Organizational Changes Announced
VANCOUVER, British Columbia – August 9, 2016 – Tahoe Resources Inc. (“Tahoe” or the “Company”) (TSX: THO, NYSE: TAHO) today announced strong financial and operations results for the second quarter and first half of 2016, including record half-year silver and gold production as well as record levels of revenue and cash flow per share for both the quarter and year to date. The Company also announced the election of Ron Clayton as President & Chief Executive Officer (“CEO”) and Elizabeth McGregor as Vice President & Chief Financial Officer (“CFO”), effective August 16, 2016.

Highlights of the second quarter (“Q2”) and first half (“Q2 YTD”) 2016 include:
Record half-year production of 11.4 million ounces silver and 167,168 ounces gold.
Q2 2016 production totaling 5.7 million ounces silver and 109,687 ounces gold.
La Arena mine pours one millionth gold ounce in May 2016.
Record revenue of $228.3 million in Q2 2016 and $360.4 million in Q2 YTD 2016.
Total cash costs(1) and all-in sustaining costs(1) (“AISC”) for gold and silver average below full-year target ranges.
Record cash flow provided by operating activities before changes in working capital of $116.0 million or $0.38 per share in Q2 2016 and $185.3 million or $0.69 per share in Q2 YTD 2016.
Adjusted earnings(1) of $57.9 million or $0.19 per share (basic and diluted) in Q2 2016 and $93.4 million or $0.35 per share (basic and diluted) in Q2 YTD 2016.
Earnings of $16.7 million or $0.05 per share (basic and diluted) in Q2 2016 and $54.6 million or $0.20 per share (basic and diluted) in Q2 YTD 2016.
Total dividends of $18.4 million and $32.1 million paid to shareholders in Q2 2016 and Q2 YTD 2016, respectively.
Total cash and cash equivalents at June 30, 2016 of $151.7 million.

Footnote:
(1) Example of non-GAAP measure. See Cautionary Note on Non-GAAP Measures

Key developments during the quarter included the acquisition of Lake Shore Gold Corp. (“Lake Shore Gold”) on April 1, 2016, the achievement of commercial production for the Phase 1 operation at the Shahuindo gold mine, and the advancement of Phase 2 development at Shahuindo. Also, the Company commenced a new shaft project at the Bell Creek mine in Timmins designed to increase production and significantly extend mine life. In addition, the Company acquired a 2% net smelter return royalty related to production at Bell Creek and signed a letter of intent to acquire the 30% of the Whitney Project that Tahoe does not already own. The Whitney Project covers nearly 9 km2 of highly prospective property located approximately 4 km from the Bell Creek Mill in Timmins, Ontario.

Kevin McArthur, Tahoe’s executive chair commented, “We had a very strong first half of 2016, including record performance from Escobal in Guatemala and excellent progress growing gold production in Peru and Canada. We achieved commercial production at Shahuindo in May and have seen our Peruvian operations perform very well. With the completion of the Lake Shore Gold acquisition in April, we have added significant gold production in Canada, as well a number of very attractive growth opportunities around the Timmins Camp. Given our low-cost operations and higher precious metals prices, we achieved record operating cash flow per share in the first half of the year. Our balance sheet remains strong which will sustain our dividends program and allow us to execute our growth initiatives at Shahuindo and the Timmins operations.”

Improvements to 2016 Guidance
Based on operating results during the first six months of 2016, and expectations for the second half of the year, the Company expects to achieve the top end of its 2016 guidance for silver production of 18 to 21 million ounces of silver in concentrates. The Company’s 2016 gold production guidance remains unchanged at 370,000 to 430,000 ounces.

Total cash costs and AISC for silver are expected to beat the 2016 guidance ranges announced on April 4, 2016. As a result, the Company today announced improved guidance ranges for these measures, which are provided below. Total cash costs and AISC for gold remain unchanged. (See “2016 Guidance” for more information.)

The difference between net earnings and adjusted net earnings in Q2 2016 and Q2 YTD 2016 mainly reflected the impact of $10.3 million and $11.0 million, respectively, of transaction costs related to the acquisition of Lake Shore Gold on April 1, 2016 and a $32.3 million non-cash loss related to the redemption of Lake Shore Gold’s 6.25% convertible debentures into Tahoe shares. The loss on debentures was attributable to the appreciation of Tahoe’s share price between the date of the Lake Shore Gold acquisition and the completion of the redemption on May 16, 2016.

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http://www.tahoeresources.com/tahoe-resources-reports-record-revenue-and-cash-flow-per-share/

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