McEwen Mining to Acquire Black Fox From Primero
August 10 2017 - 6:56AM
McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) (“McEwen”)
is pleased to announce that it has reached an agreement with
Primero Mining Corp. to purchase its Black Fox Complex and
associated assets and liabilities located in the world-famous gold
mining camp of Timmins, Canada. The agreed purchase price is $35
million, subject to closing adjustments. Definitive documentation
is expected to be completed before the end of this month.
“Buying the Black Fox Complex provides
fantastic synergies with our recently acquired Timmins deposits.
Our objective is to build a long-term production platform with a
robust pipeline of production, development and exploration assets,
all feeding into a single processing facility. This acquisition
will add immediately to our gold production, but is just the
beginning of a new chapter of growth for McEwen Mining,”
said Rob McEwen, Chairman and Chief Owner. “Black Fox comes
with a talented operating team, an underground mine producing
50-60,000 ounces of gold in 2017(1), a processing facility with
excess capacity, two future development opportunities, and
excellent exploration potential. Combined with our existing
portfolio of Timmins deposits, I believe this is a logical and
potent combination.”
About McEwen Mining
(www.mcewenmining.com)
McEwen Mining has the goal to qualify for
inclusion in the S&P 500 Index by creating a high growth gold
and silver producer focused in the Americas. McEwen Mining's
principal assets consist of the San José mine in Santa Cruz,
Argentina (49% interest), the El Gallo Gold mine and El Gallo
Silver project in Mexico, the Gold Bar project in Nevada, the
Timmins projects in Canada and the Los Azules copper project in
Argentina.
McEwen Mining has a total of 312 million shares
outstanding. Rob McEwen, Chairman and Chief Owner, owns 25% of the
Company.
1Primero Mining Inc. stated
2017 production guidance for Black Fox.
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, 2016 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.
CONTACT INFORMATION: |
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|
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Mihaela IancuInvestor Relations(647) 258-0395 ext
320info@mcewenmining.com
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Websitewww.mcewenmining.com
Facebookfacebook.com/mcewenrob
Twittertwitter.com/mcewenmining |
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Street WestSuite 2800,P.O. Box 24Toronto, Ontario, CanadaM5H
1J9(866) 441-0690 |
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