Coeur Mining sees investing $30M-$34M in exploration during 2016
Coeur Mining provided an update on its expanded exploration initiatives at three of its five operating mines. The focus of the company's exploration program continues to be upgrading existing, higher-grade resources to reserves and the discovery of new, higher-grade resources located near existing infrastructure that have the potential to further grow the company's production and cash flow, reduce unit costs, and extend expected mine lives. The Company expects to invest a total of $30-$34 million in exploration during 2016, including $14-$16 million for expensed exploration and $16-$18 million for capitalized exploration. This represents an 82% increase over 2015 exploration spending. Of the $30-$34 million expanded exploration budget, approximately 85% is expected to be allocated to drilling at or near the Company's existing operations and nearly 75% is expected to be invested at the Company's Palmarejo underground silver-gold mine in Mexico, its Kensington underground gold mine in Alaska, and its Rochester open-pit silver-gold mine in Nevada.