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Properties Cerro Bayo (Chile) / Martha (Argentina)- Leaders in Low-Cost SilverCerro Bayo and Martha continue to lead Coeur's low-cost silver reserve and production growth. The two mines, which combine their ores for processing at Cerro Bayo, remain among the lowest cost silver mines in the world. Production from these two mines totaled more than 5 million ounces of silver and more than 40,000 ounces of gold. The ongoing development at Cerro Bayo provided production in 2004 from five different vein systems. Mining at Martha included ores from the newly-developed R-4 Deep and Martha Deep zones. To date, more than 100 veins have been discovered in the Cerro Bayo District, where Coeur controls a total of 118 square miles. This is an area with multiple epithermal veins which provide current and future development potential, including a number of veins with strike length, width and grade greater than previously encountered in the district, the majority of which are located within nine miles of the existing ore processing facilities. Since we commenced production at the Martha mine, grades have averaged 75.9 silver ounces per ton on 64,900 tons of ore. In 2004, two new, high-grade veins were discovered at Martha named Francisca and Catalina. Work in the coming year will focus on expanding those discoveries at depth and along strike and on exploration for additional silver and gold mineralized veins and structures. The Martha mine and surrounding area have geologic features similar to Cerro Bayo, with silver and gold hosted in multiple, epithermal veins.
At both properties in 2004, Coeur launched the first year of a three-year exploration program to extend mine lives to at least three years. At Martha, we acquired an additional 20 square miles of land concessions, bringing our total in the highly-prospective Santa Cruz Province in southern Argentina to more than 530 square miles.
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