McEwen Mining

2019 Full Year and Q4 Production Results

TORONTO, Jan. 15, 2020 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) reports consolidated production for the full year of 2019 was 134,316 gold ounces and 3,365,846 silver ounces, or 174,420 gold equivalent ounces⁽¹⁾(“GEOs”), within our revised 2019 guidance range of 169,000 to 176,000 GEOs (see Table 1).

Table 1 - Consolidated 2019 Production Summary
	Q4		Full Year		Full Year 2019 Guidance
	2018	2019	2018	2019
Gold	29,291	36,087	135,124	134,316	131,000-138,000
Silver	819,473	864,949	3,032,727	3,365,846	3,225,000
GEOs(1)	40,217	46,263	175,561	174,420	169,000-176,000

Rob McEwen, Chairman and Chief Owner commented: “2019 was a year of exploration highs overshadowed by production lows. After issuing two disappointing reductions in production guidance we finally achieved our guidance. The problems that plagued us in 2019 were largely unique events that will not be reoccurring. Exploration will continue to be a key focus at Stock West, Grey Fox, Black Fox and Gold Bar, where we see the potential to create the greatest near-term value.”

San José Mine, Santa Cruz, Argentina (49%⁽²⁾)

San José exceeded the full year guidance for 2019 of 49,000 gold ounces and 3,225,000 silver ounces. Our attributable production from San José in 2019 was 51,684 gold ounces and 3,354,487 silver ounces, for a total of 91,654 GEOs.

El Gallo Project, Sinaloa, Mexico (100%)

El Gallo delivered on guidance by producing 16,333 GEOs in 2019 from residual leaching of the heap leach pad.

Gold Bar Mine, Nevada (100%)

Gold Bar produced 30,712 GEOs in 2019, within our revised full year production guidance of 30,000 to 33,000 GEOs. In Q4, production was 9,713 GEOs. Throughput at the crushing plant slowed in Q4 with the onset of winter, and we expect that to persist through Q1 2020.

Black Fox Mine, Timmins, Canada (100%)

Black Fox produced 35,721 GEOs in 2019, close to our revised full year production guidance of 36,000 to 40,000 GEOs. In Q4, production was 9,887 GEOs.