President Ian Ball Discusses Q3 Results
Toronto, Nov 12, 2013 AEST (ABN Newswire) - McEwen Mining (
TSE:MUX) President Ian Ball Discusses Q3 Results. The following highlights form part of the full Q3 results, which can be viewed on the McEwen Mining website.
Highlights:
Company earnings during the quarter totaled $3.3 million ($0.01 per share).
Earnings from mining operations during the quarter totaled $15.4 million.
Gold equivalent production* increased to 36,494 ounces (20,483 gold ounces and 832,594 silver ounces). This is 45% higher than Q3 2012 and 1% higher than Q2 2013.
On target to meet 2013 full-year guidance of 130,000 gold equivalent ounces.
Total cash costs and all-in sustaining costs were $749 and $1,081 per gold equivalent ounce. Total cash costs were 7% lower than Q3 2012. Total cash costs and all-in sustaining costs were consistent with previous quarter.
El Gallo 1 mine expansion is ahead of schedule with completion expected near the end of Q1 2014 versus the end of Q2 2014. The estimated cost to complete the expansion has been reduced to $3 million from $5 million.
Environmental Impact Statement (EIS) permit for El Gallo 2 was approved by the Mexican federal government. Final Change of Land Use is being reviewed by the state government and a decision is expected during Q1 2014. The Change of Land Use is the last approval needed in order to begin construction and operations under the mill scenario.
Studies are being conducted at El Gallo 2 in order to reduce the estimated capital expenditures by $20 million from the initial $180 million estimate. Provided the Company realizes these savings, remaining capital expenditures are estimated at approximately $150 million should the Company proceed.
Los Azules copper project Preliminary Economic Assessment (PEA) published showing a pre-tax Net Present Value of $3 billion (8% discount rate) and an Internal Rate of Return of 17.7%.
At September 30, 2013, the Company had $32.6 million in liquid assets and no debt.
You can follow Ian on twitter @mcewen_ian
View the video here:
http://www.abnnewswire.net/press/en/76174/mcewen
About McEwen Mining Inc
McEwen Mining (NYSE:MUX) (TSE:MUX) has the goal to qualify for inclusion in the S&P 500 Index by creating a profitable gold and silver producer focused in the Americas. McEwen's principal assets consist of: the San José mine in Santa Cruz, Argentina (49% interest); the Black Fox mine in Timmins, Canada; the Fenix Project in Mexico; the Gold Bar mine in Nevada, currently under construction; and the large Los Azules copper project in Argentina, advancing towards development.
McEwen has approximately 345 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns roughly 23% of the shares.
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