Copper $ 2.18 -0.03 -1.45% Volume: May 4, 2016
Silver $ 17.43 -0.14 -0.8% Volume: May 4, 2016
Gold $ 1,285.21 -6.83 -0.53% Volume: May 4, 2016
TSX: MUX $ 2.98 -0.27 -8.31% Volume: 373,344 May 4, 2016
NYSE: MUX $ 2.33 -0.22 -8.63% Volume: 2,776,207 May 4, 2016
1,285.21 -6.83 -0.53% Volume: Pricing delayed 20 minutes May 04, 2016 7:00 PM
Operations
Operations

San José Mine – Argentina (49% Ownership)

Production

Our attributable production from San José in 2013 was 48.4 thousand ounces of gold and 3,114.8 thousand ounces of silver. At a silver-to-gold ratio of 52:1 for 2013, this equates to 100.3 thousand gold equivalent ounces at total cash costs of $848 per gold equivalent ounce and all-in sustaining costs of $1,144 per gold equivalent ounce.

For 2014 production was 46.2 thousand ounces of gold and 3,169.8 thousand ounces of silver. At a silver-to-gold ratio of 60:1 for 2014, it equates to 99 thousand gold equivalent ounces at total cash costs of $795 per gold equivalent ounce and all-in sustaining costs of $1,086 per gold equivalent ounce.

Our attributable production from San José in 2015 was 47.4 thousand ounces of gold and 3,285.8 thousand ounces of silver. At a silver-to-gold ratio of 75:1, this equates to 91.2 thousand gold equivalent ounces at total cash costs of $865 per gold equivalent ounce and all-in sustaining costs of $1,111 per gold equivalent ounce. 

Production in 2016 is forecast to be 45 thousand gold ounces and 3,300 thousand silver ounces. At a silver-to-gold ratio of 75:1, this equates to 89 thousand gold equivalent ounces. The guidance for the costs was set within a $20 range of the following targets:  $780 for total cash costs per gold equivalent ounce and  $990 for all-in sustaining costs per gold equivalent ounce. 

San José Mine Production Results

San José – 100%*

Full-Year

Full-Year

Full-Year


 2013 (1)

2014 (2)

2015 (3)

Ore processed (thousand tonnes)

 537

571

532

Average grade gold (gpt)

 6.42

5.77

6.36

Average grade silver (gpt)

 425

404

448

Average gold recovery (%)

 89.2

88.8

88.8

Average silver recovery (%)

 86.7

87.2

87.5

Gold produced (thousand oz)

 98.8

94.2

96.6

Silver produced (thousand oz)

 6,357

6,649

6,706

Gold sold (thousand ounces)

 94.8

91.3

88.8

Silver sold (thousand ounces)

 6,278

6,316

6,340

Co-product total cash cost Au (US$/oz)

 876

874

871

Co-product total cash cost Ag (US$/oz)

 13.71

12.11

11.45

Gold equivalent total cash cost (US$/oz)

 848

795

865

Co-product all-in sustaining cash cost Au (US$/oz)

 1,182

1,193

1,119

Co-product all-in sustaining cash cost Ag (US$/oz)

 18.49

16.54

14.72

Gold equivalent all-in sustaining cash cost (US$/oz)

 1,144

1,086

1,111

McEwen Mining – 49%*

     

Gold produced (thousand oz)

 48.4

46.1

47.4

Silver produced (thousand oz)

 3,115

3,170

3,286

Gold equivalent produced (thousand ounces)

 100.3

99.0

91.2

(1) Silver-to-gold ratio of 52:1; (2) Silver-to-gold ratio of 60:1; (3) Silver-to-gold ratio of 75:1.

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

San José technical information on this page was derived from:

      1) 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

      2) a news release titled “McEwen Mining Reports 2015 Full Year and Q4 Results” released on March 11, 2016 by McEwen Mining Inc. To access the news release click here; and

      3) McEwen Mining's Q4 2015 financials. To access the report 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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