Copper $ 3.17 -0.00 -0.06% Volume: August 21, 2014
Silver $ 19.45 -0.04 -0.21% Volume: August 21, 2014
Gold $ 1,275.50 -16.18 -1.25% Volume: August 21, 2014
TSX: MUX $ 2.98 -0.07 -2.29% Volume: 198,367 August 21, 2014
NYSE: MUX $ 2.73 -0.04 -1.44% Volume: 1,452,599 August 21, 2014
1,275.50 -16.18 -1.25% Volume: Pricing delayed 20 minutes August 21, 2014 1:56 PM
Operations
Operations

San José Mine – Argentina (49% Ownership)

Measured and Indicated gold and silver resources increased by 6% and 7% respectively, with 1.05 million ounces gold and 72.8 million ounces silver, contained in 4.4 million tonnes. Gold and silver grades increased by 6% to 7.45 gpt gold and 515 gpt silver.

Inferred gold and silver resources were down slightly from 2012 with 430,500 ounces gold and 27.1 million ounces silver, contained in 1.9 million tonnes. Gold grades decreased by 2% to 7.23 gpt and silver grades decreased by 4% to 455 gpt.

Silver Resources

  Tonnes
(millions)
Grams per tonne Ounces
Measured 0.7 640 15,366,400
Indicated 1.4 448 20,286,000
Measured and Indicated 2.1 515 35,652,400
Inferred 0.9 455 13,274,100

Gold Resources

  Tonnes
(millions)
Grams per tonne Ounces
Measured 0.7 8.85 212,464
Indicated 1.4 6.71 303,800
Measured and Indicated 2.1 7.45 516,264
Inferred 0.9 7.23 210,994

Proven and Probable gold and silver reserves increased by 12% and 12% respectively, to 409,400 ounces gold and 30.1 million ounces silver, contained in 1.8 million tonnes. Gold grades increased by 9% to 7.03 gpt and silver grades increased by 10% to 515 gpt.

Silver Reserves

  Tonnes
(millions)
Grams per tonne Ounces
Proven 0.5 597 8,932,700
Probable 0.4 426 5,791,800
Proven and Probable 0.9 515 14,724,500

Gold Reserves

  Tonnes
(millions)
Grams per tonne Ounces
Proven 0.5 7.82 117,012
Probable 0.4 6.15 83,594
Proven and Probable 0.9 7.03 200,606
San José resources and reserves estimates on this page were derived from the news release titled “McEwen Mining Announces Updated Reserve & Resource Estimate San José Mine in Argentina” released on March 13, 2014 by McEwen Mining. To access the news release click here.

For additional information about the San José mine, see the technical report titled "Technical Report on San José Silver-Gold MineSanta CruzArgentina" dated August 15, 2013 with an effective date of December 31 2012, prepared by Eugene Puritch, P.Eng., David Burga, P.Geo., Alfred Hayden, P.Eng., James L. Pearson, P.Eng., and Fred H. Brown, P.Geo., all of whom are qualified persons and all of whom are independent of McEwen Mining, each as defined by NI 43-101. 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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