McEwen Mining is on track to deliver the production of 130,000 of gold equivalent ounces in 2013. Gold likes Janet Yellen at the FED now and Los Azules copper developments can make the short sellers nights sleepless.
McEwen Mining & TNR Gold: Chinese giants poised to go head to head in battle for $5.9bn Las Bambas mine MUX, TNR.v
"We have more news coming out of London on the Las Bambas copper mine bidding war. More reports are coming out now with the positive outlook for copper as well, but the most important in any market is the money talk and now the real money has been put on the table. Only one buyer will be successful in this bidding war and it will bring industry attention to Los Azules copper project with the valuation catalyst for McEwen Mining and TNR Gold. Lumina Copper recent advance with its Taca Taca copper project also located in Argentina is the very good sign of things to come here."
Los Azules Copper, McEwen Mining and TNR Gold: Lumina Copper Surged 63% From August Low MUX, TNR.v, LCC.v, GDX
"Lumina Copper has become one of our main success stories this summer which we have shared with our fellow travelers. As you know, we are not giving any investment advice here and our observations of the markets and trends will stay only observations until Mr Market will make up his mind. Please read our full legal disclaimer.
With Lumina Copper we have noticed the catalyst when Ross Beaty has increased his 22% in the company and bought 1 million worth of shares this summer. For us it is our "Dream Team" with Tenke Mining all over again: one of the best mining leaders at the helm with his personal wealth at stake, goods are there - safely in the ground - and the valuation is extremely distorted by the political risk perception.
The dive in commodity prices did not help the valuation in the first half of the year either. The fear of dramatic slowdown in China was hanging over the market. Then we have news start to flow from Clencore:"
Mining Weekly:
McEwen Mining's Q3 output up 47% y-on-y
By: Henry Lazenby
15th October 2013
TORONTO (miningweekly.com) – Precious-metals miner McEwen Mining has increased its third-quarter output from its two operations in Mexico and Argentina by 47% year-on-year to 36 495 gold-equivalent ounces, boosted by higher grades and recoveries from the San Jose mine.
During the quarter ended September 30, the company’s total production included 20 483 oz of gold and 832 594 oz of silver, which was a 2% improvement on the second quarter ended July 31.
At the 49%-owned San Jose operation, of which joint venture partner Hochschild Mining owns the other 51%, McEwen’s share of the output totalled 12 549 oz of gold and 827 726 oz of silver.
The gold grade improved 25% year-on-year to 6.59 g/t, and the silver grade rose 11% to 446 g/t. Gold recoveries were up 2.6% to 91.9% and silver recoveries rose 1.6% to 89.5%.
At the wholly owned El Gallo Phase 1 mine, McEwen produced less gold and silver than in the second quarter, recording lower grades and less ore production.
The mine produced 7 934 oz of gold and 4 868 oz of silver, resulting in a 6% quarter-on-quarter drop in gold-equivalent output to 8 028 oz for the period.
Chief owner Rob McEwen said the company remained on track to produce 130 000 gold-equivalent ounces in 2013.
Edited by: Creamer Media Reporter"
McEwen Mining Third Quarter 2013 Production Results
10/15/2013
"Both of our mines had another solid quarter of production. We remain on track to produce a total of 130,000 gold equivalent ounces in 2013", stated Rob McEwen , Chief Owner.
| 1. | Gold eq oz = Gold equivalent ounces | |
| 2. | Gold equivalent ounces are calculated at a ratio of 52:1. | |
San José Mine Operating Results | ||||||||
| San José - 100%* | Year to Date 2013 | 3 rd Quarter 2013 | 2 nd Quarter 2013 | 3 rd Quarter 2012 | ||||
| Ore production (tonnes) | 380,787 | 131,592 | 140,816 | 136,577 | ||||
| Average grade gold (gpt) | 6.57 | 6.59 | 6.34 | 5.24 | ||||
| Average head silver (gpt) | 435 | 446 | 407 | 402 | ||||
| Average gold recovery (%) | 89.8 | 91.9 | 89.3 | 91.1 | ||||
| Average silver recovery (%) | 86.6 | 89.5 | 85.5 | 87.9 | ||||
| Gold produced (ounces) | 72,298 | 25,610 | 25,610 | 20,967 | ||||
| Silver produced (ounces) | 4,615,526 | 1,689,237 | 1,575,442 | 1,552,358 | ||||
| Gold equivalent produced (ounces) | 161,058 | 58,095 | 55,907 | 50,820 | ||||
| McEwen Mining - 49% Share | ||||||||
| Gold produced (ounces) | 35,426 | 12,549 | 12,549 | 10,274 | ||||
| Silver produced (ounces) | 2,261,608 | 827,726 | 771,967 | 760,655 | ||||
| Gold equivalent1 produced (ounces) | 78,918 | 28,467 | 27,394 | 24,902 | ||||
| * McEwen Mining holds a 49% attributable interest in the San José mine. | ||||||||
El Gallo 1 Mine Operating Results in 2013 | ||||||
| Year to Date 2013 | 3 rd Quarter 2013 | 2 nd Quarter 2013 | ||||
| Ore production (tonnes) | 927,281 | 285,212 | 346,896 | |||
| Average grade gold (gpt) | 1.26 | 1.30 | 1.34 | |||
| Gold produced (ounces) | 23,046 | 7,934 | 8,439 | |||
| Silver produced (ounces) | 16,849 | 4,868 | 6,341 | |||
| Gold equivalent produced (ounces) | 23,370 | 8,028 | 8,561 | |||
The goal of McEwen Mining is to qualify for the S&P 500 by creating a high growth gold/silver producer focused in the Americas . McEwen Mining's principal assets consist of the San José mine in Santa Cruz , Argentina (49% interest), the El Gallo 1 mine and El Gallo 2 project in Sinaloa, Mexico , the Gold Bar project in Nevada, USA , and the Los Azules copper project in San Juan ,Argentina .
As of October 11, 2013 , McEwen Mining has an aggregate of 297,159,359 million shares of common stock outstanding and issuable upon the exchange of the exchangeable shares. Rob McEwen , Chairman and Chief Owner, owns 25% of the shares of the Company (assuming all outstanding Exchangeable Shares are exchanged for an equivalent amount of Common Shares).
RELIABILITY OF INFORMATION
Technical Information
The technical contents of this news release has been reviewed and approved by William Faust PE, Chief Operating Officer and a Qualified Person as defined by Canadian Securities Administrator 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 expressed, as at the date of this news release, McEwen Mining Inc.'s (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, technical, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, political, economic, social, technical and security risks associated with foreign operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, projected permitting timelines and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Mining's Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and other filings with the Securities and Exchange Commission , under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.
The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management of McEwen Mining Inc.
Contact Information:
McEwen Mining Inc.
Sheena Scotland
Investor Relations
(647) 258-0395 ext 410 or Toll Free: (866) 441-0690
McEwen Mining Inc.
Mailing Address
181 Bay Street Suite 4750
Toronto, ON M5J 2T3
PO box 792
info@mcewenmining.com
Facebook : www.facebook.com/mcewenrob
Twitter: www.twitter.com/mcewenmining
www.mcewenmining.com"
Investor Relations
(647) 258-0395 ext 410 or Toll Free: (866) 441-0690
Mailing Address
181 Bay Street Suite 4750
PO box 792
info@mcewenmining.com
Twitter: www.twitter.com/mcewenmining
www.mcewenmining.com"
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