At this time, I would like to welcome everyone to the fourth quarter and 2007 results conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions) I would now like to turn today's call over to Mr. Tony Ebersole, Director of Investor Relations. You may begin your conference.

Thank you, Darlene and good day, everyone. This is Tony Ebersole, Director of Investor Relations for Coeur. Thank you for joining us today in today's call to discuss the company's results for the fourth quarter and 2007. In accordance with our standard practice, this call is also being broadcast live on the Internet through our website, www.coeur.com, where we have also posted the slides for the company our prepared remarks. A telephonic replay of the call will be available for one week afterward on our website. Today's presenters include Dennis Wheeler, Chairman, President, and Chief Executive Officer; Jim Sabala, Executive Vice President and Chief Financial Officer, Don Birak, Senior Vice President, Exploration, Richard Weston, Senior Vice President, Operations. Any forward-looking statements made today by management come under securities legislation in the United States, Canada and Australia and involve a number of risks that could cause actual results to differ from projections. With that, I would like to turn the call over to Dennis.

Thanks Tony and welcome to everyone. It's particularly gratifying to us to be on this call today, highlighting Couer's progress in the fourth quarter and for the year 2007, as the company is coming off one of its most significant and defining years in its eighty-year history. We completed the largest transaction in the history of the silver industry at the end of the December with the acquisition of Bolnisi Gold and Palmarejo Silver and Gold, bringing to the company the exciting Palmarejo Silver and Gold project in Northern Mexico, one of the newest, largest and highest grade silver gold projects in the world, where our team, is well under way. Combined with our San Bartolome pure silver line in Bolivia, which is already started its pre-commissioning and it is nearing production, Couer is beginning to deliver on its dynamic growth profile in silver production, accelerating in 2008 and heading towards a near tripling of our silver production in 2009 with expected substantial reductions in our companywide cash cost. We produced 11.5 million ounces of silver and 92,000 ounces of gold in 2007. We are looking this year to increase silver production by as much as 40% over last year with the addition of a partial year of San Bartolome production. Cash cost for the year were under $4 an ounce of silver, providing a healthy margin at current prices. In 2007, Coeur’s total silver reserves and resources with our fine exploration group increased by 40% from the previous year to 530 million ounces today, and our total gold reserves and resources increased 60% from 2006 levels to 4.6 million ounces. We are nearing competition of the first feasibility study of Palmarejo with construction accelerating this year towards startup in the first half of 2009. We also completed construction of…

Thank you, Dennis. Slide through nine gives a snapshot of the financial performance for both the fourth quarter and full year 2007, as compared to the previous year. We saw slightly lower middle sales due to lower production compared to the previous year in Cerro Bayo, Broken Hill and at Rochester, where the metals production is lower than planned due to cessation of mining activities and a transition to residual leaching. There were also increased production costs at Cerro Bayo and Martha, which offset production cost reduction at nearly all of other operations. Earnings before interest, taxes, depreciation and amortization in the quarter were $21.9 million compared to $29.3 million of EBITDA in the same period of 2006. EBITDA for the full year 2007 were $65.7 million, compared to $93.7 million in 2006. And net income for the recent fourth quarter was $14.3 million compared to $23.2 million in the fourth quarter of 2006. For the full year 2007, net income was $43.9 million, compared to $88.5 million in 2006. The 2006 net income was positively impacted by an $11.1 million gain from the sale of Coeur Silver Valley, as well as some production from net operations during the course of the year. Slide nine illustrates the dramatic decline in operative cost during the fourth quarter, with company-wide cash cost declining to an average of $2.72 per ounce in the period, compared to $3.41 per ounce in the fourth quarter a year ago. And for the full year, operating costs were $3.97 for silver, compared to $3.33 per ounce in 2006. As depicted in slide ten, our operating costs have remained consistently low over the past five years. This is the benefit of our diversified production portfolio and overall cost discipline in an area of rising fuel and labor cost…

Yes, thanks Jim. On Slide 15, is a table showing the production at each of our operating properties, which show the 2007 totals 11.5 million ounces of silver and 92,000 ounces of gold. A major focus of our operations in 2007 has been the strengthening of the operations management team as we prepare for our new growth. At Cerro Bayo, we now have in place, a reorganized management team, headed by recently appointed Vice President of Operations, Don Gray, an engineering graduate from MIT, with more than 27 years of mining, operational and development experience, much of it in South America. We have been implementing a recovery plan, which includes improvement in mining methods and productivity and an organizational restructure with a smaller workforce and a cost improvement program. We expect to see positive results from these recovery plans during the second half of 2008, with improvement in both cost and production. For the year, we are expecting production to be 2.5 million ounces of silver and 40,000 ounces of gold, cash cost of $3.15 per ounce of silver. The new vein systems discovered in 2007 at Cerro Bayo mill will play a prominent role in this improved performance. At Martha, we have completed the new mill and with the additional reserves, we continue to see the long-term benefits of this new facility. Production levels have more than doubled at Martha since we purchased the property and with the new mill operational in January, we expect to realize lower production costs, well over $5 per ounce level in 2008. Production at Martha this year is expected to be about 3 million ounces of silver, which is about 10% higher than last year. At Rochester, on Slide 17, the transition to residual leaching was resulted in declining costs and increased cash…

Thanks Richard. In 2007 we continued to devote a major part of our global exploration to discovery and definition of resources and reserves that are large, prospective, operating properties and advancing our Greenfield’s activities to find new mining opportunities. On slide 25, you could see the results of this Brownfield’s focus. Year-end 2007 reserves are essentially the same as year end 2006, even after producing nearly 11.5 million silver ounces last year. Next slide shows the tabulated data in graph form. Our silver mineral reserves remain over 216 million total contained ounces. During the year we realized significant reserve gains at San Bartolome, Cerro Bayo, and Martha, and the Palmarejo feasibility study is expected to add significantly to both silver and gold reserves. In 2008, we are committing a record of over $27 million to both Brownfield’s and Greenfield’s exploration, as part of our operations and help grow the company. Next, let’s take a look at some new exploration developments. During the past year we invested nearly $15 million in exploration with about 41% devoted to Greenfield’s, 59% to Brownfield’s around our existing mines where we control significant, highly perspective property. At Cerro Bayo we achieved an 80% gain in silver reserve ounces relative to year-end 2006. You may recall of our announcement of the discovery of five new veins in the second half of 2007, which occur about one kilometer east of the mill facility. Drilling at just two of the new veins Dagny and Fabiola added over 10.8 million ounces to Cerro Bayo’s total silver mineral resource. We are currently drawing on the five new veins and other targets in the district, which we expect to add to our resources and reserves this year. At Martha, silver mineral reserves increased by 36% and we also discovered two new…

Thanks Don for your exploration report today. As you know we are in the midst of the strongest metals market we have seen for a number of years. Silver prices are at their highest level since 1980, recently exceeding $19 per ounce and gold prices seem to be edging up to $1000 an ounce. This time a year ago, silver prices were $13. So we have seen an appreciation of almost 50% in the last year. The under-growing macro drivers continue to do very positive for the metal in Coeur’s opinion, underpinned by strong investor demand, continued growth in industrial demand, a weak US dollar and inflation concerns, with strong economic growth particularly in China and Asia, continue to bode well for our product. Overall, there indeed is new supply coming online from new operations like San Bartolome, according to publish plans. But we do not expect this increase in supply to exceed the ongoing growth in total demand, especially after net ounce supply reductions from the two of our closing mines going forward. At Coeur, we think these dynamic markets bode well for us, with its new growth projects coming on-stream this year and next. With a little luck the timing of the San Bartolome seems to be coinciding perfectly with these record high prices. This year, as San Bartolome comes fully on-stream, we are expecting nearly a 40% increase in silver production to nearly 16 million ounces in 2008, and in addition we plan to generate nearly 67,000 ounces of gold. Through the first full year following commissioning of the plant at San Bartolome, this long-life mine is expected to produce more than 6 million ounces of silver in 2008. I should also mention that we are very proud of the relationships that people of Coeur have developed…

(Operator Instructions) Your first question comes from the line of John Bridges.

Good afternoon Dennis, everybody.

Hi John.

Hi, you gave us some guidance on Palmarejo, but in Kensington, once you get some sort of go ahead hopefully on the new project, what sort of timeline are we looking for to get the new placed equipment?

I would say approximately 6 months, John.

So, there is no big lead time on that sort of equipment?

We are not expecting a -- you remember that most of the plant is built.

Right.

We wouldn’t see a delay in terms of the equipment. I think our group is well ready to execute once we receive the approvals.

Okay great. And Rochester, there was some interesting exploration results that you published yesterday for that. I just wonder are you hoping to keep a back in on that in case something interesting develops?

I don’t think, right now we’ve got an alternate plan except to go ahead and pursue the sale process that we have underway now John. We are looking at, in order to focus on the long range growth plan for the company, which has been our strategy. Rochester has been a great mine and certainly these recent exploration results are encouraging. But we have had a strong response so far to the indicated sale of Rochester, data rooms have been set up and we’ll soon be having visitors.

Okay, okay. And Palmarejo, you mentioned moving the mill from the lower level, I remember when I saw, it was split between the two levels. What’s going on there?

Yes, Hi John.

Hi Richard

We have identified some issues with settlement at the lower plant site. So we made a decision late last year to relocate that to the upper plant site. That process is well underway.

Is it very cramped on the upper site?

Beg your pardon?

Is it very cramped now on the upper site?

It's tight, but it will all work.

I look forward to seeing it. Well done, guys. Thank you.

Thanks, John.

Your next question comes from Michael Dudas.

Good morning, gentlemen.

Good morning, Michael.

I wouldn’t have guessed years ago that the Bolivian mine will be producing silver before the Alaska mine produces gold. That’s an anecdotal comment I guess?

So that makes two of us.

I figured as such. Expand a little bit on Martha. Remind us about the mill throughput capacity? What kind of potential do you see there with the exploration and the opportunities for throughput and production at that operation?

We'll break this down into two parts. Richard's going to talk to about the mill itself and then I'm going to ask Don to talk a little about the exploration potential going forward. Got it?

Terrific, thank you.

Yeah, the mille got a capacity of about 240 tons per day.

Mike, this is Don Birak. On the exploration front, I think you look at the track record of what we have doing at Martha since we acquired it, it's been a steady success rate with additions to reserves and resources. And I'm very excited about these new things that we see here that we announced north of the mill, I think it bodes quote well for that. We are going to continue to devote a lot of our efforts towards increasing both reserves and resources.

Thank you. My second question for Jim; could you give us bit of a guidance on capital flows and capital spending in 2008 given delays in Kensington potential ramp ups in Mexico and given where your cash flow and cash balances are at the end of the 2007?

Sure, Mike, with regard to Palmarejo, we've said that, CapEx spending to the point of commercial production is about $225 million. That point is expected in the first quarter of next year and so, CapEx will start out lower, but will ramp up to that level during the course of '08. At Kensington we don't have a large CapEx guidance now simply because we have to resolve the permit issue, that's on in current maintenance holding plan of about $2 million a month and at San Bartolome, I think it's about $90 million we have to ramp up total development there, which will be spread out over the course of '08 And we finished the year with about a $150 million in cash and investments. We'll have the proceeds coming in, assuming completion of sales of the Rochester property. There is a potential gap there but we'll take a look at our CapEx spending and other alternatives to the extent that gap exist after we formalize our plan.

Any sense of what you have -- any initial range of what you have to spend for the tailings up in Alaska?

It's in line with the previous estimate and I believe, it was about $40 million was the number I've got in my mind Mike. I think it's likely that could be some money spent on this year, but I think it's more likely that that will come next year.

All right, terrific, thank you gentlemen.

Your next question comes from the line of Mike Curran

Yeah, Mike here. Just to hit a couple of them on the CapEx, but I just want to make sure, I'm clear on the capital for Palmarejo, the number of 225, a chunk of that’s been spent already or is that from now to production startup to another 225 to spend?

Not the whole bunch through the end of December, remember that we never got the keys to the car until December 21st. So the 225 is our estimate of capital…

Okay. So that’s over the next 18 months basically.

Yes, correct.

Got you. Thank you.

Your next question comes from the line of John Tumazos.

Congratulations on all the progress. Is the phase to be used to Kensington are cemented tailings to stabilize them? And where would the site be first? Second, are you -- would you consider borrowing some money to buy your stock in, given that it has risen so little as silver has risen. Third, with the various projects would 30 million ounces of silver and 330,000 of gold be a reasonable estimate for 2010 output?

I can answer your first question and in relation to the phase, we are looking at non-cemented phase for the tailings and that would be the Comet base site and Jim will answer the balance.

I will turn it over to Dennis. He will take care of the others.

John, with regard to your comments on share buyback I don’t think we have any present plans to buyback the shares of the company and that, since we were able to make public the documents and complete the Palmarejo, Bolnisi acquisitions, we are quite pleased with the trends, the stock chart over the last three months and here today and I think direction for Coeur shares as we continue to exhibit and execute our growth plan that we've announced, will continue to result in increased shareholder value. With regard to your questions of projections or forward looking statements. I think we've announced all we intend to here today. So keep looking at us in the future.

Thank you.

Your last question comes from the line of Pierre Vaillancourt

I just want to get a little bit of clarification on production at San Bartolome, so you'll get a partial year this year. So how is that looking this year and then next year and beyond in its steady state?

Yeah, we expect to produce about 6 million ounces of silver this year. That’s because of the ramp-up period, starting with March and then we expect to have our first twelve months of production; 10 million ounces as planned and you'll continue to see the mine produce at a pretty level state after that.

So, you'll be able to maintain 10 million ounces annually for as far as you can see basically?

Well, we've got a 14 year mine life I think there and we've got some additional resources, so, we'll continue to work on that steady state production level of 10 million ounces.

Okay. And any plans for Tin recovery in addition??

No, we don’t have any present plans for the Tin recovery.

Okay.

At this time.

All right. Now, what about costs there? How is that looking?

You know I think we set that forth in the press release Pierre and that would be the guidance that we'd going forward.

Okay, okay, so, same thing on Palmarejo, just give me an idea for next year and then 2010, in terms of production?

Yes Pierre, the only guidance I can give you there, we're giving you the construction built-out for production guidance. I refer back to the documents that we did it accordance with the acquisition and we were looking at the production reports, their at steady state it was about 10 million ounces of silver and I think, its about 110,000 to 115,000 ounces of gold and the overall cash cost, after byproduct credits was about a negative $0.40, if I recall but I'd refer you back to the currency statement that was filed and executed on just last month.

Okay so, now with respect to Kensington, just give me a sense of the process and the whole appeal with respect to the Ninth Circuit Court and how does this whole thing proceed?

Pierre, there are actually two separate paths, the application that the company has made with regard to the Forest Service for a modified plan of operations, that’s the lead agency there.

Yeah.

And we're hopeful that, let say that in the next 30 days, before service will have acted on the initial idea of the modified plan of operations. Get back to John Tumazos, he asked one question we didn't answer, we're actually siding this dry stack or new stack or, tailings facility down in the area called common beach, which is where one of our earlier plans for tailings locations was. We know that area well and the dynamics of it. So we are still projecting a process that can be concluded in the fall of this year with a production start in 2009. Now from a litigation standpoint, we have of course appealed to the Supreme Court of the United States. Recently several entities such as the Alaska Miner’s Association and the National Mining Association, the Pacific Legal Foundation, the State of Alaska, the Mountain States Foundation, have all filed briefs, supporting the position of Coeur and the Corp of Engineers in the litigation. So it had very strong support for our positions. There is no certainty in terms of when the US Supreme Court will act on that petition, but we are maintaining both the legal front with that appeal and pursuing the modified plan.

Is there still public opposition to the dry tailings or still…?

Is there what?

Is there still public opposition or…?

There never has really been public opposition to our modified plan, and we have received the public announced support of the environmental plaintiffs to working with Coeur on this modified plan. They are strongly supported by the community of Juneau, the native groups in Alaska, the business community and the City of Juneau with regard to the modified plans. So I would describe our support to that approach as very strong.

Okay. Lastly, may be if you can just give me a sense, given the variability in production from Endeavor and Broken Hill, what we can expect there on a steady state basis?

I think the guidance we've got going forward is a pretty good indication for that Pierre. As you know there were some issues we've had in the past. I think we've seen improvement from both of those assets over the course of '07 and I would project our '08 guidance forward.

All right, thanks.

And there are no questions at this time.

Again we'd like to thank our shareholders and interested parties and analysts for joining on today's call, for your continued interested in Coeur. We remain very excited about the direction of the company this year. We'll certainly keep you very timely and candidly apprised about our new pipeline of sustainable projects coning on-stream. We believe it confirms our commitment to remain the leading primary silver producer in the world and we remain focused and totally dedicated to the continued execution of this long-term growth strategy, to maximize the value for our shareholders. So, thanks to all of you and have a great day.

This concluded today's conference call. You may now disconnect.