Press Release |
McEwen Mining: San Jose Mine Update
McEwen Mining: San Jose Mine Update
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TORONTO, ONTARIO, Feb 12 (MARKET WIRE) -- McEwen Mining Inc. (NYSE:MUX)(TSX:MUX) announces that operations at its 49% owned San Jose mine in Santa Cruz Province, Argentina were halted on Monday, February 4, 2013 due to seventy-six employees contracting gastroenteritis. There have been no further cases reported and all employees have recovered in full. It is anticipated that the mine will resume operation shortly. This disruption is not expected to have a material impact on McEwen Mining's full-year production. The Company will provide a further update once operations resume. McEwen Mining's attributable production from San Jose mine during 2012 totaled 98,117 eq. oz (42,026 gold oz and 2,916,742 silver oz). About McEwen Mining (www.mcewenmining.com) The goal of McEwen Mining is to qualify for inclusion in the S&P 500 by 2015 by creating a high growth 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 project in San Juan, Argentina and a large portfolio of exploration properties in Argentina, Mexico and Nevada. McEwen Mining has 296,024,859 shares issued and outstanding. Rob McEwen, Chairman, President and Chief Owner, owns 25% of the shares of the Company. As of December 31, 2012, McEwen Mining had cash and liquid assets of approximately US$70 million and is debt free. Reliability of Information Minera Santa Cruz S.A., the owner of the San Jose mine, is responsible for and has supplied to the Company all information on the temporary halt of operations at the San Jose mine. This press release is based on information provided to McEwen Mining by Minera Santa Cruz S.A. McEwen Mining's joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates other than MSC do not accept responsibility for the accuracy of this release. As the Company is not the operator of the San Jose mine, there can be no assurance that the information reported to the Company by MSC is accurate, the Company has not independently verified such information and readers are therefore cautioned regarding the extent to which they should rely upon such information. Caution Concerning Forward-Looking Statements 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 the cost of transferring or otherwise allocating funds between operating jurisdictions, 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. Contacts: 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 firstname.lastname@example.org Facebook: www.facebook.com/McEwenRob Twitter: www.twitter.com/McEwenMining www.mcewenmining.com Copyright 2013, Market Wire, All rights reserved. -0-