McEwen Mining Provides 2022 Guidance
11 March 2022 - 8:57AM
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is
pleased to provide production and cost guidance for 2022. We are
estimating production of
153,000 to
172,000 gold equivalent ounces (GEOs) in 2022.
Cash costs and all-in sustaining costs (AISC) per GEO sold for 2022
from our 100%-owned mines (Gold Bar and Fox) are expected to be in
the range
$1,310-1,410 and
$1,570-1,690, respectively. At San José,
production is estimated to be
69,500 to 77,500
GEOs at an AISC per GEO sold of
$1,330-1,370.
|
2022 Production Guidance |
Total Production |
|
Gold (oz) |
118,000-133,000 |
Silver (oz) |
2,520,000-2,800,000 |
GEOs(1)(4) |
153,000-172,000 |
San José Mine, Argentina (49%)(2) |
|
Gold (oz) |
34,500-38,500 |
Silver (oz) |
2,520,000-2,800,000 |
GEOs(1) |
69,500-77,500 |
Gold Bar Mine, Nevada |
|
GEOs(1) |
38,000-44,000 |
Black Fox Mine, Canada |
|
GEOs(1) |
44,000-49,000 |
|
2022 Cost Guidance |
|
Cash Costsper GEO(3) |
AISC per GEO(3) |
100%-Owned Mines |
|
|
Quarterly Estimates: |
|
|
Q1 |
$1,940-2,100 |
$2,340-2,560 |
Q2 |
$1,330-1,430 |
$1,670-1,810 |
Q3 |
$1,190-1,280 |
$1,420-1,530 |
Q4 |
$1,060-1,140 |
$1,170-1,260 |
Full
Year Average |
$1,310-1,410 |
$1,570-1,690 |
San José Mine (49%) |
|
|
Full
Year Average |
|
$1,330-1,370 |
Notes:
- Gold Equivalent Ounces (GEOs) are
calculated based on a gold to silver price ratio of 72:1.
- Represents the portion attributable
to us from our 49% interest in the San José Mine.
- Cash costs per GEO and all-in
sustaining costs (AISC) per GEO are non-GAAP financial performance
measures with no standardized definition under U.S. GAAP. For
definition of the non-GAAP measures see the Management
Discussion and Analysis (Form 10-K) for the year ended December 31,
2021, filed on EDGAR and SEDAR.
- Residual heap leaching at the El
Gallo Project in Mexico is expected to produce 1,500 GEOs in
2022.
Technical InformationThe
technical content of this news release has been reviewed and
approved by Peter Mah, P.Eng., COO of McEwen Mining and a Qualified
Person as defined by SEC S-K 1300 and the Canadian Securities
Administrators National Instrument 43-101 "Standards of Disclosure
for Mineral Projects."
CAUTION CONCERNING FORWARD-LOOKING
STATEMENTS
This news release contains certain
forward-looking statements and information, including
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. The forward-looking
statements and information expressed, as at the date of this news
release, McEwen Mining Inc.'s (the "Company") estimates, forecasts,
projections, expectations or beliefs as to future events and
results. Forward-looking statements and information are necessarily
based upon a number of estimates and assumptions that, while
considered reasonable by management, are inherently subject to
significant business, economic and competitive uncertainties, risks
and contingencies, and there can be no assurance that such
statements and information will prove to be accurate. Therefore,
actual results and future events could differ materially from those
anticipated in such statements and information. Risks and
uncertainties that could cause results or future events to differ
materially from current expectations expressed or implied by the
forward-looking statements and information include, but are not
limited to, effects of the COVID-19 pandemic, fluctuations in the
market price of precious metals, mining industry risks, political,
economic, social and security risks associated with foreign
operations, the ability of the corporation to receive or receive in
a timely manner permits or other approvals required in connection
with operations, risks associated with the construction of mining
operations and commencement of production and the projected costs
thereof, risks related to litigation, the state of the capital
markets, environmental risks and hazards, uncertainty as to
calculation of mineral resources and reserves, and other risks.
Readers should not place undue reliance on forward-looking
statements or information included herein, which speak only as of
the date hereof. The Company undertakes no obligation to reissue or
update forward-looking statements or information as a result of new
information or events after the date hereof except as may be
required by law. See McEwen Mining's Annual Report on Form 10-K for
the fiscal year ended December 31, 2021, and other filings with the
Securities and Exchange Commission, under the caption "Risk
Factors", for additional information on risks, uncertainties and
other factors relating to the forward-looking statements and
information regarding the Company. All forward-looking statements
and information made in this news release are qualified by this
cautionary statement.
The NYSE and TSX have not reviewed and do not
accept responsibility for the adequacy or accuracy of the contents
of this news release, which has been prepared by management of
McEwen Mining Inc.
ABOUT MCEWEN MINING
McEwen Mining is a diversified gold and silver
producer and explorer focused in the Americas with operating mines
in Nevada, Canada, and Argentina. It also has a large exposure to
copper through its subsidiary McEwen Copper, owner of the Los
Azules copper deposit in Argentina.
CONTACT
INFORMATION: |
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Free(647)-258-0395Mihaela Iancu ext.
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