McEwen Mining Successfully Completes Rights Offering

Wed Dec 5, 2012 9:41am EST

* Reuters is not responsible for the content in this press release.

McEwen Mining Inc. (NYSE:MUX)(TSX:MUX) is pleased to announce the
successful completion of its Rights Offering, which closed at 5 PM EST on
December 4, 2012. The Rights Offering was fully subscribed for with
proceeds totaling US$60.4 Million.

    "I would like to extend a warm thank you to all of our shareholders who
participated in the Rights Offering. We are well financed and focused on
finding ways to accelerate the development of El Gallo-phase 2 project,"
said Rob McEwen, Chief Owner.

    During the next week, McEwen Mining will issue 19,051,679 Common Shares
(MUX) and 7,798,762 Exchangeable Shares (MAQ) as the result of the Rights
Offering. This issuance represents 10% of the Company's currently issued
and outstanding shares. Upon issuance of these shares, McEwen Mining will
have 295,429,859 shares outstanding (Common and Exchangeable). The Rights
Offering was fully subscribed for without triggering the backstop
commitment the Company had from Mr. McEwen.

    The number of Common and Exchangeable shares, including oversubscription
shares, to be issued to each exercising holder, pursuant to the exercise
of the Rights Offering, will be calculated after 5 PM EST on December
7th, 2012. 

    The shares you subscribed for in the Rights Offering will be delivered to
you in the same form you hold your existing shares - by Computershare, by
mail in certificate form, or by your broker, after December 11, 2012.

    If you exercised your over-subscription privilege, and are allocated less
than all of the shares of McEwen Mining for which you wished to
subscribe, your excess payment for shares that were not allocated to you
will be returned to you in the same manner as you made the payment - by
mail or through your broker, after Tuesday December 11, 2012.


    The goal of McEwen Mining is to qualify for inclusion in the S&P 500 by
2015 by creating a high quality, 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.


    This press release contains certain forward-looking statements and
information, including "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. The forward-looking
statements and information expressed, as at the date of this press
release, McEwen Mining Inc.'s (the "Company") estimates, forecasts,
projections, expectations or beliefs as to future events and results.
Forward-looking statements and information are necessarily based upon a
number of estimates and assumptions that, while considered reasonable by
management, are inherently subject to significant business, economic and
competitive uncertainties, risks and contingencies, and there can be no
assurance that such statements and information will prove to be accurate.
Therefore, actual results and future events could differ materially from
those anticipated in such statements and information. Risks and
uncertainties that could cause results or future events to differ
materially from current expectations expressed or implied by the
forward-looking statements and information include, but are not limited
to, risks related to business integration as a result of the business
combination between the Company and Minera Andes, factors associated with
fluctuations in the market price of precious metals, mining industry
risks, political, economic, social and security risks associated with
foreign operations, risks associated with the construction of mining
operations and commencement of production and the projected costs
thereof, risks related to litigation, property title, the state of the
capital markets, environmental risks and hazards, uncertainty as to
calculation of mineral resources and reserves and other risks. Readers
should not place undue reliance on forward-looking statements or
information included herein, which speak only as of the date hereof. The
Company undertakes no obligation to reissue or update forward-looking
statements or information as a result of new information or events after
the date hereof except as may be required by law. See McEwen Mining's
Annual Report on Form 10-K for the fiscal year ended December 31, 2011
and other filings with the Securities and Exchange Commission, under the
caption "Risk Factors", for additional information on risks,
uncertainties and other factors relating to the forward-looking
statements and information regarding the Company. All forward-looking
statements and information made in this news release are qualified by
this cautionary statement.

    The NYSE and TSX have not reviewed and do not accept responsibility for
the adequacy or accuracy of the contents of this news release, which has
been prepared by management of McEwen Mining Inc.

McEwen Mining Inc.
Jenya Meshcheryakova
Investor Relations
(647) 258-0395 ext 410 or Toll Free: (866) 441-0690
(647) 258-0408 (FAX)

McEwen Mining Inc.
Mailing Address
181 Bay Street Suite 4750
Toronto, ON M5J 2T3 PO box 792


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