Good morning and welcome to the Coeur Mining first quarter 2015 financial results conference call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Bridget Freas. Please go ahead.

Welcome to our first quarter 2015 earnings conference call. There are slides available on our website to accompany today’s remarks. Please review the cautionary statements and the risk factors in our latest 10-K and 10-Q for risks and uncertainties that could cause actual results to differ from any forward-looking statements made today. Mitch, please go ahead.

Thanks, Bridget. I can’t think of a company that’s been more active than we have so far this year. We’ve had a lot of significant developments. We closed two important acquisitions that should generate solid returns, reduce our costs and boost our cash flow. The acquisition of the Wharf gold mine in South Dakota should lift the company’s cash flow this year by 30%. And it further awaits our overall country risk profile more toward the US and as our fifth operation, brings better balance to our portfolio of mines. And then we recently completed the acquisition of Paramount Gold and Silver a couple of weeks ago, which consolidates the high-grade deposit previously split by a property boundary and add six other sovereign gold deposits next door to our Palmarejo operation in Mexico. The combined high-grade deposit called Independencia will become a second source of high-grade underground ore to supplement the rising production levels from the nearby Guadalupe underground mine. And it only requires about $15 million or $20 million of capital and another eight months or so to get into production. We see Palmarejo becoming our lowest cost and largest mine during the next 18 months with all-in sustaining costs heading toward $10 an ounce once mining from both deposits gets ramped up to over 4000 tonnes a day, about half of that coming from Guadalupe and about half of that coming from Independencia. On the heels of closing Paramount, we announced an updated reserve for Palmarejo. We saw reserves increase by 89% and gold reserves up by 76%. Nearly 80% of these new reserves are from the assets we acquired through the Paramount transaction at a silver grade that is 31% higher. Palmarejo’s reserves now total 54 million silver ounces and 876,000 gold ounces. Compared to just 15…

Thank you. At this time, we will begin the question-and-answer session. [Operator Instructions] And our first question will come from Arjun Chandar of J.P. Morgan.

Hi, thank you.

Yeah, hi.

Can you discuss the evolution of your liquidity position following the end of Q1? Also, what is the minimum amount of liquidity you’d need to run the business and what leverage do you have to pull to manage the balance sheet in the face of anticipated near-term cash flow pressure as you ramp up towards that 2017 date?

Peter, go ahead.

Yes. In just -- in general evolution of the liquidity position, the big uses aside from operations were the acquisition of Wharf for $102 million and then we drew down the bridge loan at the end of the quarter for $50 million to mitigate that and that takes us to the $180 million level that we finished the first quarter at, Arjun. And then, your question about minimum liquidity that we look for in the Company to run the business, traditionally we’ve set $100 million candidly in the environment that we’re in right now with the expansion plans that Mitch outlined over the next year and a half, I would prompt that number up to $150 million that we need to keep a solid buffer through this time period. So, that continued focus on liquidity is something that we’re very focused on at this point.

And Arjun, I just to circle back to my comments on to address your question there on the levers, our priority is first looking inside the business to see how we can free up liquidity and I mentioned CapEx, working capital, obviously more we can do on operating costs, G&A and potentially any non-core asset sales. So, those are kind of the five levers that I feel like we have our hands on at any given time. Did that answer your question?

Yeah. That clears it up. Thank you very much.

Sure.

The next question comes from Craig Johnston of Scotiabank.

Hi, guys. Thanks for taking my call. Yeah, most of my questions are related to the balance sheet, but just also wanted to ask say, what are you looking at in terms of pre-development expenses going forward into 2015 and then even beyond into 2016/2017?

Yes, sure. Hi, Craig. I think for the full-year, pre-development should be around $10 million. The biggest chunk of that this year under US GAAP we need to expense deal fees. So I think $6 million of that $10 million relate to deal fees for the Wharf acquisition and the Paramount acquisition. Included in that $10 million as well is about $2 million or $3 million of holding costs for La Preciosa and for Joaquin down in Santa Cruz, Argentina. So as you look at -- think about 2016, those deal fees obviously won't be there, but those holding costs likely will remain.

Okay, thanks.

Paramount [ph] obligation is in that as well, the accretion in it.

Okay. And that's around 1.5 million a quarter?

Yes.

Okay. And then just on the VAT receivables, any kind of color you can provide on expected timing or is it kind of a black box there?

It's a good way of framing it. In Bolivia we -- a lot of it is a matter of staying very hands-on and maintaining a presence with the authorities to make sure that they do adhere to a timely refund schedule. A lot of that just gets kind of dumped up with typical administrative and bureaucracy kind of delays. But there is a pretty well-defined schedule there in Bolivia that we have been able to stick to. But it's definitely a hands-on kind of relationship that helps make sure that those amounts come back. In Mexico, kind of the same thing I guess. There is a chunk of VAT, about 20 million, 24 million that is hung up with hacienda there in conjunction with the ongoing question around treatment of the gold royalty agreement with Franco-Nevada that I think we will hopefully have that result here later this year and that should free up that good chunk of the Mexican VAT, but then everything above and beyond that in Mexico seems to stick to a pretty routine schedule.

Okay, that's helpful. Thanks, Mitch. That's it from me. Good quarter, guys. Thanks.

Thanks, Craig.

And the next question comes from Garrett Nelson of BB&T Capital Markets.

Hi, good morning, Mitch and Peter.

Good morning.

Hi.

What was the interest rate on the $50 million bridge loan, I am just trying to determine the quarterly interest expense you should be --

LIBOR plus 250 basis points, Garrett.

Okay. Thanks. That's all I have.

Okay, thanks, Garrett.

And this concludes our question-and-answer session. I would like to turn the conference back over to Mitch Krebs for any closing remarks.

Okay. Well, thank you everybody for your time. Appreciate your interest and your questions and we look forward to updating you on our progress at the end of Q2. Thanks again.

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.