Coeur Mining announced proven and probable reserves at the recently acquired Wharf gold mine in South Dakota of approximately 781,000 oz of gold. This represents a 39% increase from the last reported reserve estimate at Wharf by Goldcorp from year-end 2013 of 560,000 oz. The addition of these new reserves at Wharf results in a 35% increase in Coeur’s total gold reserves to 3 million oz.
“Given the importance of Wharf to our company, we felt it was necessary to take the time to complete a more informed resource model based on pre-existing data to improve our mine planning and ability to execute according to plan,” said Mitch Krebs, president and CEO, Coeur Mining. “We were optimistic that this effort would result in additional reserves based on the mine’s history of positive reconciliations between the reserve model and production. The results have surpassed our expectations by adding three years of expected mine life, making Wharf a key producing asset for Coeur for at least the next decade. We are optimistic that exploration efforts now under way around the existing open pit will further add to Wharf’s reserves.”
In addition to these reserves, Wharf contains 165,000 gold oz of measured and indicated resources, an increase of 13% to Coeur’s total measured and indicated gold resource and 27% higher than the last reported resource estimates by Goldcorp at year-end 2013.