McEwen Mining Inc (MUX)

[JD400]

MUX McEwen Copper Options Elder Creek Project to Rio Tinto
September 6, 2022

TORONTO, Sept. 06, 2022 (GLOBE NEWSWIRE) -- McEwen Copper Inc., a subsidiary of McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), is pleased to announce that it has entered into a binding term sheet with Kennecott Exploration Company (“KEX”), a subsidiary of Rio Tinto, for an option to earn a 60% interest in and joint venture the Elder Creek property in Nevada (see Figure 1) by spending US$18 million.

The principal terms of the agreement are:

KEX will have the right to earn a 60% interest in Elder Creek by investing $18 million over a maximum of seven years (the “Expenditure Commitment”).
KEX will be the operator of the Elder Creek project during the term of the agreement.
Following completion of the Expenditure Commitment, KEX and McEwen Copper will form an unincorporated 60:40 joint venture.
Other customary representations, warranties and conditions.

Figure 1 – Elder Creek property location map

https://www.mcewenmining.com/investor-relations/press-releases/press-release-details/2022/McEwen-Copper-Options-Elder-Creek-Project-to-Rio-Tinto/default.aspx