Toronto, Canada, Jan 9, 2013 - (ABN Newswire) - McEwen Mining Inc. (NYSE:MUX - News) (TOR:MUX.TO - News) 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 :
The goal of McEwen Mining (TSE:MUX.TO - News) (NYSE:MUX - News) is to qualify for inclusion in the S&P 500 in 2015 by creating a high growth, low-cost, mid-tier gold producer focused in the Americas. McEwen Mining's principal assets consist of the San Jose mine in Santa Cruz, Argentina (49% interest); the El Gallo complex in Sinaloa, Mexico; the Gold Bar project in Nevada, US; the Los Azules Copper project in San Juan, Argentina and a large portfolio of exploration properties in Argentina, Nevada and Mexico.
McEwen Mining has 267,919,384 shares issued and outstanding. Rob McEwen, Chairman, and Chief Owner, owns 25% of the shares of the Company. As of June 30, 2012, McEwen Mining had cash and liquid assets of $38 million.
McEwen Mining T: +1-647-258-0395 F: +1-647-258-0408 E: firstname.lastname@example.org WWW: www.mcewenmining.com Marston Webb International T: +1-212-684-6601 F: +1-212-725-4709 E: email@example.com WWW: www.marstonwebb.com
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