comments from the chairman, page-4

Dare I suggest that assumes all will go well in Bolivia:

"San Bartolome - Leading Coeur's Next Generation in Silver

Leading Coeur's new growth in silver is San Bartolome, the largest new primary silver mine to be built in the Americas in decades. With construction underway, this major Bolivian silver mine is scheduled for annualized production of more than 8 million ounces of silver.

Construction of the open pit milling operation and processing facility is expected to cost approximately $174 million. The new facility could be completed near the end of 2007, with commercial production beginning in January 2008. Cash operating costs are anticipated at $4.00 per ounce in the initial years, which at recent market prices would generate significant cash flow for the Company."

http://www.coeur.com/dev_sanbartolome.html

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I'm not so sure we can just take for granted that everything will progress just fine in Bolivia due to its dangerous political risk rating.

That is why a lot of what appear to be otherwise really good figures need to be questioned.