Coeur Discloses Strategic Investment in Eagle Mining Corporation.SYDNEY, Australia--(BUSINESS WIRE)--Aug. 25, 1997--Coeur d'Alene Mines Corp. (NYSE NYSE See: New York Stock Exchange :CDE (1) (Computer Desktop Encyclopedia) What you are reading at this very moment. See About this product. (2) (Common Desktop Environment) A user interface for desktop computing from The Open Group. ) announces it has filed a statutory notice with the Australian Stock Exchange Australian Stock Exchange (ASX) Australia's major securities market, formed when the six state stock exchanges (Adelaide, Brisbane, Hobart, Melbourne, Perth, and Sydney stock exchanges) were merged in 1987. which indicates it now owns 4.2 million shares, or approximately 5.5%, of Eagle Mining Corporation NL. This position has been accumulated since May of this year through open market purchases. According to Dennis E. Wheeler, Chairman, President and Chief Executive Officer of Coeur, "Our decision in May to build a strategic investment in Eagle was based on the company's low cost production profile and excellent potential for increases to the company's reserves and resources." For the year ended June 30, 1997, Eagle Mining produced approximately 117,000 ounces of gold at its 100% owned Nimary Gold Mine at an average cash cost of A$222 per ounce (US$165 per ounce). Last week, Eagle rejected Great Central Mines Ltd.'s proposed takeover offer of A$3.00 per share. Coeur owns 50% of Gasgoyne Gold Mines NL, which has a 50% interest in the Yilgarn Star Mine in Western Australia. Coeur also produces gold and silver at properties in Chile, New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. , and the United States. 1997 gold production is expected to reach a record 296,000 ounces and 1997 silver production is forecast to be over ten million ounces. This ranks the company as one of the world's largest primary silver producers. Coeur's common and preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. are traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . CONTACT: Coeur d'Alene Mines Corp. Mitchell J. Krebs, 208/667-3511 |
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