Coeur Applauds Today’s Supreme Court Decision Upholding Kensington Mine Tailings Permit Mine Represents 135% Increase to Coeur’s Gold Production Levels and Long-term Economic Stimulus and Job Growth to Southeast Alaska
COEUR D’ALENE, Idaho--(BUSINESS WIRE)--Coeur d’Alene Mines Corporation (NYSE:CDE) (TSX:CDM) (ASX:CXC) announced today that the United States Supreme Court has released its decision affirming the previously issued permit for the tailings facility for the Kensington gold mine near Juneau, Alaska. The decision clears the way for completion of the only item remaining to be constructed, the tailings facility, and for production to commence at the mine, providing job growth and economic stimulus to Southeast Alaska.
“We are very pleased with today’s decision by the Supreme Court. It confirms that the thoroughly studied and permitted plan is lawful and the best environmental choice,” said Dennis E. Wheeler, Chairman, President and Chief Executive Officer of Coeur.
“We are also very grateful for the support during this process from the State of Alaska, the Alaska Congressional delegation, Southeast Alaska Native groups, the Army Corps of Engineers, U.S. Forest Service and the Environmental Protection Agency who all supported the permits in the Court, and the U.S. Solicitor General, who argued the case before the Supreme Court,” Mr. Wheeler added. “Coeur is also very appreciative of the instrumental support received from all the individuals and businesses in the community of Juneau who stood behind supported the project from day one.”
“We now look forward to bringing Kensington into production, which we are now targeting for the second half of 2010. The mine’s potential for 125,000 ounces of annual gold production represents a 135% increase for Coeur over our current gold production levels. It is also expected to provide an estimated 370 direct and indirect jobs, including many for Alaska Native Groups, and begin generating long-term economic benefits to Juneau and Southeast Alaska,” Mr. Wheeler added.
“We expect that the environmental organizations who had challenged the mine plan in court will now stand behind their commitment to support the immediate economic impact and job creation that Kensington will provide,” he said.
Kensington is a major gold project 100% owned by Coeur and located 45 miles northwest of Juneau. Proven and probable reserves measure 1.5 million ounces of gold.
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