McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) is pleased
to announce consolidated quarterly production of 36,496 gold
equivalent ounces(1), comprised of 24,281 ounces gold and 916,168
ounces silver. For the three and nine months ended September 30,
2016, the Company reported net income of $4.2 million(2) or $0.01
per share and $25.5 million or $0.09 per share, respectively.
Earnings from mining operations(3) were $18.9 million and $57.7
million over the same periods. Net income for the three months
ended September 30, 2015 was $2.6 million or $0.01 per share and
net loss for the nine months ended September 30, 2015 was $5.5
million, or $0.02 per share.
For the three and nine months ended September
30, 2016, the Company generated $4.9 million and $24.4 million of
net cash flow from operations, respectively. We ended the third
quarter of 2016 with liquid assets(3) of $62.5 million composed of
cash of $38.8 million, precious metals of $16.6 million and
marketable securities of $7.1 million. The Company has no debt, and
has not done any financings, sold any metal streams, royalties, or
hedges against precious metals. As at October 31, 2016 we had
liquid assets of $60.3 million.
Our 2016 production guidance remains 99,500 gold
ounces and 3.3 million silver ounces, or approximately 144,000 gold
equivalent ounces. However, we are reducing our original guidance
for total cash costs and all-in sustaining costs (“AISC”) from $780
and $935 per gold equivalent ounce, respectively, to $700 and $860.
This is attributable to the reduced cost levels at the El Gallo
Mine in the first nine months, which we expect to continue for the
rest of this year.
In addition, the Company announces the promotion
of Xavier Ochoa from Chief Operating Officer to President and Chief
Operating Officer, effective immediately. Simultaneously, the
Company announces the departure of its former President, Colin
Sutherland.
The tables below provide selected operating and
financial results for Q3, comparative results for Q3 2015, and our
production and cost guidance for full year 2016. For our SEC Form
10-Q Financial Statements and MD&A please refer to:
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000314203
Table 1: Q3 Comparative Operating
Results(5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2016 |
|
|
Q3 2015 |
|
|
9 months 2016 |
|
|
Guidance FY2016 |
|
Revised Guidance FY2016 |
|
Corporate
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold ounces
produced |
|
|
|
24,281 |
|
|
|
|
31,689 |
|
|
|
|
81,145 |
|
|
|
|
99,500 |
|
|
|
99,500 |
|
|
Silver ounces
produced |
|
|
|
916,168 |
|
|
|
|
877,517 |
|
|
|
|
2,464,941 |
|
|
|
|
3,337,000 |
|
|
|
3,337,000 |
|
|
Gold equivalent ounces
produced(1) |
|
|
|
36,496 |
|
|
|
|
43,390 |
|
|
|
|
114,009 |
|
|
|
|
144,000 |
|
|
|
144,000 |
|
|
Gold equivalent total
cash cost ($/oz)(1)(3) |
|
|
$ |
677 |
|
|
|
$ |
674 |
|
|
|
$ |
667 |
|
|
|
$ |
780 |
|
|
$ |
700 |
|
|
Gold equivalent
co-product AISC ($/oz)(1)(3) |
|
|
$ |
884 |
|
|
|
$ |
914 |
|
|
|
$ |
876 |
|
|
|
$ |
935 |
|
|
$ |
860 |
|
|
Gold equivalent all-in
cost ($/oz)(1)(3) |
|
|
$ |
1,023 |
|
|
|
$ |
1,008 |
|
|
|
$ |
1,042 |
|
|
|
|
- |
|
|
|
- |
|
|
El Gallo Mine –
Mexico |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold ounces
produced |
|
|
|
11,754 |
|
|
|
|
19,488 |
|
|
|
|
47,306 |
|
|
|
|
54,500 |
|
|
|
54,500 |
|
|
Silver ounces
produced |
|
|
|
7,151 |
|
|
|
|
5,244 |
|
|
|
|
21,414 |
|
|
|
|
37,000 |
|
|
|
37,000 |
|
|
Gold equivalent ounces
produced(1) |
|
|
|
11,849 |
|
|
|
|
19,558 |
|
|
|
|
47,590 |
|
|
|
|
55,000 |
|
|
|
55,000 |
|
|
Gold equivalent total
cash cost ($/oz)(1)(3) |
|
|
$ |
598 |
|
|
|
$ |
454 |
|
|
|
$ |
483 |
|
|
|
$ |
780 |
|
|
$ |
550 |
|
|
Gold equivalent
co-product AISC ($/oz)(1)(3) |
|
|
$ |
680 |
|
|
|
$ |
570 |
|
|
|
$ |
559 |
|
|
|
$ |
840 |
|
|
$ |
620 |
|
|
San José
Mine(4) - Argentina |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold ounces
produced |
|
|
|
12,527 |
|
|
|
|
12,201 |
|
|
|
|
33,839 |
|
|
|
|
45,000 |
|
|
|
45,000 |
|
|
Silver ounces
produced |
|
|
|
909,017 |
|
|
|
|
872,273 |
|
|
|
|
2,443,527 |
|
|
|
|
3,300,000 |
|
|
|
3,300,000 |
|
|
Gold equivalent ounces
produced(1) |
|
|
|
24,647 |
|
|
|
|
23,832 |
|
|
|
|
66,419 |
|
|
|
|
89,000 |
|
|
|
89,000 |
|
|
Gold equivalent total
cash cost ($/oz)(1)(3) |
|
|
$ |
707 |
|
|
|
$ |
876 |
|
|
|
$ |
770 |
|
|
|
$ |
780 |
|
|
$ |
780 |
|
|
Gold equivalent
co-product AISC ($/oz)(1)(3) |
|
|
$ |
850 |
|
|
|
$ |
1,134 |
|
|
|
$ |
949 |
|
|
|
$ |
990 |
|
|
$ |
990 |
|
|
Table 2: Q3 Comparative Production and
Financial Results |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2016 |
|
|
Q3 2015 |
|
|
9 months 2016 |
|
|
9 months 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold equivalent
ounces sold |
|
|
|
35,879 |
|
|
|
|
41,829 |
|
|
|
|
110,830 |
|
|
|
|
115,526 |
|
|
El Gallo
Mine |
|
|
|
10,053 |
|
|
|
|
20,040 |
|
|
|
|
39,747 |
|
|
|
|
52,434 |
|
|
San José
Mine |
|
|
|
25,826 |
|
|
|
|
21,789 |
|
|
|
|
71,083 |
|
|
|
|
63,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
realized prices(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold
($/oz) |
|
|
$ |
1,328 |
|
|
|
$ |
1,106 |
|
|
|
$ |
1,262 |
|
|
|
$ |
1,161 |
|
|
Silver
($/oz) |
|
|
$ |
20.13 |
|
|
|
$ |
14.05 |
|
|
|
$ |
17.95 |
|
|
|
$ |
15.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Millions of U.S.
dollars except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from
Mining Operations(3) |
|
|
$ |
18.9 |
|
|
|
$ |
13.4 |
|
|
|
$ |
57.7 |
|
|
|
$ |
44.0 |
|
|
Earnings from mine
operations per share |
|
|
$ |
0.06 |
|
|
|
$ |
0.05 |
|
|
|
$ |
0.19 |
|
|
|
$ |
0.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow from
Operations |
|
|
$ |
4.9 |
|
|
|
$ |
10.7 |
|
|
|
$ |
24.4 |
|
|
|
$ |
16.6 |
|
|
Cash flow from
operations per share |
|
|
$ |
0.02 |
|
|
|
$ |
0.04 |
|
|
|
$ |
0.08 |
|
|
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss) |
|
|
$ |
4.2 |
|
|
|
$ |
2.6 |
|
|
|
$ |
25.5 |
|
|
|
$ |
(5.5 |
) |
|
Net Income (Loss) per
share |
|
|
$ |
0.01 |
|
|
|
$ |
0.01 |
|
|
|
$ |
0.09 |
|
|
|
$ |
(0.02 |
) |
|
|
|
|
|
|
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|
|
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|
Footnotes:
- Silver production is presented as a gold equivalent. Gold
equivalent calculations are based on prevailing spot prices at the
beginning of the year. The gold to silver ratio used for 2015 and
2016 is 75:1.
- All amounts are reported in US dollars unless otherwise
stated.
- Earnings from mining operations, total cash costs, all-in
sustaining costs (AISC), all-in costs, average realized prices, and
liquid assets, are non-GAAP financial performance measures with no
standardized definition under U.S. GAAP. Please see page 35 of the
Company’s quarterly report on Form 10-Q for the quarter ended
September 30, 2016. See “Cautionary Note Regarding Non-GAAP
Measures” for additional information, including definitions of
these terms.
- The San José Mine is owned by Minera Santa Cruz S.A. (“MSC”),
which is a joint venture 49% owned by McEwen Mining Inc. and 51%
owned and operated by Hochschild Mining plc. Figures include only
the portion attributable to us from our 49% interest in MSC.
- See “Cautionary Note Regarding Non-GAAP Measures” for
additional information about “Advanced-stage Projects”.
Operating & Financial
Highlights
ProductionProduction in Q3
totaled 36,496 gold equivalent ounces, which includes 11,849 gold
equivalent ounces from the El Gallo Mine, and 12,527 gold ounces
and 909,017 silver ounces attributable to us from our 49%(4)
interest in the San José Mine. Year to date production totaled
114,009 gold equivalent ounces, which includes 47,590 gold
equivalent ounces from the El Gallo Mine, and 33,839 gold ounces
and 2,443,527 silver ounces attributable from the San Jose
Mine.
Production Costs Consolidated total cash
costs, all-in sustaining costs (AISC) and all-in costs per gold
equivalent ounce in Q3 were $677, $884 and $1,023, respectively. At
the El Gallo Mine total cash costs and AISC were $598 and $680 per
gold equivalent ounce, respectively. At the San José Mine total
cash costs and AISC were $707 and $850 per gold equivalent ounce,
respectively.
Ounces SoldSales in Q3 totaled
35,879 gold equivalent ounces, including 22,976 gold ounces and
967,778 silver ounces. Year to date sales totaled 110,830 gold
equivalent ounces, comprised of 75,677 gold ounces and 2,636,594
silver ounces.
Earnings from Mining
OperationsEarnings from mining operations were $18.9
million or $0.06 per share for Q3, compared to earnings of $13.4
million or $0.05 per share for the three months ended September 30,
2015 (“Q3 2015”). For the nine months ended September 30, 2016
earnings from mining operations were $57.7 million or $0.19 per
share compared to $44 million or $0.15 per share for the nine
months ended September 30, 2015.
Cash FlowNet cash provided by
operations was $4.9 million or $0.02 per share for Q3, compared to
$10.7 million or $0.04 per share in Q3 2015. For the nine month
ended September 30, 2016, net cash provided by operations was $24.4
million or $0.08 per share compared to $16.6 million or $0.06 per
share for the prior year comparable period.
Net Income (Loss)Consolidated
net income was $4.2 million or $0.01 per share for Q3, compared to
$2.6 million or $0.01 per share in Q3 2015. For the nine months
ended September 30, 2016, net income was $25.5 million or $0.09 per
share compared to a loss of $5.5 million or a loss of $0.02 per
share in the prior year comparable period. The improved earnings
are a result of an increase in net income from our investment in
Minera Santa Cruz (“MSC”), partially offset by a small increase in
all-in sustaining costs at the El Gallo Mine compared to Q3 2015.
Furthermore, in 2015 the Company recognized impairment charges.
Average Realized PricesThe
average realized prices of gold and silver sold during Q3 were
$1,328 and $20.13 per ounce, respectively. On a year to date basis,
average realized prices of gold and silver sold were $1,262 and
$17.95, respectively.
TreasuryWe ended the third
quarter of 2016 with liquid assets of $62.5 million composed of
cash of $38.8 million, precious metals of $16.6 million and
marketable securities of $7.1 million. The Company has no
debt, and has not done any financings, sold any metal streams,
royalties, or hedges against precious metals. As at October 31,
2016 we had liquid assets of $60.3 million.
Return of Capital (Yield)
We paid the semi-annual return of capital
installment of a ½ cent per share, which was distributed to
shareholders of record on August 29, 2016. Based on our share price
yesterday our yield is 0.3% per share.
Redemption of Exchangeable
Shares
At its Annual Meeting held on June 6, 2016,
shareholders of McEwen Mining – Minera Andes Acquisition Corp.
voted to allow the early redemption of Exchangeable Shares. On
August 22, 2016 each remaining Exchangeable Share was redeemed for
one common share of McEwen Mining Inc. Now there is only one class
of shares outstanding, common shares and as at yesterday there are
300 million outstanding.
El Gallo Mine, Mexico (100%)
The El Gallo Mine produced 11,849 gold
equivalent ounces in Q3 2016, in line with our guidance, compared
to 19,558 gold equivalent ounces during the same period in 2015.
Production in Q3 was lower than the prior quarter due to lower
grade material, as we previously forecasted (1.4 gpt in Q3 2016 vs.
2.3 gpt in Q2 2016). This decrease in average grade is the
result of moving from the higher grade Samaniego pit to the lower
grade Lupita pit. Our full year guidance for El Gallo remains
55,000 gold equivalent ounces. A total of 47,590 gold equivalent
ounces have been produced in the nine months ended September 30,
2016.
For 2016, we have budgeted $4.0 million for
sustaining costs and capital expenditures, and $3.0 million for
exploration activities. During Q3 we spent $1.1 million at
the El Gallo Mine, which mostly related to the replacement of the
excess pond liner and other pond and site improvements, and $0.9
million in exploration activities both of which aligned with our
full year plans.
San José Mine, Argentina (49%)
Our attributable production from San José in Q3
was 12,527 gold ounces and 909,017 silver
ounces, for a total of 24,647 gold equivalent ounces.
Compared to Q3 2015, gold and silver production increased by 3% and
4% respectively. Tax reforms, including the elimination of export
tax on doré and concentrate, and other macroeconomic developments
in Argentina, as well as the devaluation of the Argentinean Peso,
have resulted in a significant improvement in operations and cash
flows at San José in 2016. As a result, we received $7.9 million in
dividends from MSC(4) in Q3. We have received $13.3 million
in dividends year-to-date against an original dividend forecast of
$7.5 million for 2016, and, in comparison, the Company received
$0.5 million in dividends for all of 2015. The Company expects to
receive additional dividends throughout the year provided gold and
silver prices remain at current or higher levels.
The 2016 exploration budget remains at the
increased level of $6.5 million. This is the first time in several
years that a significant budget has been allocated to
exploration.
Gold Bar Advanced-Stage Project(5),
Nevada, U.S. (100%)
As outlined in our Feasibility Study dated
September 19, 2015, the upside case for Gold Bar at $1,300/oz gold
provides improved economics over the original base case of
$1,150/oz.
The Company estimates that we will receive a
permitting decision from the Bureau of Land Management during the
third quarter of 2017. This final permit, if received, will allow
us to begin construction of the mine, which we estimate will take
12 months. Production is estimated to begin the following year in
2018. For 2016, we have budgeted approximately $3.5 million to be
spent towards advancing the project closer to the production stage,
of which $1.9 million has been spent during the nine-month period
ended September 30, 2016. Mine permitting and engineering
activities continue to advance at Gold Bar.
El Gallo Silver Advanced-stage
Project(5), Mexico (100%)
During the third quarter we continued to analyze
development plans for the El Gallo Silver
project.
Los Azules Exploration Project,
Argentina (100%)
The Company is nearing completion of an updated
Preliminary Economic Assessment (“PEA”) for Los Azules. We
believe the recent policy shifts in Argentina such as the
elimination of export taxes, the devaluation of the peso and the
lifting of certain import restrictions on equipment will improve
the economics of Los Azules over the previously published PEA
completed in 2013. For 2016, we have increased our budget
from $0.9 million to $3.4 million reflecting our recently increased
levels of study to advance the project. The Company
anticipates that the increased budget levels will continue into
2017 as it prepares to commence a drill program early next year,
contingent upon weather conditions as the winter season normally
ends during the fourth quarter of the calendar year.
|
Q3 2016 Conference Call Details |
McEwen Mining will be hosting a conference call to discuss the Q3
2016 resultsand project developments on: |
DATE Thursday November 3rd, 2016 at 11:00 am
ET |
|
WEBCAST: |
http://www.gowebcasting.com/lobby/8247 |
|
TELEPHONE: |
Participant Dial-in numbers: (877) 291-4570 (North
America) / (647) 788-4919
(International)Conference ID: 9405095 |
|
REPLAY: |
Dial-in numbers: (800) 585-8367 (North America) / (416) 621-4642
(International) |
Conference ID:
940509503/11/2016 14:00 ET
- 10/11/2016 23:59 ET |
About McEwen Mining
(www.mcewenmining.com)
McEwen Mining’s goal is to qualify for
inclusion in the S&P 500 Index by creating a high growth,
profitable gold and silver producer focused in the Americas and
Europe. McEwen Mining's principal assets consist of the San José
Mine in Santa Cruz, Argentina (49% interest), the El Gallo Mine and
El Gallo Silver project in Sinaloa, Mexico, the Gold Bar project in
Nevada, USA, and the Los Azules copper project in San Juan,
Argentina.
McEwen Mining has a total of 300 million
shares outstanding and 305 million fully diluted. Rob McEwen,
Chairman and Chief Owner, owns 25% of the Company.
TECHNICAL INFORMATION
The technical contents of this news release have
been reviewed and approved by Nathan M. Stubina , Ph.D., P.Eng.,
FCIM, Managing Director and a Qualified Person as defined by
Canadian Securities Administrators National Instrument 43-101
"Standards of Disclosure for Mineral Projects".
RELIABILITY OF INFORMATION REGARDING THE
SAN JOSÉ MINE
Minera Santa Cruz S.A., the owner of the San
José Mine, is responsible for and has supplied to the Company all
reported results from the San José Mine. McEwen Mining’s joint
venture partner, a subsidiary of Hochschild Mining plc, and its
affiliates other than MSC do not accept responsibility for the use
of project data or the adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING NON-GAAP
MEASURES
In this report, we have provided information
prepared or calculated according to U.S. GAAP, as well as some
non-U.S. GAAP ("non-GAAP") performance measures. Because the
non-GAAP performance measures do not have any standardized meaning
prescribed by U.S. GAAP, they may not be comparable to similar
measures presented by other companies.
Total Cash Costs and All-in Sustaining
CostsTotal cash costs consist of mining, processing,
on-site general and administrative costs, community and permitting
costs related to current explorations, royalty costs, refining and
treatment charges (for both doré and concentrate products), sales
costs, export taxes and operational stripping costs. All-in
sustaining cash costs consist of total cash costs (as described
above), plus environmental rehabilitation costs, amortization of
the asset retirement costs related to operating sites, sustaining
exploration and development costs, and sustaining capital
expenditures. In order to arrive at our consolidated all-in
sustaining costs, we also include corporate general and
administrative expenses. Depreciation is excluded from both total
cash costs and all-in sustaining cash costs. For both total cash
costs and all-in sustaining costs we include our attributable share
of total cash costs from operations where we hold less than a 100%
economic share in the production, such as MSC, where we hold a 49%
interest. Total cash cost and all-in sustaining cash cost per
ounce sold are calculated on a co-product basis by dividing the
respective proportionate share of the total cash costs and all-in
sustaining cash costs for the period attributable to each metal by
the ounces of each respective metal sold. We use and report these
measures to provide additional information regarding operational
efficiencies both on a consolidated and an individual mine basis,
and believe that these measures provide investors and analysts with
useful information about our underlying costs of operations. A
reconciliation to the nearest U.S. GAAP measure is provided in
McEwen Mining's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2016.
Earnings from Mining
OperationsThe term earnings from mining operations used in
this report is a non-GAAP financial measure. We use and report this
measure because we believe it provides investors and analysts with
a useful measure of the underlying earnings from our mining
operations. We define earnings from mining operations as gold and
silver revenues from our El Gallo 1 Mine and our 49% attributable
share of the San José mine's net sales, less their respective
production costs applicable to sales. To the extent that production
costs applicable to sales may include depreciation and amortization
expense related to the fair value increments on historical business
acquisitions (fair value paid in excess of the carrying value of
the underlying assets and liabilities assumed on the date of
acquisition), we deduct this expense in order to arrive at
production costs applicable to sales that only include depreciation
and amortization expense incurred at the mine-site level. The San
José Mine net sales and production costs applicable to sales are
presented, on a 100% basis, in Note 5 of McEwen Mining's quarterly
report on Form 10-Q for the quarter ended September 30, 2016.
Average Realized PricesThe term
average realized price per ounce used in this report is also a
non-GAAP financial measure. We report this measure to better
understand the price realized in each reporting period for gold and
silver. Average realized price is calculated as sales of gold
and silver (excluding commercial deductions) over the number of
ounces sold in the period.
Liquid AssetsLiquid assets
corresponds to “cash, investments and precious metals”, which is
also a non‑GAAP financial measure. We report this measure to better
understand our liquidity in each reporting period. Cash,
investments and precious metals are calculated as the sum of cash,
investments and ounces of doré held in inventories with precious
metals, valued at the London PM Fix spot price at the corresponding
period. A reconciliation between precious metals valued at cost and
precious metals valued at market value is provided in McEwen
Mining's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2016.
Advanced Stage
ProjectsAdvanced-stage properties consist of properties
for which a feasibility study has been completed indicating the
presence of mineralized material, and that have obtained or are in
the process of obtaining the required permitting for construction
and operation. Our designation of certain properties as
“Advanced-stage Properties” should not suggest that we have proven
or probable reserves at those properties as defined by the SEC
Industry Guide 7. In addition, as described under the
“Critical Accounting Policies” section contained in our annual
report on Form 10-K for the year ended December 31, 2015, we define
“Mine Development Costs” as the costs incurred to design and
construct mining and processing facilities, including engineering
and metallurgical studies, drilling, and other related costs to
delineate an ore body, and the removal of overburden to initially
expose an ore body at open pit surface or underground mines. Since
no proven and probable reserves have been established on any of our
properties except for our 49% interest in the San José mine, mine
development costs are not capitalized at any of the our properties,
but rather are expensed as incurred, and allocated within “Mine
Development Costs” in the Consolidated Statement of Operations and
Comprehensive Income.
CAUTION CONCERNING FORWARD-LOOKING
STATEMENTS
This news release contains certain
forward-looking statements and information, including
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. The forward-looking
statements and information expressed, as at the date of this news
release, McEwen Mining Inc.'s (the "Company") estimates, forecasts,
projections, expectations or beliefs as to future events and
results. Forward-looking statements and information are necessarily
based upon a number of estimates and assumptions that, while
considered reasonable by management, are inherently subject to
significant business, economic and competitive uncertainties, risks
and contingencies, and there can be no assurance that such
statements and information will prove to be accurate. Therefore,
actual results and future events could differ materially from those
anticipated in such statements and information. Risks and
uncertainties that could cause results or future events to differ
materially from current expectations expressed or implied by the
forward-looking statements and information include, but are not
limited to, factors associated with fluctuations in the market
price of precious metals, mining industry risks, political,
economic, social and security risks associated with foreign
operations, the ability of the corporation to receive or receive in
a timely manner permits or other approvals required in connection
with operations, risks associated with the construction of mining
operations and commencement of production and the projected costs
thereof, risks related to litigation, the state of the capital
markets, environmental risks and hazards, uncertainty as to
calculation of mineral resources and reserves, and other risks. The
Company’s dividend policy will be reviewed periodically by the
Board of Directors and is subject to change based on certain
factors such as the capital needs of the Company and its future
operating results. Readers should not place undue reliance on
forward-looking statements or information included herein, which
speak only as of the date hereof. The Company undertakes no
obligation to reissue or update forward-looking statements or
information as a result of new information or events after the date
hereof except as may be required by law. See McEwen Mining's Annual
Report on Form 10-K for the fiscal year ended December 31, 2015 and
other filings with the Securities and Exchange Commission, under
the caption "Risk Factors", for additional information on risks,
uncertainties and other factors relating to the forward-looking
statements and information regarding the Company. All
forward-looking statements and information made in this news
release are qualified by this cautionary statement.
The NYSE and TSX have not reviewed and do not
accept responsibility for the adequacy or accuracy of the contents
of this news release, which has been prepared by management of
McEwen Mining Inc.
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CONTACT INFORMATION: |
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Mihaela
IancuInvestor Relations(647) 258-0395 ext
320info@mcewenmining.com |
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Christina
McCarthyDirector of Corporate Development(647) 258-0395
ext 390corporatedevelopment@mcewenmining.com |
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150 King Street
WestSuite 2800,P.O. Box 24Toronto, Ontario, CanadaM5H 1J9(866)
441-0690 |
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Websitewww.mcewenmining.com |
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Facebookfacebook.com/mcewenrob |
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Twittertwitter.com/mcewenmining |
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