McEwen Mining

Q3 2020 Production and Exploration Results

TORONTO, Oct. 16, 2020 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) reports consolidated production for Q3 2020 was 23,100 gold ounces and 575,000 silver ounces, or 30,400 gold equivalent ounces⁽¹⁾(GEOs), at the average gold:silver price ratio for the quarter of 79:1. Production rebounded during Q3 after the successful restart of all four of our operations, which were temporary suspended during Q2, largely due to actions taken to prevent the spread of COVID-19 amongst our workers, business partners, and communities.

Consolidated Production Summary

	Q1		Q2		Q3
	2019	2020	2019	2020	2019	2020
Gold (oz)	26,900	29,200	36,200	15,700	35,000	23,100
Silver (oz)	703,200	553,200	850,500	359,400	947,100	575,000
GEOs(1)	36,300	35,100	45,900	19,200	45,900	30,400

Black Fox Mine, Timmins, Canada (100%)

In Q3, Black Fox produced 5,800 GEOs, compared to 2,200 GEOs in Q2. The mine is benefitting from the additional development work completed during Q2 that increased mining flexibility. We expect production to continue to trend higher during Q4, and mining from Black Fox to continue into H1 2021, while we transition to mining the Froome deposit.

Froome – Development

Development of underground access to the Froome deposit, located a half mile (800 m) west of the Black Fox mine, is on track, having advanced 47% by the end of the quarter. We plan to reach the deposit in Q2 2021 and achieve commercial production from Froome in Q4 2021. Froome offers several benefits compared to Black Fox such as straighter more efficient haulage, wider and more consistent mineralization, and lower cost bulk mining methods. We are targeting an average annualized production rate of 40-45,000 GEOs per year from Froome over a period of approximately 2.5 years.