TORONTO, Jan. 15, 2019 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) reports annual consolidated production in 2018 was 135,124 gold ounces and 3,032,727 silver ounces, or 175,561 gold equivalent ounces(1)(“GEOs”).
Consolidated Production Summary
Q4 Full Year Full Year
2018 Guidance 2017 2018 2017 2018
Gold (oz) 48,609 29,291 109,947 135,124 128,000
Silver (oz) 926,739 819,473 3,178,742 3,032,727 3,225,000
GEOs(1) 60,965 40,217 152,329 175,561 171,000
(1) Using a 75:1 gold to silver ratio.
2018 Production
Black Fox Mine, Timmins, Canada (100%) – Gold
Black Fox produced 48,848 GEOs in 2018, in line with our full year production guidance of 48,000 GEOs. Q4 production from Black Fox was 11,097 GEOs. To continue to build on the success of the 2018 exploration program at the Black Fox and Stock properties, a $15 million flow through share financing was completed in Q4 to fund exploration in 2019.
San José Mine, Argentina (49%(2)) – Silver & Gold
San José produced 47,331 gold ounces and 3,020,696 silver ounces, for a total of 87,607 GEOs attributable to us in 2018, below our full year guidance of 91,000 GEOs. Our attributable production in Q4 was 12,602 gold ounces and 816,374 silver ounces, for a total of 23,487 GEOs.
El Gallo Project, Mexico (100%) – Gold
El Gallo produced 39,106 GEOs in 2018, exceeding our full year production guidance of 32,000 GEOs. By the end of Q2 2018, mining and crushing activities at El Gallo ceased and were followed by residual heap leaching, which resulted in production of 5,633 GEOs in Q4. Closure, reclamation and residual heap leaching activities are ongoing and will continue for several years.
Development
Gold Bar Mine, Nevada, USA (100%) – Gold
Construction at Gold Bar is near completion and on schedule for inaugural gold production in Q1 2019. Activities at Gold Bar in Q4 focused on commissioning utilities and ore delivery systems, and mechanical completion of the gold processing plant. Site buildings and infrastructure are complete and occupied. Mining, crushing, loading of the heap leach pad, and parts of the processing plant are active. Remaining activities include electrical work and instrumentation installation in the gold processing plant, and commissioning of the gold refinery circuit.
Fenix, Mexico (100%) – Silver & Gold
Work on the Fenix Project, which is evaluating the potential construction of a new mine and mill at El Gallo, is ongoing. During the first half of 2019 we expect to complete the feasibility study, and receive regulatory approval for a permit amendment to allow for in-pit tailings storage, which is a key feature of the proposed project implementation.
Financial Results
Operating costs for the quarter ended December 31, 2018 will be released with our 10-K Annual Financial Statements in late February 2019.
About McEwen Mining
McEwen has the goal to qualify for inclusion in the S&P 500 Index by creating a profitable gold and silver producer focused in the Americas. McEwen's principal assets consist of: the San José mine in Santa Cruz, Argentina (49% interest); the Black Fox mine in Timmins, Canada; the Fenix Project in Mexico; the Gold Bar mine in Nevada, currently under construction; and the large Los Azules copper project in Argentina, advancing towards development.
McEwen has approximately 345 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns roughly 23% of the shares.
Footnotes
(1) 'Gold Equivalent Ounces' are calculated based on a 75:1 gold to silver ratio.
(2) The San José Mine is 49% owned by McEwen Mining Inc. and 51% owned and operated by Hochschild Mining plc.
All dollar amounts are US Dollars.
RELIABILITY OF INFORMATION REGARDING SAN JOSÉ
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.
TECHNICAL INFORMATION
The technical contents of this news release has been reviewed and approved by Chris Stewart, P.Eng., President & COO of McEwen Mining and a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects".
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities etc etc.
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