COEUR D'ALENE, Idaho, March 2 /PRNewswire-FirstCall/ -- Coeur d'Alene Mines Corporation (NYSE: CDE; TSX: CDM), in advance of the expected release of 2005 financial results on or before March 16, 2006, today reported a restatement of its financial results for the first quarter of 2005. As a result of that adjustment, the net loss from continuing operations for the quarter ended March 31, 2005 should be reduced from $1,770,000, or $0.01 per share, to $1,145,000, or $0.00 per share.
The restatement involves the company's inadvertent under-reporting of the quantity of ore tons delivered to the Rochester, Nevada, leach pad during the first quarter of 2005. In particular, the quarter-ended inventory was understated and production costs applicable to sales were overstated. The restatement has the effect of reducing the company's reported net loss for that period by approximately $625,000.
Restated financial data for the quarter ended March 31, 2005 will be included in the appropriate footnote to the company's financial statements for the year ended December 31, 2005, which will be filed by the Company with the Securities and Exchange Commission on or before March 16, 2006.
Coeur d'Alene Mines Corporation is the world's largest primary silver producer and a growing gold producer. The Company has mining interests in Alaska, Argentina, Australia, Bolivia, Chile, Nevada, and Idaho.
Company press releases may contain numerous forward-looking statements within the meaning of securities legislation in the United States and Canada relating to the Company's silver and gold mining business. Such statements are subject to numerous assumptions and uncertainties, many of which are outside the Company's control. Operating, exploration and financial data, and other statements in this document are based on information the Company believes reasonable, but involve significant uncertainties as to future gold and silver prices, costs, ore grades, estimation of gold and silver reserves, mining and processing conditions, currency exchange rates, and the completion and/or updating of mining feasibility studies, changes that could result from the Company's future acquisition 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 the Company's filings from time to time with the SEC and the Ontario Securities Commission, including, without limitation, the Company's reports on Form 10-K and Form 10-Q. Actual results and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. The Company disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: Scott Lamb 208-665-0777