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Enter Symbol
or Name
USA
CA



McEwen Mining Inc
Symbol MUX
Shares Issued 265,176,527
Close 2014-04-09 C$ 2.78
Market Cap C$ 737,190,745
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McEwen Mining produces 32,146 oz AuEq in Q1 2014

2014-04-10 07:37 ET - News Release

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."

We seek Safe Harbor.

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