McEwen Mining Q1 2014 Production Results
TORONTO, ONTARIO--(Marketwired - Apr 10, 2014) - McEwen Mining
Inc. (NYSE:MUX)(TSX:MUX) is pleased to announce production results
for Q1 2014. The Company's total production for Q1 was 32,146 gold
eq. oz(1)(2) comprised of 20,062 gold oz and 725,025 silver oz.
This represents an approximate increase of 14% compared to Q1,
2013. Full-year guidance remains unchanged for the year at
135,000-140,000 gold eq. oz. Production costs will be reported in
May 2014 with Q1 financials.
Company Wide
Operating Results
|
Q1 2014 |
Q4 2013 |
Q1 2013 |
Full-Year 2013 |
San José - 49%* |
|
|
|
|
|
Gold produced (oz) |
10,767 |
12,999 |
10,328 |
48,425 |
|
Silver produced (oz) |
720,830 |
853,225 |
661,915 |
3,114,832 |
|
Gold equivalent produced (oz)(3) |
22,781 |
27,219 |
21,360 |
100,339 |
El Gallo 1 |
|
|
|
|
|
Gold produced (oz) |
9,295 |
7,687 |
6,673 |
30,733 |
|
Silver produced (oz) |
4,195 |
3,786 |
5,640 |
20,635 |
|
Gold equivalent produced (oz)(3) |
9,365 |
7,750 |
6,767 |
31,077 |
Total Production |
|
|
|
|
|
Gold produced (oz) |
20,062 |
20,686 |
17,001 |
79,158 |
|
Silver produced (oz) |
725,025 |
857,011 |
667,555 |
3,135,467 |
|
Gold equivalent produced (oz)(3) |
32,146 |
34,969 |
28,127 |
131,416 |
*McEwen Mining holds a 49% attributable interest in the San José
mine.
(1) |
Gold
eq oz = Gold equivalent ounces |
(2) |
The
Company calculates gold equivalent ounces at a ratio of 60:1 |
(3) |
For
purpose of comparison all gold equivalent ounces in this release
have been calculated using a ratio of 60:1. |
San José Mine, Argentina (49%)
McEwen Mining's attributable production from the San José mine
during Q1 2014 was 22,781 gold eq. oz (10,767 gold oz and 720,830
silver oz). McEwen Mining's share of production from San José in
2014 is forecasted at 97,500 gold eq. oz (44,000 gold oz and
3,200,000 silver oz).
San José Mine
Operating Results
San José - 100%* |
Q1 2014 |
Q4 2013 |
Q1 2013 |
Full-Year 2013 |
Ore production (tonnes) |
134,589 |
156,150 |
108,379 |
536,937 |
Average grade gold (gpt) |
5.77 |
6.03 |
6.87 |
6.42 |
Average head silver (gpt) |
391 |
399 |
459 |
425 |
Average gold recovery (%) |
88.1 |
87.6 |
88.1 |
89.2 |
Average silver recovery (%) |
86.9 |
87.0 |
84.4 |
86.7 |
Gold produced (oz) |
21,974 |
26,529 |
21,078 |
98,827 |
Silver produced (oz) |
1,471,081 |
1,741,275 |
1,350,847 |
6,356,801 |
Gold equivalent produced (oz)(3) |
46,492 |
55,550 |
43,592 |
204,774 |
|
|
|
|
|
McEwen Mining - 49% Share |
|
|
|
|
Gold produced (oz) |
10,767 |
12,999 |
10,328 |
48,425 |
Silver produced (oz) |
720,830 |
853,225 |
661,915 |
3,114,833 |
Gold equivalent1 produced (oz)(3) |
22,781 |
27,219 |
21,360 |
100,339 |
*McEwen Mining holds a 49% attributable interest in the San José
mine.
El Gallo 1 Mine, Mexico (100%)
In Q1 2014 the El Gallo 1 mine produced 9,365 gold eq. oz (9,295
gold oz and 4,195 silver oz) establishing a new quarterly
production record, 38% higher than Q1 2013 and ahead of budget. In
2014, El Gallo 1 is forecasted to produce 37,500 gold equivalent
ounces (37,000 gold oz and 25,000 silver oz).
El Gallo 1 is currently being expanded from 3,000 to 4,500
tonnes per day. The expansion is nearing completion and
commissioning is scheduled to start later this month. The increased
capacity, combined with higher grades as mining moves deeper in the
pit, is expected to increase production to 75,000 gold equivalent
ounces by 2015.
El Gallo 1 Mine
Operating Results
|
Q1 2014 |
Q4 2013 |
Q1 2013 |
Full-Year 2013 |
Ore production (tonnes) |
359,402 |
323,863 |
295,173 |
1,255,314 |
Average grade gold (gpt) |
1.16 |
1.17 |
1.10 |
1.22 |
Gold produced (oz) |
9,295 |
7,687 |
6,673 |
30,733 |
Silver produced (oz) |
4,195 |
3,786 |
5,640 |
20,635 |
Gold equivalent produced (oz)(3) |
9,365 |
7,750 |
6,767 |
31,077 |
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 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 complex
in Sinaloa, Mexico; the Gold Bar project in Nevada, US; the Los
Azules project in San Juan, Argentina. McEwen Mining has
297,159,359 shares issued and outstanding at April 10, 2014. Rob
McEwen, Chairman, and Chief Owner, owns 25% of the shares of the
Company.
RELIABILITY OF INFORMATION
Minera Santa Cruz S.A. ("MSC"), 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.
Technical Information
The technical contents of this news release has been reviewed
and approved by William Faust PE, Chief Operating Officer and a
Qualified Person as defined by Canadian Securities Administrator
National Instrument 43-101 "Standards of Disclosure for Mineral
Projects".
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, technical, 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, technical 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 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, 2013 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.
McEwen Mining Inc.Sheena ScotlandInvestor RelationsTel: (647)
258-0395 ext 410 or Toll Free: (866) 441-0690(647) 258-0408Mailing
AddressMcEwen Mining Inc.Mailing AddressToronto, ON M5J 2T3PO box
792info@mcewenmining.comMcEwen Mining Inc.Facebook:
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