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On May 12, 2008, the Company reported new Reserves and Resources for the Galena Mine in accordance with Multilateral Instrument 43-101 ("43-101"). The full 43-101 report was completed and published on June 26, 2008. The new reserve and resource numbers were prepared and reviewed by the Company's Chief Geologist Daniel Hussey. Mr. Hussey is a qualified person within the meaning of National Instrument 43-101 of the Canadian Securities Administrators. The silver reserves increased by 15% over the prior year. Total silver reserves and resources are more than 48 million ounces. The company is continuing to explore for and develop additional resources. Management is confident that the total silver ounces produced during 2008 will not only be replaced but that another increase will be reported in early 2009.
Processing of silver-lead ore began in September 2007 at the Coeur mill, while the Galena mill continues to process silver-copper ore.
| Silver - Copper |
Tons |
Ag Grade
(oz/t) |
Contained
Ounces |
% Cu |
Contained
Cu Tons |
| Proven Reserves |
293,400 |
20.76 |
6,091,200 |
0.68 |
2,000 |
| Probable Reserves |
408,800 |
21.49 |
8,786,900 |
0.68 |
2,790 |
| Total Reserves |
702,200 |
21.19 |
14,878,100 |
0.68 |
4,790 |
| M&I Resources |
715,900 |
14.73 |
10,545,200 |
0.49 |
3,500 |
| Inferred Resources |
640,300 |
18.38 |
11,765,900 |
0.57 |
3,650 |
| Silver - Lead |
Tons |
Ag Grade
(oz/t) |
Contained
Ounces |
% Pb |
Contained
Pb Tons |
| Proven Reserves |
113,200 |
10.41 |
1,178,300 |
12.00 |
13,580 |
| Probable Reserves |
165,700 |
8.41 |
1,393,000 |
8.38 |
13,880 |
| Total Reserves |
278,900 |
9.22 |
2,571,300 |
9.85 |
27,460 |
| M&I Resources |
215,600 |
9.30 |
2,005,700 |
9.43 |
20,330 |
| Inferred Resources |
873,800 |
7.18 |
6,275,100 |
7.72 |
67,460 |
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