McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) today
reported fourth quarter and full year results for the period ended
December 31, 2021.
- Cash and liquid
assets(2) and working capital at December
31, 2021 were $63.5 million and $32.6
million, respectively.
- Our operations delivered
production in line with our guidance. For the full year
2021, production was 154,410 gold equivalent
ounces (GEOs)(1), above the midpoint of guidance
for the year and 34% higher than 2020
production.
- Production costs/oz for
2021 decreased compared to 2020 and additional reductions remain a
focus. Cash costs(2) per GEO sold from our 100%-owned
mines in 2021 were $1,453 representing a decrease
of 18% compared to 2020. All-in sustaining costs
(“AISC”)(2) per GEO sold from our 100%-owned mines
in 2021 were $1,635, representing a decrease of
21% compared to 2020.
- For 2022, our gold
equivalent production guidance is 153,000 to 172,000
GEOs (see Table 5).
- We continued to invest
aggressively in exploration, completing 254,800
feet (77,700 meters) of drilling at the Fox Complex, and
17,500 feet (5,300 meters) of drilling at Gold
Bar.
- Our 100%-owned mines generated a
cash gross profit of $17.3 million(2) in 2021 and
a gross loss of $6.5 million. Cash gross profit
(loss) is calculated by adding back depletion and depreciation to
gross profit (loss).
- Our consolidated net loss in 2021
of $56.7 million, or $0.12 per
share, relates primarily to investment of $35.0
million in advanced projects and exploration, general and
administrative costs of $11.4 million, and a gross
loss of $6.5 million from our operations.
- Fox Complex PEA outlined potential
to extend the mine life by 9 years, generating average annual
production of 80,800 gold ounces at average cash
costs and AISC per ounce of $769 and
$1,246, respectively.
- A webcast will be held on
Wednesday, March 9th at 2
pm EST. Please see the details further below.
Table 1. Production for Q4 & 12
months (“12M”) ended December 31, 2021,
compared to Q4 & 12M ended December 31, 2020.
|
2021 vs 2020 |
Increased Production in Q4 2021 |
Increased Production in 2021 |
|
Q4 2021 |
Q4 2020 |
Q4 2021 vs Q4
2020 |
2021 |
2020 |
2021 vs 2020 |
|
(GEOs) |
(GEOs) |
(GEOs) |
(GEOs) |
|
|
|
|
|
|
Gold Bar Mine, Nevada |
9,950 |
6,000 |
+66 |
% |
43,850 |
28,000 |
+57 |
% |
|
Fox Complex, Canada |
9,500 |
8,000 |
+18 |
% |
30,060 |
24,400 |
+23 |
% |
|
San José Mine, Argentina |
20,200 |
14,600 |
+38 |
% |
76,800 |
54,500 |
+41 |
% |
Table 2. Cash costs and AISC per ounce sold for
12M ended December 31, 2021, compared to 12M ended
December 31, 2020.
|
2021 vs 2020 |
Cash Costs |
AISC |
|
2021 |
2020 |
2021 vs 2020 |
2021 |
2020 |
2021 vs 2020 |
|
($/GEO) |
($/GEO) |
($/GEO) |
($/GEO) |
|
|
|
|
|
|
Gold Bar Mine, Nevada |
1,687 |
2,106 |
-20 |
% |
1,753 |
2,459 |
-29 |
% |
|
Fox Complex, Canada |
1,108 |
1,397 |
-21 |
% |
1,461 |
1,650 |
-11 |
% |
|
San José Mine, Argentina |
1,262 |
1,233 |
+2 |
% |
1,603 |
1,514 |
+6 |
% |
Table 3. Liquidity on December
31st, 2021 and December
31st, 2020.
|
(Millions of Dollars) |
|
Dec 31st,
2021 |
|
Dec 31st, 2020 |
|
| |
|
|
|
|
|
|
Cash and cash equivalents |
|
$54.3 |
|
$20.8 |
|
|
Liquid assets(2) |
|
63.5 |
|
25.9 |
|
|
Working capital |
|
32.6 |
|
7.9 |
|
|
Debt principal |
|
50.0 |
|
50.0 |
|
| |
|
|
|
|
|
Table 4. Financial results Q4 & 12M
2021, compared to Q4 & 12M 2020.
|
|
|
2021 |
|
2020 |
|
(Millions of Dollars) |
Q4 |
12M |
Q4 |
12M |
|
Revenue |
$35.0 |
$136.5 |
$27.7 |
$104.8 |
|
Cash gross profit (loss)(2) |
|
1.2 |
|
17.3 |
|
(6.9) |
|
(4.0) |
|
Gross profit (loss) |
|
(5.9) |
|
(6.5) |
|
(13.7) |
|
(27.0) |
|
Net loss |
|
(21.0) |
|
(56.7) |
|
(23.5) |
|
(152.3) |
|
(Dollars) |
|
|
|
|
|
Net loss per share |
|
(0.05) |
|
(0.12) |
|
(0.06) |
|
(0.38) |
Operations Update
Fox Complex Canada (100%
Interest)
Fox production for Q4 and 12M 2021 was
18% and 23% higher, respectively,
compared to Q4 and 12M 2020. Cash costs and AISC per ounce sold for
the 12M period both dropped by 21% and
11%, respectively, compared to 12M 2020.
Black Fox mine wound down during 2021 as
production shifted to the Froome mine. We realized a milestone on
September 19th, 2021 when commercial production was reached at the
Froome mine, three months ahead of schedule. To date, mineralized
material extracted from the Froome mine produced grades that are
consistent with the resources model and mine plan.
On January 26, 2022, we announced the results of
our PEA for the Fox Complex. The PEA presents estimates for a
positive business case for the Fox Complex expansion project, with
potential average gold production of 80,800 gold ounces per year
over nine (9) years, after the depletion of the current resources
at Froome. The economic analysis estimates an after-tax IRR of
21% at a gold price of $1,650/oz, and average cash
costs and AISC per ounce of gold of $769 and
$1,246, respectively. Additional exploration work
on the Fox Complex properties will be conducted throughout 2022 to
support ongoing studies necessary to advance the expansion project
and shorten the payback period.
We remain focused on our principal exploration
goal of cost-effectively discovering and extending gold deposits
adjacent to our existing operations, that can contribute to
near-term gold production. During 2021, we incurred $15.0
million in exploration initiatives at Fox. The exploration
budget for 2022 at the complex is $10.0
million.
Gold Bar Mine, USA (100%
Interest)
Gold Bar production for Q4 and 12M 2021 was
66% and 57% higher, respectively,
compared to Q4 and 12M 2020. Production increased significantly in
2021, primarily due to improved heap leach operating efficiencies
and no materially adverse COVID-19 impacts on operations. Cash
costs and AISC per ounce sold for the 12M period dropped by
20% and 29%, respectively,
compared to 12M 2020.
The permitting process to access ore at Gold Bar
South satellite deposit is ongoing and we anticipate receiving the
permit in Q1 of 2022. The initiation of gold production from Gold
Bar South is planned for the second half of 2022.
In 2021, we spent $4.2 million
on exploration activities, including metallurgical, geotechnical
and drilling programs for a cumulative 8,620 feet (2,627 m) at
Ridge and Tonkin Rooster. Delineation drilling programs were
conducted at Atlas Pit, SW Pick Extension, and Cabin North, with a
cumulative 8,629 feet (2,632m) completed. Delineation drilling at
Cabin North and the SW Pick Extension is ongoing. The Gold Bar
exploration budget for 2022 is $2.5 million.
San José Mine, Argentina (49%
Interest)
San José attributable production(3) for Q4 and
12M was 38% and 41% higher,
respectively, compared to Q4 and 12M 2020. Cash costs and AISC per
ounce sold for the 12M period increased by 2% and
6%, respectively, compared to 12M 2020.
Gold and silver production increased in 2021 due
to the lifting of COVID-19 restrictions that impacted operations
throughout 2020. We received $10 million in
dividends from our interest in San José in 2021, compared to $0.3
million received in 2020.
McEwen Copper (81%
Interest)
Activities at Los Azules ramped up in Q4, with
the opening of the seasonal exploration road, the activation of two
camps, the start of construction of a new all-year access road, and
the preparation of drill pads and roads to support the current
drilling program. Drilling started in January 2022 and there are
currently five rigs operating, increasing to seven in March.
On February 17th, 2022, Michael Meding joined as
Vice President responsible for the overall direction and management
of the Los Azules project. Mr. Meding has over 20 years of
international experience, primarily with major mining companies
such as Barrick Gold and Trafigura, including extensive experience
with project development and operations in Argentina. While at
Barrick Gold's Veladero mine in Argentina, he played a key
role in the turnaround, extension of the mine life, and subsequent
strategic partnering with Shandong Gold.
An extensive team of experts have been engaged
to advance the Los Azules project to a pre-feasibility stage,
including the following:
- Bechtel
Corporation, the largest construction company in America
with a long history of advancing, building and developing large
copper concentrators and infrastructure projects globally,
including the recent feasibility study update on the El Pachon
project approximately 75 km south of Los Azules;
- Samuel
Engineering, who will help oversee project
management, controls, metallurgy and processing plant design, is a
full service multi-disciplinary project development and execution
company bringing a team with extensive experience in large South
American copper projects, including past involvement at the Los
Azules project;
- Stantec, a full
service engineering and consulting firm, with offices in
Argentina, Chile, and Peru, will focus on geology,
resource and reserve estimates, mining engineering, hydrology,
geotechnical and the design of tailings, waste, and water
management facility;
- Whittle
Consulting from Australia, with over 35 years of
leadership in the field of integrated strategic planning and
optimization; and
- McLennan
Design in Seattle, led by Jason F. McLennan, a
prominent figure in the field of architecture and green building
movement. McLennan is the creator of the Living Building
Challenge – the most stringent and progressive green building
program in existence.
Our overarching goal is to design a mine
that will be the model for copper mining in the
21st century, one
that supplies the raw material to enable a greener world, while
incorporating the use of renewable energy sources and technological
innovation for a low-carbon footprint and energy efficient
mining.
Table 5 below provides
production and cost results for Q4 and the full year 2021, with
comparative results from 2020 and our guidance range for 2022.
|
|
Q4 |
Full Year |
Full Year 2022Guidance Range |
|
2020 |
2021 |
2020 |
2021 |
|
Consolidated Production |
|
|
|
|
|
| Gold (oz) |
24,100 |
31,300 |
92,100 |
118,500 |
118,000-133,000 |
| Silver (oz) |
532,400 |
682,700 |
2,020,000 |
2,572,000 |
2,520,000-2,800,000 |
|
GEOs(1) |
30,100 |
40,150 |
114,800 |
154,410 |
153,000-172,000 |
|
Gold Bar Mine, Nevada |
|
|
|
|
|
| GEOs(1) |
6,000 |
9,950 |
28,000 |
43,850 |
38,000-44,000 |
| Cash Costs ($/GEO)(1) |
3,439 |
2,038 |
2,106 |
1,687 |
|
| AISC
($/GEO)(1) |
3,726 |
2,104 |
2,459 |
1,753 |
|
|
Fox Complex, Canada |
|
|
|
|
|
| GEOs(1) |
8,000 |
9,460 |
24,400 |
30,060 |
44,000-49,000 |
| Cash Costs ($/GEO)(1) |
1,307 |
1,122 |
1,397 |
1,108 |
|
| AISC
($/GEO)(1) |
1,439 |
1,760 |
1,650 |
1,461 |
|
|
San José Mine, Argentina (49%) |
|
|
|
|
|
| Gold production (oz)(3) |
8,700 |
11,300 |
31,800 |
40,900 |
34,500-38,500 |
| Silver production (oz)(3) |
531,500 |
682,700 |
2,013,000 |
2,572,500 |
2,520,000-2,800,000 |
| GEOs(1)(3) |
14,600 |
20,200 |
54,500 |
76,800 |
69,500-77,500 |
| Cash Costs ($/GEO)(1) |
1,234 |
1,708 |
1,233 |
1,262 |
|
| AISC
($/GEO)(1) |
1,455 |
2,043 |
1,514 |
1,603 |
|
Our El Gallo project produced 540 GEOs during Q4
and 3,700 GEOs for 2021. Residual heap leaching continues with
production of 1,500 GEOs expected in 2022.
Notes:
- 'Gold Equivalent Ounces' are calculated based on a gold to
silver price ratio of 77:1 for Q4 2020, 89:1 for 2020, 77:1 for Q4
2021 and 72:1 for 2021. 2022 production guidance is calculated
based on 72:1 gold to silver price ratio.
- Cash gross profit, cash costs per
ounce, all-in sustaining costs (AISC) per ounce, and liquid assets
are non-GAAP financial performance measures with no standardized
definition under U.S. GAAP. For definition of the non-GAAP
measures see "Non-GAAP Financial Measures" section in
this press release; for the reconciliation of the non-GAAP measures
to the closest U.S. GAAP measures, see the Management Discussion
and Analysis for the year ended December 31, 2021 filed on Edgar
and SEDAR.
- Represents the portion attributable
to us from our 49% interest in the San José Mine.
Conference Call and Webcast
Management will discuss our Q4 and Year-End 2021
financial results and project developments and follow with a
question-and-answer session. The conference call and webcast is
being held later than usual this quarter due to executive site
visits. Questions can be asked directly by participants over the
phone during the webcast.
|
Wednesday, March
9th, 2022at 2:00
pm EST |
To call into the
conference call over the phone, please register here:
http://www.directeventreg.com/registration/event/4468146Audience
URL:https://event.on24.com/wcc/r/3623813/BAFBDBA447F03F0274DD62549AE52BB5 |
The webcast will be archived on McEwen Mining's website at
https://www.mcewenmining.com/media following the call.
Resource and Reserve Updates
The following statements apply to the
information contained in the resource and reserve tables below:
- Mineral
Resources are exclusive of Mineral Reserves;
- Mineral
Resources are not Mineral Reserves and do not have demonstrated
economic viability. There is no certainty that any part of the
Mineral Resources estimated will be converted into a Mineral
Reserves estimate;
- Numbers in the
tables have been rounded to reflect the accuracy of the estimates
and may not sum due to rounding;
- The Inferred
Mineral Resource in these estimates has a lower level of confidence
than that applied to an Indicated Mineral Resource and must not be
converted to a Mineral Reserve. It is reasonably expected that the
majority of the Inferred Mineral Resource could be upgraded to an
Indicated Mineral Resource with continued exploration;
- Quantity and
grade of reported Inferred resources are uncertain in nature and
there has been insufficient exploration to classify these Inferred
resources as Measured or Indicated;
- Mineral
Resources and Reserves were estimated using the guidelines set out
in and in accordance with the definitions in SEC Regulation S-K
subpart 1300.
San José Mine
Hochschild Mining Plc (“Hochschild”), our joint
venture partner, prepared the mineral resource and mineral reserve
estimates for the San José mine current as at December 31st,
2021.
These figures, reported on a 100% basis, were
prepared by Hochschild and audited by P&E Mining Consultants
Inc. whose audit letter dated February 11th, 2022, concluded that
the estimates for the San José mine prepared by Hochschild at
December 31, 2021 provide a reliable estimation of reserves and
resources. The reserves as presented are in-situ and include mining
dilution and mining losses, however they do not include allowances
for mill or smelter recoveries.
Table 6.1: San José Mine - Mineral Reserve Estimate,
December 31, 2021 – 100% Basis
|
Classification |
Quantity(‘000 t) |
Gold Grade(g/t) |
Silver Grade (g/t) |
Contained Gold (‘000 oz) |
Contained Silver (M oz) |
|
Proven |
778 |
5.69 |
368 |
142 |
9.2 |
|
Probable |
717 |
5.68 |
314 |
131 |
7.2 |
|
Total Proven & Probable |
1,495 |
5.69 |
342 |
273 |
16.4 |
Table 6.1 Notes:
• Reserves are stated on a 100% basis.
McEwen Mining Inc. has a 49% attributable interest in the San José
mine.• Mineral reserves were estimated by Hochschild Mining
Plc; P&E Mining Consultants Inc. have audited the resource and
reserve estimates and found that they meet the requirements for
disclosure under Canadian National Instrument 43-101 (NI 43-101)
and the Joint Ore Reserves Committee of the Australian Institute of
Mining and Metallurgy ("JORC") as well as the US Securities and
Exchange Commission under section 1300 of rule S-K for
reserves.• Metal prices used for reserve estimation are
US$1,600/oz for gold and US$23.00/oz for silver.• For reserves
average internal dilution was 5%, average mining and geotechnical
dilution was 46%, and mine extraction was 37%.• Reserve
cut-off grades: Cut and fill = 269 gpt AgEq., Long hole = 191 gpt
AgEq. [AgEq = (Au x 72) + Ag].
Table 6.2: San José Mine - Mineral Resource Estimate,
December 31, 2021 – 100% Basis
|
Classification |
Quantity(‘000 t) |
Gold Grade(g/t) |
Silver Grade (g/t) |
Contained Gold (‘000 oz) |
Contained Silver (M oz) |
|
Measured |
115 |
5.09 |
310 |
19 |
1.1 |
|
Indicated |
101 |
2.41 |
204 |
8 |
0.7 |
|
Total Measured & Indicated |
216 |
3.84 |
260 |
27 |
1.8 |
|
Total Inferred |
1,839 |
5.22 |
332 |
308 |
19.6 |
Table 6.2 Notes:
• Resources are stated on a 100% basis.
McEwen Mining Inc. has a 49% attributable interest in the San José
mine.• Mineral resources were estimated by Hochschild Mining
Plc; P&E Mining Consultants Inc. have audited the resource and
reserve estimates and found that they meet the requirements for
disclosure under Canadian National Instrument 43-101 (NI 43-101)
and the Joint Ore Reserves Committee of the Australian Institute of
Mining and Metallurgy ("JORC") as well as the US Securities and
Exchange Commission under section 1300 of rule S-K for
reserves.• Resource estimations utilized inverse distance and
ordinary kriging methods depending upon data density.• Metal
prices used for resource estimation are US$1,800/oz for gold and
US$26.00/oz for silver.• Resources for 2021 were defined at a
cut-off grade of 240 gpt silver equivalent [AgEq = (Au x 72) +
Ag].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
SEC S-K 1300 and the Canadian Securities Administrators National
Instrument 43-101 "Standards of Disclosure for Mineral
Projects."
The technical information in this news release
related to resource and reserve estimates has been reviewed and
approved by Luke Willis, P.Geo., McEwen Mining’s Director of
Resource Modelling and Qualified Person as defined by SEC S-K 1300
and 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.
CAUTIONARY NOTE TO US INVESTORS
REGARDING RESOURCE ESTIMATIONThe resource estimates
contained in this release have been prepared in accordance with SEC
S-K 1300 (defined below).
The SEC has adopted amendments to its disclosure
rules to modernize the mineral property disclosure requirements for
issuers engaged in the mining industry and which are required to
file reports with the SEC under the Securities Exchange Act of 1934
(“Exchange Act”). These amendments became effective February 25,
2019 (“SEC S-K 1300”) and, commencing for registrants with their
first fiscal year beginning on or after January 1, 2021, SEC S-K
1300 replaces the historical property disclosure requirements
included in SEC Industry Guide 7. SEC S-K 1300 includes the
adoption of terms describing mineral reserves and mineral resources
that are “substantially similar” to the corresponding terms under
the CIM Definition Standards. As a result of the adoption of SEC
S-K 1300, the SEC now recognizes estimates of “measured mineral
resources”, “indicated mineral resources” and “inferred mineral
resources”. In addition, the SEC has amended its definitions of
“proven mineral reserves” and “probable mineral reserves” to be
“substantially similar” to the corresponding CIM Definitions. U.S.
investors are cautioned that while the above terms are
“substantially similar” to CIM Definitions, there are differences
in the definitions under SEC S-K 1300 and the CIM Definition
Standards. Accordingly, there is no assurance any mineral reserves
or mineral resources that the Company may report as “proven mineral
reserves”, “probable mineral reserves”, “measured mineral
resources”, “indicated mineral resources” and “inferred mineral
resources” under NI 43-101 would be the same had the Company
prepared the reserve or resource estimates under the standards
adopted under SEC S-K 1300. U.S. investors are also cautioned that
while the SEC recognizes “measured mineral resources”, “indicated
mineral resources” and “inferred mineral resources” under SEC S-K
1300, investors should not assume that any part or all of the
mineralization in these categories will ever be converted into a
higher category of mineral resources or into mineral reserves.
Mineralization described using these terms has a greater amount of
uncertainty as to its existence and feasibility than mineralization
that has been characterized as reserves. Accordingly, investors are
cautioned not to assume that any measured mineral resources,
indicated mineral resources, or inferred mineral resources that the
Company reports are or will be economically or legally mineable.
Under Canadian securities laws, estimates of “inferred mineral
resources” may not form the basis of feasibility or pre-feasibility
studies, except in rare cases. For the above reasons, the mineral
reserve and mineral resource estimates and related information in
this release may not be comparable to similar information made
public by U.S. companies subject to the reporting and disclosure
requirements under the United States federal securities laws and
the rules and regulations thereunder.
CAUTIONARY NOTE REGARDING NON-GAAP
MEASURES
In this release, we have provided information
prepared or calculated according to United States Generally
Accepted Accounting Principles (“U.S. GAAP”), as well as provided
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.
Cash Costs and All-in Sustaining CostsCash costs
consist of mining, processing, on-site general and administrative
costs, community and permitting costs related to current
operations, royalty costs, refining and treatment charges (for both
doré and concentrate products), sales costs, export taxes and
operational stripping costs, and exclude depreciation and
amortization. All-in sustaining costs consist of cash costs (as
described above), plus accretion of retirement obligations and
amortization of the asset retirement costs related to operating
sites, sustaining exploration and development costs, sustaining
capital expenditures, and sustaining lease payments. Both cash
costs and all-in sustaining costs are divided by the gold
equivalent ounces sold to determine cash costs and all-in
sustaining costs on a per ounce basis. We use and report these
measures to provide additional information regarding operational
efficiencies on 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
production costs applicable to sales, the nearest U.S. GAAP measure
is provided in McEwen Mining's Annual Report on Form 10-K for the
year ended December 31, 2020.
Cash Gross ProfitCash gross profit is a non-GAAP
financial measure and does not have any standardized meaning. We
use cash gross profit to evaluate our operating performance and
ability to generate cash flow; we disclose cash gross profit as we
believe this measure provides valuable assistance to investors and
analysts in evaluating our ability to finance our ongoing business
and capital activities. The most directly comparable measure
prepared in accordance with GAAP is gross profit. Cash gross profit
is calculated by adding depletion and depreciation to gross profit.
A reconciliation to gross profit, the nearest U.S. GAAP measure is
provided in McEwen Mining's Annual Report on Form 10-K for the year
ended December 31, 2020.
Liquid AssetsThe 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 is 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. A
reconciliation to the nearest U.S. GAAP measure is provided in
McEwen Mining's Annual Report on Form 10-K for the year ended
December 31, 2020.
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, 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 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, and Argentina. It also has a large exposure to
copper through its subsidiary McEwen Copper, owner of the Los
Azules copper deposit in Argentina.
|
CONTACT INFORMATION: |
|
Investor Relations:(866)-441-0690 Toll
Free(647)-258-0395Mihaela Iancu ext.
320info@mcewenmining.comJoin our email list for
updates: https://www.mcewenmining.com/contact-us/ |
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 |
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