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Home North America

Coeur to Sell Joaquin Project to Pan American Silver

January 17, 2017
in North America, Projects
Coeur to Sell Joaquin Project to Pan American Silver

Note* - All images used are for editorial and illustrative purposes only and may not originate from the original news provider or associated company.

Coeur Mining, Inc. and Pan American Silver Corp. announced a definitive agreement under which Pan American will acquire 100% of Coeur’s Joaquin project, located in the Santa Cruz province of southern Argentina.                                            

Under the terms of the agreement, consideration payable to Coeur will include $15 million in cash and $10 million in Pan American stock. Coeur will also retain a 2.0% net smelter returns royalty (“NSR”) on the Joaquin project. The transaction is expected to close in the first quarter of 2017, subject to customary closing conditions.

“This transaction reflects our strategy to monetize non-core assets and redeploy the proceeds into higher-quality, higher-return, nearer-term growth opportunities. By retaining a 2.0% NSR, Coeur will also retain upside exposure to Joaquin. Together with the sale of the past-producing Martha Mine last year, this transaction will allow us to realize holding cost savings and represents a reduction in the Company’s overall geographic footprint,” said Mitchell J. Krebs, Coeur’s President and Chief Executive Officer.

“The Joaquin project is well-suited for our Manantial Espejo operation in Santa Cruz. The project is located approximately 145 kilometres from our mine, well within trucking distance, and our plant will have available capacity when open-pit mining is completed, which is expected to be in early 2017. We have begun work on technical studies for the Joaquin project to determine how much of the high-grade portion of Joaquin’s mineralized material can be economically treated at Manantial Espejo. Adding high-grade satellite deposits that are prevalent in the region around our Manantial Espejo mine is an effective way to extract additional value from our investment in the Province of Santa Cruz,” said Michael Steinmann, President and CEO of Pan American Silver.

About Coeur

Coeur Mining is a well-diversified, growing precious metals producer with five precious metals mines in the Americas employing approximately 2,000 people. Coeur produces from its wholly owned operations: the Palmarejo silver-gold complex in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska, the Wharf gold mine in South Dakota, and the San Bartolomé silver mine in Bolivia. The Company also has a non-operating interest in the Endeavor mine in Australia. In addition, the Company has two silver-gold exploration stage projects – the La Preciosa project in Mexico and the Joaquin project in Argentina. Coeur conducts ongoing exploration activities in Alaska, Nevada, South Dakota and Mexico.

About Pan American Silver

Pan American Silver Corp. is one of the largest primary silver producers in the world. Pan American owns and operates seven mines located in Mexico, Peru, Argentina and Bolivia. Pan American also owns several development projects in the USA, Mexico, Peru and Argentina. The Company’s mission is to be the world’s pre-eminent silver producer, with a reputation for excellence in discovery, engineering, innovation and sustainable development. The Company is headquartered in Vancouver, B.C. and its shares trade on NASDAQ (PAAS) and the Toronto Stock Exchange (PAA).

Coeur Mining, Inc.

Courtney R. B. Lynn, Vice President, Investor Relations and Treasurer
(312) 489-5837
www.coeur.com
or

Pan American Silver Corp.
Siren Fisekci, Vice President, Investor Relations and Corporate Communications
(604) 806-3191
www.panamericansilver.com

 

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