Good afternoon. My name is Brandy, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coeur d'Alene Mines Corporation Fourth Quarter and Year End 2012 Financial 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) Thank you. Ms. Wendy Yang, you may begin your conference.

Thank you, Brandy. Welcome everyone to Coeur d'Alene Mines fourth quarter and year end 2012 financial results conference call. I’m Wendy Yang, Vice President of Investor Relations. You’ll find Coeur listed as CDE on the New York Stock Exchange and CDM on the Toronto Stock Exchange. This call is being webcast on our website at www.coeur.com. Where we have posted slides to you accompany our remarks. Telephonic replay of the call will be available from our website for one week following today’s call. We will be discussing forward-looking information today and we caution our audience that such statements involve risks and uncertainties that could cause actual results to differ materially from projections. Please review our cautionary statement shown on slide two and review the risk factors, including some that are specific to our industry described in our latest annual and quarterly financial reports filed with the U.S. SEC and Canadian regulators. On the call today are Mitch Krebs, our President and CEO; Frank Hanagarne; Senior Vice President, Chief Operating Officer and Chief Financial Officer; Don Birak, Senior Vice President of Exploration; and Mike Harrison, our Vice President of Corporate Development. Mitch, please go ahead.

Thanks, Wendy. Welcome everyone and thank you all for joining us today. I’ll start off by saying, you’re most likely aware of our news yesterday of our announcement that we’ve entered into a definitive agreement to acquire Orko Silver, which we’re excited about and after our prepared remarks we’ll talk a little bit more about that. But turning to the 2012 highlights on slide four. We had some notable successes during 2012. We achieved record gold production of 226,000 ounces. Both of our U.S. operations return to solid footing with very bright futures at Rochester in Nevada. Its production increased significantly and its costs declined materially during its first year of resumed mining activity. And we’ll see Rochester expands yet again in 2013, which we think will make Rochester the company’s second largest cash flow generator starting this year. And at our Kensington gold mine in Alaska, it successfully transitioned out of the re-tooling phase and into sustainable production levels and lower costs by year end with December production at 11,700 ounces and cost down to $950 an ounce. Our year end reserves and resources that we reported last Friday showed significant increases. Our $40 million exploration program in 2012 added about 110 million new silver equivalent ounces of reserves, and measured and indicated resources. These results demonstrate how cost effective it is to grow the business by investing in exploration that’s less than $0.40 an ounce. We also had some challenges, particularly in the second half of the year. Our Palmarejo silver and gold operations in Mexico, which represents over half the company’s sales and cash flow experienced lower grades and lower throughput as a result of poor planning and some poor mining practices in the underground portion of the mine. We have taken strong action to get these…

Thanks Mitch. I’ll begin with slide number 13, which lists the 2012 operational highlights for all four of our primary mines and we’ll also look at 2013 priorities for each operation. Fourth quarter production at Kensington was up 18% and costs were down 17% compared to the third quarter. We expect mill throughput and grade to increase throughout the course of 2013. At our Rochester mine production from our new leach pad commissioned in late 2011 resulted in a six-fold increase in gold production in 2012. In addition, silver production doubled year-over-year. The planned expansion at Rochester in 2013 is expected to increase production 35% to 50% over 2012 levels and be maintained at these levels for at least seven years based on existing mine plans and current reserves. While we have some challenges at Palmarejo in second half of 2012, we are pleased that normal underground mining rates resumed late in the fourth quarter and open pit mining picked up as well, partially offsetting lower underground production levels. Despite ore production in the second half of the year, Palmarejo still contributed 69% of Coeur’s total operating cash flow in 2012. San Bartolomé contributed 21% of our consolidated operating cash flow in 2012 and the mill expansion we have planned in 2013 is expected to drive production to a level over 6 million ounces of silver in 2014. Turning to slide 14. Mitch previously mentioned the importance of improving the geopolitical diversity of our operations. The charts on slide 14 illustrate the improvements we’ve made overtime in this regard, the United States and Mexico now account for more than 80% of our estimated 2013 metal sales, which would be an increase of about 10% from 2011. In addition, production growth at Rochester and Kensington over the past two years has doubled the proportion of metal sales coming from the United States. We expect an increase in gold sales in 2013.

We may have lost Frank. I’ll pick up from where Frank was, when we lost him. Apologies for that. The U.S. and Mexico now account for more than 80% of our estimated 2013 metal sales, which would be an increase of about 10% from 2011. In addition production growth at Rochester and Kensington over the past two years has doubled the proportion of metal sales coming from the U.S. We expect an increase in gold sales in 2013 and an increase in the proportion of our sales coming from gold. The bar charts on the bottom of slide 15 show the steady increase in silver and gold production from our operations over the past five years. 2012 production totaled 18 million silver ounces and 226,000 gold ounces. Looking at Coeur’s metal production by mine, Palmarejo continues to contribute the lion share of silver and gold, but increased production from Rochester and Kensington are notable. I’ll get into the operational details of each of our four primary mines in the next series of slides. Turning now to slide 16, shows the fourth quarter and full year 2012 highlights for Palmarejo. The mine generated metal sales of $79 million from 1.6 million ounces of silver and 20,000 ounces of gold in the fourth quarter. Cash operating cost of $7.55 per silver ounce. Operating cash flow was $33 million. The open pit operation mined a record 465,000 tons at lower average silver and gold grades in the fourth quarter, compared to the fourth quarter of 2011. This resulted in a 10% increase in mine -- tons mined over the third quarter of 2012 and a 45% increase over the fourth quarter of 2011. Silver grades in the new phase of the pit are expected to increase gradually in 2013. Full-year 2012 production was…

Thank you. Coeur’s $40 million exploration program in 2012 was the largest in a long history as a leading primary silver producer. This investment yielded increased silver and mineral resources and reserves, relative to year-end 2011. Notably, we added a new mineral -- we added new mineral resources and reserves at Rochester, posted gains in mineral resources at the Palmarejo, La Patria and Guadalupe deposits in the Palmarejo district. We brought Raven into Kensington’s mineral reserves and significantly upgraded mineral resources at Joaquin with larger contained ounces and grade at both measured and indicated compared to 2011. That’s based upon a pro forma basis. We also completed the first estimate of mineral resources on the Lejano project in Argentina. Turning to slide 23, a primary focus of our exploration program last year was the expansion and upgrade of mineral reserves and additional mineral resources relative to 2011. Not including 2012 production, combined silver reserves and measured and indicated resources, silver ounces increased by more than 19% while gold ounces increased 12%. This next slide 24 details the distribution of 2012 expense plus capitalized exploration, the type of work done and where the work took place. The gains that we realized in 2012, was a result of the program strongly focused on Brownfields exploration at our operating properties as well as the Joaquin advanced stage exploration project. We expect to dedicate over 90% of our $40 million exploration budget for this year to similar operating properties. Again, in 2012, the lion share of our record exploration program was devoted to the Palmarejo district. Mineral resources in all categories increased at Palmarejo, providing real opportunities to focus our new drilling on the best areas to build new reserves. Gains were realized at the Palmarejo deposits, followed by gains at La Patria and…

Thanks, Don. Slide 30 summarizes the company’s production and cost guidance for 2013, which we previously mentioned on the call. On slide 32, we’ve summarized the 2013 main priorities for the company -- improving operational consistency and reliability, hitting our production and performance targets, maximizing our free cash flow, investing in accretive high-return growth opportunities and strengthening our organizational structure and management. These priorities are straightforward and they are achievable and they factor into every decision we make and we think by accomplishing these priorities, shareholders will be rewarded. Now, before taking questions, I do want to take a few minutes to discuss yesterday’s announcement regarding our acquisition of Orko Silver. Orko’s key asset, the La Preciosa project in Mexico is one of the largest undeveloped silver deposits in the world, with the potential to grow even larger through further drilling. We feel confident that this transaction offers compelling benefits to both Coeur and Orko shareholders. For Coeur shareholders, this transaction provides three key benefits. La Preciosa will diversify Coeur’s portfolio across a larger platform of assets. It reduces our overall political risk profile and it provides accretive significant growth in production and cash flow over a very long mine life. We intend to finance the development of La Preciosa with funds on our balance sheet and from a portion of the free cash flow that we expect to continue generating from our existing operations. As far as next steps go, there is no further corporate or shareholder approvals required by Coeur and we have no financing conditions. The transaction is subject to customary closing conditions and requires an Orko shareholder vote, which we expect to be held in April. The vote will be carried out by way of a court-approved plan of arrangement that requires the approval of at…

(Operator Instructions) Your first question comes from the line of Michael Dudas with Sterne, Agee.

Hi, Michael.

Mitch, and Don over there and Wendy. Hope, Frank is okay.

He is back on, I heard.

Great. Terrific. Glad to hear that, Frank. So following up on….

I got back in.

Great. Terrific. Thank you. La Preciosa, so looking at your key inputs relative to what’s been published, can you square a little bit of the circle on range of capital? The strip ratio looks pretty healthy, and is there -- over a 20 year mine life, 7 million to 9 million ounces, can there be some acceleration to that as you think about developing early stage of the mine?

Yeah. We -- clearly, a lot of work to do still, a lot of optimization…

I understand.

….work, but clearly we will move forward to extend the mine plan, allows for it higher grade material and front load the production profile to be little higher in the earlier years and then pay a lot in the latter years. We think that based on what we know that we can do that and I think also just managing that strip ratio is something we can do with the way some of the mineralization there trends up near surface, so that as we do approach a large open-pit concept, we can be in or along the way and help manage the profile in the early years.

And the per-ton costs that were in the November study, that’s reasonable to think about as we’re trying to model this out, given what you’re saying?

Yeah. We think that’s a good starting point and will get you in the range of where you should be. And as we get our work more advanced, of course we will come back with more fine tuning numbers but for now those are some good benchmarks.

Okay. Maybe for Frank, on Palmarejo, could you gives us sense early on so far in 2013, how the underground mining rates are looking relative to again the improvement that you’ve noticed or talked about from year end. And how sustainable we might see that does move through 2013?

Sure. Mike, as we mentioned before we did resume normal mining rates in the mines during the fourth quarter. And that just continues as we go forward. The situation came down to identifying the issue and putting a remediation plan in place in the clavo 76, which we’ve done and everything’s back to normal as far as mining rates are concerned. And I believe, it is sustainable going forward.

Terrific. I’ll stop there. I’ll just get back in queue. Thanks.

Your next question comes from the line of Brett Levy with Jefferies & Company. Brett Levy - Jefferies & Company: I know, you guys said on your recent road show that you are sort of committed to keeping leverage around one times or even below. Is there something that sort of still holds true and then the second question also more of a bond holder question. Have you guys sort of seen any adverse changes in any of the tax or royalty treatments in any geographies or looked into the idea of political risk insurance in any particular geography?

Yeah. Hi Brett. It’s Mitch here. The leverage of one time or less trailing EBITDA is something that we’ll adhere to. Given the commodity nature of our business, we want to maintain a conservative balance sheet but we also feel that it’s prudent to use a bit of leverage to help us grow in a shareholder friendly way. So we’ll anticipate any changes to that policy. As far as taxes, royalties go, we do have political risk insurance in Bolivia, which we’ve carried since we put that mine in the production in 2008. That’s a total $155 million of political risk there. As far as taxes and royalties, the only thing there that I see having a potential of any change is as the Bolivian government continues with its deliberations on a new mining law or updating its mining law, till that’s finalized and signed into law, there is a potential for change in current taxes and royalties there. But our expectation is that there won’t be any meaningful change. But you never know until it’s done. Brett Levy - Jefferies & Company: Okay. Thanks very much guys.

Yeah. Thanks.

Your next question comes from the line of Jorge Beristain.

Yeah. Mitch, Jorge Beristain with Deutsche Bank. My question was just if we could circle back on the CapEx number. I can appreciate that it’s a very wide range. But just taking a midpoint right now of around $400 million for La Preciosa, could you sort of breakdown the main buckets as to where you see that the pit development costs versus the vat leaching versus any other infrastructure. And could you comment in this current market that we’re seeing a lot of project cancellations. Are you sensing any opportunity to buy some of this potential secondhand equipment cheaper than what we’ve seen in the last few years?

Yeah. Hi Jorge. Thanks for the questions. And Mike Harrison who is on the call feel free to jump in. As far as that CapEx range, I prefer to hunt on that to be honest with you, until we have a little more detail to give you, I think, about $100 million of that is fleet, mobile equipment with the -- obviously the lion share then going into the processing facility itself. And your point about some cancel projects, it is an opportunity both from a materials and infrastructure standpoint as well as from a people standpoint, there’s some talent available out there that can help us build this operation in a way that allows it to be done on time and on budget and allow us to achieve the kind of returns that we see available with La Preciosa.

And could you comment a little bit about the potential timing of the Pitarrilla project that’s also in the same neighborhood. Do you believe that would put any pressure on labor or do you view that the projects would be staggered in such a way that you’re not competing head-to-head?

Yeah. I think that Pitarrilla is a little behind Preciosa. And between Torreon and Durango and five or six other smaller communities right there in that region, within two hours of both of those projects, there is I think more than sufficient capacity to handle -- to handle both. I’d like to think but I can’t comment specifically on Pitarrilla’s timetable. But I’d like to think that we’d be moving a little faster than that project.

And lastly, could you comment about manpower as to how you would see managing the development of this project. Would this be something flying people over the mountains from Palmarejo or would you see flying people down from headquarters. How do you see actually staffing this project?

Yeah. Really, a bit of a two-headed monster there. We’ll establish our presence in Durango, which is a 75-mile drive from Durango out to the project site. So it’s very logical for that to be our main base from which we’ll begin with drilling the environmental baseline work, everything that needs to go into the feasibility study. And then given the size of presence in Mexico between Palmarejo and La Preciosa, we’re working to staff up a piece of the organizational structure that will fit over top both operations. And that will probably fit in Mexico City. President of Coeur Mexicana and some supporting roles to oversee our entire presence in Mexico given the significance to our business.

Right. Thanks very much.

Okay. Thanks Jorge.

Your next question comes from the line of Adams Brook with Sidoti & Company, LLC. Adam Brooks - Sidoti & Company, LLC: Just a few quick questions here. Maybe on Joaquin, had a nice big jump in resources, maybe an update on your thoughts of timing of initial production there and metrics. I think about a year back you said about five years out, maybe a $5 million run rate. Any changes now that you’ve been there for a little bit longer?

No. I think Adam that still holds true. I think that given the -- you compare Mexico, with Argentina and it’s clear where our first priority will be as far as deploying significant capital. That said, I think Joaquin can fit nicely on the back end of Preciosa to add a next leg of growth in that profile that you mentioned is still valid as far as how we think about the Joaquin. But it was really nice to see that that big bump up in grade there at Joaquin that certainly bodes well for the economics of the project. I know, Don got a big program there to hopefully expand the size of the resource and we’ll get a feasibility study team staffed up there and get the work going and still monitor just what’s going on in Argentina, with that, kind of, a timetable still in our mine. Adam Brooks - Sidoti & Company, LLC: And then, this one quickly for Don. Anything that has you particularly excited as we enter ‘13 from an exploration standpoint?

You can really teed him up, Adam.

I got my seat belt on so. What I’m really excited about, we have a really good slate of programs inherent in. It’s hard to prioritize in my mind. We do that on a budget basis. Preciosa has got to be something that’s really going to come into our program in a big, big way. That was very exciting. What we currently have, you got to be happy about seeing more opportunities at Rochester. I think the Kensington program, the way we’ve kind of retooled both Kensington and Palmarejo with new targets coming out of our work there. We get some great opportunities for us to drill and put new ounces on the books this year.

$0.40 an ounce or less, I wish we could spend more on exploration but you can only -- Don smiling. You can only spend so much efficiently and that’s kind of where we feel we’re butting up against that capacity. But we keep having years like totally like we did in 2012 and that just really bodes well for the overall profile of the company. Adam Brooks - Sidoti & Company, LLC: Got it. Thank you.

Thanks.

(Operator Instructions) Your next question comes from the line of Jeffrey Wright with Global Hunters.

Everybody thanks for taking my questions.

Hi.

Had a couple of questions on Rochester, specifically. Looking at the expansion capital for this year, let’s say, $25 million, you got allocated $4 million for the crushing capacity, another $15 million for expansion of the heap leach pads. That additional $6 million to $7 million, is that for any one specific item or any large item or is that just across the whole project?

Yeah. The rest of that is made up of a lot of little things. I don’t know, Frank, if you have anything to add to that. I’m thinking about like the deaeration tower, some of the other small projects that will support this expansion. But there’s not one thing that makes up that that additional 6 million or so. Frank, do you have anything to add?

Yeah. I think you’ve hit -- caught the big hitters. That remaining amount, I know there’s a water well. There is a deaeration tower to supplement our operations at the Merrill Crowe process. Those are probably the biggest chunk out that seven and then the remainder is just miscellaneous equipment, other things needed to sustain operations.

Okay. And final permitting on the expansion of the heap leach, when do you anticipate having those permits secured?

To take the capacity up to the 67 million tons, there is one last state permit that we’re waiting on and expected, let see, it’s February 21st. Maybe this month probably March so that, that will clear up that initial expansion, just from a permitting standpoint. And then the permitting and engineering to add the additional 40 million tons that will take probably a good year of work to get us in a position to have that in place.

Okay. And I have a question for Don. If I’m looking at exploration in Mexico, the budget is, call it, $20 million this year. I’m assuming that does not include any allocation for La Preciosa at this stage?

That’s correct.

So what would be the range or an exploration vision for La Preciosa for 2013 or maybe into 2014?

We’re going to cost that out, but basically when we looked at this before we could see that we had two really big things that had to be done there. One was to drill to upgrade the inferred resources and add value to the future feasibility. That’s the biggest component. It think our estimate there was probably somewhere in the neighborhood of 20. Around the north end of this deposit too, depending upon where we’ve been refining facilities we need to do some exploration and condemnation. So we’re going to look at the whole budget, lay it out here very soon including, getting a team in place really quickly.

For modeling purposes, we should probably plug in a $20 million exploration number for La Preciosa for the next, say, 12 to 18 months. Do you think that’s fair?

Yeah. Really heavy in the next 12 to 18 months, that’s exactly right. According to Mitch’s timetable he laid out, we’ve got to move on that drilling quickly.

Yeah. Kind of looking at the timetable, doesn’t look like it would all be spent in 2013. It’s somewhat shift into 2014 before the feasibility study would be complete, correct?

Yeah.

Okay.

Yeah. It’s time for everything else.

Okay. Appreciate it. Thanks a lot. And I’ll jump back in the queue.

Thanks.

Your next question comes from the line of Joseph Reagor with Global Hunter Securities.

Just following on one of Jeff’s questions on Rochester. In your press release, I didn’t see a breakdown of recovery rates for Q4. Can you just clarify what they were for gold and silver?

Let me get to him here.

I can take that one, Mitch.

Yeah. Okay.

The recovery rates, ultimate recoveries are achieved over a very long timeline running very close to 60% for silver. And the incremental in the period recoveries are variable given the rate of ore being stacked out onto the pads and how long they sit under leach. So we have -- depending on the depth of ore to the pads which is increasing as we stag momentarily how to have a certain amount of time to break through. But on a timeline, it all creeps up and builds to a 60% project recovery rate. So we would have achieved that so more in the fourth quarter, others were too advancing towards that but not quite there.

And with the expansion rigs, we should expect the 60% to continue forward?

Yeah. I would say so.

Those are silver and then on the gold, that’s what Frank, 90? 92?

Yeah. It’s a quite a bit higher on smaller volume of gold produced but it’s a much higher recovery rate. And the timeline characteristics that comes out a little bit quicker, quite a bit quicker actually than the silver. But again that’s the same principles apply. It, kind of, determines on the rate of volume of material going out to the pads and then following up with the solutions. But project numbers will be in the 90% range on gold recoveries.

Okay. That’s fine. And then on Kensington, can you guys give an explanation of how you guys are going to get from the $1050 range that you guys were in Q4 for production costs down to the $900 to $950 range next year?

Frank, do you want to take that?

Sure. All the things that we were seeking to achieve in 2012 are becoming quite evident at the end of -- at the end of the year with our cost. So reduction that we’re having much more efficient mining to the work done that was done in the first half of the year. And just as a result of having more orderly and efficient mining taking place for seeing some cost reductions there. We’re also seeing departure of contractors and less cost in reliance on third-party support for various things in the last quarter of the year and that will hold going forward. Those are the principle drivers of the performance combined with rising production profile and expect that to continue as well.

Okay. So its existing cost reductions to date combined with higher throughputs going forward will result in the lower costs?

That’s correct.

Okay. Thank you, guys.

Thanks.

There are no further questions at this time. And I would now like to turn the call back over to Ms. Wendy Yang.

Thank you, Brandy. And thank you very much for joining on our call today. Please hope that you will come by and see us at BMO and UBS conferences. We will be at BMO conference next week in Florida, followed by, I’ll be up at UBS’ one-on-one conference on 27th February and then we have of course, PDAC conference. We have a booth at 2421B, B as in Barry for the Tuesday and Wednesday at PDAC in Toronto. So with that, thank you very much for joining us today. We hope to see you in the coming week.

This concludes today’s conference call. You may now disconnect.