Welcome!

Agile Computing Authors: Yeshim Deniz, Pat Romanski, Elizabeth White, ManageEngine IT Matters, Liz McMillan

News Feed Item

McEwen Mining Continues to Expand Los Azules' Large, High-Grade, Mineral Resource

Contained Copper in Inferred Class Resource Increased by +29%

TORONTO, ONTARIO -- (Marketwire) -- 02/05/13 -- McEwen Mining Inc. (NYSE:MUX)(TSX:MUX) is pleased to announce an updated, Canadian National Instrument 43-101 compliant ("NI 43-101") mineral resource estimate for its 100% owned Los Azules Copper Project in San Juan Province, Argentina. Most importantly, drilling has expanded contained copper in the inferred resource category by 29% to 13.95 billion lbs. Contained copper in the indicated resource decreased slightly to 4.45 billion lbs. The expanded resource incorporates 6,966 meters of new drilling from 10 additional holes. The resource remains open laterally, to depth and along strike (to view cross-sections displaying the resource click here). Los Azules is one of the world's largest, undeveloped, high-grade, open pit copper projects which, contains significant growth potential.

Table 1. Los Azules Copper Project - Comparison of Previous and Current Mineral Resource Estimates


============================================================================
                                        January 2013 Resource               
          June 2012 Resource Estimate      Estimate Update        % Change  
----------------------------------------------------------------------------
  Cut-off  Tonnage    Cu              Tonnage    Cu                         
   Grade   (million Grade    Cu lbs   (million Grade    Cu lbs    Contained 
   (Cu%)   tonnes)   (%)   (billions) tonnes)   (%)   (billions)   Cu lbs   
----------------------------------------------------------------------------
Indicated Resource                                                          
----------------------------------------------------------------------------
   0.35      323     0.65     4.64      310     0.65     4.45        -4%    
----------------------------------------------------------------------------
Inferred Resource                                                           
----------------------------------------------------------------------------
   0.35      948     0.52    10.82     1,302    0.49    13.95       +29%    
============================================================================
(i)Details for gold and silver resources are included in Table 2.           

"Los Azules is a unique asset, in terms of size and grade, for McEwen Mining. This year's exploration drilling has demonstrated that there is significant potential to expand the resource well beyond our previous understanding of the deposit," stated Rob McEwen, Chief Owner.

Drilling this season represents the first time a meaningful amount of deeper drilling has occurred at Los Azules. Prior to this year the deepest drill hole was 650 meters. This season there has been a total of 6 holes that exceeded 700 meters. This deeper drilling has begun to identify a potential parallel trend, west of the original Los Azules ore-body. Copper mineralization discovered within this trend occurs near surface and also at depth (down to 1,050 meters below surface). This is significant because it may indicate that previous shallow drilling, which makes up the majority of the Los Azules resource, failed to adequately test the deeper potential of the deposit. As a result, many new exploration targets have emerged.

McEwen Mining has begun work on an updated Preliminary Economic Assessment (PEA) which is expected to be completed in the third quarter of this year. The updated PEA will be based on a significantly larger mineral resource and will evaluate the possibility of increasing the daily throughput. The PEA will also incorporate further metallurgical studies currently being done on the possibility of producing copper cathode instead of a concentrate and processing low grade mineralized material not previously considered, via a heap leach. The advantage of producing a copper cathode is that it would eliminate the contemplated slurry pipeline through Chile and would reduce Argentina's export tax on concentrate.

This news release has been submitted by Andrew Elinesky, Vice President - Argentina, for the Company.

About Los Azules

Los Azules is a large undeveloped copper porphyry system located in western San Juan Province within a belt of porphyry copper deposits that straddles the Chilean/Argentine border. This belt contains some of the world's largest copper deposits, including Codelco's El Teniente and Andina mines, Anglo American's Los Bronces mine, Antofagasta PLC's Los Pelambres mine and Xstrata's El Pachon project, among others. Los Azules is one of the world's largest, highest grade, undeveloped copper-porphyry deposits not owned by a major base metal company.

Table 2. Los Azules Mineral Resource Estimate

In order to exhibit reasonable prospects for economic viability, the mineral resource estimate has been contained within a conceptual open pit shell generated using general technical and economic parameters that are defined at the end of this news release. The base case cut-off grade of 0.35% Cu is highlighted in the table.


============================================================================
                                           Au                Ag             
                                         Grade             Grade            
              Tonnage    Cu              (grams            (grams           
Cut-off Grade (million Grade    Cu lbs    per     Au Oz     per     Ag Oz   
    (Cu%)     tonnes)   (%)   (billions) tonne) (millions) tonne) (millions)
----------------------------------------------------------------------------
Indicated Resource                                                          
----------------------------------------------------------------------------
     0.15       414     0.55     5.04     0.06     0.83     1.8      23.6   
----------------------------------------------------------------------------
     0.20       397     0.57     4.97     0.06     0.80     1.8      22.6   
----------------------------------------------------------------------------
     0.25       369     0.59     4.84     0.06     0.76     1.8      21.1   
----------------------------------------------------------------------------
     0.30       338     0.62     4.65     0.07     0.72     1.8      19.6   
----------------------------------------------------------------------------
     0.35       310     0.65     4.45     0.07     0.68     1.8      18.3   
----------------------------------------------------------------------------
     0.40       283     0.68     4.22     0.07     0.63     1.9      16.9   
----------------------------------------------------------------------------
     0.45       254     0.71     3.95     0.07     0.57     1.9      15.4   
----------------------------------------------------------------------------
     0.50       225     0.74     3.64     0.07     0.52     1.9      13.8   
----------------------------------------------------------------------------
     0.55       195     0.77     3.30     0.07     0.46     1.9      12.1   
----------------------------------------------------------------------------
     0.60       165     0.80     2.92     0.07     0.40     1.9      10.2   
----------------------------------------------------------------------------
     0.65       134     0.85     2.49     0.08     0.33     1.9      8.2    
----------------------------------------------------------------------------
     0.70       105     0.89     2.07     0.08     0.26     1.9      6.5    
----------------------------------------------------------------------------
Inferred Resource                                                           
----------------------------------------------------------------------------
     0.15      3,378    0.34    25.33     0.04     4.84     1.7     181.4   
----------------------------------------------------------------------------
     0.20      2,890    0.37    23.44     0.05     4.35     1.7     159.8   
----------------------------------------------------------------------------
     0.25      2,318    0.40    20.61     0.05     3.71     1.8     134.9   
----------------------------------------------------------------------------
     0.30      1,774    0.44    17.32     0.05     3.01     1.9     108.9   
----------------------------------------------------------------------------
     0.35      1,302    0.49    13.95     0.06     2.34     2.0      83.3   
----------------------------------------------------------------------------
     0.40       914     0.53    10.76     0.06     1.72     2.1      60.8   
----------------------------------------------------------------------------
     0.45       622     0.59     8.03     0.06     1.21     2.1      42.8   
----------------------------------------------------------------------------
     0.50       422     0.64     5.96     0.06     0.85     2.2      29.7   
----------------------------------------------------------------------------
     0.55       290     0.69     4.43     0.06     0.60     2.2      20.6   
----------------------------------------------------------------------------
     0.60       201     0.75     3.31     0.07     0.42     2.3      14.5   
----------------------------------------------------------------------------
     0.65       143     0.80     2.51     0.07     0.31     2.3      10.5   
----------------------------------------------------------------------------
     0.70       103     0.84     1.91     0.07     0.22     2.3      7.6    
============================================================================
(i)   "Tonnes" is stated in metric and is equivalent to 2205 lbs.           
(ii)  Estimated contained metal values may be subject to rounding errors.   

Details on the parameters of the resource estimate are as follows:


--  The resource estimation was based on data from 173 drill holes
    comprising a total length of 50,612 meters of drilling completed to the
    end of December 2012. 


--  There were a total of 23,178 individual samples selected for analysis.
    The samples were collected and analyzed in accordance with industry
    standards. Splits from the drill core samples were submitted to either
    Alex Stewart in Mendoza or ALS Chemex or ACME in Santiago, Chile for
    fire assay and ICP analysis. Accuracy of results is tested through the
    systematic inclusion of standards, blanks and check assays. 

--  The January 2013 mineral resource estimate for the Los Azules Copper
    Project was prepared under the direction of Robert Sim, P.Geo. of SIM
    Geological Inc. The mineral resource estimate uses drill hole sample
    assay results and the interpretation of a geologic model that relates to
    the spatial distribution of copper in the deposit. Interpolation
    characteristics were defined based on the geology, drill hole spacing
    and geostatistical analysis of the data. Block grade estimates were done
    using Ordinary Kriging (OK) with a nominal block size measuring 20
    meters long, 20 meters wide and 15 meters high. Resources are classified
    according to their proximity to sample data locations and are reported,
    as required under NI 43-101, according to the CIM Definition Standards
    for Mineral Resources and Mineral Reserves. 

--  Mineral resources, which are not mineral reserves, do not have
    demonstrated economic viability. 

--  The quantity and grade of reported Inferred resources are uncertain in
    nature and there has been insufficient exploration to classify these
    inferred resources as Indicated or Measured, and it is uncertain if
    further exploration will result in upgrading them to an Indicated or
    Measured category. 

--  As required under NI 43-101, reasonable prospects for economic viability
    of the mineral resources has been exhibited by the application of a
    resource limiting pit shell built about copper grades in the model using
    a projected metal price of US$2.75 per lb. Cu, mining costs of US$1.00
    per tonne, milling and G&A costs of US$4.25 per tonne, 100% recoveries
    and an average pit slope of 34 degrees. 

About McEwen Mining (www.mcewenmining.com)

The goal of McEwen Mining is to qualify for inclusion in the S&P 500 by 2015 by creating a high growth, low-cost, mid-tier gold producer focused in the Americas. McEwen Mining's principal assets consist of the San Jose Mine in Santa Cruz, Argentina (49% interest); the El Gallo Complex in Sinaloa, Mexico; the Gold Bar Project in Nevada, US; the Los Azules Project in San Juan, Argentina and a large portfolio of exploration properties in Argentina, Nevada and Mexico.

McEwen Mining has 296,024,859 shares issued and outstanding. Rob McEwen, Chairman, President and Chief Owner, owns approximately 25% of the shares of the Company. As of December 31, 2012, McEwen Mining had cash and liquid assets of approximately US$70 million and is debt free.

Technical Information:

Robert Sim, P.Geo., who is a Qualified Person and independent of McEwen Mining, each as defined by National Instrument 43-101 ("NI 43-101") has reviewed and approved the technical content of this news release related to the mineral resource estimate presented herein. Notwithstanding, Bruce Davis, PhD, FAusIMM, who is a Qualified Person and independent of McEwen Mining, as defined by NI 43-101 and responsible for the quality control for the assaying of the Los Azules drill core has reviewed the assay quality control information. All samples were collected in accordance with industry standards. Splits from the drill core samples were submitted to the ACME sample preparation laboratory in Mendoza, Argentina, and then transferred to ACME's laboratory in Santiago, Chile for fire assay and ICP analysis. Accuracy of results is tested through the systematic inclusion of standards, blanks and check assays. The mineral resource estimate referenced in this press release was prepared in January 2013 by Robert Sim, P.Geo. and Bruce Davis, PhD, FAusIMM.

For additional information about the Los Azules project see the Technical Report titled "Los Azules Porphyry Copper Project, San Juan Province, Argentina" dated August 1, 2012, with an effective date of June 15, 2012, prepared by D. Ernest Winkler, P.Eng., Robert Sim, P.Geo., Bruce Davis, PhD, FAusIMM and James K. Duff, P.Geo., all of whom are qualified persons and all of whom are independent of McEwen Mining, each as defined by NI 43-101. The foregoing report is available under the Corporation's profile on SEDAR (www.sedar.com).

Cautionary Note to U.S. Investors:

McEwen Mining reports its resource estimates in accordance with standards of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in Canadian National Instrument 43-101 ("NI 43-101"). These standards are different from the standards generally permitted in reports filed with the SEC. Under NI 43-101, McEwen Mining reports measured, indicated and inferred resources, measurements which are generally not permitted in filings made with the SEC. According to Canadian NI 43-101 criteria, the estimation of measured resources and indicated resources involve greater uncertainty as to their economic feasibility than the estimation of proven and probable reserves. Under SEC Industry Guide 7 criteria, measured, indicated and inferred resources are considered Mineralized Material. The SEC considers that in addition to greater uncertainty as to the economic feasibility of Mineralized Material compared to proven and probable reserves, there is also greater uncertainty as to the existence of Mineralized Material. U.S. investors are cautioned not to assume that measured or indicated resources will be converted into economically mineable reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources.

Caution Concerning Forward-Looking Statements

This press 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 press 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, risks related to the cost of transferring or otherwise allocating funds between operating jurisdictions, factors associated with fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, property title, 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, 2011 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.

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/mux0205fig1.pdf.

To view the cross-sections displaying the resource, please visit the following link: http://media3.marketwire.com/docs/mux0205cs.pdf.

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs ofte...
Existing Big Data solutions are mainly focused on the discovery and analysis of data. The solutions are scalable and highly available but tedious when swapping in and swapping out occurs in disarray and thrashing takes place. The resolution for thrashing through machine learning algorithms and support nomenclature is through simple techniques. Organizations that have been collecting large customer data are increasingly seeing the need to use the data for swapping in and out and thrashing occurs ...
SYS-CON Events announced today that Outscale, a global pure play Infrastructure as a Service provider and strategic partner of Dassault Systèmes, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2010, Outscale simplifies infrastructure complexities and boosts the business agility of its customers. Outscale delivers a secure, reliable and industrial strength solution for its customers, which in...
SYS-CON Events announced today that DivvyCloud will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. DivvyCloud software enables organizations to achieve their cloud computing goals by simplifying and automating security, compliance and cost optimization of public and private cloud infrastructure. Using DivvyCloud, customers can leverage programmatic Bots to identify and remediate common cloud problems in rea...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assis...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
In order to meet the rapidly changing demands of today’s customers, companies are continually forced to redefine their business strategies in order to meet these needs, stay relevant and continue to see profitable growth. IoT deployment and development is integral in this transformation, and today businesses are increasingly seeing the value of investing their resources into IoT deployments. These technologies are able increase ROI through projects such as connecting supply chains or enabling sm...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
SYS-CON Events announced today that A&I Solutions has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 1999, A&I Solutions is a leading information technology (IT) software and services provider focusing on best-in-class enterprise solutions. By partnering with industry leaders in technology, A&I assures customers high performance levels across all IT environments including: mai...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software in the hope of capturing value in IoT. Although IoT is relatively new in the market, it has already gone through many promotional terms such as IoE, IoX, SDX, Edge/Fog, Mist Compute, etc. Ultimately, irrespective of the name, it is about deriving value from independent software assets participating in an ecosystem as one comprehensive solution.
SYS-CON Events announced today that EARP will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "We are a software house, so we perfectly understand challenges that other software houses face in their projects. We can augment a team, that will work with the same standards and processes as our partners' internal teams. Our teams will deliver the same quality within the required time and budget just as our partn...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
SYS-CON Events announced today that Tappest will exhibit MooseFS at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. MooseFS is a breakthrough concept in the storage industry. It allows you to secure stored data with either duplication or erasure coding using any server. The newest – 4.0 version of the software enables users to maintain the redundancy level with even 50% less hard drive space required. The software func...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
SYS-CON Events announced today that Outscale will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outscale's technology makes an automated and adaptable Cloud available to businesses, supporting them in the most complex IT projects while controlling their operational aspects. You boost your IT infrastructure's reactivity, with request responses that only take a few seconds.
SYS-CON Events announced today that Systena America will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Systena Group has been in business for various software development and verification in Japan, US, ASEAN, and China by utilizing the knowledge we gained from all types of device development for various industries including smartphones (Android/iOS), wireless communication, security technology and IoT serv...