McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) (“McEwen
Mining” or the “Company”) reports that it has filed the new
Preliminary Economic Assessment prepared in accordance with
National Instrument 43-101 (“NI 43-101”) on its 100% owned El Gallo
Complex (the “PEA“).
Some of the details in the PEA document filed
today differ from those disclosed in the news release
dated May 25, 2018 entitled “McEwen Mining Announces New
Preliminary Economic Assessment – Extending Life An Additional 10
Years in Mexico.” Please disregard the May 25, 2018 news
release.
The differences are listed below:
|
Prior Disclosure |
Finalized PEA |
Change |
Mine Life |
10 yrs |
12 yrs |
Increased 2 yrs |
Base Case After-Tax IRR |
25% |
28% |
Increased 3% |
Upside Case After-Tax IRR |
30% |
33% |
Increased 3% |
Base Case Payback Period |
4.0 |
4.1 |
Increased 0.1 yrs |
Upside Case Payback Period |
3.8 |
3.9 |
Increased 0.1 yrs |
Upside Case After-Tax NPV |
$77 million |
$75 million |
Decreased $2 million |
Heap Leach Pad Contained AuEq oz |
197,285 |
185,179 |
Decreased 6% |
Heap Leach Pad Recovered AuEq oz |
172,989 |
162,958 |
Decreased 6% |
Total Contained AuEq oz |
679,106 |
667,001 |
Decreased 2% |
Total Recovered AuEq oz |
572,981 |
562,950 |
Decreased 2% |
Average Mined Grade |
1.17 g/t AuEq |
1.20 g/t AuEq |
Increased 2.6% |
The PEA is available for review on our website
and SEDAR (http://www.sedar.com).
This PEA study evaluates the potential extension
of production from the El Gallo Complex in Sinaloa, Mexico. The
proposed development plan evaluated in the PEA is called Project
Fenix. The key outcomes of Project Fenix include an average annual
production rate of 47,000 ounces gold equivalent (AuEq), a 12-year
mine life, low initial capital cost of $41 million, mine pay-back
of 4.1 years, and an after-tax IRR of 28% at current gold and
silver prices.
Summary of the Project Fenix (Base Case)
PEA at $1,250/oz gold and $16/oz silver prices(1)(2):
- Estimated initial capital cost of $41 million for Phase 1 and
$30 million for Phase 2
- Pay-back period of 4.1 years
- 28% after-tax IRR and $60 million NPV at 5% discount rate
- $12.7 million of average annual cash flow from operations from
year 2 onwards
- 47,000 ounces average annual AuEq production
- Cash cost of $704 and $857 per ounce AuEq for Phases 1 and 2
respectively
- 12-year Life-of-Mine (LOM)
- Updated resource estimate totaling 13 million tonnes at an
average grade of 0.39 g/t gold and 77 g/t silver (Measured and
Indicated) containing 591,000 oz AuEq, and 5.7 million tonnes at an
average grade of 0.81 g/t gold and 27 g/t silver (Inferred)
containing 214,000 oz AuEq
The PEA was prepared by GR Engineering Services
Limited (GRES), an engineering, consulting and contracting company,
under the direction of McEwen Mining in accordance with the
requirements of Canadian National Instrument 43-101 “Standards of
Disclosure for Mineral Projects” (“NI 43-101”). Contact details for
GRES can be found after the footnotes below.
Financial Analysis
The project base case generates an after-tax net
present value (NPV5%) of $60 million, an IRR of
28%, and an annual average after-tax cash flow from operations of
$12.7 million per year of operation after the completion of Phase
2.
Table 1: After-Tax Financial Results for 3
Scenarios
|
Downside Case$1,200/oz Au, $15/oz
Ag+ 30% Capex Increase |
Base Case$1,250/oz Au, $16/oz
Ag |
Upside Case$1,300/oz Au, $17/oz
Ag |
Phase 1 Capex |
$53 million |
$41 million |
$41 million |
Phase 2 Capex |
$40 million |
$30 million |
$30 million |
IRR |
14% |
28% |
33% |
NPV@5% Discount Rate |
$30 million |
$60 million |
$75 million |
Payback Period |
6.5 years |
4.1 years |
3.9 years |
Figure 1: Graph of After-Tax Cash Flows
http://mcewenmining.com/files/doc_news/archive/20180706_fenix_pea/20180706_fenix_pea_fig_1.pdf
Mining and Processing Details
The Fenix Project involves a two-phase
development process. Phase 1 includes the reprocessing of material
on the gold heap leach pad at the existing El Gallo Gold Mine, and
Phase 2 includes the processing of open pit gold and silver
mineralization from several deposits including El Gallo Silver,
Palmarito, El Encuentro and Carrisalejo.
The process plant would use conventional and
proven mineral processing and precious metals recovery
technologies. Phase 1 would have a throughput rate of 5,000 tonnes
per day (tpd). During Phase 2 fresh mineralized material from the
higher grade silver deposits (El Gallo Silver primarily) can only
be processed at a maximum of 3,250 tpd.
The selected process recovery methods are based
on separate treatment of heap leach material (Phase 1) and fresh
mineralised material from other deposits (Phase 2). Phase 1
operation would target gold recovery from the heap leach pad
material using a conventional ball grinding mill and a hybrid
carbon-in-leach (CIL) circuit to recover gold onto activated
carbon. Industry standard elution, electrowinning and smelting
circuits would be used to produce a doré product.
In Phase 2 the process facility would be
modified to enable treatment of mineralized material from El Gallo
Silver followed by other deposits in the complex. Phase 2
operations would employ conventional flotation technology followed
by intensive leaching and zinc precipitation using the Merrill
Crowe process for silver and gold recovery. The Phase 1 CIL plant
would continue to be used for leaching of the flotation tailings to
maximize overall silver recoveries during Phase 2. Phase 2 would
also use the existing three stage crushing plant to prepare
material for delivery to the grinding circuit.
Tailings produced during the operation would be
stored in a mined-out open pit at the El Gallo Gold Mine. As part
of this process, tailings deposition would include a delivery
system designed to maximize tailings consolidation and water
recovery.
The proposed process plant and the El Gallo
Silver deposit are separated by about 6.5 km; requiring
construction of a dedicated haul road for the transport of
mineralized material. A new substation and power line would connect
both projects to the national electrical grid.
Over the mine life, production would total 17.2
million tonnes of mineralized material at an average head grade
1.20 g/t AuEq containing 667 koz AuEq, and recovering a total of
563 koz AuEq. The planned production schedule is shown on Table
2.
Table 2: Production Summary
|
Gold(g/t) |
Silver(g/t) |
ProductionModel(tonnes) |
Waste(tonnes) |
StripRatio |
ContainedMetal(oz AuEq) |
RecoveredMetal(oz AuEq) |
% ofRecoveredozs AuEq |
El Gallo Heap Leach Pad(3) |
0.64 |
0 |
9,024,027 |
0 |
N/A |
185,179 |
162,958 |
29% |
El Gallo Silver(4) |
0.11 |
117.2 |
5,413,000 |
20,468,000 |
3.8 |
291,432 |
248,502 |
44% |
Palmarito(5) |
0.37 |
149.9 |
1,796,194 |
5,518,199 |
3.1 |
136,948 |
104,863 |
19% |
Carrisalejo |
0.60 |
95.0 |
263,177 |
1,472,104 |
5.6 |
15,763 |
12,894 |
2% |
El Encuentro |
1.56 |
2.2 |
736,540 |
5,660,945 |
7.7 |
37,678 |
33,733 |
6% |
TOTALS |
1.20 g/t AuEq |
17,232,938 |
33,119,248 |
N/A |
667,001 |
562,950 |
100% |
Capital and Operating Costs
The Fenix Project’s low up-front capital
requirements are primarily due to:
- Utilizing existing infrastructure at the El Gallo Gold
Mine;
- Commissioning a tailings storage facility in an existing pit,
and
- Significantly reducing the required leach tank volumes for El
Gallo Silver processing.
Phase 1 initial capital expenditure is estimated
at $41 million, Phase 2 additional expansion capital expenditure is
$30 million, and sustaining capital and closure obligations of $10
million brings the total LOM capital required to $81 million.
Mining and operating costs were estimated based
on process design criteria, equipment lease rates, labor, reagent,
grid power supply, diesel fuel, explosives, maintenance, and other
miscellaneous costs. All costs are in Q1 2018 dollars.
Table 3: Operating Cost / oz
Summary
|
Cash Cost(6)per oz
AuEq |
AISC(7)per oz
AuEq |
Phase 1(8) |
$704 |
$704 |
Phase 2 |
$857 |
$877 |
Overall Project |
$836 |
$853 |
Table 4: Capital Cost Summary
Description |
Phase 1 ($ million) |
Phase 2 ($ million) |
Sustaining ($ million) |
Process Plant Direct Costs |
$28.9 |
$16.6 |
|
Infrastructure & Owners |
$1.4 |
$0.8 |
$4.5 |
Indirect Costs |
$7.4 |
$6.0 |
|
Contingency |
$3.2 |
$2.0 |
|
Mining |
$0.0 |
$5.0 |
$5.0 |
Total |
$40.9 |
$30.4 |
$9.5 |
Project Total |
|
$80.8 |
|
Table 5: Operating Cost Per Tonne Summary
Resource |
Plant Opex ($/t) |
Mining ($/t) |
Haulage ($/t) |
G & A ($/t) |
Total Opex ($/t) |
El Gallo Heap Leach Pad(9)(10) |
$10.77 |
$0.53 |
$0.00 |
$2.50 |
$13.80 |
El Gallo Silver |
$21.50 |
$8.61 |
$2.00 |
$3.85 |
$35.96 |
Palmarito |
$21.50 |
$7.33 |
$7.00 |
$3.57 |
$39.40 |
Carrisalejo |
$21.50 |
$11.87 |
$2.00 |
$3.13 |
$38.50 |
El Encuentro |
$15.00 |
$15.63 |
$6.00 |
$3.13 |
$39.76 |
Existing Permits
The current operation at the El Gallo Gold Mine
is a fully permitted open pit mine with a heap leach and ADR
process facilities. El Gallo Silver and Palmarito are fully
permitted for the construction of a CIL mill and drystack tailings
facility. Some amendments to the permits are required for Project
Fenix.
Future Permitting &
Timing
Phase 1 requires amendment of the current
permits to include the construction of a mill and leach circuit at
the location of the existing El Gallo Gold Mine for the
reprocessing of the heap leach pad material. The permit amendment
will also include the backfilling of the Samaniego pit with mill
tailings as part of an integrated concurrent closure plan for the
El Gallo Gold Mine. Phase 2 permitting will require authorization
to augment the tailings volume to be stored in the Samaniego pit,
and El Gallo Silver permits require amendments to change the
processing location to El Gallo Gold.
The Fenix Project has CONAGUA(11) approval for
the extraction of groundwater and for the construction of
wells.
Advancing the project will require permit
amendments and approval by the Federal Environmental Authority
(SEMARNAT) for Phase 1 and subsequently for Phase 2.
The Company seeks to obtain approval of the
Phase 1 El Gallo permit modifications by Q4 2018 and Phase 2
approvals by Q3 2019. Further project advancement in 2019 is
subject to permit approvals.
Resource Estimates
Estimated resources for the Fenix Project are
comprised only of material within the boundaries of conceptual pit
shells, except for the El Gallo heap leach pad and Palmarito dumps,
which are considered available for reprocessing.
Table 6: Mineral Resource
Estimates(12)
El Gallo Silver |
|
|
|
|
|
In Optimised Pit Shell(13) |
Tonnes |
Silver Grade |
Silver |
Gold Grade |
Gold |
Potential COG(14) = 50 g/t Ag |
(kt) |
(g/t) |
(Koz) |
(g/t) |
(koz) |
Measured |
1,057 |
150 |
5,088 |
0.09 |
3 |
Indicated |
4,436 |
120 |
17,053 |
0.13 |
19 |
Measured and Indicated |
5,493 |
125 |
22,140 |
0.12 |
22 |
Inferred |
564 |
82 |
1,488 |
0.38 |
7 |
Palmarito |
|
|
|
|
|
In Optimised Pit Shell(13) |
Tonnes |
Silver Grade |
Silver |
Gold Grade |
Gold |
Potential COG(14) = 70g/t Ag |
(kt) |
(g/t) |
(koz) |
(g/t) |
(koz) |
Measured |
1,653 |
136 |
7,245 |
0.38 |
20 |
Indicated |
11 |
148 |
52 |
0.23 |
0 |
Measured and Indicated |
1,664 |
136 |
7,297 |
0.38 |
20 |
Inferred |
528 |
133 |
2,258 |
0.30 |
5 |
Palmarito Dumps |
|
|
|
|
|
|
Tonnes |
Silver Grade |
Silver |
Gold Grade |
Gold |
Potential COG(14) = 52g/t Ag |
(kt) |
(g/t) |
(koz) |
(g/t) |
(koz) |
Measured |
177 |
177 |
1,007 |
0.29 |
2 |
Indicated |
68 |
154 |
338 |
0.24 |
1 |
Measured and Indicated |
246 |
170 |
1,345 |
0.28 |
2 |
Inferred |
0 |
0 |
0 |
0.00 |
0 |
Carrisalejo |
|
|
|
|
|
In Optimised Pit Shell(13) |
Tonnes |
Silver Grade |
Silver |
Gold Grade |
Gold |
Potential COG(14) = 46g/t Ag |
(Kt) |
(g/t) |
(koz) |
(g/t) |
(koz) |
Measured |
0 |
0 |
0 |
0.00 |
0 |
Indicated |
391 |
116 |
1,454 |
0.11 |
1 |
Measured and Indicated |
391 |
116 |
1,454 |
0.11 |
1 |
Inferred |
42 |
821 |
1,111 |
0.02 |
0 |
El Encuentro |
|
|
|
|
|
In Optimised Pit Shell(13) |
Tonnes |
Silver Grade |
Silver |
Gold Grade |
Gold |
Potential COG(14) = 0.78 g/t Au |
(kt) |
(g/t) |
(koz) |
(g/t) |
(koz) |
Measured |
0 |
0 |
0 |
0.00 |
0 |
Indicated |
534 |
2 |
42 |
1.87 |
32 |
Measured and Indicated |
534 |
2 |
42 |
1.87 |
32 |
Inferred |
190 |
19 |
117 |
5.68 |
35 |
El Gallo Heap Leach Pad |
|
|
|
|
|
|
Tonnes |
Silver Grade |
Silver |
Gold Grade |
Gold |
Potential COG(14) = 0 g/t Au |
(kt) |
(g/t) |
(koz) |
(g/t) |
(koz) |
Measured |
0 |
0 |
0 |
0.00 |
0 |
Indicated |
4,679 |
0 |
0 |
0.56 |
84 |
Measured and Indicated |
4,679 |
0 |
0 |
0.56 |
84 |
Inferred |
4,352 |
0 |
0 |
0.72 |
101 |
Totals |
|
|
|
|
|
In Optimised Pit Shells(13) |
Tonnes |
Silver Grade |
Silver |
Gold Grade |
Gold |
Potential COGs variable(14) |
(kt) |
(g/t) |
(koz) |
(g/t) |
(koz) |
Measured |
2,887 |
144 |
13,340 |
0.27 |
25 |
Indicated |
10,119 |
58 |
18,938 |
0.42 |
137 |
Measured and Indicated |
13,006 |
77 |
32,277 |
0.39 |
161 |
Inferred |
5,678 |
27 |
4,974 |
0.81 |
148 |
Metallurgical Testing
Preliminary metallurgical test work conducted in
2018 indicated that the El Gallo Gold heap leach pad material would
be amenable to direct cyanidation following conventional grinding.
Test work identified moderate levels of soluble copper and
zinc.
From 2010 to 2016 extensive metallurgical test
work has been conducted on samples from the El Gallo Silver deposit
using a direct cyanidation flow sheet. From 2017 to 2018
metallurgical test work has been focused on using conventional
flotation techniques to separate the slower leaching minerals to
enable separate cyanide leaching of bulk flotation concentrate and
flotation tailings streams with tailored leach conditions to reduce
overall size of the leaching circuit.
Results have proved favorable and a flowsheet
incorporating bulk flotation and separate leaching of bulk
flotation concentrates and tailings for treatment of El Gallo
Silver has been adopted.
Historical test work records have been utilized
to gain a preliminary understanding of the remaining resources
along with some scoping test work conducted in 2018 to determine
how material from the other higher-grade gold and silver deposits
included in the conceptual production schedule would respond to the
selected flowsheet.
Table 7: LOM Metal Recoveries for the
Production Model
Resource Area |
LOM Gold Recovery |
LOM Silver Recovery |
El Gallo Heap Leach Pad |
88% |
- |
El Gallo Silver |
75% |
86% |
Palmarito |
85% |
75% |
Carrisalejo |
75% |
85% |
El Encuentro |
90% |
65% |
Results from the scoping tests indicate that the
Carrisalejo material will likely perform similarly to El Gallo
Silver with respect to silver recovery. Scoping test results showed
only modest silver recovery from flotation for the Palmarito
sample. However, separate cyanide leaching of the bulk flotation
concentrates and flotation tailings streams achieved positive
results. The treatment process for Palmarito and Carrisalejo open
pit material has therefore been assumed to be similar to El Gallo
Silver pending confirmation through additional sampling and
metallurgical test work.
For the PEA metallurgical samples selected for
testing were assumed to be representative. Note that the Palmarito,
Carrisalejo and El Encuentro deposits included in the production
schedule have only been subjected to scoping level metallurgical
test work using the selected process flowsheet. Further
sampling and test work is required to better understand the
response of each of the deposits to the selected
flowsheet.
Exploration
In recent years, exploration efforts at the El
Gallo Complex have focused on both near-mine and property-wide
targets. Near-mine drilling efforts have been successful in
delineating and extending mineralization near the Samaniego and
Sagrado Corazon pits. The new gold mineralization generally
contains sulfides that could be processed in the Phase 2 process
plant. At the property scale significant mineralization has been
confirmed at the El Encuentro zone, which is located 10 km from the
El Gallo Gold Mine.
A property-wide soil geochemical survey was
completed earlier this year and results indicate the potential for
extensions of known zones of sulfide mineralization. In addition,
multiple targets were identified from the survey, and field
evaluation and ranking of targets for drill testing is in
progress.
Further Optimization, Cost Reductions
and Project Potential
The Company believes there are opportunities to
further improve the economics of the Fenix Project through ongoing
testing and trade-off studies that will be continued throughout
2018.
Capital cost estimates for the project
are to a level of accuracy that is consistent with a PEA technical
report. During the next 14 months
we will continue to review mineral processing, mine
sequencing, material transportation and tailings disposal
options; and the flow sheet will be optimized by
undertaking trade-off studies, update cost models and additional
metallurgical testwork.
FOOTNOTES
(1) |
|
All amounts
are in U.S. Dollars. “g/t” means grams per metric tonne, “oz” means
ounce(s), “IRR” means Internal Rate of Return, “LOM” means
life-of-mine. |
(2) |
|
All
references to AuEq are based on a 75 Ag oz to 1 Au oz ratio. |
(3) |
|
The heap
leach pad spent ore resource number assumes a cutoff grade that
permits processing of the entire pad whereas blocks within the
leach pad model will be mobilized while mining which will make them
difficult to segregate; sub-cutoff leach pad material will
inherently have potential acid generating sulfide liabilities if
placed in our waste dumps and so it will be prudent to process the
entire leach pad and place tailings in the Samaniego pit at an
overall environmental and economic benefit. |
(4) |
|
Production
numbers for El Gallo Silver are taken from designed pits from prior
studies, which do not differ materially from published optimized
pit resource numbers. |
(5) |
|
Production
numbers for Palmarito are also taken from designed pits from prior
studies, and do not differ materially from published optimized pit
resource numbers. |
(6) |
|
Cash cost
is calculated by dividing total life-of-mine production costs by
total ounces produced. |
(7) |
|
All-in
sustaining costs (AISC) is calculated by dividing the sum of all
cash costs plus, sustaining capital and reclamation costs by total
ounces produced. |
(8) |
|
There are
no sustaining capital costs for Phase 1. |
(9) |
|
Mining of
heap leach spent ore requires no drilling or blasting. |
(10) |
|
The heap
leach pad is located immediately adjacent to the proposed plant
location requiring no separate haulage costs in addition to
mining. |
(11) |
|
CONAGUA is
the Mexican federal water authority (Comision Nacional del
Agua). |
(12) |
|
Mineral
Resources are not Mineral Reserves and do not have demonstrated
economic viability. There is no certainty that all or any
part of the Mineral Resources estimated will be converted into
Mineral Reserves. Numbers in the table have been rounded to reflect
the accuracy of the estimate and may not sum due to rounding. |
(13) |
|
Resources
stated as contained within a potentially economically minable open
pit; pit optimization parameters are: USD$1,250/oz Au, &
USD$18.00/oz Ag. Resource models have been developed based on gold
and silver recoveries from historical testwork programs, which were
based on a different process flow sheet to what has been adopted
for the project. |
(14) |
|
Cutoff
Grades vary by pit according to parameters. |
Details for GR Engineering Services
Limited: GR ENGINEERING SERVICES
LIMITED Tel: +61 8 6272 6000 Fax: +61 8 6272 6001 Email:
gres@gres.com.au Website: www.gres.com.au PO Box 258, Belmont
WA 6984 71 Daly Street, Ascot WA 6104
QUALIFIED PERSONS
Responsible Person |
|
Company |
|
Primary Areas of Responsibility |
Luke Willis |
|
McEwen |
|
Geology, Drilling, Resource Estimates, Sampling and Data
Verification. |
Xavier Ochoa |
|
McEwen |
|
Mining, Infrastructure &Tailings, Permitting and Financial
Analysis |
Brendan Mulvihill |
|
GRES |
|
Metallurgical, Process Plant Capex and Opex |
The technical contents of this news release have
been reviewed and approved by Nathan M. Stubina, Ph.D., P.Eng.,
FCIM, Managing Director and Xavier L. Ochoa, QP Member of the
Mining and Metallurgical Society of America, and Qualified Persons
as defined by Canadian Securities Administrator National Instrument
43-101 "Standards of Disclosure for Mineral Projects".
CAUTIONARY NOTE TO US INVESTORS
REGARDING RESOURCE ESTIMATIONMcEwen Mining prepares its
resource estimates in accordance with standards of the Canadian
Institute of Mining, Metallurgy and Petroleum referred to in
Canadian National Instrument 43-101 (NI 43-101). These standards
are different from the standards generally permitted in reports
filed with the SEC. Under NI 43-101, McEwen Mining reports
measured, indicated and inferred resources, measurements, which are
generally not permitted in filings made with the SEC. The
estimation of measured resources and indicated resources involve
greater uncertainty as to their existence and economic feasibility
than the estimation of proven and probable reserves. U.S. investors
are cautioned not to assume that any part of measured or indicated
resources will ever be converted into economically mineable
reserves. The estimation of inferred resources involves far greater
uncertainty as to their existence and economic viability than the
estimation of other categories of resources.
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. 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, 2017 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.
ABOUT MCEWEN MINING
McEwen has the goal to qualify for inclusion in
the S&P 500 Index by creating a profitable gold and silver
producer focused in the Americas. McEwen’s principal assets consist
of: the San José mine in Santa Cruz, Argentina (49% interest); the
El Gallo mine in Mexico; the Black Fox mine in Timmins, Canada; the
Gold Bar mine in Nevada, currently under construction; and the
large Los Azules copper project in Argentina, advancing towards
development.
McEwen has a total of 337 million shares
outstanding. Rob McEwen, Chairman and Chief Owner, owns 24% of the
shares.
CONTACT INFORMATION: |
|
Mihaela IancuInvestor Relations(647)-258-0395 ext
320info@mcewenmining.com |
Website:
www.mcewenmining.comFacebook:
facebook.com/mcewenrob Twitter:
twitter.com/mcewenminingInstagram:
instagram.com/mcewenmining |
150 King
Street WestSuite 2800, P.O. Box 24Toronto, ON, CanadaM5H 1J9(866)
441-0690 |
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