Announces Updated Reserve and Resource Estimate at the San Jose Mine in Argentina
Toronto, Mar 14, 2014 AEST (ABN Newswire) - McEwen Mining Inc. (
NYSE:MUX) (TSE:MUX) is pleased to announce an updated mineral reserve and resource estimate for the San Jose mine (49% owned by McEwen Mining), located in Santa Cruz province, Argentina.
The updated estimate continues to demonstrate that San José is one of the highest-grade precious metal mines in the Americas that continues to replace its mined ounces even with record production. The mineral reserve and resource estimates were calculated using US$1,200 per ounce gold and US$20 per ounce silver.
The estimates were independently audited by P&E Mining Consultants Inc.
San Jose Mine Reserve & Resource Highlights (100% Basis)
Proven and Probable gold and silver reserves increased by 12% and 12% respectively, to 409,400 ounces gold and 30.1 million ounces silver, contained in 1.8 million tonnes. Gold grades increased by 9% to 7.03 gpt and silver grades increased by 10% to 515 gpt.
Measured and Indicated gold and silver resources increased by 6% and 7% respectively, with 1.05 million ounces gold and 72.8 million ounces silver, contained in 4.4 million tonnes. Gold and silver grades increased by 6% to 7.45 gpt gold and 515 gpt silver.
Inferred gold and silver resources were down slightly from 2012 with 430,500 ounces gold and 27.1 million ounces silver, contained in 1.9 million tonnes. Gold grades decreased by 2% to 7.23 gpt and silver grades decreased by 4% to 455 gpt.
To view the complete release, please visit:
http://media.abnnewswire.net/media/en/docs/76754-TSE-MUX-20140313.pdf
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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