McEwen Mining Third Quarter 2013 Production Results
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to announce production results for the third quarter of 2013. During the third quarter, 36,495 gold eq. oz(1)(2) (20,483 gold oz and 832,594 silver oz) were produced. This is 47% higher than the same period in 2012 and 2% higher than Q2, 2013. In the past 9 months ended September 30, 2013, McEwen Mining has produced 102,288 gold eq oz, and is on track to meet forecasted annual production of 130,000 gold eq oz. Production costs will be reported in November 2013 with Q3 financials.
“Both of our mines had another solid quarter of production. We remain on track to produce a total of 130,000 gold equivalent ounces in 2013”, stated Rob McEwen, Chief Owner.
1. Gold eq oz = Gold equivalent ounces
2. Gold equivalent ounces are calculated at a ratio of 52:1.
San José Mine Operating Results
San José – 100%* Year to Date 2013 3rd Quarter
2013 2nd Quarter
2013 3rd Quarter
Ore production (tonnes) 380,787 131,592 140,816 136,577
Average grade gold (gpt) 6.57 6.59 6.34 5.24
Average head silver (gpt) 435 446 407 402
Average gold recovery (%) 89.8 91.9 89.3 91.1
Average silver recovery (%) 86.6 89.5 85.5 87.9
Gold produced (ounces) 72,298 25,610 25,610 20,967
Silver produced (ounces) 4,615,526 1,689,237 1,575,442 1,552,358
Gold equivalent produced (ounces) 161,058 58,095 55,907 50,820
McEwen Mining – 49% Share
Gold produced (ounces) 35,426 12,549 12,549 10,274
Silver produced (ounces) 2,261,608 827,726 771,967 760,655
Gold equivalent¹ produced (ounces) 78,918 28,467 27,394 24,902
*McEwen Mining holds a 49% attributable interest in the San José mine.
El Gallo 1 Mine Operating Results in 2013
Year to Date 2013 3rd Quarter 2013 2nd Quarter 2013
Ore production (tonnes) 927,281 285,212 346,896
Average grade gold (gpt) 1.26 1.30 1.34
Gold produced (ounces) 23,046 7,934 8,439
Silver produced (ounces) 16,849 4,868 6,341
Gold equivalent produced (ounces) 23,370 8,028 8,561
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 October 11, 2013, McEwen Mining has an aggregate of 297,159,359 million 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
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. As the Company is not the operator of the San José mine, there can be no assurance that production information reported to the Company by MSC is accurate, the Company has not independently verified such information and readers are therefore cautioned regarding the extent to which they should rely upon such information.
Production results have no impact on PPS as you can see. Gold will be under pressure for a long time. You know it and so do I. Of course the miners did nothing with gold up but I bet they will sink along with the physical.