McEwen Mining: 2020 Full Year and Q4 Production Results
January 04 2021 - 6:00AM
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) reports
consolidated production for the full year of
2020
was
92,100 gold ounces and
2,020,000 silver ounces, or
115,600 gold equivalent ounces(1)(“GEOs”) at a
gold:silver ratio of 86:1. Consolidated production for
Q4
2020 was
24,100 gold ounces and
532,400 silver ounces, or
31,100
GEOs at the average gold:silver ratio for the quarter of 77:1.
Consolidated Production
Summary
|
Q4 |
Full Year |
2019 |
2020 |
2019 |
2020 |
Gold (oz) |
36,100 |
24,100 |
134,300 |
92,100 |
Silver (oz) |
865,000 |
532,400 |
3,365,800 |
2,020,000 |
GEOs(1) |
46,300 |
31,100 |
174,400 |
115,600 |
In Q4 2020, our attributable production from
San José(2) was 531,500 silver
ounces and 8,700 gold ounces, or 15,600
GEOs, which was in-line with our expectations;
Black Fox production of 8,000
GEOs was above our expectations; Gold Bar
production of 6,000 GEOs was below our
expectations; and El Gallo produced 1,500
GEOs from residual leaching.
Fox Complex PEA
Work on the Fox Complex Preliminary Economic
Assessment (PEA) is ongoing. The addition of several other key
properties has expanded the scope of the PEA and as a result it is
now expected to be completed in Q2 2021.
Gold Bar Feasibility Study
The updated Resource and Reserve estimates for
the Gold Bar Mine are being finalized and will be published
concurrent with the summary results of the updated Feasibility
Study in the coming weeks.
Notes:(1) 'Gold Equivalent
Ounces' are calculated based on a gold to silver price ratio of
85:1 for Q4 2019, 77:1 for Q4 2020, 84:1 for 2019, and 86:1 for
2020.(2) The San José Mine is 49% owned by McEwen
Mining Inc. and 51% owned and operated by Hochschild Mining
plc.
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, 2019 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
CONTACT INFORMATION: |
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Investor Relations: |
Website: www.mcewenmining.com |
150 King Street West |
(866)-441-0690 Toll Free |
|
Suite 2800, P.O. Box 24 |
(647)-258-0395 |
Facebook: facebook.com/mcewenmining |
Toronto, ON, Canada |
|
Facebook: facebook.com/mcewenrob |
M5H 1J9 |
Mihaela Iancu ext. 320 |
|
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Twitter: twitter.com/mcewenmining |
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info@mcewenmining.com |
Twitter: twitter.com/robmcewenmux |
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Instagram: instagram.com/mcewenmining |
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McEwen Mining is a diversified gold and silver producer and
explorer focused in the Americas with operating mines in Nevada,
Canada, Mexico and Argentina. It also owns a large copper deposit
in Argentina.
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