McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) reports
consolidated production for Q1 2020 was
29,177
gold ounces and
553,179 silver ounces, or
35,062 gold equivalent ounces(1) (“GEOs”), at
the average gold:silver price ratio for the quarter of 94:1.
Black Fox Mine, Timmins, Canada
(100%)
In Q1, Black Fox produced 8,328
GEOs. Mining was temporarily suspended at Black Fox on March 26,
2020 for two weeks to allow time for management to evaluate and
adapt to operating with the risks associated with the COVID-19
pandemic. Over the course of the shutdown we have implemented
rigorous policies and procedures to minimize the potential risks to
the health of all individuals at the mine. Our miners and teams are
overwhelmingly supportive of returning to work with the new safety
measures, and the decision has been made to restart operations
immediately.
San José Mine, Santa Cruz, Argentina
(49%(2))
In Q1, San José produced 8,993 gold ounces and
551,872 silver ounces, for a total of 14,864 GEOs.
Mining was temporarily suspended from March 20, 2020 due to a
nationwide mandatory quarantine imposed in Argentina to combat the
spread of COVID-19. Permission has now been granted by the
government to restart mining at San José. Hochschild Mining has
notified us that they are restarting production, with the
expectation that ongoing labor and travel restrictions will mean
that the ramp-up will take place over an extended period.
Gold Bar Mine, Nevada
(100%)
In Q1, Gold Bar produced 9,133
GEOs. On March 26, 2020, we announced that operations would be
temporarily scaled back for two weeks, contract mining stopped on
April 1st, and crushing and stacking stopped on April 4th.
Downstream activities such as heap leaching and process plant
operation are continuing.
El Gallo Project, Sinaloa, Mexico
(100%)
In Q1, El Gallo produced 2,737
GEOs from residual leaching of the heap leach pad. On April 1,
2020, the Mexican government ordered the temporary closure of all
non-essential businesses, including mining, to combat the spread of
COVID-19. This order limits some activities at El Gallo but is not
expected to have a significant effect on residual leaching.
Financial Results
Operating costs for the quarter ended March 31, 2020 will
be released with our 10-Q Quarterly Financial Statements.
Notes:(1) 'Gold Equivalent
Ounces' are calculated based on a 94:1 gold to silver price ratio
for Q1 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
McEwen Mining is a diversified gold and silver
producer and explorer with operating mines in Nevada, Canada,
Mexico and Argentina. It also owns a large copper deposit in
Argentina. McEwen Mining’s goal is to create a profitable gold and
silver producer focused in the Americas.
McEwen Mining has approximately 400 million
shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 20%
of the shares.
CONTACT INFORMATION: |
Investor Relations:(866)-441-0690 Toll
Free(647)-258-0395 Mihaela Iancu ext. 320
info@mcewenmining.com |
Website:
www.mcewenmining.com
Facebook: facebook.com/mcewenminingFacebook:
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150 King Street WestSuite 2800, P.O. Box 24Toronto, ON,
CanadaM5H 1J9 |
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