McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) reports
consolidated production for Q2 2021 was 31,700 gold ounces and
611,800 silver ounces, or
40,800 gold equivalent
ounces(1)(“GEOs”), compared to 19,200 GEOs in Q2 2020. Overall
production from our operations is on track with our previously
announced 2021 production guidance.
Consolidated Production
Summary
|
Q1 |
Q2 |
H1 |
2021Guidance |
2020 |
2021 |
2020 |
2021 |
2020 |
2021 |
Gold (oz) |
29,200 |
23,300 |
15,700 |
31,700 |
44,900 |
55,000 |
110,500-127,900 |
Silver (oz) |
553,200 |
493,200 |
359,400 |
611,800 |
912,600 |
1,105,000 |
2,300,000-2,450,000 |
GEOs(1) |
36,100 |
30,600 |
19,200 |
40,800 |
55,300 |
71,400 |
141,000-160,400 |
Gold Bar Mine, Nevada
(100%)
During the quarter, Gold Bar produced
14,100 GEOs, compared to 6,100 GEOs in Q2
2020.
Black Fox Mine, Timmins, Canada
(100%)
Black Fox produced 7,100 GEOs
during the period, compared to 2,200 GEOs for Q2 2020. Mining at
Black Fox has begun transitioning to the Froome deposit, where a
progressive ramp-up is planned through Q3, with commercial
production expected in Q4.
San José Mine, Santa Cruz, Argentina
(49%(2))
During Q2, San José produced 9,300 gold ounces
and 607,000 silver ounces, for a total of 18,300
GEOs, compared to 9,000 GEOs in Q2 2020. The Company received
$2.5 million in dividends during the quarter.
El Gallo Project, Sinaloa, Mexico
(100%)
In Q2, El Gallo produced 1,300
GEOs from residual leaching of the heap leach pad.
Financial Results
Operating costs for
the quarter ended June 30, 2021 will be released with our 10-Q
Quarterly Financial Statements. Liquid assets(3) as of June 30,
2021 were approximately $44 million.
Notes:(1) 'Gold Equivalent
Ounces' are calculated based on a gold to silver price ratio of
94:1 for Q1 2020, 104:1 for Q2 2020, 68:1 for Q1 2021, and 68:1 for
Q2 2021.(2) The San José Mine is 49% owned by
McEwen Mining Inc. and 51% owned and operated by Hochschild Mining
plc.(3) The term liquid assets used in this report
is a non-GAAP financial measure. We report this measure to better
understand our liquidity in each reporting period. Liquid assets
are calculated as the sum of the Balance Sheet line items of cash
and cash equivalents, restricted cash and investments, plus ounces
of doré held in precious metals inventories valued at the London PM
Fix spot price at the corresponding period.
Technical InformationThe
technical content of this news release has been reviewed and
approved by Peter Mah, P.Eng., COO of McEwen Mining and a Qualified
Person as defined by Canadian Securities Administrators National
Instrument 43-101 "Standards of Disclosure for Mineral
Projects."
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.
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, effects of the
COVID-19 pandemic, 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, 2020, 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 the management of
McEwen Mining Inc.
ABOUT MCEWEN MINING
McEwen Mining is a diversified gold and silver producer and
explorer focused in the Americas with operating mines in Nevada,
Canada, Mexico and Argentina.
CONTACT
INFORMATION: |
|
Investor Relations:(866)-441-0690 Toll
Free(647)-258-0395Mihaela Iancu ext.
320info@mcewenmining.com |
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