We had expected Coeur’s stock price to do better than it has done so far and to close the gap on its competitors.

We are taking (CDE: NYSE) off the buy list and putting on the hold list for now. The reason being that a gap has opened up between CDE and other silver producers.

We will watch and hope that this gap can be closed by CDE making better progress. Recent results showed that third quarter profits were five times higher than the same period a year ago. This should help, however we need CDE to demonstrate that it can keep up with other silver producers in this group.

Hold for now, do not make any further purchases until the momentum and stock price improves.

18 November 2006