We didn't see this coming and this news is quite sudden to say the least for us. "Golden Boy" has tweeted just two days ago:
@Ian_James_Ball McEwen Mining Annual Meeting - Thursday May 15th - Click to review invite - Hope to see you there!
Why the departure was so abrupt and sudden? Why it happened just two days before McEwen Mining AGM? We hope that Rob McEwen will give his explanations tomorrow.
@McEwenMining Join us Thursday May 15 at 4pm for McEwen Mining's 2014 AGM at the Ritz Carlton in Toronto. #MUX #AGM #Gold #silver pic.twitter.com/NPFIMdDXsG
Ian was credited with El Galo mine development and Gold discovery in Mexico and his story, as we hope, will stay the positive chapter in McEwen Mining story. McEwen Mining is very well positioned, in our opinion, for the change in Gold and Silver prices.
We have only one question and concern, as you know. Why McEwen Mining is not properly working with Los Azules Copper project now? It is the world-class asset and "One of The World's Largest Copper Projects" according to Rob, why there is no appropriate marketing of it? Its proper sale will solve all capital problems which McEwen Mining is facing now in order to grow further.
We all have noticed the change in the company's goal - now S&P 500 target is not possible by 2015, but it is the great company with the great leadership, why Los Azules Copper has not being promoted properly so far?
TNR Gold is moving forward with its Los Azules Copper Back-In Right asset and nobody is going to sell it cheap as it looks like now, so why is McEwen Mining not using the better climate in Argentina and rising Copper prices to tell its story? The irony is here that: "soft Gold and Silver prices are due to the economic recovery" - what can be better hedge from "such an adversary" for the Gold Miner as Copper World-Class asset in this case? We would take it any day now as Chinese may one day.
"Argentina slowly comes to its senses and welcomes mining business back these days. Argentinian government is negotiating with Chile the ways to bring development of Pascua Lama back on track and China is already waiting for it, according to some rumours. Captains of the mining industry are allocating new investments in mining projects in Argentina and Yamana Gold has announced that it will focus on its Cerro Moro Gold and Silver project in Argentina along with Canada Assets.
Los Azules Copper is waiting for its hour to come into the industry spotlight and Pascua Lama development will do the trick. Both projects are located in the same San Juan province in Argentina. Shareholders of TNR Gold and McEwen Miningfinally will be rewarded for their patience one day. And now this day is coming closer with every positive development in Argentina.
TNR Gold And McEwen Mining: Chinalco Mining Sets Sights On Copper Projects in Latin America TNR.v MUX FCX NEM ABX
"CS. With Las Bambas deal secured in Chinese hands and Pascua Lama and CITIC rumours still circling in the industry, another industrial group from China is searching the Globe for the best Copper projects left. We have discussed before, that M&A activity in this case signifies the very important bottom in the mining cycle. Barrick Gold talks with Newmont Mining in Gold and Las Bambas purchase by Minmetals Group in Copper.
Western Central Banks are anxious with "the lack of Inflation" - all "official" Inflation measures in US (if you are not eating, paying insurance or rent) are dangerously low, if you consider the unprecedented amount of the freshly printed money in the system. ECB is talking about the new "whatever-it-takes" war on Deflation and Copper is sensing the upcoming change already. Prices of Copper are up last week.
With this report from China Los Azules Copper is very well positioned to bring the Catalyst to TNR Gold and McEwen Mining. Rob McEwen is talking about it as "One of the best Copper projects in the world" and industry's M&A activity will bring it on the investors radar screens again."
McEwen Mining Announces Resignation of Ian Ball, President
TORONTO, ONTARIO--(Marketwired - May 13, 2014) - McEwen Mining Inc. (NYSE:MUX)(TSX:MUX) announces that it has received and accepted the resignation of Ian Ball, President. Mr. Ball is departing after 9 years with the Company in order to pursue new opportunities, however, he will continue to work with McEwen Mining to ensure an orderly transition.
Ian joined Rob McEwen at Goldcorp in 2004 and was a founding member of management of McEwen Mining and its predecessor company, US Gold Corporation. During his time with the Company, notable achievements included the building of the El Gallo 1 gold mine and making the El Gallo 2 silver discovery in Mexico.
"On behalf of the Board of Directors, my colleagues at McEwen Mining, and our shareholders, we want to thank Ian for the tremendous contributions he has made to McEwen Mining over the years. I have no doubt that he will continue to achieve success in mining and beyond and we wish him nothing but the absolute best as he embarks on this new chapter in his life", said Robert McEwen, CEO and Chief Owner of McEwen Mining.
Mr. Ball's responsibilities will be re-assigned to other management, including Rob McEwen, CEO, on an interim basis. His resignation as President is effective July 15, 2014, at which time he will also resign as a director of McEwen Mining - Minera Andes Acquisition Corp., a subsidiary of the company. It is expected that management will appoint a replacement until another director can be elected.
ABOUT MCEWEN MINING (www.mcewenmining.com)
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 May 13, 2014 McEwen Mining has an aggregate of 297,159,359 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).
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.
McEwen Mining Inc.
Director, Investor Relations
(647) 258-0395 ext 410 or Toll Free: (866) 441-0690
McEwen Mining Inc.
150 King Street West, Suite 2800, P.O. Box 24
Toronto, Ontario, Canada M5H 1J9
McEwen Mining Inc.
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