McEwen Mining Announces Stock Repurchase Program

TORONTO, ONTARIO--(Marketwired - Oct. 1, 2015) - McEwen Mining Inc. (NYSE:MUX)(TSX:MUX) is pleased to announce its intention to commence a share repurchase program that authorizes the Company to purchase up to 15,000,000 shares of its common stock (the "Common Shares") over a twelve month period.

Management and the Board of Directors believe that prevailing market conditions have resulted in McEwen Mining's shares being undervalued, and the stock repurchase program is an opportunity to minimize the adverse effects of market volatility and recapture value for shareholders. The repurchase plan is indicative of McEwen Mining's commitment to enhancing shareholder value.

Purchases of Common Shares may be made from time-to-time in the open market, in compliance with applicable U.S. and Canadian laws. The timing and amounts of any purchase will be based on market conditions and other factors including share price, regulatory requirements and capital availability.

Under the repurchase program, up to 15,000,000 Common Shares (representing approximately 5% of the total outstanding Common Shares as of September 30, 2015), may be purchased over the twelve-month period during which the program remains open. In addition, the Board of Directors has determined that a maximum of US$15,000,000 may be spent on repurchases. The price that McEwen Mining will pay for Common Shares in open market transactions will be the market price at the time of purchase. Any Common Shares that are purchased will be cancelled. McEwen Mining has no obligation to repurchase any shares under this repurchase program authorization, and the repurchase program may be suspended, discontinued or modified at any time, in the discretion of the Board of Directors.

The share repurchase program has been approved by McEwen Mining's Board of Directors and will be made in accordance with the rules and policies of the NYSE and the TSX, and applicable U.S. and Canadian securities laws. The commencement of the share repurchase program is subject to TSX approval. Under the repurchase program, Common Shares may be repurchased for a twelve month period in open market transactions on the NYSE, the TSX, and/or other U.S. or Canadian exchanges, or by such other means as may be permitted by the NYSE and/or the TSX and applicable U.S. and Canadian securities laws.