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McEwen Mining Inc
Symbol MUX
Shares Issued 459,187,226
Close 2021-10-06 C$ 1.35
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McEwen Mining produces 42,900 oz AuEq in Q3

2021-10-06 13:10 ET - News Release

Mr. Peter Mah reports

MCEWEN MINING: Q3 2021 PRODUCTION RESULTS

McEwen Mining Inc.'s consolidated production for Q3 2021 was 32,100 gold ounces and 792,000 silver ounces, or 42,900 gold equivalent ounces(GEOs), compared with 30,400 GEOs in Q3 2020. Consolidated production for the nine months ended Sept. 30, 2021, is 114,300 GEOs, compared with 85,700 GEOs during the same period in 2020. Production in 2021 is trending toward the midpoint of the guidance range for the year.

Fox complex, Timmins, Canada (100 per cent)

Fox produced 8,300 GEOs during the period, compared with 5,800 GEOs for Q3 2020.

Mining at Fox has transitioned to the Froome deposit, where commercial production was reached on Sept. 19, 2021, three months ahead of schedule. The underground infrastructure at Froome is expected to be fully developed by June, 2022.

Highlights of results and opportunities at Froome:

  1. Encouraging drill results were returned from near-mine exploration designed to extend the Froome resources and mine life, providing more time to bridge potential future production from the Grey Fox and Stock deposits. The company expects to update the Froome resource and life-of-mine plan with the release of the Fox complex preliminary economic assessment (PEA) in late Q4 2021.
  2. Although early in the overall mining process, there have been positive trends in metallurgical recovery, which is 2.2 per cent above plan, and average gold grade, which is 3.8 grams per tonne (g/t) versus plan of 3.2 g/t.
  3. Cash costs and AISC (all-in sustaining cost) per ounce produced are reflecting better-than-expected efficiencies during the initial ramp-up of production to commercial levels.

Gold Bar mine, Nevada (100 per cent)

During the quarter, Gold Bar produced 12,400 GEOs, compared with 6,800 GEOs in Q3 2020. Production is on track to meet guidance for 2021.

The permitting process to access ore at the Gold Bar South (GBS) deposit has progressed well, with authorizations now anticipated to be received in Q4 2021. The company is planning for gold production from GBS in H2 2022.

Exploration highlights from our adjoining Tonkin property:

  1. Positive initial drill results at the Rooster deposit include refractory mineralization of 14.7 g/t gold over 6.1 metres (m) (20 feet (ft)) in hole TS208 starting at 29.9 m (98 ft) depth and mixed oxide/refractory mineralization of 1.5 g/t gold over 20.9 m (68.5 feet) starting at 59.3 m (194.5 ft).
  2. Also at Rooster, hole TS186 reported 1.8 g/t gold over 25.9 m (85 ft) of oxide mineralization (cyanide solubility of 81 per cent) starting from surface and hole TS202 reported 0.76 g/t gold over 41.1 m (135 feet) starting from surface with cyanide solubility of 67 per cent.
  3. Continuing mapping at the Tonkin property during the quarter is reassessing the exploration potential based on an updated geological interpretation and includes relogging of previous drilling at Rooster.

San Jose mine, Santa Cruz, Argentina (49 per cent)

During Q3, San Jose produced 10,800 gold ounces and 790,000 silver ounces, for a total of 21,600 GEOs, compared with 15,900 GEOs in Q3 2020. The company received $2.4-million in dividends during the quarter, for a total of $10-million for the nine months ended Sept. 30, 2021.

El Gallo project, Sinaloa, Mexico (100 per cent)

In Q3, El Gallo produced 560 GEOs from residual leaching of the heap leach pad.

McEwen Copper

With the approach of Argentinian spring and the melting of snow in the mountains, access to the Los Azules project site has been re-established through the existing exploration road. Drills and crews will begin mobilizing to the project in November and a 174,000-foot (53,000 m) drill program is expected to be completed by the end of Q2 2022. Construction of the new all-season access road has already advanced approximately 17 kilometres (km) from the east end. In order to accelerate its completion, construction advancing from the west end of the new road will begin this quarter. The new year-round access road is a key milestone in unlocking the project's value as the current route is inaccessible seven months of the year. All-road construction will be completed by local San Juan contractors as part of the continuing shared benefits with the local communities, entrepreneurs and workers. The prefeasibility study is in the tender award stage and is expected to begin as soon as possible in Q4 2021.

Financial results

Operating costs for the quarter ended Sept. 30, 2021, will be released with the company's 10-Q quarterly financial statements.

Technical information

Technical information pertaining to mining operations contained in this news release has been reviewed and approved by Peter Mah, PEng, chief operating officer of McEwen Mining and a qualified person as defined by Canadian Securities Administrators' National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

Technical information pertaining to Gold Bar geology and exploration contained in this news release has been prepared under the supervision of Kevin Kunkel, PGeo, a qualified person as defined by Canadian Securities Administrators' National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

Reliability of information regarding San Jose

Minera Santa Cruz SA, the owner of the San Jose mine, is responsible for and has supplied to the company all reported results from the San Jose 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.

About McEwen Mining Inc.

McEwen Mining is a diversified gold and silver producer and explorer focused in the Americas with operating mines in Nevada, Canada, Mexico and Argentina.

We seek Safe Harbor.

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