Coeur
to Delist from Australian Stock Exchange
Coeur
d'Alene Mines Corporation (NYSE:CDE) (TSX:CDM)
(ASX:CXC) today announced details of its proposed delisting from the official
list of ASX Limited (ASX) effective from the close of market on December 14,
2010.
Coeur's common
shares are currently listed for trading on the New York Stock Exchange (NYSE)
and the Toronto Stock Exchange (TSX). Additionally, Coeur's
CHESS Depositary Interests (CDIs) are traded on the Australian Securities
Exchange (ASX) under the code CXC. CHESS is
the electronic settlement
system used in Australia.
Coeur was
admitted to the official list of the ASX on December 12, 2007. Today, Coeur's number of CDIs quoted on the ASX represents only
approximately 4.95% of the total number of outstanding Coeur common shares. Coeur's decision to delist is due to the low level of CDIs
now quoted on the ASX compared to Coeur's current
issued share capital and the low level of trading on the ASX compared to the
NYSE and TSX. Coeur has formed the view that sustaining the administrative
costs of an ASX listing, including the higher level of regulatory compliance
costs associated with multiple listings, is not justifiable.
Delisting
Process
Coeur will
send CDI holders a letter providing details of the delisting process which will
outline:
- the
continuation of each CDI holder's existing rights to sell their CDIs until
trading of the CDIs is suspended (on 7 December 2010) or convert their
CDIs into underlying Coeur common shares until the end of the voluntary
Share Sale Facility (17 February 2011);
- the
Share Sale Facility that will be established by Coeur and managed by a
broker to enable Australian registered CDI holders to sell their CDIs for
a period of approximately 2 months following the date of Coeur's removal from the official list of the ASX; and
- the arrangements in
relation to the remaining shares underlying the CDIs after the Share Sale
Facility closes.
About Coeur
Coeur
d'Alene Mines Corporation is one of the world's leading silver companies and
also a growing gold producer. Coeur is also a recognized leader in
environmental stewardship and worker safety, with 13 national and international
awards earned over the past year. The Company's three new long-life mines
include the San Bartolomé silver mine in
Bolivia, which began operations in 2008; the Palmarejo
silver/gold mine in Mexico, which began operations in 2009; and the Kensington
gold mine in Alaska, which began production in June of this year. The Company
also owns underground mines in Argentina and one surface mine in Nevada, and
owns a non-operating interest in a low-cost mine in Australia. The Company
conducts exploration activities in Alaska, Argentina and Mexico. Coeur common
shares are traded on the New York Stock Exchange under the symbol CDE, and the
Toronto Stock Exchange under the symbol CDM, and its
CHESS Depositary Interests are traded on the Australian Securities Exchange
under symbol CXC.
Cautionary
Statement
This press
release contains forward-looking statements within the meaning of securities
legislation in the United States, Canada, and Australia, including statements
regarding anticipated operating results. Such statements are subject to
numerous assumptions and uncertainties, many of which are outside the control
of Coeur. Operating, exploration and financial data, and other statements in
this presentation are based on information that Coeur believes is reasonable,
but involve significant uncertainties affecting the business of Coeur,
including, but not limited to, future gold and silver prices, costs, ore
grades, estimation of gold and silver reserves, mining and processing
conditions, construction schedules, currency exchange rates, and the completion
and/or updating of mining feasibility studies, changes that could result from
future acquisitions of new mining properties or businesses, the risks and
hazards inherent in the mining business (including environmental hazards, industrial
accidents, weather or geologically related conditions), regulatory and
permitting matters, risks inherent in the ownership and operation of, or
investment in, mining properties or businesses in foreign countries, as well as
other uncertainties and risk factors set out in filings made from time to time
with the SEC, the Canadian securities regulators, and the Australian Securities
Exchange, including, without limitation, Coeur's
reports on Form 10-K and Form 10-Q. Actual results, developments and timetables
could vary significantly from the estimates presented. Readers are cautioned
not to put undue reliance on forward-looking statements. Coeur disclaims any
intent or obligation to update publicly such forward-looking statements,
whether as a result of new information, future events or otherwise.
Additionally, Coeur undertakes no obligation to comment on analyses,
expectations or statements made by third parties in respect of Coeur, its
financial or operating results or its securities.