Copper $ 3.02 +0.02 +0.57% Volume: April 15, 2014
Silver $ 19.56 -0.43 -2.15% Volume: April 15, 2014
Gold $ 1,302.68 -24.25 -1.83% Volume: April 15, 2014
TSX: MUX $ 2.59 -0.02 -0.77% Volume: 259,361 April 15, 2014
NYSE: MUX $ 2.36 -0.02 -0.84% Volume: 2,730,518 April 15, 2014
1,302.68 -24.25 -1.83% Volume: Pricing delayed 20 minutes April 15, 2014 6:55 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 Q1 2014 was 22,781 gold eq. oz (10,767 gold oz and 720,830 silver oz). 

McEwen Mining's share of production from San José in 2014 is forecasted at 97,500 gold eq. oz (44,000 gold oz and 3,200,000 silver oz). 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%* Q1 2014 Q4 2013 Q1 2013 Full-Year 2013
Ore production (tonnes) 134,589 156,150 108,379 536,937
Average grade gold (gpt) 5.77 6.03 6.87 6.42
Average head silver (gpt) 391 399 459 425
Average gold recovery (%) 88.1 87.6 88.1 89.2
Average silver recovery (%) 86.9 87.0 84.4 86.7
Gold produced (oz) 21,974 26,529 21,078 98,827
Silver produced (oz) 1,471,081 1,741,275 1,350,847 6,356,801
Gold equivalent produced (oz)(3) 46,492 55,550 43,592 204,774
         
McEwen Mining – 49% Share        
Gold produced (oz) 10,767 12,999 10,328 48,425
Silver produced (oz) 720,830 853,225 661,915 3,114,833
Gold equivalent¹ produced (oz)(3) 22,781 27,219 21,360 100,339

* 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 Q1 2014 Production Results” released on April 10, 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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