Sunday, September 22, 2013

TNR Gold - McEwen Mining New Los Azules Copper PEA Due By End Of September TNR.v, MUX

  As we have written extensively before, the coming Catalyst for McEwen Mining and, particularly, for TNR Gold will be the new PEA on Los Azules Copper which is now confirmed to be released by the end of September.

Rick Rule On Gold & Resources: "The Stage Is Set For An Absolutely Dramatic Recovery" TNR.v, MUX

"TNR Gold provides even more risky and leveraged special situation play and now depends on Rob McEwen's Midas Touch - company holds 1 million shares of McEwen Mining and have back-in right into the part of Los Azules project. Insiders are accumulating the company shares, holding the majority stake in the company and provided long term debt which has financed Shotgun Gold project 43-101 resource estimate in Alaska this year."

  Rob McEwen is on the road now promoting his company and moving fast forward. Ian Ball was nominated as the new President of the company and Craig Stanley joined the team as VP of Corporate Development from Stifel Nicolaus. Company is very well positioned now for the higher Gold and Silver prices and should Eric Sprott happen to be right again we have found how to run this new Gold Bull market. Janet Yellen's nomination to the FED Chair will help Gold miners as well, if Jim Puplava's tea leaves reading is right.
  With Craig Stanley in charge we can expect M&A activity on behalf of McEwen Mining in the Gold and Silver sector and more active promoting of Los Azules Copper after PEA will put the new valuation on the project:

"This updated resource estimate will form the basis of a new Preliminary Economic Assessment (PEA), which is expected to be completed in the third quarter of 2013. This PEA will evaluate the possibility of: (1) increasing the daily throughput; (2) producing copper cathode instead of a concentrate and (3) processing low-grade mineralized material not previously considered, via a heap leach.
The advantages of being able to produce a copper cathode rather than a copper concentrate is two fold: First, it would eliminate the capital intensive, concentrate pipeline through Chile; and second, it would reduce the applicable export tax by 50%."

  The new McEwen Mining presentation  was published on September 20th and our take away is that company is very well positioned now:

1. McEwen Mining Leading Organic Growth Profile 2013 - 2016 of over 150%.
2. Q2 2013 vs 2012 Production is Up 44%.
3. Q2 2013 vs 2012 Cash cost $744 Gold eq. oz Down 9%.
4. Q2 2013 vs 2012 All-in Sustaining $1,108 Gold Eq. oz. Down 33%
5. Capex Required per 1% increase of production $205.
6. Cash 40 Mil.
7. Los Azules Copper: "One of the World's Largest Copper Projects."

"For Los Azules resources see the news release titled “McEwen Mining's Los Azules Copper Project Continues to Grow!” released on May 15, 2013 by McEwen Mining. The resources effective date is May 1, 2013. The resource estimate was prepared under the direction of Robert Sim P. Geo., who is a Qualified Person and independent of the Company as defined by NI 43-101. The new PEA is expected to be completed in the third quarter 2013."

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