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Msg  12 of 14  at  4/10/2015 2:07:38 AM  by

nasus25438


MUX

 

McEwen Mining (T.MUX) gold refinery in Mexico hit by $8.5 million armed robbery


http://www.stockhouse.com/news/newswire/2015/04/08/mcewen-mining-t-mux-gold-refinery-mexico-hit-$8-5-million-armed-robbery

The up-date

http://www.stockhouse.com/news/press-releases/2015/04/08/robbery-update-mcewen-mining-maintains-production-guidance

Robbery Update: McEwen Mining Maintains Production Guidance

T.MUX | 1 day ago

TORONTO, ONTARIO--(Marketwired - April 8, 2015) - McEwen Mining Inc. (NYSE:MUX)(TSX:MUX) maintains 2015 production guidance at our El Gallo Mine in Sinaloa, Mexico despite yesterday's robbery.

Gold production in Q1 2015 was 15,243 ounces, which was 17% higher than guidance due to a 4% higher than expected gold grade and better recoveries.

Production in Q2 2015 is expected to be strong at 14,000 ounces of gold, despite the theft of 7,000 ounces. We appreciate the rapid response of the Sinaloa State and local police who continue to investigate with our full cooperation. We are also working with our insurance carrier and expect to recover the majority of the losses.


El Gallo Mine


Q1 2014


Q1 2015(1)

2015
Guidance

Ore production (tonnes)

359,402

294,806

850,000

Average gold grade (gpt)

1.16

2.71

2.60

Gold produced (oz)

9,295

15,243

50,000

Silver produced (oz)

4,195

11,084

20,000

(1)

Although believed by management to be accurate, information provided for production, tonnes and grade is preliminary and may consequently differ from final results expected to be disclosed in the Company's forthcoming Form 10-Q. Any differences are expected to be positive.

Due to upgrades to the processing plant, approximately 30 days of production in concentrates were in the refinery at the time of the robbery. Fortunately, no one was seriously injured and there was no damage to the plant. Mining and processing activities were not impacted and continue uninterrupted.

Management is reviewing its security procedures and will implement additional and more robust systems in the near future.

About McEwen Mining (www.mcewenmining.com)

The goal of McEwen Mining is to qualify for inclusion in the S&P 500 by creating a profitable gold producer focused in the Americas. McEwen Mining's principal assets consist of the gold/silver San José Mine in Santa Cruz, Argentina (49% interest); the El Gallo complex in Sinaloa, Mexico; the Gold Bar project in Nevada, US; the Los Azules copper project in San Juan, Argentina. McEwen Mining has 306 million shares fully diluted at April 8, 2015. Rob McEwen, Chairman and Chief Owner, owns 25% of the shares of the Company.



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