<SEC-DOCUMENT>0001193125-15-075471.txt : 20150421
<SEC-HEADER>0001193125-15-075471.hdr.sgml : 20150421
<ACCEPTANCE-DATETIME>20150303192733
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-15-075471
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20150303

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Coeur Mining, Inc.
		CENTRAL INDEX KEY:			0000215466
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				820109423
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		104 SOUTH MICHIGAN AVENUE
		STREET 2:		SUITE 900
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60603
		BUSINESS PHONE:		312-489-5800

	MAIL ADDRESS:	
		STREET 1:		104 SOUTH MICHIGAN AVENUE
		STREET 2:		SUITE 900
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60603

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COEUR D ALENE MINES CORP
		DATE OF NAME CHANGE:	19920703
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<TYPE>CORRESP
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Gibson, Dunn&nbsp;&amp; Crutcher LLP</B></FONT></P>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px" align="left">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>200 Park Avenue</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>New York, NY 10166-0193</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Tel 212.351.4000</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>www.gibsondunn.com</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">March 3, 2015 </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>VIA EDGAR CORRESPONDENCE </U></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">United States
Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Division of Corporation Finance </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">100 F Street, N.E. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, D.C. 20549 </FONT></P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;John Reynolds, Assistant Director </FONT></TD></TR></TABLE>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ms.&nbsp;Pamela Howell </FONT></TD></TR></TABLE>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ms.&nbsp;Hillary Daniels </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Re:</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response to SEC Staff Comment Letter dated February&nbsp;23, 2015 </B></FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Coeur Mining, Inc. </B></FONT></TD></TR></TABLE>
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<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Amendment No.&nbsp;1 to Registration Statement on Form S-4 </B></FONT></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Filed February&nbsp;9, 2015 </B></FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>File No.&nbsp;333-201382 </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dear
Mr.&nbsp;Reynolds, Ms.&nbsp;Howell and Ms.&nbsp;Daniels: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On behalf of Coeur Mining, Inc. (&#147;Coeur&#148;), this letter
responds to your letter, dated February&nbsp;23, 2015 (the &#147;Comment Letter&#148;), regarding the above referenced filing (as amended from time to time, the &#147;Registration Statement&#148;) relating to the proposed acquisition of Paramount
Gold and Silver Corp. (&#147;Paramount&#148;) by Coeur. Amendment No.&nbsp;2 to the Registration Statement (&#147;Amendment No.&nbsp;2&#148;) is being filed today by electronic submission. For your convenience, we have provided under separate cover
four marked copies of Amendment No.&nbsp;2, which have been marked to show all changes made since Amendment No.&nbsp;1 to the Registration Statement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Set forth below are Coeur&#146;s responses to the comments of the Staff of the Division of Corporation Finance (the &#147;Staff&#148;) of the U.S. Securities and Exchange Commission (the
&#147;Commission&#148;) contained in the Comment Letter. For convenience of reference, the Staff&#146;s comments have been reproduced herein in bold. Please note that all page numbers in our responses are references to the page numbers of Amendment
No.&nbsp;2 as filed on EDGAR, unless otherwise noted. Capitalized terms used but not defined in this letter have the meanings ascribed thereto in the Registration Statement. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;John Reynolds </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Ms.&nbsp;Pamela Howell </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ms.&nbsp;Hillary Daniels </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">March 3, 2015 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page 2 </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Opinion of Coeur&#146;s Financial Advisor, page 48 </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Comment 1: We note that the discounted cash flow analysis included the consensus pricing of gold and silver in one scenario and Coeur pricing in the other scenario. Please revise to include the
consensus pricing and the Coeur pricing. In addition, please disclose the Estimated Capital Savings used in the Selected Companies Analysis and Selected Transactions Analysis. </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The applicable disclosure in the Registration Statement has been revised in response to this Comment. Please see pages 53 and 80 of
Amendment No.&nbsp;2. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>The Modified San Miguel Projections, page 78 </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Comment 2: Please provide clear disclosure in this section as to the modifications and assumptions for the four modifications to the San Miguel Projections. In addition, please advise us as to the
considerations made in determining the time period included in these calculations. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The applicable disclosure in the
Registration Statement has been revised in response to this Comment. Please see page 80 of Amendment No.&nbsp;2. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition,
Coeur respectfully advises the Staff that it believes that the most relevant projections for investors to consider are for the next five years. Among other uncertainties, commodities prices and mine development plans are subject to significant
variation over time, and using a longer period would lower Coeur&#146;s confidence in the veracity of the projections. In addition, a discounted cash flow analysis inherently diminishes the value contribution from cash flows in future periods, and
this diminution becomes greater the longer the time period involved. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>The Voting and Support Agreement, page 83 </U></B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment 3: We note your response to comment 17 and we reissue the comment. Please include the amount and percent of shares of Paramount that
shareholders have agreed to vote in favor of the merger agreement in your next amendment. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The applicable disclosure in
the Registration Statement has been revised in response to this Comment. Please see pages 10 and 89 of Amendment No.&nbsp;2. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Exhibits
</U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment 4: We note your response to comment 19 and we reissue the comment. Please file the executed legal and tax opinions prior to
requesting effectiveness and allow us sufficient time to review. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Coeur respectfully advises the Staff that the legal and
tax opinions will be executed on and dated the date that the Registration Statement is declared effective, as required by the closing conditions in the merger agreement. At that time, fully executed legal and tax opinions will be filed as exhibits
to the Registration Statement. Coeur confirms to the Staff that the fully executed opinions will be identical in all respects to the forms of opinion filed with Amendment No. 2. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">* * * </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;John Reynolds </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Ms.&nbsp;Pamela Howell </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ms.&nbsp;Hillary Daniels </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">March 3, 2015 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page 3 </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, in connection with Comment 1 in your previous letter, dated January&nbsp;29, 2015, Coeur notes for the Staff that the
financial statements of Coeur for the year ended December&nbsp;31, 2014 have been incorporated by reference in Amendment No.&nbsp;2 and, therefore, Coeur has recalculated the significance tests using such 2014 figures to determine whether Coeur is
required to file pro forma financial information required by Article 11 of Regulation S-X (&#147;Article 11&#148;). The calculations below continue to use the audited financial information of Paramount for its year ended June&nbsp;30, 2014.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Coeur respectfully notes that no pro forma financial information is required by Article 11 because the significance of the
Paramount acquisition, as calculated pursuant to Regulation S-X, Rule 1-02(w) (&#147;Rule 1-02(w)&#148;), is less than 20%. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Item&nbsp;5 of Form S-4 requires disclosure of financial information, if any, required by Article 11. Rule 11-01(a) of Regulation S-X
requires pro forma financial information in circumstances where a &#147;significant&#148; business combination has occurred or is probable. An acquisition is considered significant for these purposes if the business to be acquired would be
significant pursuant to the conditions of Rule 1-02(w) at the 20% level. Accordingly, pro forma financial information with respect to the Paramount acquisition would be required in the Registration Statement only if one of the following conditions
were met: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) Coeur&#146;s investments in and advances to Paramount exceed 20% of the total consolidated assets of Coeur as
of the end of Coeur&#146;s most recently completed fiscal year (the &#147;investment test&#148;); </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) Coeur&#146;s
proportionate share of Paramount&#146;s total assets (after intercompany eliminations) exceeds 20% of Coeur&#146;s total consolidated assets as of the end of Coeur&#146;s most recently completed fiscal year (the &#147;assets test&#148;); or
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) Coeur&#146;s equity in income from continuing operations before income taxes, extraordinary items and cumulative effect
of a change in accounting principle exclusive of amounts attributable to any noncontrolling interests (&#147;Test Income&#148;) of Paramount exceeds 20% of such income of Coeur on a consolidated basis for Coeur&#146;s most recently completed fiscal
year (the &#147;income test&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Based on this definition, the Paramount business to be acquired does not meet any of the
three tests. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Coeur&#146;s most recently completed fiscal year for which financial statements are included in the Registration
Statement is the year ended December&nbsp;31, 2014. Coeur&#146;s consolidated total assets as of December&nbsp;31, 2014 were $1,455.4 million. Paramount&#146;s most recently completed fiscal year ended June&nbsp;30, 2014. Paramount&#146;s
consolidated total assets at June&nbsp;30, 2014 were $62.3 million. As such, Paramount&#146;s significance under the assets test is 4.3%. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;John Reynolds </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Ms.&nbsp;Pamela Howell </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ms.&nbsp;Hillary Daniels </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">March 3, 2015 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page 4 </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The proposed acquisition of Paramount by Coeur is to be accounted for by the purchase method of accounting. The purchase price of
Paramount (the &#147;investment in and advances to&#148; Paramount) is approximately $154.7 million (calculated as 32.7&nbsp;million shares at the announcement date 20 day VWAP of $4.47 plus $8.5 million equity financing of SpinCo). As such,
Paramount&#146;s significance under the investment test is 10.6%. The final purchase price will be based on Coeur&#146;s stock price at the closing date; however, to be considered significant, Coeur&#146;s stock price would need to reach $8.64.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Coeur&#146;s Test Income for the year ended December&nbsp;31, 2014 was $(1,615.1) million, and Paramount&#146;s Test Income
for the year ended June&nbsp;30, 2014 was $(11.1) million. As such, Paramount&#146;s significance under the income test is 0.7%. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">* * * </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If you
have any questions or comments or require further information with respect to the foregoing, please do not hesitate to call the undersigned at (212)&nbsp;351-3879. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sincerely, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">/s/ Steven R. Shoemate, Esq. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Steven R. Shoemate, Esq.
</FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mitchell J. Krebs </FONT></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Coeur Mining, Inc. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Casey M. Nault </FONT></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Coeur Mining, Inc. </FONT></TD></TR></TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
