TORONTO, July 13, 2021 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) reports consolidated production for Q2 2021 was 31,700 gold ounces and 611,800 silver ounces, or 40,800 gold equivalent ounces(1)(“GEOs”), compared to 19,200 GEOs in Q2 2020. Overall production from our operations is on track with our previously announced 2021 production guidance.
Consolidated Production Summary
Q1 Q2 H1 2021
2020 2021 2020 2021 2020 2021
Gold (oz) 29,200 23,300 15,700 31,700 44,900 55,000 110,500-127,900
Silver (oz) 553,200 493,200 359,400 611,800 912,600 1,105,000 2,300,000-2,450,000
GEOs(1) 36,100 30,600 19,200 40,800 55,300 71,400 141,000-160,400
Gold Bar Mine, Nevada (100%)
During the quarter, Gold Bar produced 14,100 GEOs, compared to 6,100 GEOs in Q2 2020.
Black Fox Mine, Timmins, Canada (100%)
Black Fox produced 7,100 GEOs during the period, compared to 2,200 GEOs for Q2 2020. Mining at Black Fox has begun transitioning to the Froome deposit, where a progressive ramp-up is planned through Q3, with commercial production expected in Q4.
San José Mine, Santa Cruz, Argentina (49% ( 2) )
During Q2, San José produced 9,300 gold ounces and 607,000 silver ounces, for a total of 18,300 GEOs, compared to 9,000 GEOs in Q2 2020. The Company received $2.5 million in dividends during the quarter.
El Gallo Project, Sinaloa, Mexico (100%)
In Q2, El Gallo produced 1,300 GEOs from residual leaching of the heap leach pad.
Operating costs for the quarter ended June 30, 2021 will be released with our 10-Q Quarterly Financial Statements. Liquid assets(3) as of June 30, 2021 were approximately $44 million.
(1) 'Gold Equivalent Ounces' are calculated based on a gold to silver price ratio of 94:1 for Q1 2020, 104:1 for Q2 2020, 68:1 for Q1 2021, and 68:1 for Q2 2021.
(2) The San José Mine is 49% owned by McEwen Mining Inc. and 51% owned and operated by Hochschild Mining plc.
(3) The term liquid assets used in this report is a non-GAAP financial measure. We report this measure to better understand our liquidity in each reporting period. Liquid assets are calculated as the sum of the Balance Sheet line items of cash and cash equivalents, restricted cash and investments, plus ounces of doré held in precious metals inventories valued at the London PM Fix spot price at the corresponding period.
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 Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."
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.
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..