COEUR D’ALENE, Idaho–(BUSINESS WIRE)– Hecla Mining Company (NYSE:HL) today reported results from another successful year of exploration.
HIGHLIGHTS (Comparisons to 12/31/15)
- Proven and probable silver reserve of 172.3 million ounces, a 2% decrease; calculated using $14.50/oz, the same as 2015 and among the lowest in the industry.
- Measured and Indicated silver resources increased 6% to 171.5 million ounces and Inferred silver resources increased 28% to 464 million ounces, both 125 year records.
- Proven and probable gold reserves of 2.0 million ounces, a decrease of 3%, calculated using $1,200/oz, among the lowest quartile gold prices in the industry. Measured and Indicated gold resources are up 4% to 4.8 million ounces. Inferred gold resources up 6% to 1.8 million ounces.
- At San Sebastian, new high-grade, precious metal reserves have been defined and are the basis for a recently initiated underground mining development, which is extending the mine life. In addition, new high-grade discoveries have been made on Middle and East Francine veins.
- Acquired Lakeshore/Tahoe’s 50% interest in the Lakeshore Joint Venture that flanks Casa Berardi and the property is now 100% Hecla owned; surface drilling planned in 2017.
- Exploration expenditures (including corporate development) in 2017 are projected to be between $20 and $25 million, up from $14.7 million in 2016, in part reflecting more aggressive exploration programs at San Sebastian, Casa Berardi and Greens Creek.