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TORONTO, Jan. 08, 2021 (GLOBE NEWSWIRE)
McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) is pleased to announce a financing to fund development of the Froome deposit, which is expected to reach commercial production in Q4 2021, located at the Fox Complex in the Timmins region of Ontario.
The financing consists of a US$11,821,000 (Cdn$15,000,000) private placement offering (the Offering ) of 11,628,000 flow-through common shares (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) priced at US$1.02 (Cdn$1.29) per flow-through common share (the Offering Price ) led by Cantor Fitzgerald Canada Corporation as agent and sole bookrunner. The Offering is expected to close on or before January 28, 2021 (the Closing ) and is subject to customary closing conditions, including approval from the TSX and NYSE.
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
McEwen Mining Announces Flow-Through Financing
McEwen MiningJanuary 8, 2021 GMT
TORONTO, Jan. 08, 2021 (GLOBE NEWSWIRE) McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to announce a financing to fund development of the Froome deposit, which is expected to reach commercial production in Q4 2021, located at the Fox Complex in the Timmins region of Ontario.
The financing consists of a US$11,821,000 (Cdn$15,000,000) private placement offering (the “Offering”) of 11,628,000 flow-through common shares (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) priced at US$1.02 (Cdn$1.29) per flow-through common share (the “Offering Price”) led by Cantor Fitzgerald Canada Corporation as agent and sole bookrunner. The Offering is expected to close on or before January 28, 2021 (the “Closing”) and is subject to customary closing conditions, including approv
McEwen Mining: Updated Gold Bar Resource and Reserve Estimates
TORONTO , Jan. 07, 2021
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to announce an updated Indicated Resource Estimate of
499,000 contained gold ounces and Probable Reserve Estimate of
302,000 recoverable gold ounces for the Gold Bar Mine in Nevada (“Gold Bar”). See Tables 1-3 for the updated estimates.
Gold Bar’s estimated after-tax net present value (NPV) discounted at 8% and using a gold price of $1,500/oz is in the range of
$62 to $76 million; while the upside case at a gold price of $1,900/oz is in the range of
$150 to $170 million. Potential mine life is in the range of 5 to 7 years based on currently estimated reserves.
Notes:
Mine Past Production (58,600 oz Au) + Current Reserves (302,000 oz Au) = 360,600 oz Au is 16.1% lower that 430,000 oz Au
Mineral Resources were estimated at a price of $1,725/ounce Au and are inclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources estimated will be converted into a Mineral Reserves estimate. Mineral Resources were estimated using the guidelines set out in the CIM Definition Standards for Mineral Resources. Mineral Resources as stated are contained within an optimised pit shell that demonstrates reasonable prospects for eventual economic extraction.
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TORONTO, Dec. 31, 2020 (GLOBE NEWSWIRE)
McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) is pleased to announce that it has closed its previously announced non-brokered private placement, issuing 7,669,900 common shares of the Corporation on a flow-through basis (the
FT Shares ) at a price per share of CDN $1.63 per FT Share for total gross proceeds of CDN$12,500,000.
Rob McEwen commented: These funds will be used for exploration to facilitate the rapid expansion of our discoveries at Stock and Grey Fox, which are key elements in our plans for growing the Fox Complex annual gold production to 100,000-150,000 oz over a 10-year mine life.