McEwen Mining & TNR Gold: Chinese giants poised to go head to head in battle for $5.9bn Las Bambas mine MUX, TNR.v
"We have more news coming out of London on the Las Bambas copper mine bidding war. More reports are coming out now with the positive outlook for copper as well, but the most important in any market is the money talk and now the real money has been put on the table. Only one buyer will be successful in this bidding war and it will bring industry attention to Los Azules copper project with the valuation catalyst for McEwen Mining and TNR Gold. Lumina Copper recent advance with its Taca Taca copper project also located in Argentina is the very good sign of things to come here."
Los Azules Copper, McEwen Mining and TNR Gold: Lumina Copper Surged 63% From August Low MUX, TNR.v, LCC.v, GDX
"Lumina Copper has become one of our main success stories this summer which we have shared with our fellow travelers. As you know, we are not giving any investment advice here and our observations of the markets and trends will stay only observations until Mr Market will make up his mind. Please read our full legal disclaimer.
With Lumina Copper we have noticed the catalyst when Ross Beaty has increased his 22% in the company and bought 1 million worth of shares this summer. For us it is our "Dream Team" with Tenke Mining all over again: one of the best mining leaders at the helm with his personal wealth at stake, goods are there - safely in the ground - and the valuation is extremely distorted by the political risk perception.
The dive in commodity prices did not help the valuation in the first half of the year either. The fear of dramatic slowdown in China was hanging over the market. Then we have news start to flow from Clencore:"
By: Henry Lazenby
15th October 2013
TORONTO (miningweekly.com) - Precious-metals miner McEwen Mining has increased its third-quarter output from its two operations in Mexico and Argentina by 47% year-on-year to 36 495 gold-equivalent ounces, boosted by higher grades and recoveries from the San Jose mine.
During the quarter ended September 30, the company's total production included 20 483 oz of gold and 832 594 oz of silver, which was a 2% improvement on the second quarter ended July 31.
At the 49%-owned San Jose operation, of which joint venture partner Hochschild Mining owns the other 51%, McEwen's share of the output totalled 12 549 oz of gold and 827 726 oz of silver.
The gold grade improved 25% year-on-year to 6.59 g/t, and the silver grade rose 11% to 446 g/t. Gold recoveries were up 2.6% to 91.9% and silver recoveries rose 1.6% to 89.5%.
At the wholly owned El Gallo Phase 1 mine, McEwen produced less gold and silver than in the second quarter, recording lower grades and less ore production.
The mine produced 7 934 oz of gold and 4 868 oz of silver, resulting in a 6% quarter-on-quarter drop in gold-equivalent output to 8 028 oz for the period.
Chief owner Rob McEwen said the company remained on track to produce 130 000 gold-equivalent ounces in 2013.
Edited by: Creamer Media Reporter"
McEwen Mining Third Quarter 2013 Production Results
TORONTO, ONTARIO--(Marketwired - Oct. 15, 2013) - McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) is pleased to announce production results for the third quarter of 2013. During the third quarter, 36,495 gold eq. oz(1)(2) (20,483 gold oz and 832,594 silver oz) were produced. This is 47% higher than the same period in 2012 and 2% higher than Q2, 2013. In the past 9 months ended September 30, 2013, McEwen Mining has produced 102,288 gold eq oz, and is on track to meet forecasted annual production of 130,000 gold eq oz. Production costs will be reported in November 2013 with Q3 financials.
"Both of our mines had another solid quarter of production. We remain on track to produce a total of 130,000 gold equivalent ounces in 2013", statedRob McEwen, Chief Owner.
|1.||Gold eq oz = Gold equivalent ounces|
|2.||Gold equivalent ounces are calculated at a ratio of 52:1.|
|San José Mine Operating Results|
|San José - 100%*||Year to Date 2013||
3 rd Quarter
2 nd Quarter
3 rd Quarter
|Ore production (tonnes)||380,787||131,592||140,816||136,577|
|Average grade gold (gpt)||6.57||6.59||6.34||5.24|
|Average head silver (gpt)||435||446||407||402|
|Average gold recovery (%)||89.8||91.9||89.3||91.1|
|Average silver recovery (%)||86.6||89.5||85.5||87.9|
|Gold produced (ounces)||72,298||25,610||25,610||20,967|
|Silver produced (ounces)||4,615,526||1,689,237||1,575,442||1,552,358|
|Gold equivalent produced (ounces)||161,058||58,095||55,907||50,820|
|McEwen Mining - 49% Share|
|Gold produced (ounces)||35,426||12,549||12,549||10,274|
|Silver produced (ounces)||2,261,608||827,726||771,967||760,655|
|Gold equivalent1 produced (ounces)||78,918||28,467||27,394||24,902|
|* McEwen Mining holds a 49% attributable interest in the San José mine.|
|El Gallo 1 Mine Operating Results in 2013|
|Year to Date 2013||3 rd Quarter 2013||2 nd Quarter 2013|
|Ore production (tonnes)||927,281||285,212||346,896|
|Average grade gold (gpt)||1.26||1.30||1.34|
|Gold produced (ounces)||23,046||7,934||8,439|
|Silver produced (ounces)||16,849||4,868||6,341|
|Gold equivalent produced (ounces)||23,370||8,028||8,561|
About McEwen Mining ( www.mcewenmining.com )
The goal of McEwen Mining is to qualify for the S&P 500 by creating a high growth gold/silver producer focused in the Americas. McEwen Mining's principal assets consist of the San José mine in Santa Cruz, Argentina (49% interest), the El Gallo 1 mine and El Gallo 2 project in Sinaloa, Mexico, the Gold Bar project in Nevada, USA, and the Los Azules copper project in San Juan,Argentina.
As of October 11, 2013, McEwen Mining has an aggregate of 297,159,359 million shares of common stock outstanding and issuable upon the exchange of the exchangeable shares.Rob McEwen, Chairman and Chief Owner, owns 25% of the shares of the Company (assuming all outstanding Exchangeable Shares are exchanged for an equivalent amount of Common Shares).
RELIABILITY OF INFORMATION
Minera Santa Cruz S.A., the owner of the San José mine, is responsible for and has supplied to the Company all reported results from the San José mine. McEwen Mining's joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates other than MSC do not accept responsibility for the use of project data or the adequacy or accuracy of this release. As the Company is not the operator of the San José mine, there can be no assurance that production information reported to the Company by MSC is accurate, the Company has not independently verified such information and readers are therefore cautioned regarding the extent to which they should rely upon such information.
The technical contents of this news release has been reviewed and approved by William Faust PE, Chief Operating Officer and a Qualified Person as defined by Canadian Securities Administrator National Instrument 43-101 "Standards of Disclosure for Mineral Projects".
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, technical, 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, technical and security risks associated with foreign 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, projected permitting timelines and other risks. 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, 2012 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.
McEwen Mining Inc.Sheena ScotlandInvestor Relations
(647) 258-0395 ext 410 or Toll Free: (866) 441-0690
McEwen Mining Inc.
181 Bay Street Suite 4750
Toronto, ON M5J 2T3
PO box 792
Please Note our Legal Disclaimer on the Blog, including, but Not limited to:
There are NO Qualified Persons among the authors of this blog as it is defined by NI 43-101, we were NOT able to verify and check any provided information in the articles, news releases or on the links embedded on this blog; you must NOT rely in any sense on any of this information in order to make any resource or value calculation, or attribute any particular value or Price Target to any discussed securities.
We Do Not own any content in the third parties' articles, news releases, videos or on the links embedded on this blog; any opinions - including, but not limited to the resource estimations, valuations, target prices and particular recommendations on any securities expressed there - are subject to the disclosure provided by those third parties and are NOT verified, approved or endorsed by the authors of this blog in any way.
Please, do not forget, that we own stocks we are writing about and have position in these companies. We are not providing any investment advice on this blog and there is no solicitation to buy or sell any particular company.