McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) reports
consolidated production for the full year of
2019
was
134,316 gold ounces and
3,365,846 silver ounces, or
174,420 gold equivalent ounces(1)(“GEOs”), within
our revised 2019 guidance range of 169,000 to 176,000 GEOs (see
Table 1).
Table 1 - Consolidated 2019 Production
Summary |
|
Q4 |
Full Year |
Full Year 2019 Guidance |
2018 |
2019 |
2018 |
2019 |
Gold |
29,291 |
36,087 |
135,124 |
134,316 |
131,000-138,000 |
Silver |
819,473 |
864,949 |
3,032,727 |
3,365,846 |
3,225,000 |
GEOs(1) |
40,217 |
46,263 |
175,561 |
174,420 |
169,000-176,000 |
Rob McEwen, Chairman and Chief Owner commented:
“2019 was a year of exploration highs overshadowed by
production lows. After issuing two disappointing reductions in
production guidance we finally achieved our guidance. The problems
that plagued us in 2019 were largely unique events that will not be
reoccurring. Exploration will continue to be a key focus at Stock
West, Grey Fox, Black Fox and Gold Bar, where we see the potential
to create the greatest near-term value.”
San José Mine, Santa Cruz, Argentina
(49%(2))
San José exceeded the full year guidance for
2019 of 49,000 gold ounces and 3,225,000 silver ounces. Our
attributable production from San José in 2019 was
51,684 gold ounces and 3,354,487
silver ounces, for a total of 91,654 GEOs.
El Gallo Project, Sinaloa, Mexico
(100%)
El Gallo delivered on guidance by producing
16,333 GEOs in 2019 from residual leaching of the
heap leach pad.
Gold Bar Mine, Nevada
(100%)
Gold Bar produced 30,712 GEOs
in 2019, within our revised full year production guidance of 30,000
to 33,000 GEOs. In Q4, production was 9,713 GEOs.
Throughput at the crushing plant slowed in Q4 with the onset of
winter, and we expect that to persist through Q1 2020.
Black Fox Mine, Timmins, Canada
(100%)
Black Fox produced 35,721 GEOs
in 2019, close to our revised full year production guidance of
36,000 to 40,000 GEOs. In Q4, production was 9,887
GEOs.
Financial Results
Operating costs for the quarter ended December 31, 2019
will be released with our 10-K Annual Financial Statements in late
February 2020.
Notes: |
(1) |
'Gold
Equivalent Ounces' are calculated based on a 75:1 gold to silver
price ratio for Q1 2019, 88:1 for Q2 2019, 87:1 for Q3 2019, and
85:1 for Q4 2019. 2019 GEO Guidance assumed a 85:1 ratio. |
(2) |
The
San José Mine is 49% owned by McEwen Mining Inc. and 51% owned and
operated by Hochschild Mining plc. |
ABOUT MCEWEN MINING
McEwen Mining is a diversified gold and silver
producer and explorer with operating mines in Nevada, Canada,
Mexico and Argentina. It also owns a large copper deposit in
Argentina. McEwen’s goal is to create a profitable gold and silver
producer focused in the Americas.
McEwen has approximately 400 million shares
outstanding. Rob McEwen, Chairman and Chief Owner, owns 20% of the
shares.
Reliability of Information Regarding San
JoséMinera 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.
Technical InformationThe
technical content of this news release has been reviewed and
approved by Chris Stewart, P.Eng., President & COO of McEwen
Mining and a Qualified Person as defined by Canadian Securities
Administrators National Instrument 43-101 "Standards of Disclosure
for Mineral Projects."
CAUTION CONCERNING FORWARD-LOOKING
STATEMENTSThis 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.
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, 2018 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: |
|
Investor Relations:(866)-441-0690 Toll
Free(647)-258-0395Mihaela Iancu ext.
320info@mcewenmining.com |
Website:
www.mcewenmining.comFacebook:
facebook.com/mcewenminingFacebook:
facebook.com/mcewenrobTwitter:
twitter.com/mcewenminingTwitter: twitter.com/robmcewenmuxInstagram:
instagram.com/mcewenmining |
150 King Street WestSuite 2800, P.O. Box 24Toronto, ON, CanadaM5H
1J9 |
McEwen Mining (NYSE:MUX)
Historical Stock Chart
From Aug 2024 to Sep 2024
McEwen Mining (NYSE:MUX)
Historical Stock Chart
From Sep 2023 to Sep 2024