Mr. William Faust reports
MCEWEN MINING Q1 2014 PRODUCTION RESULTS
McEwen Mining Inc. has released production results for the first quarter of 2014. The company's total production for the first quarter was 32,146 gold equivalent ounces comprising 20,062 gold ounces and 725,025 silver ounces. This represents an approximate increase of 14 per cent compared with the first quarter of 2013. Full-year guidance remains unchanged for the year at 135,000 to 140,000 gold equivalent ounces. Production costs will be reported in May, 2014, with first-quarter financials.
COMPANYWIDE OPERATING RESULTS
Full year
Q1 2014 Q4 2013 Q1 2013 2013
San Jose -- 49%
Gold produced (oz) 10,767 12,999 10,328 48,425
Silver produced (oz) 720,830 853,225 661,915 3,114,832
Gold equivalent produced (oz) 22,781 27,219 21,360 100,339
El Gallo 1
Gold produced (oz) 9,295 7,687 6,673 30,733
Silver produced (oz) 4,195 3,786 5,640 20,635
Gold equivalent produced (oz) 9,365 7,750 6,767 31,077
Total production
Gold produced (oz) 20,062 20,686 17,001 79,158
Silver produced (oz) 725,025 857,011 667,555 3,135,467
Gold equivalent produced (oz) 32,146 34,969 28,127 131,416
San Jose mine, Argentina (49 per cent)
McEwen Mining's attributable production from the San Jose mine during first quarter of 2014 was 22,781 gold equivalent ounces (10,767 gold ounces and 720,830 silver ounces). McEwen Mining's share of production from San Jose in 2014 is forecasted at 97,500 gold equivalent ounces (44,000 gold ounces and 3.2 million silver ounces).
SAN JOSE MINE OPERATING RESULTS
Full year
Q1 2014 Q4 2013 Q1 2013 2013
Ore production (tonnes) 134,589 156,150 108,379 536,937
Average grade gold (g/t) 5.77 6.03 6.87 6.42
Average head silver (g/t) 391 399 459 425
Average gold recovery (%) 88.1 87.6 88.1 89.2
Average silver recovery (%) 86.9 87.0 84.4 86.7
Gold produced (oz) 21,974 26,529 21,078 98,827
Silver produced (oz) 1,471,081 1,741,275 1,350,847 6,356,801
Gold equivalent produced (oz) 46,492 55,550 43,592 204,774
McEwen Mining -- 49-per-cent share
Gold produced (oz) 10,767 12,999 10,328 48,425
Silver produced (oz) 720,830 853,225 661,915 3,114,833
Gold equivalent produced (oz) 22,781 27,219 21,360 100,339
El Gallo 1 mine, Mexico (100 per cent)
In the first quarter of 2014 the El Gallo 1 mine produced 9,365 gold equivalent ounces (9,295 gold ounces and 4,195 silver ounces) establishing a new quarterly production record, 38 per cent higher than the first quarter of 2013 and ahead of budget. In 2014, El Gallo 1 is forecasted to produce 37,500 gold equivalent ounces (37,000 gold ounces and 25,000 silver ounces).
El Gallo 1 is currently being expanded from 3,000 to 4,500 tonnes per day. The expansion is nearing completion and commissioning is scheduled to start later this month. The increased capacity, combined with higher grades as mining moves deeper in the pit, is expected to increase production to 75,000 gold equivalent ounces by 2015.
EL GALLO 1 MINE OPERATING RESULTS
Full year
Q1 2014 Q4 2013 Q1 2013 2013
Ore production (tonnes) 359,402 323,863 295,173 1,255,314
Average grade gold (g/t) 1.16 1.17 1.10 1.22
Gold produced (oz) 9,295 7,687 6,673 30,733
Silver produced (oz) 4,195 3,786 5,640 20,635
Gold equivalent produced (oz) 9,365 7,750 6,767 31,077
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."
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