Jun 24 2015
McEwen Mining Inc. is pleased to announce that production at the El Gallo Mine has exceeded our guidance for the second quarter. With approximately 15,600 gold equivalent ounces produced so far in Q2, this marks the third consecutive quarter of record production at the El Gallo Mine. Our production in Q1 this year totaled 15,391 gold equivalent ounces with year-to-date production of approximately 31,000 gold equivalent ounces.
The increase in gold production was driven by the combination of higher grades mined in the pit and improved gold recoveries consistent with the first quarter of this year. The Company continues to demonstrate the trend of sequential quarter-over-quarter increased production while continuing to lower our cash costs. These achievements demonstrate the corporations focus on delivering a stable production profile with a consistent cost base while generating free cash flow.
San José Mine
Second quarter production at the San José Mine (49% owned) will be approximately 11,000 ounces of gold, and 788,000 ounces of silver attributable to us. Production is on track to achieve our full year guidance of 46,500 ounces of gold, and 3.1 million ounces of silver. San José experienced an intermittent work stoppage in June that had a limited impact on second quarter production.
Consolidated Production & Guidance
Total production during the second quarter will be approximately 26,530 ounces of gold and 797,000 ounces of silver. Full year production guidance remains unchanged at 96,500 ounces of gold and 3.12 million ounces of silver.
The Company will provide a detailed production and operational update in the upcoming weeks when the quarter is complete.
ABOUT MCEWEN MINING
The goal of McEwen Mining is to qualify for the S&P 500 by creating a high growth gold/silver 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, USA, and the Los Azules copper project in San Juan, Argentina.
As of June 23, 2015 McEwen Mining has an aggregate of 300,530,174 shares of common stock outstanding and issuable upon the exchange of the exchangeable shares. Rob McEwen, Chairman and Chief Owner, owns 25% of the shares of the Company (assuming all outstanding Exchangeable Shares are exchanged for an equivalent amount of Common Shares).
Reliability of Information Regarding the San José Mine
Minera 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.
Source: http://www.mcewenmining.com/