During the second quarter, the Company completed 60,292 meters (197,808 feet) of drilling and trenching in its exploration programs at Palmarejo, Rochester, projects in Argentina, Kensington, San Bartolomé, and the Carrizalillo prospect in Chile. Up to 17 drills were employed by the Company during the second quarter. Coeur's exploration teams received three awards from the International Society of Mine Safety Professionals in recognition of their commitment to safety.
Donald J. Birak, Senior Vice President of Exploration for Coeur, commented, “On the exploration front, we are enthusiastic about the results from drilling at Palmarejo. The Guadalupe deposit, which is expected to be in production next year, continues to expand and remains open at depth and to the northwest. A new target called La Blanca Norte was defined during the second quarter near the existing Palmarejo operation and it is planned to be aggressively drilled during the remainder of 2012. In addition, we are pleased to announce completion of an upgraded mineral resource estimate for the Joaquin silver-gold project in southern Argentina. We are especially pleased with the safety awards received by our teams in Mexico, Argentina and Chile,” Birak said.
The Company completed 32,321 meters (106,040 feet) of exploration core drilling in the Palmarejo district. This drilling was divided between targets around the current Palmarejo mine and at the Guadalupe area located approximately six kilometers from the Palmarejo mine. Mineralization at Guadalupe has now been defined over a length of more than 2.5 kilometers (+8,200 feet) from southeast to northwest and remains open to the northwest and at depth. Since the last mineral resource and reserve estimate for Guadalupe was prepared, 100 new core holes have been completed and will be used to prepare a new model of mineral resources and reserves at year-end. Surface drilling commenced on the new La Blanca Norte zone situated immediately northwest of the Palmarejo mill complex. A helicopter-borne geophysical (magnetics) survey was completed over the Company's entire land holding, which is helping to identify new drill targets.