Gold Bar Mine To Produce 50,000 Ounces By Years End

TORONTO, ON - McEwen Mining Inc. reported the ramp-up of production at Gold Bar Mine is progressing and the company is addressing the challenges with the crushing plant. Several issues related to material handling have been resolved and throughput at the crushing and stacking plant is increasing. Other aspects of the mine are performing as designed. The first gold ingot was poured at Gold Bar on February 16. Since then the mine has poured gold regularly with Q1 production totaling 2,052 gold ounces. Guidance has been reduced by 10% as a result of the slower than expected start-up. The company expects Gold Bar to achieve commercial production during Q2 2019, and produce 50,000 gold ounces during the full year. The 2019 exploration budget for the Gold Bar property is $5 million. Exploration drilling will target both near surface and deep Carlin-type mineralization. Drilling is expected to start and continue throughout the rest of the year.

Black Fox produced 8,765 gold ounces in Q1. In spite of the primary contractor-operated crushing plant being shut down for 6 weeks due to a fire, the team recorded strong production of 5,335 gold ounces in March, and achieved 93% of our budgeted production for the quarter. The crusher has been repaired and is now operating normally and maintaining guidance of 50,000 gold ounces for 2019. The 2019 exploration budget for the Black Fox Complex is $17 million and includes surface and underground drilling. Surface drilling with three drill rigs started up again and expected to announce initial results in May.

The company’s address is 150 King Street West, Suite 2800, Toronto, ON M5H 1J9, (866) 441-0690.