MINING PROPERTIES

Mining properties consist of the following (in thousands):



September 30, 2013	Palmarejo			San Bartolomé			Kensington			Rochester			Endeavor			La Preciosa		Joaquin		Total
Mining properties	$	170,789		$	70,371		$	345,447		$	148,626		$	—		$	—	$	—	$	735,233
Accumulated depletion	(101,687		)	(21,270		)	(68,909		)	(102,105		)	—			—		—		(293,971		)
	69,102			49,101			276,538			46,521			—			—		—		441,262
Mineral interests	1,660,580			26,643			—			—			44,033			408,352		93,429		2,233,037
Accumulated depletion	(282,339		)	(8,398		)	—			—			(17,563		)	—		—		(308,300		)
	1,378,241			18,245			—			—			26,470			408,352		93,429		1,924,737
Total mining properties	$	1,447,343		$	67,346		$	276,538		$	46,521		$	26,470		$	408,352	$	93,429	$	2,365,999



December 31, 2012	Palmarejo			San Bartolomé			Kensington			Rochester			Endeavor			Joaquin		Total
Mining properties	$	155,722		$	70,322		$	333,619		$	114,973		$	—		$	—	$	674,636
Accumulated depletion	(82,037		)	(18,439		)	(46,649		)	(100,437		)	—			—		(247,562		)
	73,685			51,883			286,970			14,536			—			—		427,074
Mineral interests	1,658,389			26,642			—			—			44,033			93,429		1,822,493
Accumulated depletion	(235,795		)	(7,338		)	—			—			(14,625		)	—		(257,758		)
	1,422,594			19,304			—			—			29,408			93,429		1,564,735
Total mining properties	$	1,496,279		$	71,187		$	286,970		$	14,536		$	29,408		$	93,429	$	1,991,809

Operational Mining Properties

Palmarejo Mine: Palmarejo is located in the State of Chihuahua in northern Mexico, and its principal silver and gold properties are collectively referred to as the “Palmarejo mine.” The Palmarejo mine commenced 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”). 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 Company commenced commercial production in July of 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.

Mineral Interests

Endeavor Mine: In May 2005, CDE Australia Pty Ltd ("CDE Australia"), a wholly-owned subsidiary of the Company, 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, a wholly-owned subsidiary of CBH Resources Ltd. 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 4.7 million payable ounces to date and the current ore reserve contains approximately 4.0 million payable ounces based on current metallurgical recovery and current smelter contract terms.

La Preciosa Project: On April 16, 2013, the Company completed its acquisition of Orko Silver Corporation (“Orko”), which holds the La Preciosa silver-gold project in Durango, Mexico.

Joaquin Project: The Joaquin project is located in the Santa Cruz province of southern Argentina. The Company commenced exploration of this large property located north of the Company's Martha silver mine in November 2007 and acquired 100% in December 2012. Since that time, the Company has defined silver and gold mineralization in two deposits at Joaquin, La Negra and La Morocha, collectively referred to as the "Joaquin Project." The company continues to explore and develop the project.