McEwen Mining (Seite 71)

[boersentrader02]

Wenn es nach mir gehen sollte, sollte er Recht haben.

Ob es aber so kommt, leider weiss das Keiner ?

Bereitet Gold eine Trendumkehr vor?
27. Juni 2018

Aktuell kann der Goldpreis nicht von der schlechten Stimmung an der Börse, die eine Reaktion auf die eskalierenden Handelsstreitigkeiten zwischen den USA und ihren größten Handelspartnern entstand, profitieren. Im Gegenteil, Gold gab die letzten Tage weiter nach. Ein Analyst allerdings erwartet, dass dies nur das Vorspiel einer Trendumkehr ist und der Goldpreis wieder deutlich zulegen könnte.

https://www.goldinvest.de/aus-der-redaktion/1842-bereitet-go…

[freddy1989]

Antwort auf Beitrag Nr.: 57.962.544 von Ramses21 am 12.06.18 00:12:30

9,75% sind ziehmlich heftig finde ich keine Ahnung wie sich andere Firmen gerade z.b in Australien so finanzieren können....

Denke mal Rob Mc Ewen weiss was er tut aber die Schulden sollten schnell zurück gezahlt werden wie lange braucht die Firma noch bis die neue Mine starten kann?

[Ramses21]

9,75 % Verzinsung für die 50 Millionen finde ich sehr viel. Das ist nur ein Geschäft für uns Aktionäre wenn der Goldpreis ordentlich steigt.

[meichel]

[urlhttps://www.newsfilecorp.com/release/35178/Romios-Closes-Sale-of-Timmins-Hislop-Property-to-McEwen-Mining][/url]

[Ramses21]

Es gefällt mir nicht das McEwen ständig neue Aktien ausgiebt. Das ist im Prinzip nichts anderes wie Gold Streams zu verkaufen. Eine Finanzierung nur anders eingepackt. Wie viel Geld ist für Gold Bar noch nötig?

[bigyawn]

McEwen's El Gallo PEA estimates LOM of 10 years

2018-05-25 07:30 ET - News Release

Mr. Rob McEwen reports

MCEWEN MINING ANNOUNCES NEW PRELIMINARY ECONOMIC ASSESSMENT EXTENDING LIFE AN ADDITIONAL 10 YEARS IN MEXICO

McEwen Mining Inc. has released results of a new preliminary economic assessment (PEA) study evaluating the potential extension of production from its 100-per-cent-owned El Gallo complex in Sinaloa, Mexico. The proposed redevelopment plan evaluated in the PEA is called project Fenix. The key outcomes of project Fenix include an average annual production rate of 47,000 ounces gold equivalent (AuEq), low initial capital cost, mine payback of four years, and an after-tax IRR (internal rate of return) of 25 per cent at current gold and silver prices.

"Project Fenix shows that El Gallo has the potential to be retooled to produce silver and gold for years into the future. The current heap leach gold mine would transform first to a mill and process the residual heap leach pad material, then additional mill modifications would enable processing of silver and gold ores from four other deposits. This plan depends on innovative in-pit tailings disposal that we think is a win-win for all stakeholders. Over the coming quarters we intend to advance environmental permitting and refine our plans with a feasibility study before making an investment decision next year," said Rob McEwen, chairman and chief owner.

Highlights of the project Fenix PEA at $1,250/ounce gold and $16/ounce silver prices (1) (2):

Estimated initial capital of $41-million for phase 1 and $30-million for phase 2;
Payback period of 4.0 years;
25-per-cent after-tax IRR and $60-million NPV (net present value) at 5-per-cent discount rate;
$12-million of average annual cash flow from operations from year 2 onward;
47,000 ounces average annual AuEq (gold equivalent) production;
Cash cost of $598 and $797 per ounce AuEq for phases 1 and 2, respectively;
10- to 12-year life of mine;
Updated resource estimate totalling 13 million tonnes at an average grade of 0.39 gram per tonne gold and 77 g/t silver (measured and indicated) containing 591,000 ounces AuEq, and 5.7 million tonnes at an average grade of 0.81 g/t gold and 27 g/t silver (inferred) containing 214,000 ounces AuEq.

The PEA was prepared by GR Engineering Services Ltd. (GRES), an engineering, consulting and contracting company, under the direction of McEwen Mining in accordance with the requirements of Canadian National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

Financial analysis

The base case generates an after-tax net present value (NPV5) of $60-million, an IRR of 25, and an average after-tax cash flow from operations of $12-million per year of operation.

AFTER-TAX FINANCIAL RESULTS

Base case Upside case
$1,250/oz Au, $16/oz Ag $1,300/oz Au, $17/oz Ag

Phase 1 capex $41-million $41-million
Phase 2 capex $30-million $30-million
IRR 25% 30%
NPV5 $60-million $77-million
Payback period 4.0 years 3.8 years


Mining and processing

The Fenix project involves a two-stage development process. Phase 1 includes the reprocessing of material on the gold heap leach pad at the company's existing El Gallo gold mine, and phase 2 includes the processing of the open-pit gold and silver ores from multiple deposits including El Gallo Silver, Palmarito, El Encuentro and Carrisalejo.

The process plant would utilize conventional and proven mineral processing and precious metals recovery technologies. Phase 1 would have a throughput rate of 5,000 tonnes per day (tpd). During phase 2, fresh mineralized material from higher-grade silver deposits (El Gallo silver primarily) would be processed at 3,250 tpd.

The selected process recovery methods have been based on separate campaign retreatment of heap leach material (phase 1) and treatment of fresh mineralized material from other deposits (phase 2).

Phase 1 operation would target gold recovery from the heap leach pad material using a conventional ball mill grinding and a hybrid carbon-in-leach (CIL) circuit (hybrid means the first leach tanks are pure leach tanks and the remaining tanks being carbon-in-leach tanks), to recover gold onto activated carbon. Industry-standard elution, electrowinning and smelting circuits would be used to produce a dore product. Soluble copper levels would be controlled and suppressed using established methods. Cyanide in the CIL tailings would be detoxified using the SO2/air (sulphur dioxide) process, and the detoxified tailings would then be sent to a tailings storage facility in an existing mined-out open pit.

Tailings produced during the operation, starting with phase 1 would be stored in the mined-out Samaniego pit at the El Gallo gold mine. As part of this, in-pit tailings deposition would include a tailings delivery system designed to maximize tailings consolidation and water recovery. Water would be recovered via surface reclaim pumps, a basin underdrain collection sump and finger drain network and down gradient contingency pump back wells.

In phase 2 the process facility would be modified to enable treatment of material from the El Gallo silver deposit to be followed by other deposits in the complex. Phase 2 operation would utilize conventional flotation technology, intensive leaching of concentrates with counter current decantation (CCD) washing used to recover solution for zinc precipitation using the Merrill Crowe process for silver and gold recovery. The phase 1 CIL plant would be utilized for cyanide leaching of the flotation tailings to maximize overall silver recoveries during phase 2. Phase 2 would also utilize the existing El Gallo gold mine three-stage crushing plant to prepare material for delivery to the grinding circuit.

The available volume in the Samaniego pit will enable the Fenix project.

El Gallo silver and proposed process facilities are separated by about 6.5 kilometres, requiring construction of a dedicated haul road for transport of ore. A new substation and power line would connect both projects to the national distribution grid.

Over the mine life, production would total 17.2 million tonnes of mineralized material at an average head grade 1.17 g/t AuEq containing 680,000 ounces AuEq, and recovering a total of 573,000 ounces AuEq. The planned production schedule is shown in the associated table.

PRODUCTION SUMMARY

Production Strip Contained Recovered Per cent of
Source Gold Silver model Waste ratio metal metal recovered oz AuEq
(g/t) (g/t) (tonnes) (tonnes) (oz AuEq) (oz AuEq)
El Gallo heap
leach pad (3) 0.64 0 9,024,027 0 N/A 197,285 172,989 30%
El Gallo silver (4) 0.11 117.3 5,413,000 20,468,000 3.8 291,432 248,502 44%
Palmarito (5) 0.37 149.9 1,796,194 5,518,199 3.1 136,498 104,863 18%
Carrisalejo 0.60 95.0 263,177 1,472,104 5.6 15,763 12,894 2%
El Encuentro 1.56 2.3 736,540 5,660,945 7.7 37,678 33,733 6%
Totals 1.17 g/t AuEq 17,232,938 33,119,248 N/A 679,106 572,981 100%


Capital and operating costs

The Fenix project offers low upfront capital requirements to commence the project by:

Utilizing existing infrastructure at El Gallo gold mine;
Commissioning an in-pit tailings storage facility in an existing open pit;
A significant reduction in required leach tank volumes for El Gallo silver processing from previous studies.

Phase 1 capital expenditure is estimated at $41-million, additional capital expenses for phase 2 and the mining infrastructure, haul roads and closure obligations bring the total LOM capital required to $81-million.

Mining and operating costs were estimated based on process design criteria, equipment lease rates, labour, reagent, grid power supply, diesel fuel, explosives, maintenance and other miscellaneous costs. All costs are in first quarter 2018 dollars.

OPERATING COST/OUNCE SUMMARY

Cash cost AISC
per oz AuEq per oz AuEq

Phase 1 $598 $658
Phase 2 $797 $817
Overall project - $793

CAPITAL COST SUMMARY

Description Phase 1 Phase 2 Sustaining
($M) ($M) ($M)

Process plant direct costs $28.5 $16.6
Infrastructure and owners $1.4 $0.7 $4.5
Indirect costs $7.4 $6.0
Contingency $3.2 $2.0
Mining $0.0 $5.0 $5.0
Total $40.9 $30.4 $9.5
Project total $80.8

OPERATING COST/TONNE SUMMARY

Resource Plant opex Mining Haulage G&A Total opex
($/t) ($/t) ($/t) ($/t) ($/t)
El Gallo heap
leach pad (8) (9) $10.77 $0.53 $0.00 $2.50 $13.80
El Gallo $21.50 $8.61 $2.00 $3.85 $35.96
Palmarito $21.50 $7.33 $7.00 $3.57 $39.40
Carrisalejo $21.50 $11.87 $2.00 $3.13 $38.50
El Encuentro $15.00 $15.63 $6.00 $3.13 $39.76

Existing permits

The current operation at El Gallo gold is a fully permitted open-pit mine with a heap leach and ADR process facility. El Gallo silver and Palmarito are fully permitted for mining.

Future permitting and timing

The current operation at El Gallo gold is a fully permitted site; however, the phase 1 project requires amendment of the current permits to include the construction of a mill and leach circuit in the location of the existing facilities for the reprocessing of the heap. The permit amendment will also include the backfilling of the Samaniego pit with mill tailings as part of an integrated concurrent closure plan for the El Gallo gold mine.

Phase 2 project permitting will require authorization at El Gallo gold to expand the process plant footprint and to augment the tailings volume to be deposited at the Samaniego pit. The El Gallo silver permits require amendments to change the processing location to El Gallo gold, thus eliminating construction of the process components and the tailings facility at El Gallo silver.

The Fenix project has CONAGUA (10) approval for the extraction of groundwater and land-use permits for the construction of wells.

Advancing the project will require permit amendments filing for phase 1 and subsequently filing for phase 2 permits. Once these amendments are filed, successful approvals by the federal environmental authority (SEMARNAT) will be required before the project can be advanced.

The project seeks to obtain approval of the phase 1 El Gallo permit modifications by the fourth quarter of 2018 and phase 2 approvals by the third quarter of 2019.

Further project advancement in 2019 is subject to permit approvals.

Resource estimates

Estimated resources for the Fenix project comprise only material within the boundaries of conceptual pit shells, except for the El Gallo heap leach pad and Palmarito dumps, which are considered available for reprocessing.

MINERAL RESOURCE ESTIMATES (11)
El Gallo silver
In optimized pit shell (12) Tonnes Silver grade Silver Gold grade Gold
(kt) (g/t) (koz) (g/t) (koz)
Potential COG(13) -- 50
g/t Ag*
Measured 1,057 150 5,088 0.09 3
Indicated 4,436 120 17,053 0.13 19
Measured and indicated 5,493 125 22,140 0.12 22
Inferred 564 82 1,488 0.38 7

Palmarito
In optimized pit shell (12) Tonnes Silver grade Silver Gold grade Gold
(kt) (g/t) (koz) (g/t) (koz)
Potential COG (13) -- 70
g/t Ag*
Measured 1,653 136 7,245 0.38 20
Indicated 11 148 52 0.23 0
Measured and indicated 1,664 136 7,297 0.38 20
Inferred 528 133 2,258 0.30 5
Palmarito dumps
Tonnes Silver grade Silver Gold grade Gold
(kt) (g/t) (koz) (g/t) (koz)
Potential COG (13) -- 52
g/t Ag*
Measured 177 177 1,007 0.29 2
Indicated 68 154 338 0.24 1
Measured and indicated 246 170 1,345 0.28 2
Inferred 0 0 0 0.00 0

Carrisalejo
In optimized pit shell (12) Tonnes Silver grade Silver Gold grade Gold
(kt) (g/t) (koz) (g/t) (koz)
Potential COG (13) -- 46
g/t Ag*
Measured 0 0 0 0.00 0
Indicated 391 116 1,454 0.11 1
Measured and indicated 391 116 1,454 0.11 1
Inferred 42 821 1,111 0.02 0

El Encuentro
In optimized pit shell (12) Tonnes Silver grade Silver Gold grade Gold
(kt) (g/t) (koz) (g/t) (koz)
Potential COG (13) -- 0.78
g/t Au
Measured 0 0 0 0.00 0
Indicated 534 2 42 1.87 32
Measured and indicated 534 2 42 1.87 32
Inferred 190 19 117 5.68 35

El Gallo heap leach pad
Tonnes Silver grade Silver Gold grade Gold
(kt) (g/t) (koz) (g/t) (koz)
Potential COG (13) -- 0
g/t Au
Measured 0 0 0 0.00 0
Indicated 4,679 0 0 0.56 84
Measured and indicated 4,679 0 0 0.56 84
Inferred 4,352 0 0 0.72 101
Totals

In optimized pit shell(12) Tonnes Silver grade Silver Gold grade Gold
(kt) (g/t) (koz) (g/t) (koz)
Potential COGs variable (13)
Measured 2,887 144 13,340 0.27 25
Indicated 10,119 58 18,938 0.42 137
Measured and indicated 13,006 77 32,277 0.39 161
Inferred 5,678 27 4,974 0.81 148

ASSUMPTIONS RELATING TO THE PIT OPTIMIZATION

Assumptions for in-pit resource shells Deposits Units Values

Gold price all $/oz 1,250
Silver price all $/oz 18.00
Mining cost heap leach pad $/t 1.00
El Gallo (14) $/t 1.95
Palmarito (14) $/t 1.95
Palmarito dump $/t 1.00
Carrisalejo $/t 1.95
El Encuentro $/t 1.95
Processing and G&A heap leach pad $/t 13.80
El Gallo (14) $/t 23.29
Palmarito (14) $/t 23.29
Palmarito dump $/t 23.29
Carrisalejo $/t 23.29
El Encuentro $/t 23.29
Recovery -- Au Heap leach pad % 90
El Gallo (14) % 79.2
Palmarito (14) % 88.4
Palmarito dump % 87.4
Carrisalejo % 79.2
El Encuentro % 43.7
Recovery -- Ag heap leach pad % 0
El Gallo (14) % 87.6
Palmarito (14) % 57.2
Palmarito dump % 81.5
Carrisalejo % 87.6
El Encuentro % 65.2
Cut-off grade heap leach pad Au g/t 0 (0.38) (15)
El Gallo (14) Ag g/t 50
Palmarito (14) Ag g/t 70
Palmarito dump Ag g/t 52
Carrisalejo Ag g/t 46
El Encuentro Au g/t 0.78
Interramp pit slope angle heap leach pad degrees 18.4
El Gallo (14) degrees 45.0
Palmarito (14) degrees 45.0
Palmarito dump degrees n/a
Carrisalejo degrees 45.0
El Encuentro degrees 45.0

Metallurgical testing

Preliminary metallurgical testwork conducted in 2018 indicated that the El Gallo gold heap leach pad material would be amenable to direct cyanidation following conventional grinding. Testwork identified moderate levels of soluble copper and zinc.

From 2010 to 2016 extensive metallurgical testwork has been conducted on samples from the El Gallo silver deposit using a direct cyanidation flow sheet. From 2017 to 2018 metallurgical testwork has been focused on using conventional flotation techniques to separate the slower leaching minerals to enable separate cyanide leaching of bulk flotation concentrate and flotation tailings streams with tailored leach conditions to reduce overall size of the leaching circuit.

Results have proved favourable and a flowsheet incorporating bulk flotation and separate leaching of bulk flotation concentrates and tailings for treatment of El Gallo silver has been adopted.

Historical testwork records have been utilized to gain a preliminary understanding of the remaining resources along with some scoping testwork conducted in 2018 to determine how material from the other higher-grade silver deposits included in the conceptual production schedule would respond to the selected flowsheet.

Results from the scoping tests indicate that the Carrisalejo material will likely perform similarly to the El Gallo silver with respect to silver recovery. Scoping test results showed only modest silver recovery from flotation for the Palmarito sample. However, separate cyanide leaching of the bulk flotation concentrates and flotation tailings streams achieved positive results. The treatment process for Palmarito and Carrisalejo open pit material has therefore been assumed to be similar to El Gallo silver pending additional sampling and metallurgical testwork to confirm.

LOM METAL RECOVERIES FOR THE PRODUCTION MODEL

Resource area LOM gold recovery LOM silver recovery

El Gallo heap leach pad 88% -
El Gallo silver 75% 86%
Palmarito 85% 75%
Carrisalejo 75% 85%
El Encuentro 90% 60%


For the 2018 PEA metallurgical samples selected for testing were assumed to be representative. Note that the Palmarito, Carrisalejo and El Encuentro deposits included in the production schedule have been subjected only to scoping level metallurgical testwork using the selected process flowsheet. Further sampling and testwork are required to better understand the response of each of the deposits to the selected flowsheet.

Exploration

Over the past years, exploration efforts have focused on both near-mine and property-wide exploration. Near-mine drilling efforts have been successful in delineating and extending mineralization near the Samaniego and Sagrado Corazon open pits. Recently defined mineralization contains significant sulphides and therefore gold extraction is better suited for flotation processing than heap leach processing, the phase 2 plant could be modified to process these resources. At the property scale, significant mineralization has been confirmed at the El Encuentro zone, which is located 10 km from the El Gallo gold mine.

A property-wide soil geochemical survey was completed earlier this year and results indicate the potential for extensions of known zones of sulphide mineralization in the district. In addition, multiple targets were identified from the survey, and field evaluation and ranking of targets for drill testing is in progress.

Further optimization, cost reductions and project potential

The company believes there are opportunities to further improve the economics of the Fenix project through continued testing and trade-off studies that will be continued throughout 2018.

Capital cost estimates for the project are to a level of accuracy that is consistent with a PEA technical report. During the next 14 months the company will continue to review mineral processing, mine sequencing, material transportation and tailings disposal options; and the flow sheet will be optimized by undertaking trade-off studies, update cost models and undertake additional confirmatory testwork.

The complete Fenix project PEA NI 43-101 technical report will be available on SEDAR and the company's website within 45 days.

Footnotes

(1) All amounts are in U.S. dollars.

(2) All references to AuEq are based on a 75 Ag ounce to one Au ounce ratio.

(3) The heap leach pad spent ore resource number assumes a cut-off grade that permits processing of the entire pad whereas blocks within the leach pad model will be mobilized while mining which will make them difficult to segregate; subcut-off leach pad material will inherently have potential acid generating sulphide liabilities if placed in the company's waste dumps and so it will be prudent to process the entire leach pad and place tailings in the Samaniego pit at an overall environmental and economic benefit.

(4) Production numbers for El Gallo silver are taken from designed pits from prior studies, which do not differ materially from published optimized pit resource numbers.

(5) Production numbers for Palmarito are also taken from designed pits from prior studies, and do not differ materially from published optimized pit resource numbers.

(6) Cash cost is calculated by dividing total life-of-mine production costs by total ounces produced.

(7) All-in sustaining costs (AISC) are calculated by dividing the sum of all cash costs plus capital, sustaining capital, operating, tax and reclamation costs by total ounces produced.

(8) Mining of heap leach spent ore requires no drilling or blasting.

(9) The heap leach pad is located immediately adjacent to the proposed plant location requiring no separate haulage costs in addition to mining.

(10) CONAGUA is the Mexican federal water authority (Comision Nacional del Agua).

(11) Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources estimated will be converted into mineral reserves. Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.

(12) Resources stated as contained within a potentially economically minable open pit; pit optimization parameters are: $1,250 (U.S.)/ounce Au and $18 (U.S.)/ounce Ag. Resource models have been developed based on gold and silver recoveries from historical testwork programs, which were based on a different process flow sheet to what has been adopted for the project.

(13) Cut-off grades vary by pit according to parameters.

(14) Although there is an in-pit resource created by these assumed parameters the production numbers used in this PEA exercise come from designed pits created for earlier studies.

(15) The heap leach pad COG is an academic number in this PEA whereas the resource number assumes a cut-off grade that permits processing of the entire pad whereas blocks within the leach pad model will be mobilized while mining which will make them difficult to segregate; subcut-off leach pad material will inherently have potential acid generating sulphide liabilities if placed in the company's waste dumps and so it will be prudent to process the entire leach pad.

QUALIFIED PERSONS
Responsible person Company Primary areas of responsibility

Luke Willis McEwen geology, drilling, resource estimates, sampling, data verification, resource estimates
Xavier Ochoa McEwen mining, infrastructure and tailings, permitting, and financial analysis
Brendan Mulvihill GRES metallurgical, process plant capex and opex

The technical contents of this news release have been reviewed and approved by Dr. Nathan M. Stubina, PhD, PEng, FCIM, managing director, and Xavier L. Ochoa, qualified person, member of the Mining and Metallurgical Society of America, and qualified persons as defined by Canadian Securities Administrators' National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About McEwen Mining Inc.

McEwen has the goal to qualify for inclusion in the S&P 500 Index by creating a profitable gold and silver producer focused in the Americas. McEwen's principal assets consist of: the San Jose mine in Santa Cruz, Argentina (49-per-cent interest); the El Gallo gold mine in Mexico; the Black Fox mine in Timmins, Canada; the Gold Bar mine in Nevada, currently under construction; and the large Los Azules copper project in Argentina, advancing toward development.

We seek Safe Harbor.

© 2018 Canjex Publishing Ltd. All rights reserved.

[bigyawn]

McEwen Mining arranges $50M (U.S.) note offering

2018-05-25 07:12 ET - News Release

Mr. Rob McEwen reports

MCEWEN MINING PROPOSED ISSUE OF NOTES

McEwen Mining Inc. intends to issue up to $50-million (U.S.) in senior secured notes to complete construction the Gold Bar mine in Nevada. Negotiations are under way with an independent third party lender, whereby it would purchase 50 per cent of the notes issued and Rob McEwen would purchase the remaining 50 per cent. The notes contemplated will have a term of three years and bear interest at a rate of 9.75 per cent per annum. No fees, other than appropriate legal expenses, will be paid in connection with the notes; and no warrants, shares, royalties or streams will be granted. The proposed transaction remains subject to final agreement of terms and satisfactory completion of due diligence.

About McEwen Mining Inc.

McEwen has the goal to qualify for inclusion in the S&P 500 Index by creating a profitable gold and silver producer focused in the Americas. McEwen's principal assets consist of: the San Jose mine in Santa Cruz, Argentina (49-per-cent interest); the El Gallo gold mine in Mexico; the Black Fox mine in Timmins, Canada; the Gold Bar mine in Nevada, currently under construction; and the large Los Azules copper project in Argentina, advancing toward development.

We seek Safe Harbor.

© 2018 Canjex Publishing Ltd. All rights reserved.

[bigyawn]

ORIGINAL: McEwen Mining Announces Potential New Source of Revenue at the Black Fox Complex

2018-05-24 16:06 ET - News Release

TORONTO, May 24, 2018 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) (“McEwen Mining” or the “Company”) provides an updated mineral resource estimate for the Tamarack gold and base metal deposit at the 100% owned Black Fox Complex in Matheson, Ontario. The Black Fox Complex comprises the Black Fox Mine and the Tamarack, Gibson-Grey Fox, Froome and Stock zones. The base metal component of the Tamarack resource is being included for the first time.

“This is the first time that base metals have been in incorporated into a resource estimate for the Tamarack project. With further drilling, we are excited to see how the project develops into what could be an additional revenue stream at Black Fox,” said Rob McEwen, Chairman and Chief Owner.

The new resource estimate increased from 41,000 Inferred ounces gold at a grade of 6.23 g/t Au (previous resource effective Oct 31, 2018) to 127,000 Indicated ounces gold equivalent (AuEq) at a grade of 5.08 g/t AuEq with the inclusion of silver, lead and zinc mineralization.

The updated resource estimate for Tamarack is the result of 46 new surface and underground exploration, delineation, and definition drill holes completed between October 2017 and April 2018 and already existing base metal assays not considered in previous estimates.

Table 1: Tamarack Mineral Resource Estimate, SRK Consulting (Canada) Inc., May 18, 2018

Classification Cut-off
grade Au Eq
(g/t) Quantity
Tonnes
(000s) Grade Contained Metal
Gold
(g/t) Silver
(g/t) Lead
% Zinc
% Au Eq
(g/t) Gold
Ounces
(000s) Silver
Ounces
(000s) Lead
Tonnes
(000s) Zinc
Tonnes
(000s) Au Eq
Ounces
(000s)
Total Indicated Resource 3.00 778 1.83 26 1.08 3.29 5.08 46 663 8 26 127



Table 1 outlines the mineral resource estimate for Tamarack reported at a cut-off grade of 3.00 g/t AuEq to reflect an underground mining scenario. Mining operations at the adjacent Black Fox Mine are currently 100% underground operations.

The drilling completed over the last six months has increased confidence in the estimate such that previously reported Inferred resources have been upgraded to the Indicated category.

Tamarack geology and mineralization

The polymetallic (Au-Ag-Pb-Zn) Tamarack deposit is centered on a North-South striking quartz breccia which cross-cuts the faulted contact between Tisdale Assemblage ultramafic- to mafic-volcanic flows and Porcupine Group sedimentary rocks. The zone is characterised by an Upper and Lower lens; the Upper Lens measures approximately 300m along strike and 450 m down dip from near surface and has an average true width of 4.5m. The Lower Lens measures approximately 200m along strike and 250 m down dip from a depth of 500 m, and is open at depth. The lower lens has a true width of up to 5.4m. These lenses are separated by minor, narrow and discontinuous diabase dikes.

Lead, zinc, and silver mineralisation is preferentially located in the hanging wall of the quartz breccia, occurring as either i) stringers, disseminations, and semi-massive knots, clusters and bands of sphalerite and galena hosted within both the volcanic and sedimentary rock units; ii) as clasts in quartz breccias; and iii) as inclusions and fragments within adjacent diabase dikes. Gold mineralization is preferentially hosted within the quartz breccia, occurring as fine visible gold and in association with disseminated fine-grained pyrite.

Exploration drilling will continue to test possible southerly strike extensions of the Upper Lens where a few narrow intercepts of gold +/- base metal mineralisation lie outside of the current mineralised envelope. The Lower Lens remains open along strike to the south and down dip.

Some representative assay results of the higher-grade base metal and silver intersections that were part of the dataset used in the resource at Tamarack include:

12.45% Zn, 7.78% Pb, 149.36 gpt Ag over 2.72m (True Width) in hole 17BF-621;
12.10% Zn, 3.20% Pb, 40.60 gpt Ag over 1.32m (TW) in hole 520-EX582-48;
25.24% Zn, 4.53 % Pb, 69.58 gpt Ag over 1.91m (TW) in hole 18BF-627;
5.95% Zn, 4.56% Pb, 70.55 gpt Ag over 1.86m (TW) and
9.92% Zn, 4.83% Pb, 58.96 gpt Ag over 5.95m (TW) in hole 17BF-625;
22.80% Zn, 0.91% Pb, 16.90 gpt Ag, 1.01 gpt Au over 0.42m (TW) and
11.13% Zn, 7.28% Pb, 127.71 gpt Ag, 0.81 gpt Au over 4.21m (TW) in hole 520-EX582-47.

These intervals have been previously released in 2018 exploration news updates, see footnotes below for details of composite interval criteria.

Further Work

As part of the ongoing exploration program, additional surface and underground drilling will test, refine and define possible strike and dip extensions at Tamarack.

Metallurgical test work on drill core samples from Tamarack is currently being conducted at an independent third-party laboratory, the results of which will help determine what processing route potential future production will employ. The test work is under the direction of Nathan M. Stubina, Ph.D., P.Eng., FCIM, of McEwen Mining who is a “Qualified Person” within the meaning of NI 43-101. It is currently expected that the gold-rich quartz breccia mineralisation will be processed at the existing mill facilities at the Black Fox Stock Mill.

Further density testing of different lithologies, mineralised zones and host units will be used in future resource updates.

Exploration at the Black Fox Complex

The exploration program across the Black Fox Complex, which includes the Black Fox Mine, Tamarack, Gibson-Grey Fox, Froome and Stock zones, continues with a total exploration budget of $15 million for 2018. Our primary goals are to extend mineralization around known deposits and to test targets close to our mine and mill. Recent highlights of the drilling campaign since our last Exploration news release of April 30th, 2018 include:

27.76 gpt Au / 6.12m (TW), including 106.91 gpt Au / 1.28m (TW) in hole 560-F098-05;
41.87 gpt Au / 0.38m (TW) in hole 560-F098-06.

Both holes are located in the eastern Central Zone (CZ) of the Black Fox mine. Follow-up drilling is ongoing and a full exploration update is planned for the end of Q2.

ABOUT MCEWEN MINING

McEwen has the goal to qualify for inclusion in the S&P 500 Index by creating a profitable gold and silver producer focused in the Americas. McEwen’s principal assets consist of: the San José mine in Santa Cruz, Argentina (49% interest); the El Gallo Gold mine in Mexico; the Black Fox mine in Timmins, Canada; the Gold Bar mine in Nevada, currently under construction; and the large Los Azules copper project in Argentina, advancing towards development.

McEwen Mining has a total of 337 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 24% of the shares.

TECHNICAL INFORMATION
Black Fox Complex drilling was conducted by Forage Asinii Drilling, Boart-Longyear, Major Drilling, NPLH and Norex Drilling and supervised by McEwen’s Geology Department. All exploration drill core samples at the Black Fox Complex were submitted as 1/2 core and analyses reported herein were performed by the independent laboratories: ALS Laboratories, which is ISO 9001/IEC17025 certified, Activation Labs, which is ISO 9001/IEC17025 certified, and SGS Canada Laboratories, which is ISO 9001/IEC17025 certified. Samples from definition and select delineation drilling are assayed at McEwen Mining's onsite laboratory. McEwen’s quality control (QC) program includes systematic insertion of blanks, standard reference material and duplicates to ensure laboratory accuracy. The internal lab also participates in the GeoStats round-robin assay exercise as part of its QC initiatives.

For further details about the Black Fox Complex project including Tamarack, please see our recent NI 43-101 technical report titled "Technical Report for the Black Fox Complex, Canada" dated April 6th 2018 with an effective date of October 31st, 2017 available on SEDAR (www.sedar.com) under our issuer profile.

Notes on compositing criteria for reported significant mineralized drill hole intervals:

Tamarack: a minimum reportable interval length of 3 m was determined by establishing a cut-off grade of 1 g/t AuEq. A consecutive maximum length of 3 m of internal waste, including sub cut-off grade material, is allowed and incorporated into the reported composites. Where an interval of less than 3 m is considered, if the grade x length calculation is greater than 3, it may be reported. There is no top cutting or capping of assays
Black Fox: a minimum reportable interval length of 3 m was determined by establishing a cut-off grade of 3g/t Au for underground (1 g/t Au for near surface). A consecutive maximum length of 3 m of internal waste, including sub cut-off grade material, is allowed and incorporated into the reported composites. Where an interval of less than 3 m is considered, if the grade x length calculation is greater than 9 (3 for surface), it may be reported. There is no top cutting or capping of assays.

Mineral Resource Estimate Notes:

The Mineral Resource Statement complies with the standards for reporting mineral resources as set out under CIM guidelines;
Resources are presented undiluted and in-situ and are considered to have reasonable prospects for eventual economic extraction;
Mineral resources are not mineral reserves and do not have demonstrated economic viability; all figures are rounded to reflect the relative accuracy of the estimate;
Mineral resources reported at a cut-off grade of 3.00 g/t gold equivalent (AuEq). AuEq metal grades are solely based on prices of US$1,200 per ounce of gold, US$17.00 per ounce of silver, US$1.00 per pound of lead, and US$1.20 per pound of zinc; other factors affecting NSR are not currently included in the conversion.
Drill hole intervals were composited to 1m lengths within six mineralized domains;
Grade capping for the four elements was done on composite data for each domain using statistical analysis;
A density value of 2.80 t/m3 was applied to all lithologies. Additional density measurements on the various lithologies and host rocks to be undertaken;
All zones were interpolated using Ordinary Kriging (OK) except for the low-grade alteration envelope surrounding the Tamarack zone where Inverse Distance Weighting was used;
Block dimensions were 3x3x3m with sub-celling down to 1m blocks;
Estimation parameters were determined by variography;
Indicated resources are defined as being within a 40m zone of influence with blocks being informed by a minimum of three drill holes;
AuEq calculations = Au g/t + (Pb % * 22.0462 * Pb $/lb) / (Au $ oz/ 31.1035) + (Zn % * 22.0462 * Zn $/lb) / (Au $ oz/ 31.1035) + Ag gpt/($oz Ratio Au:Ag)

McEwen Mining is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues, or any other relevant issue not reported in the technical report, that could materially affect the mineral resource estimate.

QUALIFIED PERSON
The mineral resource estimate, with an effective date of March 31, 2018, was prepared by Dr. Aleksandr Mitrofanov, P Geo, who is a "qualified person" within the meaning of NI 43-101. Dr. Mitrofanov is an employee of SRK Consulting, (Canada) Ltd and is considered to be "independent" of McEwen for the purposes of NI 43-101. The technical content in this press release including geology, drilling, resource estimates and sampling has been reviewed and approved by Mr. Luke Willis, P.Geo, Director, Resource Modelling for McEwen who is a "qualified person" within the meaning of NI 43-101.

CAUTIONARY NOTE TO US INVESTORS REGARDING RESOURCE ESTIMATION
McEwen Mining prepares 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. The estimation of measured resources and indicated resources involve greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned not to assume that any part of measured or indicated resources will ever 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.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the date of this news release, McEwen Mining Inc.'s (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the corporation to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, and other risks. The Company’s dividend policy will be reviewed periodically by the Board of Directors and is subject to change based on certain factors such as the capital needs of the Company and its future operating results. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Mining's Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management of McEwen Mining Inc.
CONTACT INFORMATION:

Mihaela Iancu Website: www.mcewenmining.com 150 King Street West
Investor Relations Suite 2800, P.O. Box 24
(647)-258-0395 ext 320 Facebook: facebook.com/mcewenrob Toronto, ON, Canada
[e-mail] M5H 1J9
Twitter: twitter.com/mcewenmining [phone]

Instagram: instagram.com/mcewenmining


© 2018 Canjex Publishing Ltd. All rights reserved.

[bigyawn]

Globe says new coverage rates McEwen Mining "buy"

2018-05-09 08:22 ET - In the News

The Globe and Mail reports in its Wednesday, May 9, edition that Euro Pacific Capital analyst Bhakti Pavani says McEwen Mining ($2.13) is a "well-diversified" gold producer positioned for growth (all figures U.S.). The Globe's David Leeder write in the Eye On Equities column that Ms. Pavani began coverage with a "buy" rating. Ms. Pavani set a share price target of $2.85. Analysts on average target the shares at $3.54. Ms. Pavani says in a note: "The company's asset portfolio is well-balanced and includes three producing mines, three advanced stage exploration projects, and a long-term porphyry copper project. In addition to a diverse producing asset portfolio, the company holds 100-per-cent interest in several key exploration assets including Lexam VG Gold in Canada, the El Gallo II silver project in Mexico, and Los Azules, a porphyry copper deposit in Argentina. We like to note that some of these projects can be quickly advanced to production over the next three to four years. MUX has a very strong management team, led by a highly experienced and well-reputed CEO, Mr. Robert McEwen, who is also the largest shareholder of the company. Mr. McEwen is the ex-founder and former Chairman and CEO of Goldcorp."

© 2018 Canjex Publishing Ltd. All rights reserved.

[Ramses21]

Antwort auf Beitrag Nr.: 57.675.045 von boersentrader02 am 02.05.18 10:12:10

Wenn du die 22,7 Millionen $ abziehst welche in die Exploration gegangen sind wäre ein Plus rausgekommen. Ich finde gut das Geld in die Zukunft gesteckt wird, keine Vorwärtsverkäufe getätigt sind und keine Schulden vorhanden sind.