Coeur Gets Ruling On Kensington Gold Mine, Court Reverses Lower Federal Court Decision

Coeur d’Alene Mines Corporation (NYSE:CDE) (TSX:CDM) reports that, on March 16, the United States Ninth Circuit Court of Appeals announced a ruling in the Kensington gold mine permit challenge. In the Court Order, the Ninth Circuit said it is reversing a lower federal court decision and vacating the permits associated with a tailings facility at the Kensington gold mine in Alaska. Coeur Alaska had obtained its Section 404 Army Corps of Engineers permit in 2005 for the placement of fill material at the mine, which is currently under construction.

Coeur’s Chairman, President and Chief Executive Officer Dennis E. Wheeler, said, “We are surprised and disappointed in the Court’s announcement and what it might mean for the over 400 Kensington workers and the economy of Southeast Alaska. We followed the rules and established process set by the regulatory agencies involved to obtain this permit. As a result, we are simply at a loss to explain the basis for the Court’s decision. Once the Court releases a full explanation of its ruling, the company will consider all options of appeal.”

Wheeler continued, “In a public statement issued yesterday, the plaintiffs expressed the hope of working with Coeur on possible solutions to this issue. Separate and apart from any possible appeal of the Court order, we intend to take them up on that offer.”

Coeur d’Alene Mines Corporation is one of the world’s leading primary silver producers and a growing gold producer. The company has mining interests in Alaska, Argentina, Australia, Bolivia, Chile, Nevada, and Tanzania.