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Two New Silver Mines Explosive Growth Rock Solid Balance Sheet COEUR D’ALENE MINES CORP D’ALENE MINES CORP COEUR COEUR D’ALENE MINES CORP 2008 ANNUAL REPORT Two New Silver Mines Explosive Growth Rock Solid Balance Sheet 2008 ANNUAL REPORT 2008 ANNUAL Attractive Silver and Coeur d’Alene Mines Corp P.O. Box I Gold Fundamentals 505 Front Avenue Coeur d’Alene, Idaho 83816-0316 Phone 208-667-3511 WWW.COEUR.COM WWW.COEUR.COM BLA51311_10K_Cvr_35.indd 1 3/17/09 9:39:09 AM Highlights COEUR 2008 Annual Report Corporate Information COEUR 2008 Annual Report Directors Officers Two New Silver Mines Silver Production (mm ozs) • San Bartolomé (Bolivia) entering fi rst Dennis E. Wheeler 1 Dennis E. Wheeler 20.0 Chairman, President & Chief Executive Offi cer, Chairman, President & Chief Executive Offi cer full year of production in 2009 Coeur d’Alene Mines Corporation Mitchell J. Krebs 1212.82.8 • Palmarejo (Mexico) now producing silver 11.711.7 111.51.5 112.02.0 L. Michael Bogert Senior Vice President & Chief Financial Offi cer Former Counselor to the Secretary, and gold Richard M. Weston United States Department of the Interior Senior Vice President, Operations 2, 3, 4 Explosive Growth James J. Curran Donald J. Birak Former Chairman and Chief Executive Offi cer, 2005 2006 2007 2008 2009E Senior Vice President, Exploration • 66% increase in projected 2009 silver First Interstate Bank, Northwest Region Kelli C. Kast production SilverSilver MineMineralral ReservesReseserrvees&Res & ResourcesRResourcesourc 5, 6 Sebastian Edwards Senior Vice President, Chief Administrative Offi cer, Henry Ford II Professor of International Business Economics • 85% increase in projected 2009 gold (mm() ozs) P&PP M&IMM&&I& InferredIf d General Counsel & Corporate Secretary 600 at the Anderson Graduate School of Management at the University of California, Los Angeles (UCLA) Humberto Rada production 500 4 President, Coeur South America 400 Andrew Lundquist Rock Solid Balance Sheet Managing Partner of BlueWater Strategies LLC Tom T. Angelos 300 4, 5, 7 Senior Vice President & Chief Accounting Offi cer • Fully-funded growth 200 Robert E. Mellor 100 Chairman, President and Chief Executive Offi cer, K. Leon Hardy Building Materials Holding Corporation Senior Vice President, North American Operations Attractive Silver and Gold Fundamentals 0 2005 2006 2007 2008 4, 5, 8 • Strong investor demand John H. Robinson Donald P. Gray GoldGold MMineralineral ReservesReserves & ResourcesRResourccecess Chairman of Hamilton Ventures LLC Senior Vice President, South American Operations • Level supply outlook (mm ozs) P&PP&P M&IMI InferredIf d J. Kenneth Thompson 6, 8, 9 Luther J. Russell 6 President and Chief Executive Offi cer, Pacifi c Star Energy, LLC Vice President, Environmental Services 5 Timothy R. Winterer 4, 6, 8 Larry A. Nelson 4 Former President and Chief Operating Offi cer, Vice President, Human Resources 3 Western Oil Sands, Inc. Kenneth L. Koski 2 1 Chairperson of the Executive Committee Controller 1 2 Financial Expert Alfredo Cruzat 3 Chairperson of the Audit Committee 0 Senior Vice President, Exploration CDE, 2005 2006 2007 2008 4 Member of the Executive Committee Operations & Projects 5 Member of the Compensation Committee Chilean Mining Corporation 6 Member of the Nominating and Corporate Governance Committee Thomas C. Henderson 7 Chairperson of the Nominating and Corporate Governance Committee Vice President & General Manager, Coeur Alaska 8 Member of the Audit Committee 1. Kensington Project 9 Chairperson of the Compensation Committee Stuart Mathews Alaska Vice President & General Manager, Coeur Mexicana 2. Headquarters Idaho Coeur Profile 3. Rochester Mine Coeur also owns and operates underground mines in Nevada Coeur d’Alene Mines Corporation is one of the world’s leading silver companies and also a signifi cant gold southern Chile and Argentina and one surface mine in 4. Palmarejo Mine Mexico producer. Coeur, which has no silver production hedged, Nevada; and owns non-operating interests in two low-cost expects to produce over 20 million ounces in 2009, a 66% mines in Australia. We own a major gold project - Kensington 5. San Bartolomé Mine Bolivia increase over 2008 levels. Last year, we began production in Alaska - and conduct exploration activities in Argentina, 6. Cerro Bayo Mine at the world’s largest pure silver mine - San Bartolomé Chile and Mexico. Coeur common shares are traded on Chile Inc. & Co., Bowne in Bolivia – and this year production began at another the New York Stock Exchange under the symbol CDE, the 7. Martha Mine world-leading silver/gold mine – Palmarejo in Mexico. Toronto Stock Exchange under the symbol CDM, and its Argentina Printing: CHESS Depositary Interests are traded on the Australian 8. Broken Hill Mine Securities Exchange under symbol CXC. Australia 9. Endeavor Mine Australia 10. Tanzania Exploration Property Mark Mock Design Design: BLA51311_10K_Cvr_49.indd 2 3/18/09 4:02:42 PM To Our Shareholders COEUR 2008 Annual Report n 2008, our industry and the economies of the world In 2008, during its initial, partial-year startup phase, Ifaced unprecedented challenges: massive upheaval San Bartolomé produced 2.9 million ounces of silver, in fi nancial markets, declining commodity and equity improving the purity level of the product at year-end to markets; and the evaporation of credit across all sectors 99.9% pure silver, a testament to the skill of our Bolivian of the global economy. team in operating this new facility. San Bartolomé is expected to produce 9 million ounces of silver during its We are pleased to report that Coeur has not only fi rst full year of production in 2009. We are extremely weathered the fi nancial storm that still impacts many proud of our safety and environmental accomplishments companies, but we have emerged a much stronger and at San Bartolomé, working nearly fi ve million man hours vibrant company. With two new silver mines in operation, without a lost time accident alongside our Bolivian a rock solid balance sheet, and the industry’s leading colleagues, and we look forward to a long and prosperous production and reserve growth profi le, Coeur has working relationship there. established itself as the undisputed leader in silver. In Mexico, we just brought on-line the Palmarejo Mine, Over the past nine months, we completed construction a $300 million major silver/gold mine located in the and commenced operations at two of the largest and northern Sierra Madre mineral belt. Despite the challenging highest-quality primary silver mines in the world – San terrain and large scale of the operation, our construction Bartolomé in Bolivia and Palmarejo in Mexico. These new team brought the project into production on schedule state-of-the-art operations will contribute to an expected and on budget. 66% increase in our total silver output this year over last – to 20 million ounces in 2009 – and an 85% increase in With a recently expanded mine plan, Palmarejo has our gold production. These two long-life mines should the capacity to produce an average of approximately also generate robust growth in cash fl ow over the 9.0 million ounces of silver and 120,000 ounces of gold coming years. annually. Production during this initial start-up year is expected to total 5.3 million ounces of silver and In addition to bringing new production on line, your 72,000 ounces of gold. company has managed its balance sheet extremely well through these turbulent times, with a strong current We expect Palmarejo to continue to expand over the cash position to satisfy our capital needs. As our new coming years. Initial production will come from the fi ve production ramps up, we are seeing resurgent silver and ore zones located within the main Palmarejo area. While gold prices, mostly driven by rising investor demand for development activities took place in these areas during the safe haven that precious metals provide, which is 2008, we focused our exploration efforts on the nearby fueling increased Company cash fl ow. Guadalupe deposit, which we expect to be the next main contributor of production. With the underground now Two New Silver Mines developed at Palmarejo, we will pursue reserve and In the past nine months, our highly-skilled, largely resource growth in the immediate mine area during 2009 locally-based construction teams in Bolivia and Mexico where all existing ore zones remain open. We will also have successfully built and commissioned two of the continue to invest signifi cant exploration dollars in other world’s largest new high-quality silver mines. areas of our extensive land position. At San Bartolomé, we are mining previously unrecoverable silver deposits and employing local Potosians, while at the same time improving the surrounding environment marked by centuries of historic mining. To Our Shareholders COEUR 2008 Annual Report Explosive Growth At the same time, we have streamlined our entire These new, long-life mines are fueling an expected 66% corporate structure; reducing non-operating expenses increase in 2009 company wide silver production to 20 by 40% annually with dramatic reductions in use of million ounces and an 85% increase in total gold production outside services, hiring and salary freezes, and bringing to over 85,000 ounces compared to last year’s levels. greater cost discipline throughout the Company. Attractive Silver and Gold We expanded our industry-leading primary silver reserves this past year to 248 million ounces of proven and probable Fundamentals reserves, an increase of 15% from a year earlier. We also The timing of Coeur’s explosive production growth have an additional 236 million ounces of combined coincides with resurgent gold and silver markets. As measured and indicated silver resources for future reserve world economies undergo unprecedented upheaval, and development, and 89.2 million ounces of inferred silver fi nancial systems struggle to right themselves, investors mineral resources. Our gold reserves have expanded by have been fl ocking to gold and silver as a safe haven and 54% from the previous year to 2.3 million ounces.
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