Copper $ 3.45 -0.03 -0.78% Volume: 0 May 18, 2012
Silver $ 28.74 +0.70 +2.5% Volume: 0 May 18, 2012
Gold $ 1,592.93 +18.47 +1.17% Volume: 0 May 18, 2012
TSX: MUX $ 2.26 -0.24 -9.6% Volume: 426,257 May 18, 2012
NYSE: MUX $ 2.22 -0.21 -8.64% Volume: 3,839,125 May 18, 2012
1,592.93 +18.47 +1.17% Volume: 0 Pricing delayed 20 minutes May 18, 2012 10:55 PM
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Operations

Silver Resources


Measured  Indicated Measured + Indicated Inferred
43-101 Silver Resources  Tonnes (millions) Grams per tonne Ounces  Tonnes (millions) Grams per tonne Ounces  Tonnes (millions) Grams per tonne Ounces  Tonnes (millions) Grams per tonne Ounces 
Argentina      
 
     
   
San José (49%)(incl. Reserves) 0.6 560 10,192,000 1.6 423 23,412,200 2.2 457 33,604,200 0.9 384 10,917,200
Los Azules       137.0 1.70 7,487,909 137.0 1.70 7,487,909 900.0 1.70 49,190,642
Mexico
     
 
     
   
 El Gallo Complex
 9.5  83 25,637,619
7.2
66
14,125,972
 16.3 76
39,763,592
 11.6 53
19,716,781
Nevada
                       
New Pass (50%) 4.9 8 1,319,500 0.1 3 6,700 5.0 8 1,326,200      
       
 
           
TOTAL     37,149,119     45,032,781     82,181,900     79,824,623

Gold Resources


Measured  Indicated Measured + Indicated Inferred
43-101 Gold Resources  Tonnes (millions) Grams per tonne Ounces  Tonnes (millions) Grams per tonne Ounces  Tonnes (millions) Grams per tonne Ounces  Tonnes (millions) Grams per tonne Ounces 
Argentina                        
San José (49%)(incl. Reserves) 0.6 8.21 149,450 1.6 6.53 361,620 2.2 6.95 511,070 0.9 5.30 151,410
Los Azules  
  137.0 0.07 308,326 137.0 0.07 308,326 900.0 0.07 2,025,497
 Mexico                        
 El Gallo Complex
 16.5 0.73
382,588
10.1
0.49
161,142
26.6
0.64
543,730
11.8
0.06
23,764
Nevada      
 
           
Tonkin 17.5 1.44 820,000 14.7 1.34 627,000 32.3 1.39 1,447,000 8.4 1.13 311,000
Gold Bar (incl. Reserves) 0.7 1.19 25,844 18.8 0.94 567,084 19.5 0.95 592,928 7.0 0.94 212,168
New Pass (50%) 4.9 0.97 155,500 0.1 0.59 1,450 5.0 0.97 156,950      
Limo 5.9 0.89 168,350 3.7 0.61 72,730 9.6 0.78 241,080 2.2 0.70 50,700
                         
TOTAL     1,701,732     2,099,352     3,801,084     2,774,539

Copper Resources


Measured  Indicated Measured + Indicated Inferred
43-101 Copper Resources  Tonnes (millions) % Copper Pounds  Tonnes (millions) % Copper Pounds (millions) Tonnes (millions) % Copper Pounds  Tonnes (millions) % Copper Pounds 
Argentina           
 
     
   
Los Azules       137.0 0.73 2,205 137.0 0.73 2,205 900.0 0.52 10,318
                         
TOTAL           2,205     2,205     10,318

Gold Reserves

  Proven Probable Proven + Probable
43-101 Gold Reserves  Tonnes (millions) Grams per tonne Ounces  Tonnes (millions) Grams per tonne Ounces  Tonnes (millions) Grams per tonne Ounces 
Nevada                  
Gold Bar       15.1 1.00 484,379 15.1 1.00 484,379
Argentina                  
San José (49%) 0.4 6.99 88,690 0.4 5.79 79,870 0.8 6.36 168,560
                   
TOTAL     88,690     564,249     652,939

Silver Reserves


Proven Probable Proven + Probable
43-101 Silver Reserves  Tonnes (millions) Grams per tonne Ounces  Tonnes (millions) Grams per tonne Ounces  Tonnes (millions) Grams per tonne Ounces 
Argentina                  
San José (49%) 0.4 475 6,022,100 0.4 354 4,885,300 0.8 412 10,907,400

San José Mine resources information was derived from the report "Minera Andes Inc. Annual Information Form" for the fiscal year ended December 31, 2010 released by Minera Andes Inc. on March 28, 2011 with an effective date of December 31, 2010, prepared by James L. Pearson P.Eng., Alfred Hayden and Fred Brown and Eugene Puritch. Each of the foregoing are considered to be independent of Minera Andes and Qualified Persons as defined by NI 43-101. For further information about the San José mine see the "Technical Report on the San José Silver-Gold Mine, Santa Cruz, Argentina" prepared by Eugene J. Puritch, Alfred S. Hayden, James L. Pearson, Fred H. Brown, Tracy Armstrong, David Burga and, Kirstine R. Malloch, dated December 16, 2010. Los Azules resources information was derived from the report "Canadian National Instrument 43-101 Technical Report Updated Preliminary Assessment, Los Azules Project, San Juan Province, Argentina" with an effective date of December 1, 2010 prepared by Kathleen Altman, Robert Sim, Bruce Davis, Richard Jemielita, William Rose, and Scott Elfen (the "Los Azules Report"). Each of the Los Azules Report authors is independent of Minera Andes Inc. and a Qualified Person as defined by NI 43-101.El Gallo Complex resources (El Gallo, Magistral and Palmarito) information was derived from the report "Preliminary Economic Assessment for the El Gallo District, Sinaloa State, Mexico" with an effective date of February 11, 2011 prepared by Richard Addison, Paul A. Gates, Aaron M. McMahon (the "El Gallo Report"). Each of the El Gallo Report authors is independent of US Gold Corporation and a Qualified Person as defined by NI 43-101. Gold Bar resources information was derived from the news release titled "US Gold Announces Positive Preliminary Feasibility Study for Gold Bar Project, Nevada" reviewed and approved by J. B. Pennington. Mr. Pennington is independent of US Gold Corporation and a Qualified Person as defined by NI 43-101. The report titled "NI 43-101 Preliminary Feasibility Study of US Gold Corporation's Gold Bar Project" with an effective date of November 28, 2011. This report will be available on SEDAR (www.sedar.com) within 180 days. Tonkin resources information was derived from the report "Technical Report on the Tonkin Project" with an effective date of May 16, 2008 prepared by Alan C. Noble, P.E., Ore Reserves Engineering, Richard Gowans, Micon International and Steven Brown, US Gold Corporation. Mr. Noble and Mr. Gowans are independent of US Gold Corporation and a Qualified Person as defined by NI 43-101. Limo resources information was derived from the report "NI 43-101 Technical Report for the Limousine Butte Project, White Pine County, Nevada" with an effective date of July 1, 2009 prepared by John Welsh, P. Eng., Kim Drossulis, Senior Engineer, Jonathan Brown, M.B.A., C.P.G., Doug Willis, Geologist, Christine Ballard, Project Geotechnical Engineer, Eric Haddox, P. Eng. (the "Limo Report"). Each of the Limo report authors is independent of US Gold Corporation and a Qualified Person as defined by NI 43-101.

All resource estimates reported by McEwen Mining Inc. are calculated in accordance with 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral resources which are not mineral reserves do not have demonstrated economic viability.

Reserves and Resources

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