hoomer : Third Quarter 2012
"McEwen Mining Provides Third Quarter 2012 Operational and Development Update
TORONTO, ONTARIO--(Marketwire - Nov. 7, 2012) -
(All Amounts in US Dollars Unless Otherwise Stated)
McEwen Mining Inc. (NYSE:MUX)(TSX:MUX) is pleased to provide a summary of the third quarter, including operational and development updates, for its mines and projects in Argentina, Mexico and Nevada.
THIRD QUARTER 2012 HIGHLIGHTS
•Gold equivalent production during the quarter totaled 25,200 ounces. Year-to-date, 72,530 gold equivalent ounces have been produced. The Company remains on track to produce approximately 105,000 gold equivalent ounces in 2012.
•Cash costs totaled $727 per gold equivalent ounce during the quarter. Year-to-date, cash costs have totaled $753 per gold equivalent ounce, in line with the Company's guidance of $750 per gold equivalent ounce for 2012.
•First gold pour at El Gallo Phase 1 in Mexico. The mine is currently ramping up towards commercial production, expected by the end of 2012.
•El Gallo Phase 2 feasibility study completed. Confirms potential to produce 5.2 million ounces silver and 6,100 ounces gold per year (106,100 gold equivalent ounces).
•Subsequent to the third quarter, the Company announced its intention to raise $60 million through a rights offering. Rob McEwen, Chief Owner, has agreed to backstop the rights issue.