TORONTO, Jan. 04, 2021 (GLOBE NEWSWIRE) —
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 Information
The 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 José
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.
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, 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
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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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|
[email protected] |
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.
