Copper $ 2.81 -0.02 -0.57% Volume: March 26, 2015
Silver $ 17.00 -0.10 -0.58% Volume: March 27, 2015
Gold $ 1,198.59 -5.71 -0.47% Volume: March 27, 2015
TSX: MUX $ 1.31 +0.00 +0% Volume: 75,800 March 26, 2015
NYSE: MUX $ 1.06 +0.00 +0% Volume: 991,000 March 26, 2015
1,198.59 -5.71 -0.47% Volume: Pricing delayed 20 minutes March 27, 2015 4:05 AM
Operations
Operations

El Gallo – Mexico

Production

In 2014 we produced a record 38,212 gold ounces and 25,912 silver ounces. At a silver-to-gold ratio of 60:1, this equates to 38,643 gold equivalent oz. at an all-in sustaining cost of $1,194 per gold equivalent oz. This beats guidance of 37,500 gold equivalent oz. at an all-in sustaining cost of $1,250 per gold equivalent oz. 

In Q4 2014 we produced a quarterly record of 14,057 gold oz. and 13,462 silver oz. At a silver-to-gold ratio of 60:1, this equates to 14,281 gold equivalent oz. at all-in sustaining costs of $931 per gold equivalent oz. This beat guidance of 13,200 gold equivalent oz. at all-in sustaining costs of $1,150 per gold equivalent oz. The production challenges experienced in Q3 2014 due to severe rainfall were compensated by a more than doubling of the processed grade to 2.2 gpt Au. 

 

Annual production in 2015 is expected to increase 31% to 50,000 gold oz with all-in sustaining costs decreasing to $750 per gold oz.

El Gallo 1 Mine Production Results

 

Full-Year 2014

Full-Year 2013

Q4 2014

Q4 2013

Mined grade gold

1.40

1.31

2.20

1.27

Ore production (tonnes)

1,462,496

1,255,314

522,337

323,863

Average grade gold (gpt)

1.58

1.22

2.39

1.17

Gold produced (oz)

38,212

30,733

14,057

7,687

Silver produced (oz)

25,912

20,635

13,462

3,786

Gold equivalent produced (ounces)

38,643

31,077

14,281

7,750

Gold sold (ounces)

35,600

32,705

11,272

7,980

Silver sold (ounces)

19,417

22,700

8,000

5,500

Gold equivalent total cash cost (US$)

875

750

711

766

Gold equivalent co-product all-in sustaining cash cost (US$)

1,194

1,166

931

1,073

Silver-to-gold ratio of 60:1

* Gold recoveries are projected to reach 70% through on-going leaching.

The El Gallo information on this page was derived from  a news release titled “McEwen Mining 2014 Operating & Financial Results", released on March 9,, 2015 by McEwen Mining Inc. To access the news release click here.

Cautionary Notes

McEwen Mining reports 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. According to Canadian NI 43-101 criteria, the estimation of measured resources and 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.

This website contains certain forward-looking statements and information and investors are encouraged to review our "Cautionary Note Regarding Forward Looking Statement".

 

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