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COEUR D'ALENE MINES' ACQUISITION OF CALLAHAN MINING APPROVED BY STOCKHOLDERS

 COEUR D'ALENE MINES' ACQUISITION OF CALLAHAN MINING
 APPROVED BY STOCKHOLDERS
 COEUR D'ALENE, Idaho, Dec. 27 /PRNewswire/ -- Coeur d'Alene Mines Corp. (NYSE: CDE) and Callahan Mining Corp. (NYSE: CMN) jointly announced this afternoon that at Special Meetings of Stockholders of the corporations held this morning, Coeur d'Alene Mines Corp.'s acquisition of Callahan Mining Corp. was approved, Coeur said. Of the stockholders voting at the meetings, approximately 97.5 percent of Coeur's shares and approximately 94.7 percent of Callahan's shares voted in favor of the merger. Under the Merger Agreement, Callahan will become a wholly owned subsidiary of Coeur, and Callahan stockholders will be entitled to 0.435 of a share of Coeur common stock in exchange for each share of Callahan common stock. The merger is scheduled to become effective on Dec. 31.
 Coeur d'Alene Mines Corp. is engaged in the gold and silver mining business and Callahan Mining Corp. is engaged in the silver mining business. The principal properties of Coeur d'Alene Mines Corp. are located in Nevada (the Rochester Mine), Idaho (the Coeur Mine), Alaska (the Kensington Property) and Chile (the Fachinal Project). The principal property of Callahan Mining Corp. is located in Idaho (the Galena Mine). Callahan also owns the Flexaust Co. which operates three manufacturing facilities engaged in the manufacture and sale of lightweight flexible hose and duct and metal tubing for an assortment of industrial uses.
 As a result of the merger, the total consolidated assets of Coeur d'Alene Mines Corp. will be approximately $260 million, its mining property holdings will be substantially expanded (particularly in the Coeur d'Alene Mining District of northern Idaho) and Coeur estimates that its shares of common stock will be held by up to 15,000 record holders.
 Dennis E. Wheeler, president and chief executive officer of Coeur d'Alene Mines, said, "We welcome these new shareholders to Coeur d'Alene Mines. The 1990s hold significant growth potential for this larger, stronger company, and we are pleased the former Callahan shareholders will share in our progress."
 -0- 12/27/91
 /CONTACT: Arthur C. Johnson of Coeur d'Alene Mines Corp., 208-667-3511/
 (CDE CMN) CO: Coeur d'Alene Mines Corp.; Callahan Mining Corp. ST: Idaho IN: MNG SU: TNM


SC -- SE004 -- 5524 12/27/91 15:51 EST
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Publication:PR Newswire
Date:Dec 27, 1991
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