McEwen Mining Declares Commercial Production El Gallo Phase 1 in Mexico
TORONTO, ONTARIO--(Marketwire - Jan 9, 2013) - McEwen Mining Inc. (MUX)(MUX.TO) is pleased to announce that it has successfully achieved commercial production at El Gallo Phase 1 in Sinaloa State, Mexico on January 1, 2012. On September 24th, the Company announced that it had poured its first bar of gold at the mine. Subsequent to the first pour, the mine has been steadily increasing mine, crusher and leaching production and is now operating at 90% of the designed capacity. Final ramp-up is expected to be achieved during the First Quarter. El Gallo Phase 1 is forecasted to produce approximately 30,000 ounces in 2013. Operating costs will be reported starting in the First Quarter. Final 2012 production figures for the San José mine (Argentina), El Gallo Phase 1, and guidance for 2013 is expected to be provided in the coming week.
The goal of McEwen Mining is to qualify for inclusion in the S&P 500 by 2015 by creating a high growth, low-cost, mid-tier 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 and a large portfolio of exploration properties in Argentina, Nevada and Mexico.
McEwen Mining has 300,605,735 shares issued and outstanding. Rob McEwen, Chairman, President and Chief Owner, owns 25% of the shares of the Company. As of December 31, 2012, McEwen Mining had cash and liquid assets of approximately US$70 million and is debt free.
The technical contents of this news release has been reviewed and approved by William Faust, Chief Operating Officer, a Qualified Person as defined by Canadian Securities Administrator National Instrument 43-101 "Standards of Disclosure for Mineral Projects" ("43-101").
Operating at 90% capacity. McEwen is executing: aka, turning the numbers that you saw on those slideshows into reality. This is what happens when you have seasoned management, operating on a reasonable plan, with adequate funding.