Announces First Gold Pour at El Gallo Phase I in Mexico
New York, Sep 25, 2012 AEST (ABN Newswire) - 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
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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