McEwen Mining shares rise on production, outlook

Shares of McEwen Mining rise in premarket trading on 4th-qtr gold production, 2013 outlook

Associated Press

NEW YORK (AP) -- McEwen Mining's U.S. shares rose 4 percent before Monday's opening bell after the company announced 2012 gold production that was in line with its expectations and projected a production increase for 2013.

The Canadian miner said its fourth-quarter gold equivalent production totaled 32,220 ounces, including 17,578 gold ounces and 761,377 silver ounces. Full-year production totaled 105,050 gold equivalent ounces, including 48,876 gold ounces and 2.9 million silver ounces. The company said that met the company's guidance for 2012.

For 2013, the company expects production to grow 24 percent to 130,000 gold equivalent ounces. The projection call for 72,310 gold ounces and 3 million silver ounces.

McEwen shares were steady at $2.64 in midday trading after trading in a range of $2.60 to $2.77 in the morning.

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