Copper $ 3.05 +0.00 +0% Volume: October 23, 2014
Silver $ 17.24 +0.05 +0.29% Volume: October 24, 2014
Gold $ 1,232.38 -0.13 -0.01% Volume: October 24, 2014
TSX: MUX $ 1.79 +0.00 +0% Volume: 206,600 October 23, 2014
NYSE: MUX $ 1.60 +0.00 +0% Volume: 2,816,400 October 23, 2014
1,232.38 -0.13 -0.01% Volume: Pricing delayed 20 minutes October 24, 2014 6:05 AM
Operations
Operations

San José Mine – Argentina (49% Ownership)

Production

Production for McEwen Mining's 49% share in the San José mine during Q3 2014 was 23,811 gold equivalent ounces (converting silver into gold using a 60:1 ratio), consisting of 11,278 gold ounces and 751,995 silver ounces. This was 3% higher than Q2 2014. Production was lower year-over-year due to exceptionally high gold and slier grades produced in Q3 2013. Cash costs and all-in sustaining costs will be reported in November 2014 with Q3 financials.

Production guidance for our share of production from San José in 2014 remains at 97,500 gold equivalent ounces. Cash costs and all-in sustaining costs are estimated at $800 and $1,100 per gold equivalent ounce in 2014.

San José Mine Operating Results

 

San José – 100%* Q3 2014 Q2 2014 Q3 2013

Year to Date

2014

Ore production (tonnes)

141,666

142,074

131,592

418,329

Average grade gold (gpt)

5.66

5.45

6.59

5.62

Average head silver (gpt)

388

378

446

386

Average gold recovery (%)

89.2

87.6

91.9

88.5

Average silver recovery (%)

86.9

87.1

89.5

87.0

Gold produced (oz)

23,016

21,938

25,610

66,928

Silver produced (oz)

1,534,683

1,504,084

1,689,237

4,509,848

Gold equivalent produced (oz)(3)

48,594

47,006

53,764

142,092

 

 

 

 

 

McEwen Mining – 49% Share

Gold produced (oz)

11,278

10,750

12,549

32,795

Silver produced (oz)

751,995

731,001

827,726

2,209,826

Gold equivalent¹ produced (oz)(3)

23,811

23,033

26,344

69,625

* McEwen Mining holds a 49% attributable interest in the San José mine.

** Gold equivalent ounces were calculated at a silver to gold ratio of 52:1 for 2012 and 2013, For the purpose of the 2014 forecast a ratio of 60:1 is being used.

San José technical information on this page were derived from a news release titled “McEwen Mining Financial Q3 2014 Production Results” released on October 23, 2014 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.

Mineral resources which are not mineral reserves do not have demonstrated economic viability.

This website contains certain forward-looking statements and information and investors are encouraged to review our Cautionary Note Regarding Forward Looking Statement and our disclaimer regarding Reliability of Information San Jose Mine / Minera Santa Cruz S.A.

 

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