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Properties MARTHA (ARGENTINA)Coeur owns 100% of the capital stock of Coeur Argentina S.R.L., which owns and operates the high-grade Martha underground silver mine located 270 miles southeast of the Cerro Bayo Mine in Chile. Mining operations commenced at the Martha Mine in June 2002.Martha has the highest grade of silver reserves among Coeur’s properties, averaging approximately 60 silver ounces per ton. The ongoing development at Martha continues to provide additions to reserves. At the end of 2006, silver reserves at Martha increased by 50%. Mining at Martha included ores from the newly-developed R-4 Deep and Martha Deep zones. In 2004, two new, high-grade veins were discovered at Martha named Francisca and Catalina. Ongoing work has focused 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. In 2004, Coeur launched the first year of a three-year exploration program to extend mine life at Martha (and at Cerro Bayo in Chile) 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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