Declares Commercial Production El Gallo Phase 1 in Mexico
Toronto, Jan 9, 2013 AEST (ABN Newswire) - McEwen Mining Inc. (
NYSE:MUX) (TSE:MUX) is pleased to announce that it has successfully achieved commercial production at El Gallo Phase 1 in Sinaloa State, Mexico on January 1, 2012.
On September 24th, the Company announced that it had poured its first bar of gold at the mine. Subsequent to the first pour, the mine has been steadily increasing mine, crusher and leaching production and is now operating at 90% of the designed capacity. Final ramp-up is expected to be achieved during the First Quarter.
El Gallo Phase 1 is forecasted to produce approximately 30,000 ounces in 2013.
Operating costs will be reported starting in the First Quarter. Final 2012 production figures for the San Jose mine (Argentina), El Gallo Phase 1, and guidance for 2013 is expected to be provided in the coming week.
About McEwen Mining Inc
McEwen Mining (NYSE:MUX) (TSE:MUX) has the goal to qualify for inclusion in the S&P 500 Index by creating a profitable gold and silver producer focused in the Americas. McEwen's principal assets consist of: the San José mine in Santa Cruz, Argentina (49% interest); the Black Fox mine in Timmins, Canada; the Fenix Project in Mexico; the Gold Bar mine in Nevada, currently under construction; and the large Los Azules copper project in Argentina, advancing towards development.
McEwen has approximately 345 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns roughly 23% of the shares.
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