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Q2 2020 Production and Exploration Results Toronto Stock Exchange: MUX

 


TORONTO, July 16, 2020 (GLOBE NEWSWIRE) – McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) announces consolidated production for Q2 2020 15,700 ounces of gold and 359,400 ounces of silver, or 19,200 gold equivalent ounces(1)(GEO), at the average gold: silver price ratio for the quarter of 104: 1. Production was significantly affected by temporary mine suspensions on our four operations due to measures taken to stop the spread of COVID-19 , as well as operational problems in several mines.

Summary of consolidated production

Q1 Q2
2019 2020 2019 2020
Gold (oz) 26,900 29,200 36,200 15,700
Silver (oz) 703,200 553,200 850,500 359,400
GEO(1) 36,300 36,100 45,900 19,200

Black Fox Mine, Timmins, Canada (100%)

In the second quarter, Black Fox produced 2,200 GEO. Mining has been temporarily suspended at Black Fox from March 26e to April 13e due to health and safety concerns resulting from the COVID-19 pandemic. A gradual return to work was completed in late April. For the remainder of the quarter, production was lower due to lower grade than expected and development work carried out to establish more mining areas to improve operational flexibility.

The development of access to the Froome deposit is on track, having advanced 30% of the way to the deposit. The plan is to reach the deposit in the second quarter of 2021, complete the necessary development and start production from Froome in the fourth quarter of 2021.

At the Black Fox mine, a total of 44,800 feet (13,650 m) of underground diamond drilling was completed between April 13eand June 30e, of which 70% is devoted to closely spaced definition drilling for gold mineralization inside or near future mining blocks (see Figure 1). Exploration continues on the upper western flank of the mine. In the first half, this zone produced impressive high grade results. For more details, please refer to ourpress release of June 17, 2020 Click here).

High grade intersections have been generated from these ore definition holes, including:

  • 42.2 g / t Above 2.0m from hole 660-F953-13
  • 42.4 g / t Above 2.5m from hole 260-B242-07A
  • 20.9 g / t Above 4.8 m from hole 260-B249-09

Figure 1: Longitudinal section of the Black Fox mine
http://mcewenmining.com/files/doc_news/archive/20200700/Jul2020_Fig1_BF.pdf

A full summary of the new Black Fox underground drilling results is available here:
http://mcewenmining.com/files/doc_news/archive/20200700/Jul2020_ug_comp.xlsx

San Jos Mine, Santa Cruz, Argentina (49%(2))

In the second quarter, San Jos produced 5,500 ounces of gold and 358,700 ounces of silver, for a total of 9,000 GEO. Mining has been temporarily suspended from March 20e due to a nationwide mandatory quarantine imposed in Argentina to control the spread of COVID-19. Although the mine was able to resume operations at the end of April, operations remain below capacity due to government-imposed travel restrictions which continue to pose significant challenges for the mobilization of personnel at the site.

Gold Bar Mine, Nevada (100%)

In the second quarter, Gold Bar produced 6,100 GEO. Operation ceased on April 1st due to concerns about the COVID-19 pandemic, and ramp-up of production started on May 4e. Throughout the months of May and June, the mine operated only during the day, as work progressed for the updated resource model, the new mine plan, and to fill in the gaps. technical design. Full day and night operations are expected to begin in August.

Well optimizations are underway and detailed mine planning is underway. The completion of a new resource estimate, mine plan and forecast for 2020 is being finalized in the third quarter. A new reserve estimate is expected towards the end of the year.

Drilling on Gold Bar South tests the extensions of the deposit. Drilling on the southern extension encountered significant mineralization, indicating the potential for extension of the existing resource to the south (see Figure 2), including:

  • Two holes drilled 100 ft (30 m) from the last mineralized drilling fence returned: 1.2 g / t Above 125 ft (Hole GBS079) and 0.9 g / t Above 150 ft including 4.0 g / t Above 10 ft (Hole GBS080); and
  • Partial results from drilling completed 100 feet (30 m) further south returned 1.5 g / t Above 70 feet (Hole GBS113).

Figure 2: Gold Bar South Deposit Plan View

http://mcewenmining.com/files/doc_news/archive/20200700/Jul2020_Fig2_GBS.pdf

A full summary of new results from Gold Bar South surface and reverse circulation diamond drilling is available here: http://mcewenmining.com/files/doc_news/archive/20200700/Jul2020_GBS_Comp.xlsx

El Gallo Project, Sinaloa, Mexico (100%)

In the second quarter, El Gallo produced 1,900 GEO from residual leaching from the heap leach buffer. COVID-19 is an ongoing challenge in Sinaloa. We are saddened to report that some employees and contractors at the mine and the regional office have contracted the virus. One of our employees, who seemed to be recovering well in the hospital, died suddenly due to complications. We support all families in these difficult times and offer our sincere condolences for the loss of our precious team member. No other severe symptoms were reported among the other confirmed or suspected cases.

Financial results

Operating costs for the quarter ended June 30, 2020 will be published with our quarterly financial statements 10-Q.

Notes:

(1) “ Gold equivalent ounces ” are calculated on the basis of a gold / silver price ratio of 75: 1 for Q1 2019, 88: 1 for Q2 2019, 94: 1 for Q1 2020 and 104: 1 for Q2 2020.
(2) The San Jos mine is 49% owned by McEwen Mining Inc. and 51% by Hochschild Mining plc.

Technical informations
The technical content of this press release has been reviewed and approved by Peter Mah, P.Eng., Chief Operating Officer of McEwen Mining and a qualified person as defined in National Instrument 43-101 Standards for Disclosure of Canadian Projects in securities.

The technical information related to the geology and exploration of the black fox contained in this press release has been prepared under the supervision of Ken Tylee, geo. Mr. Tylee is a qualified person within the meaning of Regulation 43-101 respecting the standards for the disclosure of mining projects of the Canadian Securities Administrators.

The technical information regarding the geology and exploration of Gold Bar contained in this press release was prepared under the supervision of Kevin Kunkel, CPG. Mr. Kunkel is a qualified person within the meaning of Regulation 43-101 respecting the standards for the disclosure of mining projects of the Canadian Securities Administrators.

Reliability of information about San Jos
Minera Santa Cruz SA, owner of the San Jos mine, is responsible for and has provided the company with all reported results from the San Jos mine. The joint venture partner McEwen Minings, a subsidiary of Hochschild Mining plc, and its affiliates other than MSC accept no responsibility for the use of project data or the adequacy or accuracy of this release.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press 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 statements and forward-looking information expressed, as of the date of this press release, Estimates, forecasts, projections, expectations or beliefs of McEwen Mining Inc. (the “Company”) regarding future events and results. Forward-looking statements and information are necessarily based on a number of estimates and assumptions which, while considered reasonable by management, are inherently subject to significant commercial, economic and competitive uncertainties, risks and uncertainties, and there can be no assurance that these statements and information will prove to be accurate. Therefore, actual results and future events may differ materially from those predicted in these statements and information. Risks and uncertainties that could cause future results or events to differ materially from current expectations expressed or implied by forward-looking statements and information include, but are not limited to, the effects of the COVID-19 pandemic, fluctuations in the market price of precious metals, risks of the mining industry, political, economic, social and security risks associated with operations abroad, ability of the company to receive or receive permits or other timely information necessary approvals in relation to operations, risks associated with the construction of mining operations and the start of production and the expected costs thereof, risks related to litigation, the state of the financial markets, environmental risks and dangers, uncertainty regarding the calculation of mineral resources and reserves and other risks. Readers should not place undue reliance on the forward-looking statements or information included in this document, which speak only as of the date hereof. The Company assumes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof, unless required by law. See McEwen Mining’s annual report on Form 10-K for the year ended December 31, 2019 and other documents filed with the Securities and Exchange Commission, under “Risk Factors”, for more information on risks, uncertainties and other factors related to forward-looking statements and information about the Company. All of the forward-looking statements and information in this press release are qualified by this disclaimer.

The NYSE and the TSX have not reviewed and accept no responsibility for the adequacy or accuracy of the content of this news press release, which was prepared by management of McEwen Mining Inc.

ABOUT MCEWEN MINING

McEwen Mining is a diversified producer and explorer of gold and silver, which mines in Nevada, Canada, Mexico and Argentina. It also has a large copper deposit in Argentina. McEwen Minings’ goal is to create a profitable gold and silver producer focused on the Americas.

McEwen Mining has approximately 400 million shares outstanding. Rob McEwen, President and CEO, holds 21% of the shares.

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