McEwen Mining Inc.: El Gallo Regional Exploration; Twin Domes Drilling Intersects Significant Near Surface Gold Mineralization
19 August 2013 - 1:30PM
Marketwired
McEwen Mining Inc. (NYSE:MUX)(TSX:MUX) is pleased to announce core
drill results from its new Twin Domes discovery, including 9.7 gpt
gold over 10.3 meters and 5.0 gpt gold over 16.8 meters. These
results are a follow-up to the discovery holes announced in April,
which intersected 8.8 gpt gold over 9.7 meters and 9.8 gpt gold
over 4.6 meters, in addition to a trench that returned 20.9 gpt
gold over 12.7 meters. The Company believes Twin Domes is
attractive due to its higher gold grades and its close proximity to
the Company's process plant.
Twin Domes is located 17 kilometers (10.5 miles) northwest of
the Company's El Gallo 1 heap leach mine (Fig. 1). Initial test
results show that the gold mineralization at Twin Domes is
potentially amenable to heap leaching, which would allow it to be
processed at El Gallo 1. Ten additional core holes were completed
in this recent drilling. Although it is early, McEwen Mining is
highly encouraged by these results and believes Twin Domes could
have a positive impact on the El Gallo 1 mine. Highlights are shown
below.
Table 1: Twin Domes Exploration Highlights
---------------------------------------------------------------------------
From To Thickness Gold Grade
(m) (m) (m) (GPT)
---------------------------------------------------------------------------
TDX011 39.8 45.0 5.2 7.1
Including 43.9 45.0 1.1 24.9
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TDX012 1.0 5.5 4.5 10.0
And 25.9 33.4 7.5 1.9
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TDX015 17.2 27.5 10.3 9.7
Including 24.8 25.4 0.7 135.5
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TDX016 18.4 27.5 9.1 1.7
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TDX017 14.5 24.5 10.1 4.0
Including 16.4 17 0.7 51.1
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TDX018 7.3 24.1 16.8 5.0
Including 12.8 14.0 1.2 21.1
Including 18.3 21.1 2.8 14.9
---------------------------------------------------------------------------
See Table 2 for details of all recently drilled holes from Twin Domes.
To date, gold mineralization at Twin Domes has been identified
from surface to a depth of 45 meters. The known length (or strike)
of the zone is approximately 275 meters. A total of 20 additional
core holes have been planned in order to follow up on these
results. This program will start next week.
McEwen Mining also announces its technical report titled
"Technical Report on San Jose Silver-Gold Mine, Santa Cruz,
Argentina" dated August 15, 2013, has been filed on SEDAR pursuant
to the National Instrument 43-101 requirements. The Technical
Report includes the updated resource estimates previously announced
by the Company in a press release dated March 18, 2013. The
Technical Report has been filed under McEwen Mining's profile on
SEDAR at www.sedar.com and can also be viewed on the Company's
website at www.mcewenmining.com.
About McEwen Mining (www.mcewenmining.com)
The goal of McEwen Mining is to qualify for inclusion in the
S&P 500 by creating a high growth, profitable, gold producer
focused in the Americas. McEwen Mining's principal assets consist
of the San José mine in Santa Cruz, Argentina (49% interest); the
El Gallo 1 mine and El Gallo 2 project in Sinaloa, Mexico; the Gold
Bar project in Nevada, US; the Los Azules project in San Juan,
Argentina and a large portfolio of exploration properties in
Argentina, Mexico and Nevada.
McEwen Mining has 297,114,359 shares issued and outstanding at
August 6, 2013. Rob McEwen, Chairman and Chief Owner, owns 25% of
the shares of the Company.
TECHNICAL INFORMATION:
This news release has been viewed and approved by John Read,
CPG, McEwen Mining's consulting geologist, who is a Qualified
Person as defined by National Instrument 43-101 and is responsible
for program design and quality control of exploration undertaken by
the Company at its Mexican exploration properties. Samples from the
core drilling were split on-site at the Company's El Gallo 1 mine.
One half of the split drill core is shipped to ALS Chemex for
sample preparation and analysis by fire assay for gold and 4-acid
digestion with ICP determination for silver. Samples returning
greater than 10 ppm gold or 1500 ppm silver were re-analyzed using
gravimetric fire assay. Standards and blanks were inserted every 20
samples. All holes were drilled with HQ bits and reduced to NTW
where required. Samples were taken based on lithologic and/or
mineralized intervals and vary in length. Samples were analyzed by
ALS Chemex using the same methods as for drill core samples. The
true width of the mineral zones has not been determined.
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, factors associated
with fluctuations in the market price of precious metals, mining
industry risks, political, economic, social and security risks
associated with foreign 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 accuracy of exploration results, 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, 2012 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.
Table 2: Recently Completed Holes from Twin Domes (Located in El Gallo
Complex)
---------------------------------------------------------------------------
Gold
From To Thickness Grade Dip Azimuth Easting Northing
Hole (m) (m) (m) (GPT) (Degrees) (Degrees) (UTM) (UTM)
---------------------------------------------------------------------------
TDX009 - - - - -50 235 199076 2839024
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TDX010 53.1 55.2 2.1 3.2 -45 60 199007 2838980
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TDX011 39.8 45.0 5.2 7.1 -45 60 198984 283892
Including 43.9 45.0 1.1 24.9
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TDX012 1.0 5.5 4.5 10.0 -60 60 198997 2839025
And 25.9 33.4 7.5 1.9
---------------------------------------------------------------------------
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TDX013 28.4 32.3 3.9 3.7 -45 60 198982 2839026
Including 30.4 31.2 0.8 13.6
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TDX014 - - - - -45 60 199011 2839007
---------------------------------------------------------------------------
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TDX015 17.2 27.5 10.3 9.7 -45 60 198975 2839054
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TDX016 18.4 27.5 9.1 1.7 -45 60 198968 2839067
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TDX017 14.5 24.5 10.1 4.0 -45 60 198969 2839081
Including 16.4 17 0.7 51.1
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TDX018 7.3 24.1 16.8 5.0 -45 60 198970 2839090
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To view Figure 1 and Figure 2 accompanying this press release,
please visit the following link:
http://media3.marketwire.com/docs/892912.pdf
Contacts: McEwen Mining Inc. Sheena Scotland Investor Relations
(647) 258-0395 ext 410 or Toll Free: (866) 441-0690 (647) 258-0408
(FAX) McEwen Mining Inc. Mailing Address 181 Bay Street Suite 4750
Toronto, ON M5J 2T3 PO box 792info@mcewenmining.com McEwen Mining
Inc. Facebook: www.facebook.com/mcewenrob Twitter:
www.twitter.com/mcewenmining
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