit.

  • Palmarejo is the Company's largest contributor of sales and operating
    cash flow1, reaching $454.4 million and $298.8 million,
    respectively, in 2011. Capital expenditures were $37.0 million. In
    2010, sales at Palmarejo totaled $230.0 million, operating cash flow1
    was $86.6 million and capital expenditures totaled $54.2 million.

San Bartolom?, Bolivia - Consistent in 2011


  • San Bartolom? produced 7.5 million ounces of silver at cash operating
    costs1 of $9.10 per silver ounce in 2011, compared to
    production of 6.7 million ounces of silver at cash operating costs1
    of $7.87 per silver ounce in 2010. This increased production was
    driven by higher mill throughput and higher ore grade while costs were
    higher due to higher production-related taxes as a result of the
    increased production levels.

  • In December 2011, the Bolivian government granted the Company an
    exemption to mine the Huacajchi Sur deposit located above the
    4,400-meter mining restriction level mandated by the federal
    government. Continued mining over the next two years of the
    higher-grade Huacajchi Sur ore should enable Coeur to realize higher
    margins to help offset expected higher labor and consumable costs in
    2012.

  • San Bartolom? contributed $267.5 million in sales and $127.6 million
    in operating cash flow1 in 2011. Capital expenditures were
    $17.7 million. In 2010, sales at San Bartolom? totaled $143.0 million
    while operating cash flow1 was $54.4 million and capital
    expenditures were $6.2 million.

Kensington, Alaska - First Half Reduction Expected to Drive to
Long-Term Consistency


  • As previously announced, production levels at Kensington have been
    curtailed during the first half of 2012 to complete several key
    projects designed to improve operational efficiency and consistency.
    Highlights of the progress at Kensington include:


    • Underground development activities, which we expect to provide
      operational flexibility and facilitate in-fill drilling and
      exploration work, are on schedule.

    • Construction of the paste backfill plant is nearly complete with
      electrical and piping work underway.

    • New surface facilities including a miners' dormitory, kitchen and
      dining facilities are completed and in use. An expanded warehouse
      and administrative offices are currently under construction.

  • Coeur announced the promotion of Wayne Zigarlick to General Manager at
    Kensington, effective January 23, 2012. Mr. Zigarlick previously
    served as the Assistant General Manager. Prior to joining Coeur at the
    Kensington Mine in March 2011, he served as Operations Manager at
    Kinross' Kettle River-Buckhorn operation in Washington State. He has
    over 20 years of mining and metallurgical experience with past
    positions at Kinross and the former Echo Bay Mines in the United
    States and Canada.

  • The mine contributed $151.2 million in sales and $36.1 million in
    operating cash flow1 in 2011. Capital expenditures were
    $34.0 million. In 2010, Kensington's sales were $23.6 million,
    operating cash flow1 totaled $7.4 million and capital
    expenditures totaled $92.7 million.

Rochester, Nevada - Commencing Full Production from Heap Leach
Expansion


  • 2011 was a transitional year at Rochester as residual leaching of
    older pads continued to trail off as planned, while construction of a
    new heap leach pad was completed in the fourth quarter. As a result,
    2011 production of 1.4 million ounces of silver and 6,276 ounces of
    gold was lower than 2010 production levels. Commercial production from
    the new leach pad commenced in November. Production is expected to
    accelerate each quarter for a full year estimated production of 2.6
    million to 2.9 million ounces of silver and 30,000 to 35,000 ounces of
    gold. The conveyor system and crushing plant are now operating at full
    capacity and leach recovery rates have been improving in February 2012
    as the flow rates of solution have increased.

  • As expected, cash operating costs1 per silver ounce were
    significantly higher in 2011 compared to 2010. Pre-strip and ore
    haulage costs associated with the development of the new leach pad and
    related mining activities were expensed during 2011, while ounces
    produced were lower as described above. As a result, costs per silver
    ounce were higher. In 2012 and over the estimated seven year mine life
    from the new leach pad, cash operating costs are expected to average
    approximately $12 per silver ounce.

  • Coeur has appointed Carl Waggoner as General Manager at Rochester.
    With over 30 years of industry experience, Mr. Waggoner previously
    served as Manager of Construction and Engineering of Barrick's
    Turquoise Ridge joint venture operation in Nevada and worked at BHP
    Copper, Asarco and Fluor.

  • Based on the year-end 2011 reserves and resources estimate, the
    ongoing legal dispute related to certain disputed unpatented claims
    has no effect on Rochester's 2011 mineral reserves estimate and may
    have some impact to Rochester's 2011 mineral resources estimate,
    depending on the legal outcome of the November 2012 court case.

  • The mine contributed $57.3 million in sales and $3.1 million in
    operating cash flow1 in 2011, with 84% of sales derived
    from silver and the remainder from gold. Capital expenditures were
    $27.2 million. In 2010, sales from Rochester totaled $54.3 million,
    operating cash flow1 was $24.9 million and capital
    expenditures were $2.3 million.

Reserves and Resources


The Company realized steady levels of silver and gold reserves and
increased silver and gold resources, which did not reflect the Company's
aggressive exploration drilling completed in the second half of 2011.

Table 4: ? ?2011 Reserves and Resources
Summary (For further details, please see page 23 of the Appendix.)


 ?

 ?

(silver in millions)
Silver Ounces(1)Gold Ounces(1)

Proven & Probable Reserves as of December 31, 2010

227.1

2,528,100

Contained ounces depleted from mining during 2011(2)

(23.2

)

(242,800

)

Net changes

12.4

(9,600

)

Reserves as of December 31, 2011
216.32,275,700

Measured & Indicated Resources as of December 31, 2010

206.2

1,379,080

Measured & Indicated Resources as of December 31, 2011
223.91,677,440

Inferred Resources as of December 31, 2010

53.9

816,195

Inferred Resources as of December 31, 2011
82.0780,960


 ?


  1. Ounces shown as contained

  2. Reflects mill feed

Exploration Highlights


Exploration and reserve development expenditures were $26.2 million in
2011, 51% greater than 2010. In 2012, the Company plans to continue
accelerated exploration, especially in the first half of the year, with
a $40.0 million exploration program, a 53% increase over 2011. The
Company expects to increase contained silver and gold reserves and
resources year-over-year in 2012.


The exploration program for 2012 will focus on advancing the Guadalupe
and La Patria deposits at Palmarejo, the Kensington gold mine in Alaska,
and the Joaquin silver-gold project in Argentina in which Coeur has a
51% managing joint venture interest.


During 2011, exploration highlights included:


  • Completion of the first Canadian National Instrument 43-101-compliant
    mineral resource estimate on the Joaquin property in Argentina
    containing 19.7 million silver ounces of Indicated Resources and 48.0
    million ounces of silver in Inferred Resources, all in two deposits,
    La Negra and La Morocha; both remain open for expansion. Coeur's
    current share of this initial mineral resource is 51%. Drilling in the
    fourth quarter of 2011 focused on expansion and definition of the two
    deposits and this work will continue into 2012, followed by
    exploration of the greater property. An updated mineral resource
    estimate is expected to be completed in mid-2012. With completion of a
    feasibility study, Coeur will earn a 61% interest.

  • Over 12,800 meters of drilling were completed on the La Patria deposit
    at Palmarejo. This drilling was the first drilling by Coeur on this
    nearly 2 kilometer-long mineralized structure, which is located about
    six kilometers south of the current Palmarejo mining operations. Gold
    and silver mineralization at La Patria has been exposed in new surface
    trenches as zone veins and stockwork, from 4 to 28 meters wide, and
    extends over 350 meters deep. Much of the new drilling cut multiple
    intersections of mineralization. At this time, the program's focus is
    on completing a new mineral resource model and defining the extent of
    higher-grade shoots, or 'clavos? that have been defined with our
    drilling.

  • At Guadalupe, also in the Palmarejo area, over 20,500 meters of
    drilling was completed; mostly in the second half of 2011.
    Mineralization at Guadalupe, in wide veins and associated stockwork,
    has been defined over a strike length of +2.5 kilometers and remains
    open along strike and at depth. Further drilling is planned to define
    and expand the zone, especially on the northern half where initial
    mining is scheduled to commence in 2013.

  • In addition, drilling at the main Palmarejo open pit and underground
    deposits focused on the Tucson-Chapotillo surface zones with
    underground drilling at the Rosario and 76 zones. Rosario drilling
    results have been encouraging and follow up drilling is underway.

  • One hole was completed on a new target at Palmarejo, called
    Independencia, in December 2011. This hole cut three zones of
    mineralization ranging from 1.1 meters to 3.7 meters true width
    grading from 2.2 to 6.8 grams per tonne of gold and 192 to 452 grams
    per tonne of silver. Follow-up drilling on this new structure is
    underway.

  • At Kensington, underground drilling was conducted on the Raven zone,
    located approximately 2,000 feet (600 meters) west of the main
    Kensington mine area and on a new target, Kensington South, located
    about 1,000 feet (300 meters) south of the know southern limit of the
    Kensington mine. Work on a new model of Raven mineral resources is
    scheduled to commence following drilling planned for the first half of
    2012.

2012 Outlook


Coeur expects to produce between 18.5 million and 20.0 million ounces of
silver and 210,000 and 230,000 ounces of gold in 2012. Cash operating
costs1 are expected to be between $6.50 and $7.50 per ounce
of silver (assuming $1,500 per ounce of gold for the by-product credit).
Kensington's cash operating costs1 are expected to be between
$1,150 and $1,250 per ounce of gold in 2012. Kensington's cash operating
costs1 are anticipated to be approximately $1,750 per ounce
in the first half of 2012 while production remains temporarily scaled
back, and then improve to $800 to $1,000 per ounce in the fourth
quarter. Approximately 30% of Kensington's full-year production is
expected to take place during the first half of 2012 with the remaining
70% expected in the second half.1

Table 5: 2012 Production Outlook


 ?

 ?

 ?

(Ounces; silver in thousands)
CountrySilverGold

Palmarejo

Mexico

8,500-9,000

98,000-108,000

San Bartolom?

Bolivia

6,300-6,700

?

Rochester

Nevada, USA

2,600-2,900

30,000-35,000

Martha

Argentina

700-900

400-500

Endeavor

Australia

400-500

?

Kensington

 ?

Alaska, USA

 ?

?

 ?

 ?

82,600-86,500
Total
 ?

 ?

 ?
18,500-20,000
 ?
210,000-230,000

 ?

Table 6: 2012 Financial Guidance


 ?
DescriptionExpenses ($M)

General & Administrative*

~$26

DD&A

$235-$245

Exploration Expense

~$40

Capital Expenditures

$90-$120

 ?


*G&A includes $6 million of non-cash net stock compensation.


1. EBITDA, operating cash flow, adjusted earnings and cash operating
costs per ounce are non-GAAP measures. Please see the tables in the
Appendix for reconciliation to GAAP.

Conference Call Information

Coeur's fourth quarter and
year-end 2011 financial results conference call will be held at 1:00
p.m. Eastern Time today, Thursday, February 23, 2012.

Dial-in
number: (877) 464-2820

International dial-in number: (660) 422-4718

Conference
ID: 48487351

Webcast: www.coeur.com


A replay of the conference call will be available through March 2, 2012.

Replay
number: (855) 859-2056

International replay number: (404) 537-3406

Replay
code: 48487351

Cautionary Statement


This news release contains forward-looking statements within the meaning
of securities legislation in the United States and Canada, including
statements regarding anticipated operating results. Such statements are
subject to numerous assumptions and uncertainties, many of which are
outside the control of Coeur. Operating, exploration and financial data,
and other statements in this release are based on information that Coeur
believes is reasonable, but involve significant uncertainties affecting
the business of Coeur, including, but not limited to, future gold and
silver prices, costs, ore grades, estimation of gold and silver
reserves, mining and processing conditions, construction delays and
related disruptions in production, disputed mineral claims, currency
exchange rates, costs of capital expenditures and the completion and/or
updating of mining feasibility studies, changes that could result from
future acquisitions of new mining properties or businesses, risks and
hazards inherent in the mining business (including environmental
hazards, industrial accidents, weather and geologically related
conditions), permitting and regulatory matters (including penalties,
fines, sanctions, and shutdowns), risks inherent in the ownership and
operation of, or investment in, mining properties or businesses in
foreign countries, as well as other uncertainties and risk factors set
out in filings made from time to time with the United States Securities
and Exchange Commission, and the Canadian securities regulators,
including, without limitation, Coeur's reports on Form 10-K and Form
10-Q. Current mineralized material estimates were inclusive of disputed
and undisputed claims at Rochester. While the Company believes it holds
a superior position in the ongoing claim dispute, the Company believes
an adverse legal outcome would cause it to modify mineralized material
estimates. Actual results, developments and timetables could vary
significantly from the estimates presented. Readers are cautioned not to
put undue reliance on forward-looking statements. Coeur disclaims any
intent or obligation to update publicly such forward-looking statements,
whether as a result of new information, future events or otherwise.
Additionally, Coeur undertakes no obligation to comment on analyses,
expectations or statements made by third parties in respect of Coeur,
its financial or operating results or its securities.


Donald J. Birak, Coeur's Senior Vice President of Exploration and a
qualified person under Canadian NI 43-101, supervised the preparation of
the scientific and technical information concerning Coeur's mineral
projects in this news release. For a description of the key assumptions,
parameters and methods used to estimate mineral reserves and resources,
as well as data verification procedures and a general discussion of the
extent to which the estimates may be affected by any known
environmental, permitting, legal, title, taxation, socio-political,
marketing or other relevant factors, please see the Technical Reports
for each of Coeur's properties as filed on SEDAR at www.sedar.com.


Cautionary Note to U.S. Investors - The United States Securities and
Exchange Commission permits U.S. mining companies, in their filings with
the SEC, to disclose only those mineral deposits that a company can
economically and legally extract or produce. We use certain terms in
this presentation, such as 'measured,? 'indicated,? and 'inferred
resources,? that are recognized by Canadian regulations, but that SEC
guidelines generally prohibit U.S. registered companies from including
in their filings with the SEC. U.S. investors are urged to consider
closely the disclosure in our Form 10-K which may be secured from us, or
from the SEC's website at http://www.sec.gov.

Non-U.S. GAAP Measures


We supplement the reporting of our financial information determined
under United States generally accepted accounting principles (U.S. GAAP)
with certain non-U.S. GAAP financial measures, including cash operating
costs, operating cash flow, adjusted earnings, and EBITDA. We believe
that these adjusted measures provide meaningful information to assist
management, investors and analysts in understanding our financial
results and assessing our prospects for future performance. We believe
these adjusted financial measures are important indicators of our
recurring operations because they exclude items that may not be
indicative of, or are unrelated to our core operating results, and
provide a better baseline for analysing trends in our underlying
businesses. We believe cash operating costs, operating cash flow,
adjusted earnings and EBITDA are important measures in assessing the
Company's overall financial performance.

About Coeur


Coeur d'Alene Mines Corporation is the largest U.S.-based primary silver
producer and a growing gold producer. The Company built and commenced
production from three wholly-owned, long-lived mines between 2008 and
2010: the San Bartolom? silver mine in Bolivia, the Palmarejo
silver-gold mine in Mexico and the Kensington gold mine in Alaska.
Further production has commenced from a new heap leach pad at Coeur's
long-time Rochester silver-gold mine in Nevada. The Company also owns
and operates the Martha silver-gold mine in Argentina and owns a
non-operating interest in a silver-base metal mine in Australia. Coeur
conducts ongoing exploration activities near and within its operating
properties in Argentina, Mexico, Alaska, Nevada and Bolivia. In
addition, Coeur owns strategic minority shareholdings in five silver
development companies in North and South America.

APPENDIX:

Table 7: ? ?Operating Statistics from Continuing Operations


 ?

 ?

 ?
201120102009
PRIMARY SILVER OPERATIONS:
Palmarejo(1)

Tons milled

1,723,056

1,835,408

1,065,508

Ore grade/Ag oz

6.87

4.60

4.31

Ore grade/Au oz

0.08

0.06

0.06

Recovery/Ag oz (1)

76.4

%

69.8

%

66.3

%

Recovery/Au oz (1)

92.2

%

91.1

%

88.2

%

Silver production ounces(3)

9,041,488

5,887,576

3,047,843

Gold production ounces(3)

125,071

102,440

54,740

Cash operating costs/oz (4)

$

(0.97

)

$

4.10

$

9.80

Cash cost/oz (4)

$

(0.97

)

$

4.10

$

9.80

Total production cost/oz

$

16.80

$

19.66

$

26.80
San Bartolom?

Tons milled

1,567,269

1,504,779

1,518,671

Ore grade/Ag oz

5.38

5.03

5.49

Recovery/Ag oz

88.9

%

88.6

%

89.6

%

Silver production ounces(3)

7,501,367

6,708,775

7,469,222

Cash operating costs/oz (4)

$

9.10

$

7.87

$

7.80

Cash cost/oz (4)

$

10.64

$

8.67

$

10.48

Total production cost/oz

$

13.75

$

11.72

$

12.96
Rochester(2)

Tons Mined

2,028,889

?

?

Ore grade/Ag oz

0.47

?

?

Ore grade/Au oz

0.005

?

?

Recovery/Ag oz(2)

165.1

%

?

?

Recovery/Au oz(2)

75.6

%

?

?

Silver production ounces(3)

1,392,433

2,023,423

2,181,788

Gold production ounces(3)

6,276

9,641

12,663

Cash operating costs/oz (4)

22.97

2.93

1.95

Cash cost/oz (4)

24.82

3.78

2.58

Total production cost/oz

27.21

4.82

3.51

 ?
201120102009
Martha

Tons milled

101,167

56,401

109,974

Ore grade/Ag oz

6.29

31.63

36.03

Ore grade/Au oz

0.01

0.04

0.05

Recovery/Ag oz

83.2

%

88.3

%

93.6

%

Recovery/Au oz

74.0

%

84.1

%

87.6

%

Silver production ounces

529,602

1,575,827

3,707,544

Gold production ounces

615

1,838

4,709

Cash operating costs/oz(4)

$

32.79

$

13.16

$

6.19

Cash cost/oz(4)

$

34.08

$

14.14

$

6.68

Total production cost/oz

$

36.19

$

20.02

$

8.62
Endeavor

Tons milled

743,936

653,550

552,799

Ore grade/Ag oz

1.83

1.96

1.67

Recovery/Ag oz

45.0

%

44.3

%

49.9

%

Silver production ounces

613,361

566,134

461,800

Cash operating costs/oz(4)

$

18.87

$

10.15

$

6.80

Cash cost/oz(4)

$

18.87

$

10.15

$

6.80

Total production cost/oz

$

24.00

$

13.66

$

9.55
GOLD OPERATIONS:
Kensington

Tons milled

415,340

174,028

?

Ore grade/Au oz

0.23

0.28

?

Recovery/Au oz

92.7

%

89.9

%

?

Gold production ounces(3)

88,420

43,143

?

Cash operating costs/oz (4)

$

1,088

$

989

$

?

Cash cost/oz (4)

$

1,088

$

989

$

?

Total production cost/oz

$

1,494

$

1,394

$

?
CONSOLIDATED PRODUCTION TOTALS

Silver ounces(3)

19,078,251

16,761,735

16,868,197

Gold ounces(3)

220,382

157,062

72,112

Cash operating costs/oz(4)

$

6.31

$

6.53

$

7.03

Cash cost per oz/silver(4)

$

7.09

$

7.05

$

8.40

Total production cost/oz

$

17.14

$

14.52

$

13.19
CONSOLIDATED SALES TOTALS

Silver ounces sold(3)

19,057,503

17,221,335

16,310,225

Gold ounces sold(3)

238,551

130,142

65,607

Realized price per silver ounce

$

35.15

$

20.99

$

14.83

Realized price per gold ounce

$

1,558

$

1,236.8

$

1,002.87

 ?


(1) Palmarejo commenced commercial production on April ?20, 2009. Mine
statistics do not represent normal operating results.


(2) The leach cycle at Rochester requires 5 to 10 ?years to recover gold
and silver contained in the ore. The Company estimates the metallurgical
recovery to be approximately 61% for silver and 92% for gold. Current
recovery may vary significantly from ultimate recovery. See Critical
Accounting Policies and Estimates ?? Ore on Leach Pad.


(3) Current production ounces and recoveries reflect final metal
settlements of previously reported production ounces.


(4) See 'Reconciliation of Non-GAAP Cash Costs to GAAP Production Costs.'

Table 8:
Coeur d'Alene Mines Corporation and Subsidiaries
Consolidated Balance Sheets

 ?
December 31,
2011
 ?
2010

(In thousands,

except share data)


 ?

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$

175,012

$

66,118

Short-term investments

20,254

?

Receivables

83,497

58,880

Ore on leach pads

27,252

7,959

Metal and other inventory

132,781

118,340

Deferred tax assets

1,869

?

Restricted assets

60

25

Prepaid expenses and other

24,218

 ?

14,889

 ?

464,943

266,211

NON-CURRENT ASSETS

Property, plant and equipment

687,676

668,101

Mining properties

2,001,027

2,122,216

Ore on leach pads, non-current portion

6,679

10,005

Restricted assets

28,911

29,028

Receivables, non current

40,314

42,866

Marketable securities

19,844

?

Debt issuance costs, net

1,889

4,333

Deferred tax assets

263

804

Other

12,895

 ?

13,963

 ?

TOTAL ASSETS

$

3,264,441

 ?

$

3,157,527

 ?
LIABILITIES AND SHAREHOLDERS′ EQUITY

CURRENT LIABILITIES

Accounts payable

$

78,590

$

88,321

Accrued liabilities and other

13,179

18,608

Accrued income taxes

47,803

28,397

Accrued payroll and related benefits

16,240

17,953

Accrued interest payable

559

834

Current portion of capital leases and other debt obligations

32,602

63,317

Current portion of royalty obligation

61,721

51,981

Current portion of reclamation and mine closure

1,387

 ?

1,306

 ?

252,081

270,717

NON-CURRENT LIABILITIES

Long-term debt

115,861

130,067

Non-current portion of royalty obligation

169,788

190,334

Reclamation and mine closure

32,371

27,779

Deferred income taxes

527,573

474,264

Other long-term liabilities

30,046

 ?

23,599

 ?

875,639

846,043

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS′ EQUITY

Common Stock, par value $0.01 per share; authorized 150,000,000
shares, 89,655,124 issued at December 31, 2011 and 89,315,767 shares
issued and outstanding at December 31, 2010

897

893

Additional paid-in capital

2,585,632

2,578,206

Accumulated deficit

(444,833

)

(538,332

)

Accumulated other comprehensive loss

(4,975

)

?

 ?

2,136,721

 ?

2,040,767

 ?

TOTAL LIABILITIES AND SHAREHOLDERS′ EQUITY

$

3,264,441

 ?

$

3,157,527

 ?

 ?
Table 9:
Coeur d'Alene Mines Corporation and Subsidiaries
Consolidated Statement of Operations and Comprehensive Income
(Loss)

 ?
Years Ended December 31,
2011
 ?
2010
 ?
2009
(In thousands, except share data)

Sales of metal

$

1,021,200

$

515,457

$

300,361

Production costs applicable to sales

(419,956

)

(257,636

)

(191,311

)

Depreciation and depletion

(224,500

)

(141,619

)

(81,376

)

Gross profit

376,744

116,202

27,674

COSTS AND EXPENSES

Administrative and general

31,379

24,176

22,070

Exploration

19,128

14,249

13,056

Pre-development, care, maintenance and other

19,441

 ?

 ?

2,877

 ?

 ?

1,468

 ?

Total costs and expenses

69,948

 ?

41,302

 ?

36,594

 ?

OPERATING INCOME (LOSS)

306,796

74,900

(8,920

)

OTHER INCOME AND EXPENSE

Gain (loss) on debt extinguishments

(5,526

)

(20,300

)

31,528

Fair value adjustments, net

(52,050

)

(117,094

)

(82,227

)

Interest and other income (expense)

(6,610

)

771

1,648

Interest expense, net of capitalized interest

(34,774

)

(30,942

)

(18,102

)

Total other income and expense

(98,960

)

(167,565

)

(67,153

)

Income (loss) from continuing operations before income taxes

207,836

(92,665

)

(76,073

)

Income tax benefit (expense)

(114,337

)

9,481

 ?

33,071

 ?

Income (loss) from continuing operations

93,499

(83,184

)

(43,002

)

Income (loss) from discontinued operations, net of income taxes

?

(6,029

)

(9,601

)

Income (loss) on sale of net assets of discontinued operations, net
of taxes $0.0 million for 2010 and $0.0 million for 2009

?

 ?

(2,095

)

25,537

 ?

NET INCOME (LOSS)

93,499

(91,308

)

(27,066

)

Other comprehensive loss

(4,975

)

(5

)

?

 ?

COMPREHENSIVE INCOME (LOSS)

$

88,524

 ?

$

(91,313

)

$

(27,066

)

BASIC AND DILUTED INCOME (LOSS) PER SHARE

Basic income (loss) per share:

Income (loss) from continuing operations

$

1.05

$

(0.95

)

$

(0.60

)

Income (loss) from discontinued operations

?

 ?

(0.10

)

0.22

 ?

Net income (loss)

$

1.05

 ?

$

(1.05

)

$

(0.38

)

Diluted income (loss) per share:

Income (loss) from continuing operations

$

1.04

$

(0.95

)

$

(0.60

)

Income (loss) from discontinued operations

?

 ?

(0.10

)

0.22

 ?

Net income (loss)

$

1.04

 ?

$

(1.05

)

$

(0.38

)

Weighted average number of shares of common stock:

Basic

89,383

87,185

71,565

Diluted

89,725

87,185

71,565

 ?
Table 10: Coeur d'Alene Mines Corporation and Subsidiaries
Consolidated Statements of Cash Flows

 ?


 ?

Years Ended December 31,
2011
 ?
2010
 ?
2009
(In thousands)

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)

$

93,499

$

(91,308

)

$

(27,066

)

Add (deduct) non-cash items:

Depreciation, depletion, and amortization

224,500

143,813

87,140

Amortization of debt discount and debt issuance costs

4,041

3,374

504

Accretion of royalty obligation

21,550

19,018

14,209

Deferred income taxes

51,792

(37,628

)

(43,061

)

Loss (gain) on debt extinguishment

5,526

20,300

(31,528

)

Fair value adjustments

46,450

115,458

81,035

Loss on foreign currency transactions

380

3,867

546

Share-based compensation

8,122

7,217

4,876

Loss on sale of asset backed securities

?

?

600

Loss (gain) on asset retirement obligation

(335

)

(167

)

1,181

Gain on sales of assets

(1,145

)

(25

)

(31,988

)

Environmental remediation

?

?

5,040

Changes in operating assets and liabilities:

Receivables and other current assets

(21,950

)

(6,228

)

(10,592

)

Prepaid expenses and other

(8,839

)

5,871

(3,728

)

Inventories

(30,408

)

(47,887

)

(26,804

)

Accounts payable and accrued liabilities

22,990

 ?

29,888

 ?

39,783

 ?

CASH PROVIDED BY OPERATING ACTIVITIES

416,173

 ?

165,563

 ?

60,147

 ?

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of investments

(49,501

)

(5,872

)

(24,012

)

Proceeds from maturities of investments

6,246

24,244

38,531

Capital expenditures

(119,988

)

(155,994

)

(218,235

)

Proceeds from sales of assets

2,531

6,211

57,364

Other

(249

)

(284

)

(494

)

CASH USED IN INVESTING ACTIVITIES

(160,961

)

(131,695

)

(146,846

)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from sale of gold production royalty

?

?

75,000

Additions to restricted assets associated with Kensington Term
Facility

(1,326

)

(2,353

)

(966

)

Payments on gold production royalty

(73,191

)

(43,125

)

(15,762

)

Proceeds from issuance of notes and bank borrowings

27,500

176,166

40,804

Payments on notes, long-term debt, capital leases, credit facility,
and associated costs

(85,519

)

(104,595

)

(26,226

)

Proceeds from gold lease facility

?

18,445

5,108

Payments of gold lease facility

(13,800

)

(37,977

)

(1,627

)

Proceeds from sale-leaseback transactions

?

4,853

12,511

Payments of common stock and debt issuance costs

?

(2,232

)

(121

)

Other

18

 ?

286

 ?

?

 ?

CASH PROVIDED (USED) BY FINANCING ACTIVITIES

(146,318

)

9,468

 ?

88,721

 ?

INCREASE IN CASH AND CASH EQUIVALENTS

108,894

43,336

2,022

Cash and cash equivalents at beginning of year

66,118

 ?

22,782

 ?

20,760

 ?

Cash and cash equivalents at end of year

$

175,012

 ?

$

66,118

 ?

$

22,782

 ?

 ?

Table 11:Operating Cash Flow Reconciliation


Operating cash flow is a non-U.S. GAAP measure defined as net income
plus depreciation, depletion and amortization and other non-cash items
prior to changes in operating assets and liabilities. On a U.S. GAAP
basis, the Company generated cash flow from operations of $97.5 million
in the fourth quarter of 2011 and $454.4 million in the year ended
December 31, 2011. See the reconciliation from non-U.S. GAAP to U.S.
GAAP at the end of this news release.


 ?
4Q 2011
 ?
3Q 2011
 ?
2Q 2011
 ?
1Q 2011
 ?
4Q 2010

 ?

Cash provided by operating activities

$

87,412

$

181,911

$

111,065

$

35,785

$

129,397

Changes in operating assets and liabilities:

Receivables and other current assets

$

(8,904

)

$

10,513

$

8,138

$

4,841

$

(5,908

)

Prepaid expenses and other

$

8,839

$

8,697

$

(1,354

)

$

19

$

(5,871

)

Inventories

$

17,574

$

(23,234

)

$

23,575

$

12,493

$

19,999

Accounts payable and accrued liabilities

 ?

$

(7,452

)

 ?

$

(26,930

)

 ?

$

(25,585

)

 ?

$

36,977

 ?

 ?

$

(38,186

)
OPERATING CASH FLOW
 ?
$97,469
 ?

 ?
$150,957
 ?

 ?
$115,839
 ?

 ?
$90,115
 ?

 ?
$99,431
 ?

 ?

 ?
FY 2011
 ?
FY 2010

Cash provided by operating activities

$

416,173

$

165,563

Changes in operating assets and liabilities:

Receivables and other current assets

$

14,588

$

6,228


Prepaid expenses and other


$

16,201

$

(5,871

)

Inventories

$

30,408

$

47,887

Accounts payable and accrued liabilities

 ?

$

(22,990

)

 ?

$

(29,888

)
OPERATING CASH FLOW
 ?
$454,380
 ?

 ?
$183,919
 ?

 ?

Table 12:EBITDA Reconciliation


EBITDA is a non-U.S. GAAP measure defined as earnings before interest,
taxes, depreciation and amortization. A reconciliation of this measure
to U.S. GAAP is provided at the end of this news release.


 ?
4Q 2011
 ?
3Q 2011
 ?
2Q 2011
 ?
1Q 2011
 ?
4Q 2010

Net income (loss)

$

11,364

$

31,060

$

38,611

$

12,464

$

(5,078

)

(Gain) loss on sale of net assets of discontinued operations, net of
income taxes

$

?

$

?

$

?

$

?

$

1

Loss from discontinued operations, net of income taxes

$

?

$

?

$

?

$

?

$

?

Income tax provision (benefit)

$

52,390

$

27,606

$

21,402

$

12,939

$

3,655

Interest expense, net of capitalized interest

$

8,222

$

7,980

$

9,268

$

9,304

$

9,539

Interest and other income

$

4,697

$

6,610

$

(2,763

)

$

(1,934

)

$

(3,495

)

Fair value adjustments, net

$

(19,035

)

$

53,351

$

12,432

$

5,302

$

51,213

Loss on debt extinguishments

$

3,886

$

784

$

389

$

467

$

7,586

Depreciation and depletion

 ?

$

58,166

 ?

 ?

$

58,652

 ?

 ?

$

57,641

 ?

 ?

$

50,041

 ?

 ?

$

46,116

 ?
EBITDA
 ?
$119,690
 ?

 ?
$186,043
 ?

 ?
$136,980
 ?

 ?
$88,583
 ?

 ?
$109,537
 ?

 ?

 ?
FY 2011
 ?
FY 2010

Net income (loss)

$

93,499

$

(91,308

)

(Gain) loss on sale of net assets of discontinued operations, net of
income taxes

$

?

$

2,095

Loss from discontinued operations, net of income taxes

$

?

$

6,029

Income tax provision (benefit)

$

114,337

$

(9,481

)

Interest expense, net of capitalized interest

$

34,774

$

30,942

Interest and other income

$

6,610

$

(771

)

Fair value adjustments, net

$

52,050

$

117,094

Loss on debt extinguishments

$

5,526

$

20,300

Depreciation and depletion

 ?

$

224,500

 ?

 ?

$

141,619

 ?
EBITDA
 ?
$531,296
 ?

 ?
$216,519
 ?

 ?

Table 13:Adjusted Earnings Reconciliation


Adjusted earnings is a non-U.S. GAAP measure defined as operating income
plus interest and other income less interest expense and current taxes.
Adjusted earnings exclude non-cash fair value adjustments, other
non-cash adjustments, deferred taxes and discontinued operations. The
Company realized net income of $11.4 million in the fourth quarter of
2011 and $93.5 million during the year ended December 31, 2011. See
reconciliation between non-U.S. GAAP adjusted earnings and U.S. GAAP at
the end of this news release. Adjusted earnings per share represent the
adjusted earnings divided by the number of shares outstanding at the end
of the quarter.


 ?
4Q 2011
 ?
3Q 2011
 ?
2Q 2011
 ?
1Q 2011
 ?
4Q 2010

Net income (loss)

$

11,364

$

31,060

$

38,611

$

12,464

$

(5,078

)

Loss on sale of net assets of discontinued operations, net of income
taxes

$

?

$

?

$

?

$

?

$

1

Share Based Compensation

$

2,861

$

457

$

(3,351

)

$

8,155

$

3,248

Loss from discontinued operations, net of income taxes

$

?

$

?

$

?

$

?

$

?

Deferred income tax provision

$

38,614

$

3,110

$

4,198

$

5,870

$

(8,386

)

Interest expense, accretion of royalty obligation

$

5,523

$

4,990

$

5,770

$

5,267

$

4,611

Fair value adjustments, net

$

(19,035

)

$

53,351

$

12,432

$

5,302

$

51,213

Loss on debt extinguishments

$

3,886

$

784

$

389

$

467

$

7,586

ADJUSTED EARNINGS (LOSS)

$

43,213

$

93,752

$

58,049

$

37,525

$

53,195

 ?
FY 2011
 ?
FY 2010

Net income (loss)

$

93,499

$

(91,308

)

Loss on sale of net assets of discontinued operations, net of income
taxes

$

?

$

2,095

Share Based Compensation

$

8,122

$

7,217

Loss from discontinued operations, net of income taxes

$

?

$

6,029

Deferred income tax provision

$

51,792

$

(38,901

)

Interest expense, accretion of royalty obligation

$

21,550

$

19,018

Fair value adjustments, net

$

52,050

$

117,094

Loss on debt extinguishments

$

5,526

$

20,300

ADJUSTED EARNINGS (LOSS)

$

232,539

$

41,544

 ?

Table 14: ? ?Results of Operations by Mine - Palmarejo


 ?

 ?

 ?

 ?

 ?

 ?
in millions of US$
 ?
FY 2011
 ?
4Q 2011
 ?
3Q 2011
 ?
2Q 2011
 ?
1Q 2011
 ?
4Q 2010

Sales of Metal

$

513.1

$

134.3

$

166.9

$

123.7

$

88.2

$

78.1

Production Costs

186.2

47.0

64.1

37.7

37.4

35.6

EBITDA

319.0

83.7

100.4

84.6

50.2

41.0

Operating Income/(Loss)

159.8

38.7

61.6

43.0

16.5

13.0

Operating Cash Flow

298.8

77.4

91.2

81.8

48.4

38.7

Capital Expenditures

37.0

12.1

9.5

10.3

5.1

11.1

Gross Profit

$

326.9

$

87.3

$

102.8

$

86.0

$

50.8

$

42.5

Gross Margin

63.7

%

65

%

61.6

%

69.5

%

57.6

%

54.4

%

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?
Ounces unless otherwise noted
 ?
FY 2011
 ?
4Q 2011
 ?
3Q 2011
 ?
2Q 2011
 ?
1Q 2011
 ?
4Q 2010
Underground Operations:

Tons Mined

623,421

191,966

143,010

144,614

143,831

151,032

Average Silver Grade (oz/t)

8.87

8.04

9.36

10.08

8.30

6.30

Average Gold Grade (oz/t)

0.13

0.11

0.13

0.14

0.14

0.10
Surface Operations:

Tons Mined

1,106,077

321,881

260,618

276,699

246,879

281,177

Average Silver Grade (oz/t)

5.75

5.88

6.56

5.85

4.60

7.33

Average Gold Grade (oz/t)

0.05

0.05

0.05

0.06

0.05

0.07
Processing:

Total Tons Milled

1,723,056

505,619

403,978

414,719

398,740

514,391

Average Recovery Rate ? Ag

76.4

%

77.9

%

75.9

%

78.3

%

72.7

%

66.72

%

Average Recovery Rate ? Au

92.2

%

92.4

%

93.6

%

95.2

%

87.4

%

90.32

%

Silver Production - oz

9,042

2,690

2,251

2,371

1,730

2,010

Gold Production - oz

125

34

30

33

28

30

Cash Operating Costs/Ag Oz

$

(0.97

)

$

(2.13

)

$

(1.16

)

$

(3.68

)

$

4.80

$

2.68

 ?

Table 15: ? ?Reconciliation of EBITDA for Palmarejo


 ?

 ?
2011
 ?
4Q 2011
 ?
3Q 2011
 ?
2Q 2011
 ?
1Q 2011
 ?
4Q 2010

Sales of metal

 ?

$

513.1

 ?

$

134.3

 ?

$

166.9

 ?

$

123.7

 ?

$

88.2

 ?

$

78.1

Production costs applicable to sales

$

(186.2

)

$

(47

)

$

(64.1

)

$

(37.8

)

$

(37.4

)

$

(35.6

)

Administrative and general

?

?

?

?

?

?

Exploration

(6.9

)

(2.8

)

$

(2.2

)

$

(1.3

)

$

(0.6

)

$

(1.5

)

Care and maintenance and other

(1

)

(0.8

)

$

(0.2

)

?

?

?

Pre-development

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?
EBITDA
 ?
$319.0
 ?

 ?
$83.7
 ?

 ?
$100.4
 ?

 ?
$84.6
 ?

 ?
$50.2
 ?

 ?
$41.0
 ?

 ?

Table 16: ? ?Operating Cash Flow for Palmarejo


 ?

 ?
2011
 ?
4Q 2011
 ?
3Q 2011
 ?
2Q 2011
 ?
1Q 2011
 ?
4Q 2010

Cash provided by operating activities

 ?

$

248.6

 ?

$

70.9

 ?

$

104.7

 ?

$

62.9

 ?

$

10.1

 ?

$

63.5

Changes in operating assets and liabilities:

Receivables and other current assets

13.4

5.7

(0.8

)

8.9

(0.4

)

(14.5

)

Prepaid expenses and other

0.8

(3.2

)

3.4

(0.4

)

1.0

(1.7

)

Inventories

21.8

9.9

(16.2

)

12.0

16.1

16.4

Accounts payable and accrued liabilities

 ?

14.2

 ?

 ?

(5.9

)

 ?

0.1

 ?

 ?

(1.6

)

 ?

21.6

 ?

 ?

(25

)
OPERATING CASH FLOW
 ?
$298.8
 ?

 ?
$77.4
 ?

 ?
$91.2
 ?

 ?
$81.8
 ?

 ?
$48.4
 ?

 ?
$38.7
 ?

 ?

Table 17: ? ?Results of Operations by Mine - San Bartolom?


 ?

 ?

 ?

 ?

 ?

 ?
in millions of US$
 ?
FY 2011
 ?
4Q 2011
 ?
3Q 2011
 ?
2Q 2011
 ?
1Q 2011
 ?
4Q 2010

Sales of Metal

$

267.5

$

62.8

$

102.8

$

55.6

$

46.3

$

67.1

Production Costs

79.7

21.4

30.1

14.1

14.1

22.4

EBITDA

187.2

41.2

72.5

41.4

32.1

44.7

Operating Income/(Loss)

164.8

34.9

66.7

36.2

27.0

39.2

Operating Cash Flow

127.6

28.7

49.6

25.7

23.6

23.3

Capital Expenditures

17.7

6.5

4.4

3.3

3.5

3.5

Gross Profit

$

187.8

$

41.4

$

72.7

$

41.5

$

32.2

$

44.7

Gross Margin

70.2

%

65.9

%

70.7

%

74.6

%

69.5

%

66.6

%

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?
Ounces unless otherwise noted
 ?
FY 2011
 ?
4Q 2011
 ?
3Q 2011
 ?
2Q 2011
 ?
1Q 2011
 ?
4Q 2010

Tons Milled

1,567,269

371,983

428,978

378,640

387,668

404,160

Average Silver Grade (oz/t)

5.4

5.4

5.4

5.2

5.6

5.4

Average Recovery Rate

88.9

%

90.5

%

88.6

%

87.7

%

88.6

%

92

%

Silver Production

7,501

1,997

2,051

1,742

1,711

2,011

Gold Production

?

?

?

?

?

?

Cash Operating Costs/Ag Oz

$

9.10

$

9.18

$

9.32

$

8.73

$

9.13

$

7.53

 ?

Table 18: ? ?Reconciliation of EBITDA for San Bartolom?


 ?

 ?
2011
 ?
4Q 2011
 ?
3Q 2011
 ?
2Q 2011
 ?
1Q 2011
 ?
4Q 2010

Sales of metal

 ?

$

267.5

 ?

$

62.8

 ?

$

102.8

 ?

$

55.6

 ?

$

46.3

 ?

$

67.1

Production costs applicable to sales

$

(79.7

)

$

(21.4

)

$

(30.1

)

$

(14.1

)

$

(14.1

)

$

(22.4

)

Administrative and general

?

?

?

?

?

Exploration

(0.3

)

?

$

(0.1

)

$

(0.1

)

$

(0.1

)

?

Care and maintenance and other

(0.3

)

(0.2

)

$

(0.1

)

?

?

Pre-development

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?

 ?

 ?

 ?

?

 ?

 ?

?

 ?
EBITDA
 ?
$187.2
 ?

 ?
$41.2
 ?

 ?
$72.5
 ?

 ?
$41.4
 ?

 ?
$32.1
 ?

 ?
$44.7
 ?

 ?

Table 19: ? ?Operating Cash Flow for San Bartolom?


 ?

 ?
2011
 ?
4Q 2011
 ?
3Q 2011
 ?
2Q 2011
 ?
1Q 2011
 ?
4Q 2010

Cash provided by operating activities

 ?

$

149.1

 ?

$

22.3

 ?

$

78.1

 ?

$

38.2

 ?

$

10.5

 ?

$

28.8

Changes in operating assets and liabilities:

Receivables and other current assets

8.4

0.2

5.0

1.5

1.7

1.3

Prepaid expenses and other

3.7

4.6

0.2

(0.6

)

(0.5

)

(0.6

)

Inventories

4.6

2.9

(7.2

)

4.0

4.9

4.2

Accounts payable and accrued liabilities

 ?

(38.2

)

 ?

(1.3

)

 ?

(26.5

)

 ?

(17.4

)

 ?

7.0

 ?

 ?

(10.4

)
OPERATING CASH FLOW
 ?
$127.6
 ?

 ?
$28.7
 ?

 ?
$49.6
 ?

 ?
$25.7
 ?

 ?
$23.6
 ?

 ?
$23.3
 ?

 ?

Table 20: ? ?Results of Operations by Mine - Rochester


 ?

 ?

 ?

 ?

 ?

 ?
in millions of US$FY 20114Q 20113Q 20112Q 20111Q 20114Q 2010

Sales of Metal

$

57.3

$

11.1

$

17.5

$

14.4

$

14.3

$

25.3

Production Costs

28.3

4.2

11.4

5.3

7.4

10.6

EBITDA

7.1

3.2

2.7

(2.2

)

3.4

14.1

Operating Income/(Loss)

6.7

4.6

2.1

(2.9

)

2.9

15.2

Operating Cash Flow

3.1

3.4

2.7

(3.9

)

0.9

9.0

Capital Expenditures

27.2

7.7

13.6

4.2

1.7

2.1

Gross Profit

$

29.0

$

6.9

$

6.1

$

9.1

$

6.9

$

14.7

Gross Margin

50.6

%

62.2

%

34.9

%

63.2

%

48.3

%

58.1

%

 ?
Ounces unless otherwise notedFY 20114Q 20113Q 20112Q 20111Q 20114Q 2010

Silver Production

1,392

373

352

333

334

549

Gold Production

6

2

1

1

2

2

Cash Operating Costs/Ag Oz

$

22.97

$

37.99

$

36.71

$

4.34

$

10.28

$

2.94

 ?

Table 21: ? ?Reconciliation of EBITDA for Rochester


 ?

 ?
2011
 ?
4Q 2011
 ?
3Q 2011
 ?
2Q 2011
 ?
1Q 2011
 ?
4Q 2010

Sales of metal

 ?

$

57.3

 ?

$

11.1

 ?

$

17.5

 ?

$

14.4

 ?

$

14.3

 ?

$

25.3

Production costs applicable to sales

$

(28.3

)

$

(4.2

)

$

(11.4

)

$

(5.3

)

$

(7.4

)

$

(10.6

)

Administrative and general

?

?

?

?

?

?

Exploration

(2

)

(1.5

)

$

(0.2

)

$

(0.3

)

?

?

Care and maintenance and other

(19.9

)

(2.2

)

$

(3.2

)

$

(11

)

$

(3.5

)

$

(0.6

)

Pre-development

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?
EBITDA
 ?
$7.1
 ?

 ?
$3.2
 ?

 ?
$2.7
 ?

 ?
$(2.2)
 ?
$3.4
 ?

 ?
$14.1
 ?

Table 22: ? ?Operating Cash Flow for Rochester


 ?

 ?
2011
 ?
4Q 2011
 ?
3Q 2011
 ?
2Q 2011
 ?
1Q 2011
 ?
4Q 2010

Cash provided by operating activities

 ?

$

(11.2

)

 ?

$

(11.4

)

 ?

$

0.9

 ?

$

(2.1

)

 ?

$

1.4

 ?

$

11.8

Changes in operating assets and liabilities:

Receivables and other current assets

(0.3

)

(0.2

)

0.2

?

(0.3

)

0.3

Prepaid expenses and other

1.7

0.7

0.7

0.4

(0.1

)

0.1

Inventories

21.7

14.2

5.9

0.6

1.0

(1.8

)

Accounts payable and accrued liabilities

 ?

(8.8

)

 ?

0.1

 ?

 ?

(5

)

 ?

(2.8

)

 ?

(1.1

)

 ?

(1.4

)
OPERATING CASH FLOW
 ?
$3.1
 ?

 ?
$3.4
 ?

 ?
$2.7
 ?

 ?
$(3.9)
 ?
$0.9
 ?

 ?
$9.0
 ?

 ?

Table 23: ? ?Results of Operations by Mine - Kensington


 ?

 ?

 ?

 ?

 ?

 ?
in millions of US$
 ?
FY 2011
 ?
4Q 2011
 ?
3Q 2011
 ?
2Q 2011
 ?
1Q 2011
 ?
4Q 2010

Sales of Metal

$

151.2

$

32.9

$

44.2

$

26.0

$

48.1

$

15.1

Production Costs

101.7

31.7

24.3

12.8

32.9

6.6

EBITDA

48.1

0.5

19.6

12.8

15.2

8.5

Operating Income/(Loss)

12.3

(6.6

)

10.3

2.8

5.8

(1.8

)

Operating Cash Flow

36.1

(4.1

)

14.5

11.7

14.0

8.0

Capital Expenditures

34.0

12.0

9.2

7.4

5.4

9.6

Gross Profit

$

49.5

$

1.2

$

19.9

$

13.2

$

15.2

$

8.5

Gross Margin

32.7

%

3.6

%

45

%

50.8

%

31.6

%

56.3

%

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?
Ounces unless otherwise noted
 ?
FY 2011
 ?
4Q 2011
 ?
3Q 2011
 ?
2Q 2011
 ?
1Q 2011
 ?
4Q 2010

Tons Milled

415,340

71,700

116,255

121,565

105,820

83,774

Average Gold Grade (oz/t)

0.2

0.2

0.2

0.2

0.2

0.4

Average Recovery Rate

92.9

%

96.5

%

91.7

%

93

%

92.4

%

91

%

Gold Production

89

13

25

26

24

28

Cash Operating Costs/Ag Oz

$

1,088.37

$

1,807.25

$

973.28

$

923.56

$

988.75

$

874.60

 ?

Table 24: ? ?Reconciliation of EBITDA for Kensington


 ?

 ?
2011
 ?
4Q 2011
 ?
3Q 2011
 ?
2Q 2011
 ?
1Q 2011
 ?
4Q 2010

Sales of metal

 ?

$

151.2

 ?

$

32.9

 ?

$

44.2

 ?

$

26.0

 ?

$

48.1

 ?

$

15.1

Production costs applicable to sales

$

(101.7

)

$

(31.7

)

$

(24.3

)

$

(12.8

)

$

(32.9

)

$

(6.6

)

Administrative and general

?

?

?

?

?

?

Exploration

(1.1

)

(0.5

)

$

(0.3

)

$

(0.3

)

?

?

Care and maintenance and other

(0.3

)

(0.2

)

$

(0.1

)

?

?

Pre-development

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?
EBITDA
 ?
$48.1
 ?

 ?
$0.5
 ?

 ?
$19.6
 ?

 ?
$12.8
 ?

 ?
$15.2
 ?

 ?
$8.5
 ?

 ?

Table 25: ? ?Operating Cash Flow for Kensington


 ?

 ?
2011
 ?
4Q 2011
 ?
3Q 2011
 ?
2Q 2011
 ?
1Q 2011
 ?
4Q 2010

Cash provided by operating activities

 ?

$

42.5

 ?

$

9.3

 ?

$

8.6

 ?

$

7.6

 ?

$

17.0

 ?

$

(5.6

)

Changes in operating assets and liabilities:

Receivables and other current assets

7.3

(5.1

)

5.0

(1

)

8.4

(2.2

)

Prepaid expenses and other

1.9

0.5

1.3

0.2

(0.1

)

0.1

Inventories

(15.6

)

(10.1

)

(1.3

)

8.0

(12.2

)

15.3

Accounts payable and accrued liabilities

 ?

?

 ?

 ?

1.3

 ?

 ?

0.9

 ?

 ?

(3.1

)

 ?

0.9

 ?

 ?

0.4

 ?
OPERATING CASH FLOW
 ?
$36.1
 ?

 ?
$(4.1)
 ?
$14.5
 ?

 ?
$11.7
 ?

 ?
$14.0
 ?

 ?
$8.0
 ?

 ?

Table 26: ? ?Results of Operations by Mine - Martha

in millions of US$
 ?
FY 2011
 ?
4Q 2011
 ?
3Q 2011
 ?
2Q 2011
 ?
1Q 2011

Sales of Metal

 ?

$

13.3

 ?

$

2.8

 ?

$

6.0

 ?

$

4.8

 ?

$

(0.3

)

Production Costs

15.5

3.9

8.1

3.9

(0.4

)

EBITDA

(8.8

)

(3.3

)

(3.8

)

(0.5

)

(1.2

)

Operating Income/(Loss)

(9.2

)

(3

)

(4

)

(0.4

)

(1.8

)

Operating Cash Flow

(7.7

)

(5

)

(1.7

)

(0.9

)

(0.1

)

Capital Expenditures

3.4

1.4

1.1

0.6

0.3

Gross Profit

$

(2.2

)

$

(1.1

)

$

(2.1

)

$

0.9

$

0.1

Gross Margin

(16.5

)%

(39.6

)%

(34.9

)%

18.8

%

na

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?
Ounces unless otherwise noted
 ?
FY 2011
 ?
4Q 2011
 ?
3Q 2011
 ?
2Q 2011
 ?
1Q 2011

Total Tons Milled

101,167

37,141

24,086

22,122

17,818

Average Silver Grade (oz/t)

6.29

4.65

5.33

5.44

12.06

Average Gold Grade (oz/t)

0.01

0.01

0.01

0.01

0.02

Average Recovery Rate ? Ag

83.2

%

75.2

%

92.3

%

84

%

83.7

%

Average Recovery Rate ? Au

74

%

74.2

%

72.9

%

72.4

%

75.3

%

Silver Production

530

130

119

101

180

Gold Production

1

?

?

?

?

Cash Operating Costs/Ag Oz

$

32.79

$

33.75

$

39.31

$

38.79

$

24.44

 ?

Table 27:Reconciliation of EBITDA for Martha


 ?

 ?
2011
 ?
4Q 2011
 ?
3Q 2011
 ?
2Q 2011
 ?
1Q 2011
 ?
4Q 2010

Sales of metal

 ?

$

13.3

 ?

$

2.8

 ?

$

6.0

 ?

$

4.8

 ?

$

(0.3

)

 ?

$

18.7

Production costs applicable to sales

$

(15.5

)

$

(3.9

)

$

(8.2

)

$

(3.8

)

$

0.4

$

(10.3

)

Administrative and general

?

?

?

?

?

?

Exploration

(6.4

)

(2.1

)

$

(1.5

)

$

(1.5

)

$

(1.3

)

$

(1.9

)

Care and maintenance and other

(0.2

)

(0.1

)

$

(0.1

)

?

?

?

Pre-development

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?
EBITDA
 ?
$(8.8)
 ?
$(3.3)
 ?
$(3.8)
 ?
$(0.5)
 ?
$(1.2)
 ?
$6.5
 ?

 ?

Table 28:Operating Cash Flow for Martha


 ?

 ?
2011
 ?
4Q 2011
 ?
3Q 2011
 ?
2Q 2011
 ?
1Q 2011
 ?
4Q 2010

Cash provided by operating activities

 ?

$

(9.3

)

 ?

$

(3.2

)

 ?

$

0.2

 ?

$

(3.2

)

 ?

$

(3.1

)

 ?

$

4.6

Changes in operating assets and liabilities:

Receivables and other current assets

(4.2

)

(0.9

)

2.3

0.2

(5.8

)

5.4

Prepaid expenses and other

0.2

(0.3

)

0.4

0.1

?

?

Inventories

1.3

0.4

(3.3

)

0.1

4.1

(4.8

)

Accounts payable and accrued liabilities

 ?

4.3

 ?

 ?

(1

)

 ?

(1.3

)

 ?

1.9

 ?

 ?

4.7

 ?

 ?

(1.4

)
OPERATING CASH FLOW
 ?
$(7.7)
 ?
$(5)
 ?
$(1.7)
 ?
$(0.9)
 ?
$(0.1)
 ?
$3.8
 ?

 ?

Table 29:Results of Operations by Mine - Endeavor


 ?

 ?

 ?

 ?

 ?

 ?
in millions of US$
 ?
FY 2011
 ?
4Q 2011
 ?
3Q 2011
 ?
2Q 2011
 ?
1Q 2011
 ?
4Q 2010

Sales of Metal

$

18.7

$

2.8

$

6.2

$

6.6

$

3.1

$

3.3

Production Costs

8.6

1.0

3.2

3.3

1.1

1.4

EBITDA

10.1

1.8

3.0

3.3

2.0

1.9

Operating Income/(Loss)

7.0

1.1

2.1

2.4

1.4

1.3

Operating Cash Flow

9.0

2.1

1.3

3.6

2.0

1.8

Capital Expenditures

?

?

?

?

?

?

Gross Profit

$

10.1

$

1.8

$

3.0

$

3.3

$

2.0

$

1.9

Gross Margin

54

%

64.3

%

48.4

%

50

%

64.5

%

57.6

%

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?
Ounces unless otherwise noted
 ?
FY 2011
 ?
4Q 2011
 ?
3Q 2011
 ?
2Q 2011
 ?
1Q 2011
 ?
4Q 2010

Silver Production

613

111

138

215

149

120

Gold Production

?

?

?

?

?

?

Cash Operating Costs/Ag Oz

$

18.87

$

14.74

$

22.26

$

20.04

$

17.15

$

16.03

 ?

Table 30:Reconciliation of EBITDA for Endeavor


 ?

 ?
2011
 ?
4Q 2011
 ?
3Q 2011
 ?
2Q 2011
 ?
1Q 2011
 ?
4Q 2010

Sales of metal

 ?

$

18.7

 ?

$

2.8

 ?

$

6.2

 ?

$

6.6

 ?

$

3.1

 ?

$

3.3

Production costs applicable to sales

$

(8.6

)

$

(1

)

$

(3.2

)

$

(3.3

)

$

(1.1

)

$

(1.4

)

Administrative and general

?

?

?

?

?

?

Exploration

?

?

?

?

?

?

Care and maintenance and other

?

?

?

?

?

?

Pre-development

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?
EBITDA
 ?
$10.1
 ?

 ?
$1.8
 ?

 ?
$3.0
 ?

 ?
$3.3
 ?

 ?
$2.0
 ?

 ?
$1.9
 ?

 ?

Table 31:Operating Cash Flow for Endeavor


 ?


 ?
2011
 ?
4Q 2011
 ?
3Q 2011
 ?
2Q 2011
 ?
1Q 2011
 ?
4Q 2010

Cash provided by operating activities

 ?

$

9.1

 ?

$

2.1

 ?

$

2.4

 ?

$

2.5

 ?

$

2.1

 ?

$

2.7

Changes in operating assets and liabilities:

Receivables and other current assets

(0.9

)

(1.2

)

(1.4

)

2.7

(1

)

(0.4

)

Prepaid expenses and other

?

?

?

?

?

?

Inventories

0.1

0.1

(0.9

)

?

0.9

?

Accounts payable and accrued liabilities

 ?

0.7

 ?

 ?

1.1

 ?

 ?

1.2

 ?

 ?

(1.6

)

 ?

?

 ?

 ?

(0.5

)
OPERATING CASH FLOW
 ?
$9.0
 ?

 ?
$2.1
 ?

 ?
$1.3
 ?

 ?
$3.6
 ?

 ?
$2.0
 ?

 ?
$1.8
 ?

 ?

Table 32:Operating Cash Flow by Mine for 2010


 ?

 ?

 ?

 ?

 ?

 ?
PalmarejoSan BartolomeKensingtonRochesterMarthaEndeavor

Cash provided by operating activities

$

72.2

$

64.5

$

(19

)

$

32.2

$

14.9

$

4.5

Changes in operating assets and liabilities:

Receivables and other current assets

(8

)

4.1

4.9

0.3

3.8

(3.1

)

Prepaid expenses and other

(4.7

)

(1.5

)

2.6

?

?

?

Inventories

32.1

8.3

25.6

(5.7

)

(6

)

?

Accounts payable and accrued liabilities

 ?

(5

)

 ?

(21

)

 ?

(6.7

)

 ?

(1.9

)

 ?

(3.4

)

 ?

5.1

 ?
OPERATING CASH FLOW
 ?
$86.6
 ?

 ?
$54.4
 ?

 ?
$7.4
 ?

 ?
$24.9
 ?

 ?
$9.3
 ?

 ?
$6.5
 ?

 ?

Table 33:Reconciliation of Non-U.S. GAAP Cash Costs to U.S.
GAAP Production Costs
(Three months ending Dec. 31, 2011)


Cash operating costs are a non-U.S. GAAP measure defined as cash costs
less production taxes and royalties if applicable. See the
reconciliation between non-U.S. GAAP at the end of this news release.
Consolidated cash operating costs per silver ounce are net of gold
by-product and represent the consolidation of all Coeur's mines except
for Kensington, which is a primary gold mine and reports cash operating
costs per gold ounce.


(In thousands except ounces and per ounce costs)

 ?
Palmarejo
 ?
San Bartolom?
 ?
Kensington
 ?
Rochester
 ?
Martha
 ?
Endeavor
 ?
Total

Total Cash Operating Cost (Non-U.S. GAAP)

(5,730

)

18,332

24,035

14,191

4,386

1,647

56,861

Royalties

?

3,279

?

?

98

?

3,377

Production taxes

?

 ?

?

 ?

?

 ?

124

 ?

?

 ?

?

 ?

124

 ?

Total Cash Costs (Non-U.S. GAAP)

(5,730

)

21,611

 ?

96,234

 ?

14,315

 ?

4,484

 ?

1,647

 ?

60,362

 ?

Add/Subtract:

Third party smelting costs

?

?

(1,881

)

?

(516

)

(483

)

(2,880

)

By-product credit

57,501

?

?

3,344

242

?

61,087

Other adjustments

233

608

?

266

97

?

1,204

Change in inventory

(5,054

)

(869

)

9,407

(13,722

)

(296

)

(112

)

(10,646

)

Depreciation, depletion and amortization

42,646

 ?

6,021

 ?

7,016

 ?

1,152

 ?

474

 ?

750

 ?

58,059

 ?

Production costs applicable to sales, including depreciation,
depletion and amortization (U.S. GAAP)

$

89,596

 ?

$

27,370

 ?

$

38,577

 ?

$

5,356

 ?

$

4,486

 ?

$

1,802

 ?

$

167,187

 ?

Production of silver (ounces)

2,690,368

1,997,416

?

373,589

129,972

111,723

5,303,068

Cash operating cost per silver ounce

$

(2.13

)

$

9.18

$

?

$

37.99

$

33.75

$

14.74

$

6.19

Cash costs per silver ounce

$

(2.13

)

$

10.82

$

?

$

38.32

$

34.50

$

14.74

$

6.85

Production of gold (ounces)

$

?

$

?

$

13,299.00

$

?

$

?

$

?

$

13,299.00

Cash operating cost per gold ounce

$

?

$

?

$

1,807.25

$

?

$

?

$

?

$

1,807.25

Cash cost per gold ounce

$

?

$

?

$

1,807.25

$

?

$

?

$

?

$

1,807.25

 ?

Table 34:Reconciliation of Non-U.S. GAAP Cash Costs to U.S.
GAAP Production Costs
(Twelve months ending Dec. 31, 2011)
Cash operating costs are a non-U.S. GAAP measure defined as cash costs
less production taxes and royalties if applicable. See the
reconciliation between non-U.S. GAAP at the end of this news release.
Consolidated cash operating costs per silver ounce are net of gold
by-product and represent the consolidation of all Coeur's mines except
for Kensington, which is a primary gold mine and reports cash operating
costs per gold ounce.


(In thousands except ounces and per ounce costs)

 ?
Palmarejo
 ?
San Bartolom?
 ?
Kensington
 ?
Rochester
 ?
Martha
 ?
Endeavor
 ?
Total

Total Cash Operating Cost (Non-U.S. GAAP)

(8,743

)

68,277

96,234

31,978

17,367

11,573

216,686

Royalties

?

11,561

?

2,177

685

?

14,423

Production taxes

?

 ?

?

 ?

?

 ?

409

 ?

?

 ?

?

 ?

409

 ?

Total Cash Costs (Non-U.S. GAAP)

(8,743

)

79,838

 ?

96,234

 ?

34,564

 ?

18,052

 ?

11,573

 ?

231,518

 ?

Add/Subtract:

Third party smelting costs

?

?

(11,003

)

?

(2,882

)

(2,872

)

(16,757

)

By-product credit

197,342

?

?

9,898

949

?

208,189

Other adjustments

1,441

906

19

522

559

?

3,447

Change in inventory

(3,839

)

(1,065

)

16,422

(16,727

)

(1,165

)

(67

)

(6,441

)

Depreciation, depletion and amortization

159,231

 ?

22,408

 ?

35,839

 ?

2,807

 ?

554

 ?

3,148

 ?

223,987

 ?

Production costs applicable to sales, including depreciation,
depletion and amortization (U.S. GAAP)

$

345,432

 ?

$

102,087

 ?

$

137,511

 ?

$

31,064

 ?

$

16,067

 ?

$

11,782

 ?

$

643,943

 ?

Production of silver (ounces)

9,041,488

7,501,367

?

1,392,433

529,602

613,361

19,078,251

Cash operating cost per silver ounce

$

(0.97

)

$

9.10

$

?

$

22.97

$

32.79

$

18.87

$

6.31

Cash costs per silver ounce

$

(0.97

)

$

10.64

$

?

$

24.82

$

34.08

$

18.87

$

7.09

Production of gold (ounces)

$

?

$

?

$

88,420.00

$

?

$

?

$

?

$

88,420.00

Cash operating cost per gold ounce

$

?

$

?

$

1,088.37

$

?

$

?

$

?

$

1,088.37

Cash cost per gold ounce

$

?

$

?

$

1,088.37

$

?

$

?

$

?

$

1,088.37

 ?

Table 35: Mineral Reserves at Year End 2011


Effective December 31, 2011 except Endeavor effective June 31,
2011.


 ?

 ?

 ?

 ?
SHORT TONSGRADE (Oz/Ton)OUNCES
YEAR END 2011
 ?
LOCATION
 ?

 ?

 ?
SILVER
 ?
GOLD
 ?
SILVER
 ?
GOLD
PROVEN RESERVES
 ?

 ?

Rochester

Nevada, USA

31,532,400

0.59

0.006

18,680,600

178,800

Martha

Argentina

?

?

?

?

?

San Bartolome

Bolivia

959,000

3.01

?

2,888,250

?

Kensington

Alaska, USA

1,164,100

?

0.280

?

325,920

Endeavor

Australia

2,634,500

1.39

?

3,673,870

?

Palmarejo

Mexico

4,915,900

5.31

0.067

26,090,800

329,950

Joaquin

 ?

Argentina

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?

 ?

?
Total
 ?

 ?

 ?
41,205,900
 ?

 ?

 ?

 ?

 ?

 ?
51,333,520
 ?

 ?
834,670
PROBABLE RESERVES

Rochester

Nevada, USA

15,747,300

0.69

0.004

10,892,300

68,200

Mina Martha

Argentina

52,500

12.79

0.011

671,400

580

San Bartolome

Bolivia

43,555,500

2.64

?

115,191,460

?

Kensington

Alaska, USA

4,842,300

?

0.209

?

1,014,090

Endeavor

Australia

2,998,300

2.50

?

7,500,770

?

Palmarejo

Mexico

7,581,300

4.05

0.047

30,727,260

358,170

Joaquin

 ?

Argentina

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?

 ?

?
Total
 ?

 ?

 ?
74,777,200
 ?

 ?

 ?

 ?

 ?

 ?
164,983,190
 ?

 ?
1,441,040
PROVEN AND PROBABLE RESERVES

Rochester

Nevada, USA

47,279,700

0.63

0.005

29,572,900

247,000

Martha

Argentina

52,500

12.79

0.011

671,400

580

San Bartolome

Bolivia

44,514,500

2.65

?

118,079,710

?

Kensington

Alaska, USA

6,006,400

?

0.223

?

1,340,010

Endeavor

Australia

5,632,800

1.98

?

11,174,640

?

Palmarejo

Mexico

12,497,200

4.55

0.055

56,818,060

688,120

Joaquin

 ?

Argentina

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?

 ?

?
Total Proven and Probable
 ?

 ?

 ?
115,983,100
 ?

 ?

 ?

 ?

 ?

 ?
216,316,710
 ?

 ?
2,275,710

 ?

  1. Effective December 31, 2011 except Endeavor effective June 31, 2011.

  2. Metal prices used for mineral reserves were $23 US per ounce of silver
    and $1,220 US per ounce of gold except Endeavor at $2,200 per metric
    ton of lead, $2,200 per metric ton of zinc and $25 per ounce of silver
    and Martha at $1,250 US per ounce of gold and $24 US per ounce of
    silver.

  3. Palmarejo Mineral Reserves are the addition of Palmarejo and Guadalupe
    (Proven and Probable).

  4. Rounding of tons as required by reporting guidelines may result in
    apparent differences between tons, grade and contained metal content.

  5. For details on the estimation of mineral resources and reserves for
    each property, please refer to the Technical Report on file at www.sedar.com.

Table 36:Mineral Resources (Exclusive of Reserves) at
Year End 2011


 ?

 ?

 ?

 ?
SHORT TONSGRADE (Oz/Ton)OUNCES
YEAR END 2011
 ?
LOCATION
 ?

 ?

 ?
SILVER
 ?
GOLD
 ?
SILVER
 ?
GOLD
MEASURED RESOURCES
 ?

 ?

Rochester

Nevada, USA

131,085,400

0.46

0.004

60,586,200

500,500

Martha

Argentina

?

?

?

?

?

San Bartolome

Bolivia

?

?

?

?

?

Kensington

Alaska, USA

495,200

?

0.234

?

115,910

Endeavor

Australia

10,923,900

2.67

?

29,148,830

?

Palmarejo

Mexico

1,792,900

4.24

0.052

7,593,880

93,250

Joaquin

 ?

Argentina

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?

 ?

?

 ?

 ?

?
Total
 ?

 ?

 ?
144,297,400
 ?

 ?

 ?

 ?

 ?

 ?
97,328,910
 ?

 ?
709,660
INDICATED RESOURCES

Rochester

Nevada, USA

120,387,000

0.43

0.003

51,762,400

366,300

Martha

Argentina

35,100

12.15

0.013

426,450

440

San Bartolome

Bolivia

21,263,600

2.59

?

54,968,370

?

Kensington

Alaska, USA

2,544,200

?

0.185

?

471,410

Endeavor

Australia

123,500

0.01

?

1,830

?

Palmarejo

Mexico

3,268,700

2.88

0.034

9,398,900

111,270

Joaquin

 ?

Argentina

 ?

4,049,900

 ?

 ?

2.48

 ?

 ?

0.005

 ?

 ?

10,043,430

 ?

 ?

18,360
Total
 ?

 ?

 ?
151,672,000
 ?

 ?

 ?

 ?

 ?

 ?
126,601,380
 ?

 ?
967,780
MEASURED AND INDICATED RESOURCES

Rochester

Nevada, USA

251,472,400

0.45

0.003

112,348,600

866,800

Martha

Argentina

35,100

12.15

0.013

426,450

440

San Bartolome

Bolivia

21,263,600

2.59

?

54,968,370

?

Kensington

Alaska, USA

3,039,400

?

0.193

?

587,320

Endeavor

Australia

11,047,400

2.64

?

29,150,660

?

Palmarejo

Mexico

5,061,600

3.36

0.040

16,992,780

204,520

Joaquin

 ?

Argentina

 ?

4,049,900

 ?

 ?

2.48

 ?

 ?

0.005

 ?

 ?

10,043,430

 ?

 ?

18,360
Total Measured and Indicated
 ?

 ?

 ?
295,969,400
 ?

 ?

 ?

 ?

 ?

 ?
223,930,290
 ?

 ?
1,677,440
INFERRED RESOURCES

Rochester

Nevada, USA

40,542,600

0.58

0.003

23,618,600

122,400

Martha

Argentina

259,400

4.32

0.005

1,121,270

1,210

San Bartolome

Bolivia

3,384,800

1.07

?

3,617,040

?

Kensington

Alaska, USA

730,700

?

0.232

?

169,680

Endeavor

Australia

3,527,400

1.09

?

3,835,584

?

Palmarejo

Mexico

11,653,000

2.40

0.052

27,928,190

611,650

Joaquin

 ?

Argentina

 ?

7,755,300

 ?

 ?

3.15

 ?

 ?

0.003

 ?

 ?

24,455,520

 ?

 ?

21,420
Total
 ?

 ?

 ?
67,853,200
 ?

 ?

 ?

 ?

 ?

 ?
84,576,204
 ?

 ?
926,360

 ?

  1. Effective December 31, 2011 except Endeavor effective June 31, 2011,
    Joaquin effective May 26, 2011.

  2. Metal prices used for mineral resources were $30.00 US per ounce of
    silver and $1,500 US per ounce of gold except Endeavor at $2,200 per
    metric ton of lead, $2,200 per metric ton of zinc and $25 per ounce of
    silver, Martha at $1,250 US per ounce of gold and $24 US per ounce of
    silver, and Joaquin at $20 US per ounce of silver and $1,300 US per
    ounce of gold.

  3. Palmarejo Mineral Resources are the addition of Palmarejo, Guadalupe
    and La Patria (Measured, Indicated and Inferred).

  4. Coeur is the operator of the Joaquin Project and holds a 51% project
    interest as of November, 2011.

  5. Mineral Resources are in addition to mineral reserves and have not
    demonstrated economic viability.

  6. Rounding of tons as required by reporting guidelines may result in
    apparent differences between tons, grade and contained metal content.

  7. For details on the estimation is mineral resources and reserves for
    each property, please refer to the Technical Report on file at www.sedar.com.


Coeur d'Alene Mines Corporation

Stefany Bales, Director of
Corporate Communications

208-667-8263

or

Wendy Yang, Vice
President of Investor Relations

208-665-0345


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