due diligence completed ...

"...While the initial focus will be to develop the Rosario deposit using open pit mining methods, the Project Development Committee will complete a pre-feasibility study by the end of August, which will include a combined open-pit and underground mine development scenario.

Based on a recently-completed scoping study and optimization work for this combined open-pit and underground mine development, the total estimated capital costs to bring the Palmarejo Project into production, including pre-stripping, underground development, mining fleet, power line, ongoing permitting, owner's costs and contingency, will be approximately US$200 million and initial production from open pit mining is expected in the fourth quarter of 2008.

"We are pleased to have completed the due diligence process, and continue to believe that this transaction is in the best interests of Coeur's shareholders," said Dennis E. Wheeler, Coeur's Chairman, President and Chief Executive Officer. "With this transaction, the companies are establishing the new Coeur as the clear leader in the silver mining industry with the addition of this world-class silver/gold asset located in Mexico. In addition, we believe the combined company's balance sheet will sufficiently fund all three of our major development projects over the next two years -- San Bartolome, Kensington, and Palmarejo -- without a need to further access the capital markets."

Norman A. Seckold, Chairman of Bolnisi and Palmarejo, said, "We continue to be very excited about this transaction, as it provides our shareholders with the opportunity to participate in the upside potential of what we believe will be the world's premier silver company. By leveraging Coeur's expertise in underground and open cut project development, we expect to realize the full value of the Palmarejo Project."

The companies expect to begin mailing information to Coeur, Bolnisi, and Palmarejo shareholders in September. All three companies' shareholder meetings are expected to be held in October...."

http://phx.corporate-ir.net/phoenix.zhtml?c=86472&p=irol-newsArticle&ID=1022305&highlight=