TORONTO, March 10, 2022 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to provide production and cost guidance for 2022. We are estimating production of 153,000 to172,000 gold equivalent ounces (GEOs) in 2022. Cash costs and all-in sustaining costs (AISC) per GEO sold for 2022 from our 100%-owned mines (Gold Bar and Fox) are expected to be in the range $1,310-1,410 and $1,570-1,690, respectively. At San José, production is estimated to be 69,500 to 77,500 GEOs at an AISC per GEO sold of $1,330-1,370.

2022 Production Guidance
Total Production
Gold (oz) 118,000-133,000
Silver (oz) 2,520,000-2,800,000
GEOs(1)(4) 153,000-172,000
San José Mine, Argentina (49%) ( 2 )
Gold (oz) 34,500-38,500
Silver (oz) 2,520,000-2,800,000
GEOs(1) 69,500-77,500
Gold Bar Mine, Nevada
GEOs(1) 38,000-44,000
Black Fox Mine, Canada
GEOs(1) 44,000-49,000

2022 Cost Guidance
Cash Costs per GEO (3) AISC per GEO (3)
100%-Owned Mines
Quarterly Estimates:
Q1 $1,940-2,100 $2,340-2,560
Q2 $1,330-1,430
$1,670-1,810
Q3 $1,190-1,280
$1,420-1,530
Q4 $1,060-1,140 $1,170-1,260
Full Year Average $1,310-1,410 $1,570-1,690
San José Mine (49%)
Full Year Average $1,330-1,370
Notes:

Gold Equivalent Ounces (GEOs) are calculated based on a gold to silver price ratio of 72:1.
Represents the portion attributable to us from our 49% interest in the San José Mine.
Cash costs per GEO and all-in sustaining costs (AISC) per GEO are non-GAAP financial performance measures with no standardized definition under U.S. GAAP. For definition of the non-GAAP measures see the Management Discussion and Analysis (Form 10-K) for the year ended December 31, 2021, filed on EDGAR and SEDAR.
Residual heap leaching at the El Gallo Project in Mexico is expected to produce 1,500 GEOs in 2022.
Technical Information
The technical content of this news release has been reviewed and approved by Peter Mah, P.Eng., COO of McEwen Mining and a Qualified Person as defined by SEC S-K 1300 and the 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 Litigation Reform Act of 1995. The forward-looking statements and information etc..

ABOUT MCEWEN MINING

McEwen Mining is a diversified gold and silver producer and explorer focused in the Americas with operating mines in Nevada, Canada, and Argentina. It also has a large exposure to copper through its subsidiary McEwen Copper, owner of the Los Azules copper deposit in Argentina.