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Coeur D'Alene's CEO Discusses Q2 2012 Results - Earnings Call Transcript

At Kensington, we completed more definition drilling in the first six months of the year than we did in all of 2011, which is increasing our confidence level in the ore body we are mining at Kensington.

We also reported an updated resource estimate for the Joaquin silver and gold project in Argentina as we said we do. There have been some negative events in Bolivia over the past few months regarding nationalization activities that are worth addressing.

First, the actions the Bolivian government recently took with other companies were not a result of any federal initiative or strategy to nationalize the natural resource sector, rather the Bolivian government has stated that their actions were taken to resolve conflicts specifically related to those mines and those communities.

Secondly, our San Bartolome mine is a very unique operation, unlike the high-grade underground mines that make up the majority of the historic silver mining industry in Bolivia, San Bartolome is a high volume, low-grade operation that uses a high-tech leaching process to recover the silver contained in dumps and deposits found on the surface of the Cerro Rico Mountain. San Bartolome is also unique because it produces value added high quality dual rate product on-site versus shipping concentrate out of the country for further refining.

Finally and probably most importantly, we continue to have very positive and constructive relationships with the local community and with the cooperatives with whom we are partners at San Bartolome.

In return the cooperatives are strong supporters of the Morales administration. We have been successfully operating in Bolivia for over four years now and because of these factors we believe we’ll continue to successfully and responsibly operate in Bolivia going forward.

Now, Frank will take us through the second quarter financial highlights.

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