Profile: McEwen Mining Inc (MUX.N)
25 May 2016
McEwen Mining Inc., incorporated on July 24, 1979, is a mining and minerals exploration company. The Company is focused on precious and base metals in Argentina, Mexico and the United States. The Company's segments include Mexico, Argentina and the United States. It classifies its mineral properties into Production Properties, Advanced-Stage Properties and Exploration Properties. The Company owns El Gallo 1 gold mine in Sinaloa, Mexico and holds interest in Minera Santa Cruz S.A. (MSC), owner and operator of the producing San Jose mine in Santa Cruz, Argentina. In addition to its operating properties, the Company also holds interests in exploration-stage properties and projects in Argentina, Mexico and the United States, including projects within the Gold Bar (Gold Bar) and Los Azules (Los Azules) projects. The end product at its gold and silver operations is either in the form of dore or concentrate. Production from the El Gallo 1 mine consists of dore. The Company produces approximately 110,320 gold ounces and over 3,315,670 silver ounces for approximately 154,530 gold equivalent ounces.
The Company's Nevada exploration properties include within Gold Bar Complex, Tonkin Complex, Limo Complex and Battle Mountain Complex. It holds mineral interests in Nevada through lode mining and mill site claims, leases of unpatented mining claims, and joint venture and other agreements.
El Gallo 1 mine
The Company's El Gallo 1 mine and El Gallo 2 project are part of the El Gallo Complex, which is located in northwestern Mexico, within Sinaloa State, Mocorito Municipality. The Company, through its Mexican subsidiary Compania Minera Pangea S.A. de C.V. (Minera Pangea) owns El Gallo 1 mine. Its El Gallo 1 mine produces approximately 62,970 ounces of gold and over 29,920 ounces of silver, and a cumulative total of approximately 145,040 ounces of gold and over 85,200 ounces of silver. Gold mineralization in the El Gallo 1 mine area occurs in approximately six deposits along over two distinct structural trends, northwest and northeast.
San Jose Mine
The Company's San Jose mine is an underground mine located in Santa Cruz Province, Argentina. The San Jose property is located in the District of Perito Moreno, in Santa Cruz. It is operated by a subsidiary of Hochschild, MSC. The San Jose mine is part of a larger property, which covers a total area of approximately 730 square miles. (over 1,890 square kilometers) and consists of approximately 150 mining concessions (consisting of over 70 Minas or approved mining claims; approximately 50 Manifestaciones de Descubrimiento, or claims that are in the application process for mining claim status, and over 20 Cateos, or claims that are for exploration).
Gold Bar Project
The Company's Gold Bar Project is located within the Battle Mountain-Eureka-Cortez gold trend in Eureka County, central Nevada, and covers an area of approximately 8.2 square miles (over 21.3 square kilometers) consisting of over 310 unpatented lode mining claims and approximately 10 patented mining claims within one parcel of private land. The Gold Bar project is in the permitting phase.
El Gallo 2 Project
The Company's El Gallo 2 is an advanced-stage project with approximately 34.3 million tons of contained mineralized material at an average grade of over 60 grams per ton (gpt) of silver and approximately 0.18 gpt of gold. The project is located approximately three miles northwest of its El Gallo mine in Sinaloa State, Mocorito Municipality. It is also owned by its subsidiary Minera Pangea.
Los Azules Copper Project
The Company's Los Azules copper project is an advanced-stage porphyry copper exploration project located in the cordilleran region of San Juan Province, Argentina near the border with Chile. The property encompasses approximately 130 square miles (over 330 square kilometers) and surrounds a large alteration zone that is approximately five miles (over eight kilometers) long by approximately 1.2 miles (over two kilometers) wide.
The Company's Tonkin Project is a gold mining property located within the Battle Mountain Eureka Trend in Eureka County, Nevada. Tonkin produces approximately 30,000 ounces of gold utilizing an oxide heap leach and a separate ball mill involving bioxidation to treat the problematic sulfide ore.
McEwen Mining Inc
150 King St W Suite 2800,
P.O. Box 24
TORONTO ON M5H 1J9