Copper $ 3.21 +0.00 +0% Volume: July 29, 2014
Silver $ 20.57 -0.01 -0.05% Volume: July 29, 2014
Gold $ 1,299.32 -4.60 -0.35% Volume: July 29, 2014
TSX: MUX $ 3.15 -0.01 -0.32% Volume: 141,671 July 29, 2014
NYSE: MUX $ 2.91 -0.01 -0.34% Volume: 1,480,139 July 29, 2014
1,299.32 -4.60 -0.35% Volume: Pricing delayed 20 minutes July 29, 2014 7:00 PM
Operations
Operations

San José Mine – Argentina (49% Ownership)

Production

For the full-year 2013, San José produced 108,326 gold equivalent ounces exceeding 2013 guidance for the third consecutive year by 5%. In addition, full-year production was 10% higher than 2012.

McEwen Mining's attributable production from the San José mine during Q2 2014 was 23,033 gold eq. oz (10,750 gold oz and 737,001 silver oz). This is 9% lower than the comparable period in 2013 and 1% higher than Q1 2014. Production was lower year-over-year due to lower gold and silver grades. Production was up slightly quarter-over-quarter due to more tonnes milled and processed.McEwen Mining's share of production from San José in 2014 is forecasted to be 97,500 gold eq. oz (44,000 gold oz and 3,200,000 silver oz), with approximately 51,500 gold eq. being produced in the second half of the year.

Gold equivalent production is lower than 2013 due to a higher silver to gold ratio being used to calculate gold equivalent production (60:1 in 2014 versus 52:1 in 2013). Cash costs and all-in sustaining costs are estimated at $750 and $1,100 per gold equivalent ounce in 2014.

San José Mine Operating Results

 

San José – 100%* Q2 2014 Q1 2014 Q2 2013

Year to Date

2014

Ore production (tonnes)

142,074

134,589

140,816

276,663

Average grade gold (gpt)

5.45

5.77

6.34

5.60

Average head silver (gpt)

378

391

407

385

Average gold recovery (%)

87.6

88.1

89.3

88.1

Average silver recovery (%)

87.1

86.9

85.5

87.0

Gold produced (oz)

21,938

21,974

25,610

43,912

Silver produced (oz)

1,504,084

1,471,081

1,575,442

2,975,165

Gold equivalent produced (oz)(3)

47,006

46,492

51,867

93,498

 

 

 

 

 

McEwen Mining – 49% Share

Gold produced (oz)

10,750

10,767

12,549

21,517

Silver produced (oz)

737,001

720,830

771,967

1,457,831

Gold equivalent¹ produced (oz)(3)

23,033

22,781

25,415

45,814

* 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 (1) a news release titled “McEwen Mining Financial & Operating Results” released on March 10, 2014 by McEwen Mining Inc. To access the news release click here. And (2) a news release titled “McEwen Mining Q2 2014 Production Results” released on July 17, 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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