Key Developments: McEwen Mining Inc (MUX)
1.96USD
17 May 2013
$-0.09 (-4.39%)
$2.05
$2.02
$2.05
$1.91
2,735,850
3,318,990
$4.72
$1.67
Latest Key Developments (Source: Significant Developments)
McEwen Mining Inc Issues FY 2013 Production Guidance
McEwen Mining Inc announced that for fiscal 2013, it expects production to grow by +24% to 130,000 gold eq. oz (72,310 gold oz and 3,000,000 silver oz). Full Article
McEwen Mining Inc Completes $60.4 Million Rights Offering-Canada Stockwatch News
Canada Stockwatch News reported that McEwen Mining Inc. has completed its rights offering, which closed on December 4, 2012. The rights offering was fully subscribed for with proceeds totallling $60.4-million. 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 December 7, 2012. Full Article
TNR Gold Corp Settles Lawsuit Over Los Azules With McEwen Mining Inc-Canada Stockwatch News
Canada Stockwatch News reported that TNR Gold Corp. and its wholly owned subsidiary, Solitario Argentina S.A., have reached a settlement with McEwen Mining Inc., which resolves the outstanding litigation with respect to the Los Azules copper project located in San Juan province, Argentina. The settlement restores a 25% back-in right to TNR, which is exercisable following the completion of a feasibility study. The back-in right allows TNR to back in for 25% of the northern part of the Los Azules property. In addition, TNR receives an industry-standard net smelter royalty of 0.6 per cent and one million shares in McEwen Mining (information about McEwen Mining can be found at its website and on SEDAR). The net smelter royalty is over the northern portion of the property and is triggered if TNR chooses to back in for 5 per cent or less or is diluted below 5 per cent. In return, TNR will discontinue its claims and transfer to McEwen Mining the mineral rights to a property called Escorpio IV. Full Article
McEwen Mining Inc Reaffirms FY 2012 Production Guidance
McEwen Mining Inc announced that it has reaffirmed its fiscal 2012 production guidance of 85,000 ounces of gold and 5.7 million ounces of silver. Full Article
McEwen Mining Inc Reaffirms FY 2012 Production Guidance
McEwen Mining Inc announced that it remains on target to meet fiscal 2012 production guidance of 5.7 million ounces of silver and 85,000 ounces of gold. Full Article
Nevada Exploration Inc Signs Generative Exploration Agreement With McEwen Mining Inc.
Nevada Exploration Inc announced the signing of a two-year Exploration Agreement with McEwen Mining Inc. (MMI) to generate new gold projects in a 25,000 hectare (95 sq mi) study area in north central Nevada (AOI) using NGE's hydrogeochemistry exploration technology. Under the Agreement, MMI has engaged NGE to complete a hydrogeochemistry sampling program across the AOI to indentify and delineate discrete new target areas in exchange for a service fee. Any projects that MMI acquires within the AOI will be deemed Designated Properties. Upon acquiring a Designated Property, MMI will pay NGE the greater of $25,000 USD or $100 USD per claim, and grant NGE a 30% carried interest in the Designated Property. MMI will be the manager of the Designated Properties, will have sole discretion on the nature and timing of all exploration and development activities at the Designated Properties, and will be solely responsible for payment of all costs incurred in respect of the Designated Properties. If MMI elects to continue to maintain a Designated Property, MMI will pay NGE $100,000 on the first through fourth anniversaries of acquiring the Designated Property, and then $250,000 on each subsequent anniversary. If MMI completes a Production Decision Report on a Designated Property that MMI deems sufficient to base a decision to commence production, the Designated Property will advance under a Joint Venture agreement. Full Article
Minera Andes, Inc. Announces Receipt Of Interim Court Order In Respect of Proposed Business Combination With U.S. Gold Corporation
U.S. Gold Corporation and Minera Andes Inc. announced that Minera Andes has been granted an interim order by the Court of Queen's Bench (Alberta), authorizing, among other things, the holding of a special meeting of Minera Andes shareholders. At this meeting, the Minera Andes shareholders will be asked to consider a special resolution approving the proposed arrangement, pursuant to which US Gold will acquire Minera Andes to form McEwen Mining Inc. The US Gold and Minera Andes boards of directors, based on recommendations from their respective special committees, have unanimously recommended that shareholders vote in favour of the transaction. Terms of the transaction were not disclosed. Full Article
U.S. Gold Corporation And Minera Andes, Inc. Enter Into Arrangement Agreement To Form McEwen Mining
U.S. Gold Corporation and Minera Andes, Inc. announced that they have entered into an arrangement agreement dated September 22, 2011 (the arrangement agreement), pursuant to which US Gold and Minera Andes will combine to form McEwen Mining. Under the terms of the arrangement agreement holders of Minera Andes common shares will receive 0.45 (the exchange ratio) shares of a subsidiary of US Gold which are exchangeable for common shares of US Gold for each one common share of Minera Andes held. This transaction will be carried out pursuant to the arrangement agreement under a court-approved statutory plan of arrangement governed by the Business Corporations Act (Alberta). Closing of the transaction is expected to occur in late 2011. Full Article
Golden Predator Corp Agrees To Sell Its Interest In The Tonkin Springs Project To U.S. Gold Corporation
Golden Predator Corp announced that it has agreed to sell its interest in the Tonkin Springs Project to U.S. Gold Corporation for CAD5,850,000. Prior to this sale, the company had leased the interest to US Gold in exchange for a 5% gross smelter returns royalty with annual advance minimum royalty payments, recoverable from production. The company retains a 1.4% net smelter returns royalty on all production from the claims sold in excess of the previously reported resources. Royalty credits from previously paid advance minimum royalty payments in excess of USD4,500,000, which would have been deducted from any future payments under the 5% gross smelter returns royalty, have been extinguished. Closing of the transaction is scheduled to occur on or before July 31, 2011. Full Article
Tri-Valley Corporation Signs Definitive Agreement With U.S. Gold Corporation For Richardson Minerals Project
Tri-Valley Corporation announced Select Resources Corporation, Inc., its wholly-owned minerals subsidiary, executed a Definitive Agreement with U.S. Gold Corporation Son July 1, 2011, for a four-year Exploration Lease and Purchase Option Definitive Agreement with respect to Select’s Richardson Minerals Project in Alaska. Under the terms of the Definitive Agreement, US Gold will acquire an exploration lease for Richardson, along with an exclusive option to purchase a 60% interest in the project and enter into a joint venture with Select for its development. US Gold’s option to purchase a 60% interest in Richardson will vest upon completion of $5 million in exploration expenditures and 30,000 feet of core drilling during the term of the Definitive Agreement. The parties have agreed that US Gold may terminate the Definitive Agreement after completing $2.2 million in exploration expenditures and performing 15,000 feet of core drilling at Richardson, which is required during the first two years of the agreement. Should US Gold elect to terminate the agreement, Select will retain its 100% interest in Richardson. Select received a $200,000 Option Payment upon execution of the Definitive Agreement and is entitled to receive another $100,000 upon reaching the first anniversary of the agreement. Select is also entitled to receive additional Option Payments of $100,000 for each of the remaining two years of the exploration lease period if US Gold exercises its option. Full Article
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