ABN Newswire http://www.abnnewswire.net Sat, 25 May 2013 08:23:23 newsroom@abnnewswire.net newsroom@abnnewswire.net 60 <![CDATA[ McEwen Mining (TSE:MUX) Announces Record Resource Estimate at the San Jose Mine in Argentina ]]> en74849 Y http://www.abnnewswire.net/press/en/74849/ Tue, 19 Mar 2013 00:54:11 GMT McEwen Mining Inc. (NYSE:MUX)(TSE:MUX) is pleased to announce that year-end 2012 mineral resource and reserve estimates and the grades for both gold and silver have increased from 2011 for the San Jose mine (49% owned by McEwen Mining). Of particular interest, the mineral resource estimates have increased to a record level. 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 Resources & Reserves Highlights (100% Basis)


-- Inferred gold and silver resources up 61% and 44%, respectively, to 497,400 ounces gold and 32.1 million ounces silver, contained in 2.1 million tonnes. Gold grades increased by 39% to 7.37 gpt and silver grades increased by 24% to 476 gpt.

-- Proven and Probable gold and silver reserves up 7% and 20% respectively, to 367,100 ounces gold and 26.8 million ounces silver, contained in 1.8 million tonnes. Gold grades increased by 1% to 6.44 gpt and silver grades increased by 14% to 470 gpt.

-- Measured and Indicated gold silver resources down 5% to 991,200 ounces gold while silver resources decreased marginally to 68.3 million ounces silver, contained in 4.4 million tonnes. Gold grades increased by 1% to 7.03 gpt and silver grades increased by 6% to 484 gpt.

"San Jose is a world class mine that continues to get better with each passing year. I would like to congratulate the team at the mine and our partners, Hochschild Mining Plc, for conducting a very successful exploration program in 2012," stated Rob McEwen, Chief Owner.

SAN JOSE MINE - BIGGER & HIGHER GRADE!

The San Jose mine is one of the highest-grade precious metal mines in the Americas. In 2012, more than 84,000 ounces of gold and 5.85 million ounces of silver were extracted, which was a new record for the mine (see Figure 3). Production attributable to McEwen Mining for 2012 was 48,876 ounces of gold and 2.92 million ounces of silver. Net of this production, total reserves increased by 7% for gold and 20% for silver, to an estimated 1.8 million tonnes at a grade of 6.44 gpt gold and 470 gpt silver, for a total of 367,100 ounces of gold and 26.8 million ounces of silver.

In addition to replacing reserves, the exploration program in 2012 was focused on identifying new veins and also extensions of current zones. With the largest exploration program in the mine's history, Inferred resources were expanded by 61% for gold and 44% for silver versus 2011. It is also important to note that the grade of the Inferred resources has materially increased by 39% for gold and 24% for silver. Inferred resources now total 2.1 million tonnes at a grade of 7.37 gpt gold and 476 gpt silver, for a total of 497,400 ounces of gold and 32.1 million ounces of silver.

Measured and Indicated resources were down slightly versus 2011. The reason for the decrease was due to drilling being focused on resource expansion rather than infill for resource upgrading. Measured and Indicated resource categories now total 4.4 million tonnes at a grade of 7.03 gpt gold and 484 gpt silver, for a total of 991,200 ounces of gold and 68.3 million ounces of silver.

The San Jose mine is owned and operated by Minera Santa Cruz S.A., a joint venture owned 51% by Hochschild Mining Plc and 49% by McEwen Mining Inc.

EXPLORATION IN 2013

The 2013 exploration budget for the San Jose mine is US$8 million. The goal is to complete 39,250 meters of diamond drilling. The majority of this drilling will be targeting new resources located south-east of the mine area. The balance of the drilling will be for infill drilling designed to convert a portion of the Inferred resources to the Measured and Indicated resource categories.

Table 1- Audited San Jose Mineral Resource Estimate, December 31, 2012 
                                                                         
----------------------------------------------------------------------------
                                      Tonnes     Au      Ag       Au      Ag
Category                             (000's)   (g/t)   (g/t)  (K oz)  (M oz)
----------------------------------------------------------------------------
Measured                               1,289    8.15     559   337.8   23.17
----------------------------------------------------------------------------
Indicated                              3,098    6.56     453   653.4   45.12
----------------------------------------------------------------------------
Measured and Indicated                 4,387    7.03     484   991.2   68.29
----------------------------------------------------------------------------
Inferred                               2,099    7.37     476   497.4   32.12
----------------------------------------------------------------------------
Notes:                                                                      
1. Represents 100% of the resources. McEwen Mining Inc. has a 49%           
   attributable interest in the San Jose property.                          
2. Mineral resources, which are not mineral reserves, do not have           
   demonstrated economic viability.                                         
3. Mineral resources are reported inclusive of mineral reserves.            
4. The quantity and grade of reported Inferred resources are uncertain in   
   nature and there has been insufficient exploration to classify these     
   Inferred resources as Measured or Indicated, and it is uncertain if      
   further exploration will result in upgrading them to an Indicated or     
   Measured category.                                                       
5. Mineral Resources were estimated by Hochschild Mining Plc using the CIM  
   Standards on Mineral Resources and Reserves, Definitions and Guidelines  
   prepared by the CIM Standing Committee on Reserve Definitions. P&E Mining
   Consultants Inc have audited the resource estimates and found that they  
   meet both the requirements for Canadian disclosure under NI 43-101 and   
   the Joint Ore Reserves Committee of the Australian Institute of Mining   
   and Metallurgy ("JORC").                                                 
6. Resource estimations utilized inverse distance and ordinary kirging      
   methods depending upon data density.                                     
7. Metal prices used were $1200/oz for Au and $20/oz for Ag.                
8. Resources were defined at a cut-off grade of 213 g/t AgEq, which is      
   equivalent to a cut-off value of $92.88/tonne. The cut-off value was     
   increased from $88.31/tonne used for the December 31, 2011 estimate      
   reflecting higher operating costs due to local inflation.                
                                                                            
Table 2- Audited Mineral Reserve Estimate, December 31, 2012                
                                                                            
----------------------------------------------------------------------------
                                      Tonnes      Au      Ag      Au      Ag
Category                             (000's)   (g/t)   (g/t)  (K oz)  (M oz)
----------------------------------------------------------------------------
Proven                                   830    6.73     470   179.6   12.54
----------------------------------------------------------------------------
Probable                                 942    6.19     471   187.5   14.26
----------------------------------------------------------------------------
Proven and Probable                    1,772    6.44     470   367.1   26.80
----------------------------------------------------------------------------
Notes:                                                                      
1. Represents 100% of the reserves. McEwen Mining Inc. has a 49%            
   attributable interest in the San Jose property.                          
2. Metal prices used were $1200/oz for Au and $20/oz for Ag (same as for    
   resources).                                                              
3. Reserves were defined at a cut-off $92.88/tonne, which is the same cutoff
   value used for resources. The cut-off value is based on historical       
   January to November 2012 geologic, mining, plant and mine administration 
   variable and fixed cost, and December 2012 estimated costs. P&E considers
   these costs to reasonable as a basis for estimating mineral reserves.    
4. Average internal dilution was 8%. Average mining and geotechnical        
   dilution was 27%.                                                        
5. Mineral Reserves were estimated by Hochschild Mining Plc using the CIM   
   Standards on Mineral Resources and Reserves, Definitions and Guidelines  
   prepared by the CIM Standing Committee on Reserve Definitions. P&E Mining
   Consultants Inc have audited the reserve estimates and found that they   
   meet the requirements for disclosure as reserves under NI 43-101 and the 
   Joint Ore Reserves Committee of the Australian Institute of Mining and   
   Metallurgy ("JORC") as well as the US Securities and Exchange Commission 
   Industry Guide 7.
 
Table 3 - Comparison of San Jose Mine Reserve Estimates (100% Basis)

              December 31, 2012 Reserve Estimate              
--------------------------------------------------------------
                    Tonnes(000      Au      Ag      Au      Ag
Category                   's)   (g/t)   (g/t)  (K oz)  (M oz)
--------------------------------------------------------------
Proven                     830    6.73     470   179.6   12.54
--------------------------------------------------------------
Probable                   942    6.19     471   187.5   14.26
--------------------------------------------------------------
Proven & Probable        1,772    6.44     470   367.1   26.80
--------------------------------------------------------------
December 31, 2011 Reserve Estimate                         
-----------------------------------------------------------
                     Tonnes      Au      Ag      Au      Ag
Category            (000's)   (g/t)   (g/t)  (K oz)  (M oz)
-----------------------------------------------------------
Proven                  805    6.99     475     181   12.29
-----------------------------------------------------------
Probable                876    5.79     354     163    9.97
-----------------------------------------------------------
Proven & Probable     1,681    6.36     412     344   22.26
-----------------------------------------------------------
 
Table 4 - Comparison of San Jose Mine Resource Estimates (100% Basis) 

December 31, 2012 Resource Estimate                         
------------------------------------------------------------
                      Tonnes      Au      Ag      Au      Ag
Category             (000's)   (g/t)   (g/t)  (K oz)  (M oz)
------------------------------------------------------------
Measured               1,289    8.15     559   337.8   23.17
------------------------------------------------------------
Indicated              3,098    6.56     453   653.4   45.12
------------------------------------------------------------
Measured & Indicated   4,387    7.03     484   991.2   68.29
------------------------------------------------------------
Inferred               2,099    7.37     476   497.4   32.12
------------------------------------------------------------
December 31, 2011 Resource Estimate                         
------------------------------------------------------------
                      Tonnes     Ag      Au       Au      Ag
Category             (000's)   (g/t)   (g/t)  (K oz)  (M oz)
------------------------------------------------------------
Measured               1,155    8.21     560     305   20.80
------------------------------------------------------------
Indicated              3,513    6.53     423     738   47.78
------------------------------------------------------------
Measured & Indicated   4,668    6.95     457    1043   68.58
------------------------------------------------------------
Inferred               1,813    5.30     384     309   22.38
------------------------------------------------------------
RELIABILITY OF INFORMATION

Minera Santa Cruz S.A., the owner of the San Jose mine, is responsible for and has supplied to the Company all reported results from the San Jose mine. McEwen Mining's joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates other than MSC do not accept responsibility for the use of project data or the adequacy or accuracy of this release. Although the Company has independently verified reserve and resource estimates, as the Company is not the operator of the San Jose mine, there can be no assurance that production information reported to the Company by MSC is accurate, the Company has not independently verified such information and readers are therefore cautioned regarding the extent to which they should rely upon such information.

TECHNICAL INFORMATION

The technical content of this news release has been reviewed and approved by Eugene Puritch, P. Eng., President of P&E Mining Consultants Inc. Under the direction of Mr. Puritch, Al Hayden, P. Eng., James L. Pearson, P. Eng., and Fred H. Brown, CPG, P.Geo. performed an independent audit of the December 31, 2012 resource and reserve estimates. Each of the foregoing is a Qualified Person and independent of the Corporation, in each case, within the meaning of Canadian National Instrument 43-101 (NI 43-101). Each of the Qualified Persons visited the site on February 23rd and 24th, 2013, where resource modeling techniques were reviewed, the drill hole database was inspected and independent drill core samples were collected for verification of Au and Ag grades. Site visit data review and sampling revealed no issues of concern regarding the resource estimate. For additional information about the San Jose Mine, see the technical report dated August 15, 2012 titled "Technical Report on the San Jose Silver-Gold Mine, Santa Cruz, Argentina" prepared by Eugene J. Puritch, P.Eng., Alfred S. Hayden, P.Eng., James L. Pearson, P.Eng, Fred H. Brown, CPG, P.Geo., and David Burga, P.Geo. all of P&E Mining Consultants Inc. and each a "Qualified Person" and "independent" of McEwen Mining, in each case, within the meaning of NI 43-101.

The foregoing news release and technical report are available under the Corporation's profile on SEDAR (www.sedar.com).

CAUTIONARY NOTE TO US INVESTORS

McEwen Mining prepares its resource estimates in accordance with standards of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in Canadian National Instrument 43-101 (NI 43-101). These standards are different from the standards generally permitted in reports filed with the SEC. Under NI 43-101, McEwen Mining reports measured, indicated and inferred resources, measurements, which are generally not permitted in filings made with the SEC. The estimation of measured resources and indicated resources involve greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned not to assume that any part of measured or indicated resources will ever be converted into economically mineable reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This press 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 press 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, economic, political 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, risks related to the cost of transferring or otherwise allocating funds between operating jurisdictions, factors associated with fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, risks associated with the construction and permitting of mining operations and commencement of production and the projected costs thereof, risks related to litigation, property title, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves 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.

McEwen Mining Inc.
Jenya Meshcheryakova
Investor Relations
(647) 258-0395 ext 410 
or Toll Free: (866) 441-0690
Fax: (647) 258-0408

]]> newsroom@abnnewswire.net <![CDATA[ McEwen Mining (TSE:MUX) Fourth Quarter &amp; Full Year 2012 Conference Call March 11, 2 PM EST ]]> en74798 Y http://www.abnnewswire.net/press/en/74798/ Sat, 9 Mar 2013 08:21:38 GMT McEwen Mining Inc. (NYSE:MUX)(TSE:MUX) Chief Owner, Rob McEwen, along with senior management, will be hosting a conference call Monday, March 11, 2013 at 2:00 PM EST to provide the fourth quarter and full-year Company update.

McEwen Mining's fourth quarter production results can be accessed here: http://www.abnnewswire.net/lnk/6T8MNVEE

WEBCAST:
http://www.gowebcasting.com/4215

TELEPHONE:
Participant dial-in number(s): 416-695-7848 / 800-769-8320
Participant pass code: None Required

REPLAY:
Dial-in number(s): 905-694-9451 / 800-408-3053
Pass code: 8222665

McEwen Mining 
T: +1-647-258-0395 
F: +1-647-258-0408
E: info@mcewenmining.com
WWW: www.mcewenmining.com

]]> newsroom@abnnewswire.net <![CDATA[ Leading Risk Advisor To Speak at Bermuda Captive Conference ]]> en74770 Y http://www.abnnewswire.net/press/en/74770/ Tue, 5 Mar 2013 08:34:56 GMT The Chief Executive of the world's leading insurance broker and risk adviser will provide valuable market insight to delegates of the 9th Bermuda Captive Conference (www.bermudacaptive.bm) June 10-12 at the Fairmont Southampton hotel. And this year the Conference will highlight a feature of the Bermuda captive domicile that makes it unique.

Peter Zaffino, President and Chief Executive Officer of Marsh Inc. since April 2011, is the industry speaker this year. He has had a number of high-level strategic roles in Marsh & McLennan Companies and in both insurance and reinsurance. He is a member of the Marsh & McLennan Companies Executive Committee.

Bermuda Captive Conference (BCC) Chairman Peter Willitts said that he is excited by the participation of Mr. Zaffino at this year's event. He said, "Over the years we have been lauded for the high quality speakers we have attracted to the Conference and this year will be no exception. We think Mr. Zaffino will be of interest to risk managers and others attending the conference."

Commenting on the conference in general Mr. Willitts continued, "The team of organizers for the BCC has been active in building the best possible event to educate, inspire and uplift delegates. Just as Bermuda's name is synonymous with excellence in global risk financing, our BCC organizers are intent on continuing a trend of high quality meetings."

Chairman of the Bermuda Insurance Development Council, Allison Towlson, added that while there are a number of factors that separate Bermuda as a captive domicile from other jurisdictions, one will be widely evident this year.

Ms Towlson said, "Bermuda is the largest captive domicile by number of captives, and importantly by premium, and many business leaders are acutely aware that Bermuda has more captive expertise than elsewhere - with more qualified professionals serving the sector who understand captive insurance and buyers' needs.

"What is significantly different about the conference this year, is that BCC delegates will also find more access to insurers and reinsurers who provide a myriad of products designed to meet commercial insurance and reinsurance needs.

"Bermuda is after all the one domicile that can boast three key pillars to our industry - captives, insurers and reinsurers. Why not showcase for the attendees all that Bermuda has to offer in this sector? There will be ample opportunity for delegates to gain further insight into the full capabilities of the Bermuda Market from representatives of various insurance and reinsurance companies. This is great collaboration between Bermuda's commercial and captive markets that sets the BCC apart from other conferences."

Organizers are still advising early bookings for the Conference (April 1 early registration) and for the hotel (March 1 early bird rates), as the event attracted a record 600 delegates last year.

David Fox,
Director, Information Services
Bermuda Captive Conference
TEL: 441-292-9829
EMAIL: fox@idc.bm

]]> newsroom@abnnewswire.net <![CDATA[ Strong Silver Jewelry Sales Reported During 2012 Holiday Season ]]> en74577 Y http://www.abnnewswire.net/press/en/74577/ Thu, 24 Jan 2013 09:27:41 GMT Sterling silver jewelry sales continued their strong performance during the recent Holiday Season, according to industry observers and early retail sales surveys. Retailers across the country reported to Jewelers Circular Keystone that "Sterling silver was the shining star of the Holiday Season in all types of pieces and increasingly higher price points." In a separate report, Liz Chatelain, President of MVI Marketing said, "The silver with diamond category has now grown into a full-blown category to which every major retailer is committing shelf space and marketing budgets."

"Silver fits a very big market," said Michael DiRienzo, Executive Director of the Washington, D.C. based Silver Institute. "It's apparent that consumers enjoy silver and are drawn to the exquisite work some of the best designers are producing," he said.

According to Amanda Gizzi, Director of Communications at Jewelers of America, "Many designers are using silver, and the range of silver jewelry is broadening. People are getting comfortable with sterling being part of a fine jewelry collection."

"Detail and intricacies in silver are in line with what we're seeing within fine jewelry in general, this year - fine textures and super feminine and floral designs…as well as geometric shapes and open cuffs with squares and maze patterns. We are seeing it more in silver than anything else. Another ongoing trend is the use of diamonds, pearls and gemstones in sterling silver designs," Gizzi said.
Michael Barlerin, Director of the Silver Promotion Service (SPS), a division of the Silver Institute, noted that branded silver jewelry has become an increasingly important segment of retail jewelry sales in recent years. He commented, "During the recent 24 Karat Club Dinner in New York, I had the opportunity to talk to eight of our SPS Savor Silver Partners and all had exceptionally strong seasons. I look forward to seeing the results of our forthcoming Nielsen/National Jeweler survey, to be fielded in coming weeks, which will quantify the overall results."

Increasingly, silver jewelry is used throughout the fashion industry to enhance its contemporary designs. Designers such as Elsa Peretti, who works largely in silver, has said, "Style is to be simple." This explains in part why her fluid and seamless sterling silver creations for Tiffany & Co.—which include apples, beans, hearts, shells, and teardrops—have remained best sellers since she began designing them 30 years ago.

With continuing consumer demand for exciting new designs, designers are finding that silver offers them more freedom to create more elaborate pieces while keeping the price points at a reasonable level. Centuries after the first silver jewelry was produced, today's designers, manufacturers and consumers alike have found few if any materials better suited for jewelry than silver.

Established in 1971, the Silver Institute serves as the industry's voice in increasing public understanding of the many uses and values of silver. For more details about the appeal of silver jewelry, visit the Silver Institute's website at:
http://www.silverinstitute.org
or the Silver Promotion Service at:
http://www.savorsilver.com

Michael DiRienzo	
The Silver Institute
T: (202) 495-4030
e-mail: mdirienzo@silverinstitute.org

Media:
Victor Webb
Marston Webb International
T: (212) 684-6601
e-mail: marwebint@cs.com

]]> newsroom@abnnewswire.net <![CDATA[ McEwen Mining (TSE:MUX) Declares Commercial Production El Gallo Phase 1 in Mexico ]]> en74509 Y http://www.abnnewswire.net/press/en/74509/ Wed, 9 Jan 2013 23:43:30 GMT McEwen Mining Inc. (NYSE:MUX) (TSE:MUX) is pleased to announce that it has successfully achieved commercial production at El Gallo Phase 1 in Sinaloa State, Mexico on January 1, 2012.

On September 24th, the Company announced that it had poured its first bar of gold at the mine. Subsequent to the first pour, the mine has been steadily increasing mine, crusher and leaching production and is now operating at 90% of the designed capacity. Final ramp-up is expected to be achieved during the First Quarter.

El Gallo Phase 1 is forecasted to produce approximately 30,000 ounces in 2013.

Operating costs will be reported starting in the First Quarter. Final 2012 production figures for the San Jose mine (Argentina), El Gallo Phase 1, and guidance for 2013 is expected to be provided in the coming week.

McEwen Mining 
T: +1-647-258-0395 
F: +1-647-258-0408
E: info@mcewenmining.com
WWW: www.mcewenmining.com


Marston Webb International
T: +1-212-684-6601
F: +1-212-725-4709
E: marwebint@cs.com
WWW: www.marstonwebb.com

]]> newsroom@abnnewswire.net <![CDATA[ McEwen Mining Inc. (NYSE:MUX) Successfully Completes US$60M Rights Issue ]]> en74369 Y http://www.abnnewswire.net/press/en/74369/ Thu, 6 Dec 2012 11:31:29 GMT McEwen Mining Inc. (NYSE:MUX)(TSE:MUX) is pleased to announce the successful completion of its Rights Offering, which closed at 5 PM EST on December 4, 2012. The Rights Offering was fully subscribed for with proceeds totaling US$60.4 Million.

"I would like to extend a warm thank you to all of our shareholders who participated in the Rights Offering. We are well financed and focused on finding ways to accelerate the development of El Gallo-phase 2 project," said Rob McEwen, Chief Owner.

During the next week, McEwen Mining will issue 19,051,679 Common Shares (MUX) and 7,798,762 Exchangeable Shares (MAQ) as the result of the Rights Offering. This issuance represents 10% of the Company's currently issued and outstanding shares. Upon issuance of these shares, McEwen Mining will have 295,429,859 shares outstanding (Common and Exchangeable). The Rights Offering was fully subscribed for without triggering the backstop commitment the Company had from Mr. McEwen.

The number of Common and Exchangeable shares, including oversubscription shares, to be issued to each exercising holder, pursuant to the exercise of the Rights Offering, will be calculated after 5 PM EST on December 7th, 2012.

The shares you subscribed for in the Rights Offering will be delivered to you in the same form you hold your existing shares - by Computershare, by mail in certificate form, or by your broker, after December 11, 2012.

If you exercised your over-subscription privilege, and are allocated less than all of the shares of McEwen Mining for which you wished to subscribe, your excess payment for shares that were not allocated to you will be returned to you in the same manner as you made the payment - by mail or through your broker, after Tuesday December 11, 2012.

Media Contact:

Victor Webb
Marston Webb International
T: (212) 684-6601
e-mail: marwebint@cs.com

]]> newsroom@abnnewswire.net <![CDATA[ Unusual Air Race has Bermuda in its Sights ]]> en74315 Y http://www.abnnewswire.net/press/en/74315/ Fri, 30 Nov 2012 10:40:10 GMT Bermuda is vying to be one of several destinations for an airship race right out of the pages of Jules Verne.

The Island's Ministers met yesterday with the Commissioner of the World Air League Don Hartsell about hosting the inaugural World Sky Race, featuring blimps, airships and Zeppelins.

While the route for the around-the-world race has not been finalised, Mr Hartsell said Bermuda was in a good geographical position to host one of the final legs, provided that certain technical requirements can be met.

He described the meeting as positive, noting the enthusiasm of those involved, including Bermuda's Tourism Minister Wayne Furbert, Transport Minister Walter Roban, Education Minister Dame Jennifer Smith, Environment Minister Marc Bean and Families Minister Glenn Blakeney.

Mr Hartsell said that while most blimps seen by the public appear to move very slowly, the airships are actually capable of travelling at speeds of more than 155 knots.

"Most of the airships people see today used are for advertising purposes," he explained. "They don't want them to move too quickly. Part of what we want to do is take the shells off the tortoises and let them be hares."

Numerous media outlets will cover the 180-day race internationally, including CNN, BBC, ABC, NBC and CBS. Organisers have also partnered with the Eurosport Group to create 18 prime time programmes for their flagship Eurosport channel, which reaches more than 120 million homes across Europe.

The race would be the first international airship competition, and would establish world records for the first team to circumnavigate the globe in a lighter-than-air vessel and the fastest team to circumnavigate the globe in such a vessel.

Deputy Mayor Donal Smith of the City of Hamilton helped organise the meeting, said the race would help put Bermuda in the international spotlight.

"The type of international exposure we could get from this, if we are selected, you couldn't pay for," Mr Smith said. "All of the networks will be advertising Bermuda through their coverage. This would clearly benefit us, and we frankly wouldn't have to pay very much."

He also noted that the race could offer Bermudian students a unique educational opportunity.

Working with the United Nations Educational, Scientific and Cultural Organisation (UNESCO) and the United Nations World Tourism Organisation (UNWTO), race organisers plan to provide students with a unique curriculum touching on the subjects of geography, history, culture, science and the environment.

"The educational component will reach out to students between five and 18 years old around the world from the day the race begins until the day it ends," Mr Smith said.

Jack Kelly, World Air League Advisory Director, compared the event to past Tall Ship races that have visited the Island in recent years, providing spectacular sights and educational opportunities while putting Bermuda in the eyes of the international media.

"I have been to Bermuda before and, when I came back through the airport, I remembered just how beautiful Bermuda is. I had to think to myself why it was I hadn't come back more frequently," he said. "That's what we want to do. Acquaint or reacquaint Bermuda with the world."

Speaking following the meeting, Bermuda's Minister of Business Development & Tourism described the presentation as ambitious and intriguing, saying he looks forward to continuing the discussion about the event in Bermuda.

"We are delighted Mr Hartsell and his organising team are very seriously considering Bermuda as one of the host destinations for this event," he said.

"I believe that the event could not only bring great exposure to Bermuda as a tourist destination, but it also promises many additional educational and cultural benefits as well."
Useful website:
http://www.worldskyrace.com

Story by Owain Johnston-Barnes,
Royal Gazette, Bermuda

Donal Smith 
Deputy Mayor
City of Hamilton
T: (441) 533-7480
e-mail: donalsmith10@gmail.com,

]]> newsroom@abnnewswire.net <![CDATA[ McEwen Mining (TSE:MUX) Webcast October 11th New York Investorium.tv ]]> en73725 Y http://www.abnnewswire.net/press/en/73725/ Tue, 2 Oct 2012 12:14:57 GMT McEwen Mining (TSE:MUX) (NYSE:MUX) Chairman and CEO Rob McEwen will be presenting the company on October 11th in New York at Investorium.tv.

Rob McEwen is the largest shareholder of McEwen Mining Inc. which he created by combining US Gold Corporation and Minera Andes Inc. in January 2012. He is the founder and former Chairman and CEO of Goldcorp Inc. which is, by market capitalization, the second largest gold producer in the world. In 1990, Rob jumped from the investment industry into the mining industry, where he transformed Goldcorp Inc. and a collection of small companies into a mining powerhouse.

Additional speakers include Eric Sprott, from Sprott Asset Management. Sprott's investment team, led by Rick Rule and Eric Sprott, pursues a deeper level of knowledge and understanding which allows it to develop unique macroeconomic, sector and company insights. Both Eric and Rick are sought-after speakers at natural resource investing conferences and with various media outlets.

To watch the live webcast on October 11th, from 4:30PM East Coast Time (New York) at Bayards along with a live audience of sophisticated investors and institutions, please visit:
http://www.investorium.tv/livestream.asp

Register to receive a notification immediately prior to the webcast and watch live. Institutional and Retail Investors are invited to register for the function at:
http://www.investorium.tv

McEwen Mining 
T: +1-647-258-0395 
F: +1-647-258-0408
E: info@mcewenmining.com
WWW: www.mcewenmining.com

McEwen Mining Inc.
Jenya Meshcheryakova
Investor Relations
T: +1-647-258-0395 ext 410
Toll Free: +1-866-441-0690

Victor Webb
Marston Webb International
T: +1-212-684-6601
e-mail: marwebint@cs.com

]]> newsroom@abnnewswire.net <![CDATA[ McEwen Mining Inc. (NYSE:MUX) Announces First Gold Pour at El Gallo Phase I in Mexico ]]> en73650 Y http://www.abnnewswire.net/press/en/73650/ Tue, 25 Sept 2012 04:25:41 GMT McEwen Mining Inc. (NYSE:MUX) (TSE:MUX) is pleased to announce that El Gallo Phase I in Sinaloa State, Mexico has achieved its first gold production (Fig. 1 & 2). The mine, which is 100% owned by McEwen Mining, is expected to produce 10,000 ounces of gold during the balance of this year. In 2013, the annual production is forecasted to be 30,000 ounces of gold.

The El Gallo Phase I is proceeding with the remaining commissioning activities, with commercial production anticipated to be achieved late this year.

The El Gallo Phase II, where a feasibility study was completed on September 10th, is forecasted to produce an additional 5.2 million ounces of silver and 6,000 ounces of gold per year, for combined production of 135,000 ounces of gold and gold equivalent per year.

"We are excited to see our second mine start production. I believe McEwen Mining is at a critical point, where we begin to deliver on our promise of production growth. Our objective is to increase production from 105,000 ounces of gold and gold equivalent in 2012 to 290,000 ounces of gold and gold equivalent in 2015. I would like to thank all of our employees and contractors, who played an important role in the construction of the mine," said Rob McEwen, Chief Owner.

The firm responsible for the EPCM (Engineering, Procurement, Construction and Management) of El Gallo Phase I is Sonoran Resources of Hermosillo, Mexico. Photos and videos showing El Gallo Phase I construction can be viewed here:
http://mcewenmining.com/Media-Events/Galleries/El-Gallo-Videos-and-Photos/default.aspx

To view the figures associated with this release, please visit the following links:

Figure 1: http://www.abnnewswire.net/lnk/E81ERBU8
Figure 2: http://www.abnnewswire.net/lnk/63UUOFQL

McEwen Mining 
T: +1-647-258-0395 
F: +1-647-258-0408
E: info@mcewenmining.com
WWW: www.mcewenmining.com

McEwen Mining Inc.
Jenya Meshcheryakova
Investor Relations
T: +1-647-258-0395 ext 410
Toll Free: +1-866-441-0690

Victor Webb
Marston Webb International
T: +1-212-684-6601
e-mail: marwebint@cs.com

]]> newsroom@abnnewswire.net <![CDATA[ Lexam VG Gold Inc. (TSE:LEX) Increases Gold Resources ]]> en73634 Y http://www.abnnewswire.net/press/en/73634/ Fri, 21 Sept 2012 06:25:21 GMT Lexam VG Gold Inc. (TSE:LEX)(OTCQX:LEXVF)(FRA:VN3A) is pleased to announce an increase in its total gold resources due to an updated resource estimate for its Buffalo Ankerite Project in Timmins, Ontario. Total NI 43-101 gold resources have increased by 44% in the Measured + Indicated category to 1 million ounces and by 20% in the Inferred category to 850,000 ounces.

Lexam VG Gold's four exploration Projects, Buffalo Ankerite, Davidson Tisdale, Fuller and Paymaster, each have a NI 43-101 resource estimate. The table below shows the growth of Lexam's resources since the last update in January 2011 due to the updated resource estimate for Buffalo Ankerite.

Table 1. Comparison of Total Gold Resources at January 2011 and at September 2012
------------------------------------------------------------------------
                  January 2011             September 2012              
               Tonnage   Grade    Gold    Tonnage   Grade   Gold        
            (M tonnes)   (gpt)    (oz) (M tonnes)   (gpt)   (oz)  Change 
------------------------------------------------------------------------
Measured + Indicated Resources                                          
Fuller            1.3    5.49  236,245                 Unchanged       -
Davidson                                                                
 Tisdale          0.8    4.75  129,442                 Unchanged       -
Paymaster         1.9    1.82  113,449                 Unchanged       -
Buffalo                                                                 
 Ankerite         1.5    4.63  224,309       4.5    3.70 531,671   +137%
------------------------------------------------------------------------
Total Measured + Indicated:    703,445                 1,010,807    +44%
------------------------------------------------------------------------
                                                                        
------------------------------------------------------------------------
Inferred Resources                                                      
Fuller            1.6    5.66  299,960                 Unchanged       -
Davidson                                                                
 Tisdale          0.3    4.66   40,199                 Unchanged       -
Paymaster         1.7    1.72   92,642                 Unchanged       -
Buffalo                                                                 
 Ankerite         2.0    4.35  274,632       3.5    3.70 417,032    +52%
------------------------------------------------------------------------
Total Inferred:                707,433                   849,833    +20%
------------------------------------------------------------------------
                (See Note 1 at the end of this news release)

In this press release the following abbreviations are used: opt = ounce per ton; gpt = gram per tonne, Au = gold; oz = ounce; ft = foot; m = metre; M = million. The following definitions apply: 1 tonne = 1,000 kilograms = 2,205 pounds; cut-off grade = the grade value that distinguishes ore from waste, where material which has a grade below the cut-off grade is classified as waste and material with a grade equal to or greater than the cut-off grade is classified as ore.

The Buffalo Ankerite Project - Description and Gold Resources

The current resource estimates for the Buffalo Ankerite Project are an update of the 2009 NI 43-101 resource estimate. A total of 98,522 metres of diamond core data from 311 drill holes was utilized to calculate the new resource estimates. The 2010-2012 drilling program has accomplished its objectives of converting portions of the Inferred Resources to Indicated Resources, of outlining additional resource extensions and of establishing potential for continued expansion of the mineralization at depth.

The Buffalo Ankerite Project consists of two separate zones, the South Zone and the North Zone, that each extend over two properties, Lexam's 100% owned Buffalo Ankerite and Lexam's 60%-Goldcorp's 40% owned Paymaster property (see Figure 1). The numbers presented in press release represent Lexam's net resources on the Project. The 2012 resource estimates were calculated using a manual polygonal cross-sectional method. High grade assays above 34.29 gpt Au (1 opt Au) were cut to this value. Tonnage estimates were based on a tonnage factor of 11.4 cubic feet per ton.

Lexam VG modeled the Buffalo Ankerite resource using different cut-off grades. In the first estimate (Option I below) the same cut-off was used as in 2009 (1.71 gpt Au) to provide a direct comparison to the earlier estimate. This approach gives investors a clear sense of the additional resources discovered through exploration. In the second estimate (Option II below) a lower cut-off was used to account for the possibility of using lower cost open pit mining methods above a depth of 300 metres. Option II cut-off grades were 0.51 gpt Au above a depth of 300 metres and 1.54 gpt Au below. These cut-off grades were derived using a formula that takes into account the current gold price and the projected cost of production. Results of the two estimates are as follows:

Option I - Using the same grade as in 2009. A cut-off grade of 1.71 gpt Au (0.05 opt Au), the same as for the 2009 resource estimate, was used to allow a direct comparison of the two estimates. As illustrated in Table 1 and Chart 1, the total resource on the Buffalo Ankerite Project at this cut-off grade was:

-- Indicated Resource of 4.5 million tonnes at average grade of 3.7 gpt gold for a total of 531,671 oz gold, an increase of 137% from the 2009 Indicated Resource, representing a conversion of Inferred to Indicated resources;

-- Inferred Resource of 3.5 million tonnes at average grade of 3.7 gpt gold for a total of 417,032 oz gold, an increase of 52% from the 2009 Inferred Resource, representing a resource addition and indicating further potential at depth.

Option II - Using a lower grade than in 2009. Due to the possibility of mining by open pit methods and to the price of gold doubling from early 2009 when the previous resource estimate on the Project was completed, management believes an additional estimate is warranted. Following current industry standards, this estimate employed cut-off grades of 0.51 gpt Au above 300 m and 1.54 gpt Au below 300 m depth (0.015 opt Au above 1,000 ft and 0.045 opt Au below 1,000 ft depth). These parameters were selected as the portion of the resource within the upper 300 m (1,000 ft) was determined to have potential for a lower cost, open-pit mining method of extraction and therefore a lower cut-off grade could be utilised, while the resource below 300 m from surface would have to be extracted with more costly underground mining methods and therefore the higher cut-off would apply. The results are presented in Table 2 and Chart 1 below.

Table 2. 2012 Gold Resource Estimate for South Zone and North Zone
(Cut-off grades: 0.51 gpt Au/ 1.54 gpt Au above/ below 300 m depth)
----------------------------------------------------------------------
Resource                               Tonnage       Grade        Gold
Classification          South Zone  (M tonnes)       (gpt)        (oz)
----------------------------------------------------------------------
Indicated                    Above         5.7        2.01     367,955
----------------------------------------------------------------------
Inferred                     300 m         3.6        1.79     206,386
----------------------------------------------------------------------
                                                                      
----------------------------------------------------------------------
Indicated                    Below         0.9        3.26      96,342
----------------------------------------------------------------------
Inferred                     300 m         1.2        3.12     116,292
----------------------------------------------------------------------
                                                                      
----------------------------------------------------------------------
Indicated                    Total         6.6        2.18     464,297
----------------------------------------------------------------------
Inferred                South Zone         4.8        2.11     322,678
----------------------------------------------------------------------

----------------------------------------------------------------------
Resource                               Tonnage       Grade        Gold
Classification          North Zone  (M tonnes)       (gpt)        (oz)
----------------------------------------------------------------------
Indicated                    Above         2.5        2.20     175,170
----------------------------------------------------------------------
Inferred                     300 m         1.8        2.24     129,134
----------------------------------------------------------------------
                                                                      
----------------------------------------------------------------------
Indicated                    Below         0.6        3.13      60,985
----------------------------------------------------------------------
Inferred                     300 m         0.9        3.05      92,115
----------------------------------------------------------------------
                                                                      
----------------------------------------------------------------------
Indicated                    Total         3.1        2.39     236,155
----------------------------------------------------------------------
Inferred                North Zone         2.7        2.52     221,249
----------------------------------------------------------------------
              (See Note 2 at the end of press release)

The total resource on the Buffalo Ankerite Project at cut-off grades 0.51 gpt Au above 300 metres and 1.54 gpt Au below 300 metres depth is consequently as follows:

-- Indicated Resource of 9.7 million tonnes at average grade of 2.25 gpt gold for a total of 700,452 oz gold, an increase of 212% from the 2009 Indicated Resource;

-- Inferred Resource of 7.5 million tonnes at average grade of 2.26 gpt gold for a total of 543,927 oz gold, an increase of 98% from the 2009 Inferred Resource.
The chart below presents the 2009 resource estimate together with the 2012 resource updates (Option I and Option II) on Buffalo Ankerite.

To view Chart 1, please visit the following link: http://media3.marketwire.com/docs/lex0920chart1.pdf.

The table below summarizes the differences between the 2009 resource estimate and the 2012 resource updates (Option I and Option II) on Buffalo Ankerite.

Table 3. Comparison of Buffalo Ankerite 2009 and 2012 Gold Resource Estimates
-----------------------------------------------------------------------
Resource Estimate                     2009               Option I, 2012  
Cut-off grade                   1.71 gpt Au                 1.71 gpt Au  
-----------------------------------------------------------------------
Indicated    South Zone                                       Indicated  
                                                               % Change  
                                 179,322 oz    351,374 oz    From 2009:  
                                                                       
             North Zone           44,987 oz    180,297 oz              
             ----------------------------------------------------------
             Total               224,309 oz    531,671 oz         +137%
-----------------------------------------------------------------------
                                                                       
-----------------------------------------------------------------------
Inferred     South Zone                                        Inferred  
                                                               % Change  
                                 251,872 oz    244,678 oz    From 2009:  
                                                                       
             North Zone           22,760 oz    172,354 oz              
             ----------------------------------------------------------
             Total               274,632 oz    417,032 oz          +52%
-----------------------------------------------------------------------

       ------------------------------------------------------------
                                                    Option II, 2012 
       Resource Estimate                      0.51 gpt/ 1.54 gpt Au 
       Cut-off grade                       above/ below 300 m depth 
       ------------------------------------------------------------
       Indicated       South Zone                         Indicated 
                                                           % Change 
                                           464,297 oz    From 2009: 
                                                                    
                       North Zone          236,155 oz              
                       --------------------------------------------
                       Total               700,452 oz         +212%
       ------------------------------------------------------------
                                                                    
       ------------------------------------------------------------
       Inferred        South Zone                          Inferred
                                                           % Change
                                           322,678 oz    From 2009:
                                                                    
                       North Zone          221,249 oz              
                       --------------------------------------------
                       Total               543,927 oz          +98%
       ------------------------------------------------------------
           (See Note 3 at the end of press release)

About Lexam VG Gold Properties

All of Lexam VG Gold's properties are located in the prolific Timmins, Ontario, Canada gold district. This is a long established mining area with excellent infrastructure including highway access, readily available power and access to skilled work force.

Buffalo Ankerite Property

The Buffalo Ankerite property consists of 1,063 acres. It is located within a few kilometres from the producing Goldcorp Dome Mine to the east, past producing Hollinger and McIntyre Mines to the north and Aunor Mine to the west (see Figure 1). These mines have generated more than 50 million of the 70 million ounces of gold produced in the Timmins gold district. Between 1926 and 1953 the Buffalo Ankerite property produced 1,018,000 ounces of gold with an average recovered grade of 6.51 grams per tonne (0.19 ounces per ton). Additional information about the Buffalo Ankerite property can be found in the 2009 Buffalo Ankerite Report (see Note 1 at the end of the press release).

Fuller Property

Recent drilling at the Fuller property has continued to encounter near surface gold mineralization in the quartz-feldspar porphyry and the adjacent volcanics. Based on these favourable drill results and on historic results, a re-assessment of the Fuller mineralization that utilizes an open pit mining scenario and includes a new resource estimate is underway. Additional information about the Fuller property can be found in the 2007 Fuller Report (see Note 1 at the end of the press release).

Davidson Tisdale Property

The Davidson Tisdale property consists of 10 claims totalling 520 acres in the Tisdale Township in North-Eastern Timmins. The property is located approximately 5 km along strike from Hollinger, McIntyre and Coniaurum mines, which have produced over 31 million ounces of gold. The property is a joint venture where Lexam VG Gold owns 68.5% and SGX Resources owns 31.5%. Davidson Tisdale was subject to minor production in 1988 by Getty Canadian Metals, with a total of 7,300 ounces of gold mined. Additional information about the Davidson Tisdale property can be found in the 2007 Davidson Tisdale Report (see Note 1 at the end of the press release).

Paymaster Property

In June 2012, Lexam VG Gold announced that it has exercised its option to acquire a 60% interest in Goldcorp's Paymaster Property. Goldcorp has until December 2012 to exercise their back-in right to increase their interest from 40% to 70%. To earn the back-in right, Goldcorp needs to make expenditures of $8.96 M on the property and to complete a feasibility study within three years. Additional information about the Paymaster property can be found in the 2011 Paymaster Report (see Note 1 at the end of the press release).

About Lexam VG Gold

Lexam VG Gold has four key properties in the Timmins gold district of Ontario, Canada. The Company's exploration efforts have been designed to grow its gold resource base with the objective of identifying economic deposits. As of June 30, 2012 Lexam VG Gold had $5.8 million in cash, with no bank debt. The Company has 226,570,860 issued and outstanding shares, with 27% owned by Chairman Rob McEwen.

Technical Information

All exploration work for the Buffalo Ankerite Project was conducted under Kenneth Guy, P. Geo, Senior Geological Consultant and Qualified Person for the Company, as defined by NI 43-101. Mr. Guy has reviewed and approved the technical contents of this news release.

All drilling was completed using NQ size core. Gold analysis of the samples collected by Lexam VG Gold was assayed by ALS Chemex. Analysis consisted of a fire assay of a 30-gram sample with an atomic absorption finish. Samples assaying over 10.0 gpt Au were re-assayed with gravimetric finish. Samples noted to contain visible gold were analyzed via total metallic assay method. A rigorous Quality Assurance and Quality Control Program (QA/QC) was in place, using control samples such as blanks and duplicate checks. In addition, duplicate analyses of 10% of the samples were corroborated by check assays performed at a third party laboratory.

The mineral resource estimate on the Buffalo Ankerite Project was completed by Peter Bevan, P.Eng, mining geological consultant and an independent Qualified Person in accordance with NI 43-101. Mr. Bevan has reviewed and approved the technical contents of this news release. A NI 43-101 compliant technical report containing the new resource estimate on the Buffalo Ankerite Project will be filed on SEDAR (www.sedar.com) within 45 days of this press release.

For additional information about the Buffalo Ankerite Project refer to the 2009 Technical Report (filed Aug 25, 2009), available on SEDAR (www.sedar.com).
The mineral resource estimates completed by Peter Bevan were based on geological interpretations and data supplied by Lexam VG Gold. Mr. Bevan has visited the Buffalo Ankerite Project on numerous occasions, most recently in July 2012. He has reviewed the drill hole database, resource modeling, and the QA/QC for verification of gold grades. Site visits, data review and QA/QC presented no issues of concern regarding the resource estimate.

The resource estimates contained herein do not constitute a feasibility or pre-feasibility study and contain no mineral reserves within the meaning of NI 43-101 or SEC Industry Guide 7. The mineral resource figures referred to in this press release are estimates and therefore insufficient to allow meaningful application of the technical and economic parameters to enable an evaluation of technical or economic viability and no assurances can be given that the indicated levels of gold will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While the Company believes that the resource estimates included in this press release are well established, resource estimates are imprecise by their nature and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such estimates are inaccurate or are reduced in the future, this could have a material adverse impact on the Company. In addition, this news release includes inferred resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves.

Cautionary Note to U.S. Investors

All resource estimates reported by Lexam VG Gold are calculated in accordance with NI 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards are different from the standards generally permitted in reports filed with the SEC. Under NI 43-101, Lexam VG Gold reports indicated and inferred resources, measurements which are generally not permitted in filings made with the SEC. According to Canadian NI 43-101 criteria, the estimation of indicated resources involve greater uncertainty as to their economic feasibility than the estimation of proven and probable reserves. Under SEC Industry Guide 7 criteria, measured, indicated and inferred resources are considered Mineralized Material. The SEC considers that in addition to greater uncertainty as to the economic feasibility of Mineralized Material compared to proven and probable reserves, there is also greater uncertainty as to the existence of Mineralized Material. U.S. investors are cautioned not to assume that measured or indicated resources will be converted into economically mineable reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources.

Caution Concerning Forward-Looking Statements

This press release contains certain forward-looking statements and information. The forward-looking statements and information express, as at the date of this press release, Lexam VG Gold's plans, estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, risks related to: litigation, property title, the Paymaster Option, the state of the capital markets, whether shareholder and regulatory approvals for any proposed transaction are forthcoming, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves and other risks. Readers should not place undue reliance on forward-looking statements or information. Lexam VG Gold 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 Lexam VG Gold's Annual Information Form dated December 31, 2011 and available under the Company's profile on SEDAR (www.sedar.com) for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

Notes Concerning this Press Release

Note 1 - in Reference to Table 1 and Reports on Lexam VG Gold Properties

(1) The table contains net Lexam VG Gold resources on the projects.

(2) Legend: M = millions; 1 tonne = 1,000 kilograms = 2,205 pounds; gpt = grams per tonne; oz = ounces.

(3) The Buffalo Ankerite resource presented for January 2011 was calculated at cut-off grade of 1.71 gpt Au (0.05 opt Au) and was disclosed in the technical report titled "Qualifying Report on the Buffalo Ankerite Property Northern Ontario Canada NTS 42E 12/SW" (the "2009 Buffalo Ankerite Report"), dated February 2009 and prepared by Peter Bevan, P.Eng.

The Buffalo Ankerite resource presented for September 2012 was calculated at cut-off grades of 1.71 gpt Au (0.05 opt Au) and will be disclosed in a NI 43-101 compliant technical report on SEDAR (www.sedar.com), within 45 days of this press release.

The Fuller resource was calculated at cut-off grade of 1.71 gpt Au (0.075 opt Au) and was disclosed in the technical report titled "Technical Report on the Fuller Gold Property" (the "2007 Fuller Report."), dated August 31st, 2007 and prepared by Shahe Naccashian, Christopher Moreton and Tim Maunula, P. Geo.

The Davidson Tisdale resource was calculated at cut-off grade of 2.00 gpt Au (0.058 opt Au) and was disclosed in the technical report titled "Exploration Report (2003-2005) and Resource Estimate Technical Report on the Tisdale Project - Porcupine Mining Division Northeastern Ontario, Canada NTS" (the "2007 Davidson Tisdale Report."), dated March 26, 2007 and prepared by Kenneth Guy, P.Geo. and Eugene Puritch, P.Eng.

The Paymaster resource was calculated at cut-off grade of 0.51 gpt Au (0.015 opt Au) and was disclosed in the technical report titled "Summary Report on Exploration and Resource Technical Report on the Paymaster Option - Porcupine Mining Division, Northeastern Ontario, Canada NTS 42A/06NE" (the "2011 Paymaster Report"), dated December 20, 2010 and prepared by Peter Bevan P.Eng. and Kenneth Guy, P.Geo.

The above-mentioned authors are each Qualified Persons in accordance with NI 43-101. The mineral resources were estimated using the CIM Standards. The foregoing reports are available under the Company's profile on SEDAR (www.sedar.com) and on the Company's web site (www.lexamvggold.com).

Note 2 - in Reference to Table 2

(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

(2) The quantity and grade of reported inferred resources in this estimation are conceptual in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.

(3) The resource estimate was prepared by consulting mining geologist Peter Bevan, P.Eng, an independent Qualified Person in accordance with NI 43-101, using the Canadian Institute of Mining (CIM), Metallurgy and Petroleum Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005.

(4) Legend: M = millions; 1 tonne = 1,000 kilograms = 2,205 pounds; gpt = grams per tonne; oz = ounces.

Note 3 - in Reference to Table 3

(1) The February 2009 resource was disclosed in the technical report titled "Qualifying Report on the Buffalo Ankerite Property Northern Ontario Canada NTS 42E 12/SW" and prepared by Peter Bevan, an independent Qualified Person in accordance with Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects" ("NI 43-101"). The mineral resources were estimated using the Canadian Institute of Mining (CIM), Metallurgy and Petroleum Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005 ("CIM Standards"). The report is available under the Company's profile on SEDAR (www.sedar.com) and on the Company's web site (www.lexamvggold.com).

(2) Legend: gpt = grams per tonne; Au = gold; oz = ounces; m = metre, M = million.

(3) Tonnages and grades for the 2009 Lexam VG Gold resource on the Buffalo Ankerite Project are 1.5 M tonnes at 4.63 gpt Au = 224,309 oz Au Indicated Resource and 2.0 M tonnes at 4.35 gpt Au = 274,632 oz Au Inferred Resource.

To learn more about Lexam VG Gold (TSX:LEX), visit our website: http://www.lexamvggold.com.

To view further Lexam VG Gold Inc. news & announcements, please visit:
http://www.lexamvggold.com/news.php

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/lex0920fig1.pdf.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.



Lexam VG Gold Inc.
Stefan Spears
T: +1-647-258-0395 ext. 120
Toll Free: +1-866-441-0690
F: +1-647-258-0408
E: info@lexamvggold.com
www.lexamvggold.com

]]> newsroom@abnnewswire.net