MINING PROPERTIES

Mining properties consist of the following (in thousands):



March 31, 2012	Palmarejo			San Bartolomé			Kensington			Rochester			Martha			Endeavor			Other		Total
Operational mining properties	$	138,333		$	69,019		$	325,102		$	113,094		$	13,226		$	—		$	—	$	658,774
Accumulated depletion	(61,065		)	(15,871		)	(29,441		)	(98,391		)	(10,807		)	—			—		(215,575		)
	77,268			53,148			295,661			14,703			2,419			—			—		443,199
Mineral interests (A)	1,658,389			26,642			—			—			—			44,033			—		1,729,064
Accumulated depletion	(179,015		)	(6,348		)	—			—			—			(11,678		)	—		(197,041		)
	1,479,374			20,294			—			—			—			32,355			—		1,532,023
Non-producing and development properties	—			—			—			—			—			—			142		142
Total mining properties	$	1,556,642		$	73,442		$	295,661		$	14,703		$	2,419		$	32,355		$	142	$	1,975,364



December 31, 2011	Palmarejo			San Bartolomé			Kensington			Rochester			Martha			Endeavor			Other		Total
Operational mining properties	$	134,296		$	68,684		$	321,456		$	112,826		$	12,643		$	—		$	—	$	649,905
Accumulated depletion	(53,060		)	(14,989		)	(27,160		)	(97,834		)	(10,373		)	—			—		(203,416		)
	81,236			53,695			294,296			14,992			2,270			—			—		446,489
Mineral interests (A)	1,658,389			26,642			—			—			—			44,033			—		1,729,064
Accumulated depletion	(158,627		)	(6,007		)	—			—			—			(10,034		)	—		(174,668		)
	1,499,762			20,635			—			—			—			33,999			—		1,554,396
Non-producing and development properties	—			—			—			—			—			—			142		142
Total mining properties	$	1,580,998		$	74,330		$	294,296		$	14,992		$	2,270		$	33,999		$	142	$	2,001,027


A.	See mineral interest explanations under operational mining properties for Palmarejo and San Bartolomé.

Operational Mining Properties

Palmarejo Mine: The Palmarejo silver and gold mine is an underground and surface mine located in the State of Chihuahua in northern Mexico, and its principal silver and gold properties are collectively referred to as the “Palmarejo mine.” On December 31, 2007, the Company completed its acquisition of all of the shares of Bolnisi and Palmarejo in exchange for a total of approximately 272 million shares of Coeur common stock and a total cash payment of approximately $1.1 million. The total consideration paid was $1.1 billion and assumed liabilities were $0.7 billion. This amount is presented in mineral interests in the above table. The Palmarejo mine commenced commercial production in April 2009.

San Bartolomé Mine: The San Bartolomé mine is a silver mine located near the city of Potosi, Bolivia. The mineral rights for the San Bartolomé project are held through long-term joint venture/lease agreements with several local independent mining co-operatives and the Bolivian state owned mining organization, ("COMIBOL"). These are presented in mineral interests in the table above. The Company commenced commercial production at San Bartolomé in June 2008.

Kensington Mine: The Kensington mine is an underground gold mine and consists of the Kensington and adjacent Jualin properties located on the east side of the Lynn Canal about 45 miles north-northwest of Juneau, Alaska. The Kensington mine commenced commercial production in July 2010.

Rochester Mine: The Company has conducted operations at the Rochester mine, located in Western Nevada, since September 1986. The mine utilizes the heap-leaching process to extract both silver and gold from ore mined using open pit methods. Rochester’s primary product is silver with gold produced as a by-product.

Martha Mine: The Martha mine is an underground silver mine located in Argentina. Coeur acquired a 100% interest in the Martha mine in April 2002.

Mineral Interests

Endeavor Mine: In May 2005, CDE Australia Pty Ltd, (“CDE Australia”), a wholly-owned subsidiary of Coeur acquired the silver production and reserves, up to a maximum 17.7 million payable ounces, contained at the Endeavor mine in Australia, which is owned and operated by Cobar Operations Pty. Limited (“Cobar”), a wholly-owned subsidiary of CBH Resources Ltd. (“CBH”). In March 2006, CDE Australia entered into an amended agreement under which it owns all silver production and reserves up to a total of 20.0 million payable ounces.

CDE Australia began realizing reductions in revenues in the fourth quarter of 2008 as a result of a silver price sharing provision that was part of the purchase agreement. CDE Australia has received approximately 3.8 million payable ounces to-date and the current ore reserve contains approximately 3.7 million payable ounces based on current metallurgical recovery and current smelter contract terms.

Non-Producing and Development Properties

Joaquin Project – Argentina: The Joaquin project is located in the Santa Cruz province of southern Argentina. The Company commenced exploration of this large property, consisting of over 28,450 hectares (70,300 acres) north of the Company's Martha silver and gold mine, in November 2007. Since that time the Company has defined silver and gold mineralization in two deposits at Joaquin, La Negra and La Morocha, and has recently commenced work on detailed drilling and other technical, economic and environmental programs which it expects will lead to completion of pre-feasibility and feasibility studies. The Company has not capitalized any expenditures associated with the Joaquin Project as of March 31, 2012.