Welcome!

Web 2.0 Authors: Liz McMillan, Yeshim Deniz, Pat Romanski, Carmen Gonzalez, Jason Bloomberg

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
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from hardware to software, or as we like to say, it’s an Internet of many different things. The difference ...

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...

Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of t...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
Technology is enabling a new approach to collecting and using data. This approach, commonly referred to as the "Internet of Things" (IoT), enables businesses to use real-time data from all sorts of things including machines, devices and sensors to make better decisions, improve customer service, and lower the risk in the creation of new revenue opportunities. In his General Session at Internet of @ThingsExpo, Dave Wagstaff, Vice President and Chief Architect at BSQUARE Corporation, discuss the real benefits to focus on, how to understand the requirements of a successful solution, the flow of ...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Focused on this fast-growing market’s needs, Vitesse Semiconductor Corporation (Nasdaq: VTSS), a leading provider of IC solutions to advance "Ethernet Everywhere" in Carrier, Enterprise and Internet of Things (IoT) networks, introduced its IStaX™ software (VSC6815SDK), a robust protocol stack to simplify deployment and management of Industrial-IoT network applications such as Industrial Ethernet switching, surveillance, video distribution, LCD signage, intelligent sensors, and metering equipment. Leveraging technologies proven in the Carrier and Enterprise markets, IStaX is designed to work ac...
C-Labs LLC, a leading provider of remote and mobile access for the Internet of Things (IoT), announced the appointment of John Traynor to the position of chief operating officer. Previously a strategic advisor to the firm, Mr. Traynor will now oversee sales, marketing, finance, and operations. Mr. Traynor is based out of the C-Labs office in Redmond, Washington. He reports to Chris Muench, Chief Executive Officer. Mr. Traynor brings valuable business leadership and technology industry expertise to C-Labs. With over 30 years' experience in the high-tech sector, John Traynor has held numerous...
Bit6 today issued a challenge to the technology community implementing Web Real Time Communication (WebRTC). To leap beyond WebRTC’s significant limitations and fully leverage its underlying value to accelerate innovation, application developers need to consider the entire communications ecosystem.
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades.
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world. The next @ThingsExpo will take place November 4-6, 2014, at the Santa Clara Convention Center, in Santa Clara, California. Since its launch in 2008, Cloud Expo TV commercials have been aired and CNBC, Fox News Network, and Bloomberg TV. Please enjoy our 2014 commercial.