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McEwen Mining reports FY18 and 4Q18 production results

Published by
Global Mining Review,


McEwen Mining Inc. has reported annual consolidated production in 2018 was 135 124 gold ounces and 3 032 727 silver ounces, or 175 561 gold equivalent ounces (GEOs).

2018 production

Black Fox mine, Timmins (Canada) (100%) – Gold

Black Fox produced 48 848 GEOs in 2018, in line with our full year production guidance of 48 000 GEOs. 4Q18 production from Black Fox was 11 097 GEOs. To continue to build on the success of the 2018 exploration programme at the Black Fox and Stock properties, a CAN$15 million flow through share financing was completed in 4Q18 to fund exploration in 2019.

San José mine (Argentina) (49%) – Silver & Gold

San José produced 47 331 gold ounces and 3 020 696 silver ounces, for a total of 87 607 GEOs attributable to us in 2018, below our full year guidance of 91 000 GEOs. The mine’s attributable production in 4Q18 was 12 602 gold ounces and 816 374 silver ounces, for a total of 23 487 GEOs.

El Gallo project, Mexico (100%) – Gold

El Gallo produced 39 106 GEOs in 2018, exceeding our full year production guidance of 32 000 GEOs. By the end of 2Q18, mining and crushing activities at El Gallo ceased and were followed by residual heap leaching, which resulted in production of 5633 GEOs in 4Q18. Closure, reclamation and residual heap leaching activities are ongoing and will continue for several years.

Development

Gold Bar Mine, Nevada (USA) (100%) – Gold

Construction at Gold Bar is near completion and on schedule for inaugural gold production in 1Q19. Activities at Gold Bar in 4Q18 focused on commissioning utilities and ore delivery systems, and mechanical completion of the gold processing plant. Site buildings and infrastructure are complete and occupied. Mining, crushing, loading of the heap leach pad, and parts of the processing plant are active. Remaining activities include electrical work and instrumentation installation in the gold processing plant, and commissioning of the gold refinery circuit.

Fenix, Mexico (100%) – Silver & Gold

Work on the Fenix project, which is evaluating the potential construction of a new mine and mill at El Gallo, is ongoing. During the first half of 2019 we expect to complete the feasibility study, and receive regulatory approval for a permit amendment to allow for in-pit tailings storage, which is a key feature of the proposed project implementation.

Financial results

Operating costs for the quarter ended 31 December 2018 will be released with the company's 10-K annual financial statements in late February 2019.

Read the article online at: https://www.globalminingreview.com/finance-business/16012019/mcewen-mining-reports-fy18-and-4q18-production-results/

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