Movers & Shakers

Posted: Thursday, Jun 05, 2008 - 11:52:19 pm PDT
Email this story Printer friendly version

 

Coeur will keep Nevada mine

Coeur d'Alene Mines Corp. said Thursday it has decided to retain ownership of its Rochester silver and gold mine in Nevada after reviewing strategic alternatives for the mine.

"Rochester continues to provide Coeur with an important source of cash flow at these silver and gold prices. In the first quarter alone, Rochester generated over $12.4 million of free cash flow and is continuing to exceed budgeted levels," said Dennis E. Wheeler, Coeur's chairman, president, and chief executive officer. "In addition to contributing low-cost silver and gold production to Coeur, we are evaluating new opportunities to recover additional silver and gold ounces at Rochester that could extend the mine life beyond 2011, which is when residual leaching operations are expected to be completed."

Late last year, the company completed a seven-hole core drilling program designed to test the extension of silver and gold mineralization in the bottom of the Rochester pit. All of the seven holes encountered significant precious and base metal mineralization. Plans are under way to recommence exploration on these and other targets in the large Rochester property this year. Coeur is also evaluating opportunities to recover silver and gold mineralization remaining in additional measured and indicated mineral resources that may be economical to mine in the current silver and gold price environment.

As of Dec. 31, 2007, Rochester contained measured and indicated mineral resources of more than 27.8 million contained ounces of silver and more than 180,000 ounces of gold. These resources were calculated based on an $11 per ounce silver price and a $600 per ounce gold price.

Idaho's economy slower than thought

Idaho's economic growth for 2006 was drastically short of original estimates and 2007 figures are due to be even worse, according to a new federal report.

Last year, the U.S. Bureau of Economic Analysis reported that growth in the state's gross domestic product was tops in the United States.

But a regular revision released Thursday trimmed the expansion to just 2.5 percent -- down from an originally reported 7.4 percent.

That put Idaho at just 28th in the nation in 2006.

Though 2007 figures aren't yet final, the agency said the economy last year likely grew just 2.4 percent, or 16th best in the nation.

Total real gross state product last year was about $44.7 billion.

Despite the dour news, Idaho's unemployment rate of 3.1 percent in April was nearly two percentage points under the national average.

Making their mark

Two new employees were hired at Blue541, a full-service marketing firm in Coeur d'Alene.

• Josh Schlake was hired as a copywriter. A graduate of the University of Idaho with a degree in advertising, his previous clients have included Bardenay, Gold's Gym and Baja Burritos.

• Ashley Fenton was hired as front desk manager.

If you have a new, relocated or expanded business, or announcements of events, promotions or awards, The Press wants to let our readers know. The service is free and items run Tuesday through Friday. To get the word on the street on your movers and shakers, call business writer Rick Thomas at 664-8176, Ext. 2021, or e-mail rthomas@cdapress.com.