McEwen Mining Inc (MUX)

[JD400]

McEwen Mining: A Warm Welcome & 2021 Production Guidance

February 2, 2021


TORONTO, Feb. 02, 2021 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: $MUX (TSX: MUX) is pleased to extend a warm welcome to all our new shareholders, provide production guidance for 2021 of an expected 141,000 to 160,400 gold equivalent ounces (GEOs)(1), and discuss one of our most valuable yet under-appreciated assets, the Los Azules copper project. Beyond the potential of our gold and silver assets, Los Azules provides MUX with large indirect exposure to the growth of the electric vehicle market, renewable energy and the continuing urbanization of Asia.

“ I wish to extend a warm welcome to all of our new shareholders. Some of you may not be familiar with our 100%-owned Los Azules project. According to a study (Preliminary Economic Assessment published in 2017 (2 ) ), it has the potential to generate strong returns at a $3.00/lb copper price. Here are some of the highlights: a 36-year mine life; Capex of $2.4 Billion, a payback in 3.6 years; and annual production in the first 13 years of 410 Million lbs of copper at a cost of $1.14/lb. You may be interested to learn that in terms of value, using today’s metal prices of gold at $1,834/oz, silver at $26.17/oz and copper at $3.51/lb, that approximately 522 lbs of copper are equal to 1 oz of gold or 70 oz of silver, and 7.5 lbs of copper are equal to 1 oz of silver.

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https://www.mcewenmining.com/investor-relations/press-releases/press-release-details/2021/McEwen-Mining-A-Warm-Welcome--2021-Production-Guidance/default.aspx