Thursday, May 30, 2013

Flinders Graphite re-opening European Woxna graphite Mine in Sweden

Woxna Graphite Tests Yield Enhanced Large Flake Distribution 
 
Flinders Resources Limited ("Flinders") (TSX.V - FDR) Mr. Martin McFarlane, President & CEO is pleased to provide an update on the metallurgical test programs being conducted on graphite bearing rock from the Woxna Graphite Mine, Sweden.

A bulk sample, together with representative core samples of graphite mineralization from across the Woxna Kringel mineral resource were sent to flotation specialist Aminpro Metallurgical Laboratories ("Aminpro") in Chile. Aminpro were commissioned to complete a series of graphite processing tests that would lead to a new process flow sheet optimising graphite flake size, purity and recovery results.

A key goal of the test work program was to maximise the proportion of larger flake sizes in the flotation concentrate. Using a single stage coarser grind and rougher float has yielded an encouragingly high proportion of large flake sizes.

The following table outlines the flake size distributionsfor the current test results and historical production, and shows potential for improved flake size distribution.
 ______________________________________________________
|Graphite Flake Size |Test Results |Historic Production|
|        (µm)        |(% by weight)|   (% by weight)   |
|____________________|_____________|___________________|
|             +250 µm|        23   |             -     |
|____________________|_____________|___________________|
|         +180-250 µm|        27   |            32     |
|____________________|_____________|___________________|
|         +100-180 µm|        35   |            32     |
|____________________|_____________|___________________|
|             -100 µm|        15   |            36     |
|____________________|_____________|___________________|



Further cleaning test work is currently underway to maximise graphite purity while maintaining a high flake size distribution. The metallurgical test program concludes with locked cycle tests of the proposed new process flow sheet. This work is expected to be completed in early June.

Mining Plan
Golders of Sweden are nearing completion on the design of the Woxna mine plan and will deliver their final report at the end of May.
Having previously delivered a 4 phase 20+ year mine plan, Golders have undertaken multiple iterations to optimise the first 10 years of the plan resulting in a better than 30% improvement of the 10 year stripping ratio to 6:1 with 3:1 during the first 3 years.
The revised mine plan has then been subject to optimisation using the industry recognised Whittle optimisation software. This is anticipated to further improve ore to waste ratios by up to 15%.

Tailings and Water Management
Tailings and water management plans were presented to the regulators earlier this year. The plans will deliver substantially improved environmental performance at the Woxna mine. While no formal approval is required from the regulator, feedback to date has been positive.

Preliminary Economic Assessment
Once the final results are available from the metallurgical test work, all of the components will be available to complete a preliminary economic assessment of resuming production at the Woxna graphite mine.

New and reused equipment will be specified for the final modified process flow sheet. Operating and capital costs will then be calculated as will revenue based on the metallurgical test results.It is anticipated that the preliminary economic assessment of the Woxna graphite project will be completed in July.

The qualified person for the Woxna project, Mr. Chris Stinton of GBM Minerals Engineering Consultants of the United Kingdom, has reviewed and verified the contents of this release.

On behalf of the Board
"Martin McFarlane" Martin McFarlane, President and CEO
Certain information set out in this news release may constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, "Forward-Looking Statements"). All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are Forward-Looking Statements. Forward-Looking Statements are often, but not always, identified by the use of words such as "seek," "anticipate," "believe," "plan," "estimate," "expect," and "intend" and statements that an event or result "may," "will," "can," "should," "could," or "might" occur or be achieved and other similar expressions. Forward-Looking Statements are based upon the opinions and expectations of the Company based on information currently available to the Company. Forward-Looking Statements are subject to a number of factors, risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the Forward-Looking Statements including, among other things, the Company has yet to generate a profit from its activities; there can be no guarantee that the estimates of quantities or qualities of minerals disclosed in the Company's public record will be economically recoverable; uncertainties relating to the availability and costs of financing needed in the future; competition with other companies within the mining industry; the success of the Company is largely dependent upon the performance of its directors and officers and the Company's ability to attract and train key personnel; changes in world metal markets and equity markets beyond the Company's control; mineral reserves are, in the large part, estimates and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized; production rates and capital and other costs may vary significantly from estimates; unexpected geological conditions; delays in obtaining or failure to obtain necessary permits and approvals from government authorities; all phases of a mining business present environmental and safety risks and hazards and are subject to environmental and safety regulation, and rehabilitation and restitution costs; the Company does not maintain insurance against environmental risks; and management of the Company have experience in mineral exploration but may lack all or some of the necessary technical training and experience to successfully develop and operate a mine. Although the Company believes that the expectations reflected in the Forward-Looking Statements, and the assumptions on which such Forward-Looking Statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on Forward-Looking Statements, as there can be no assurance that the plans, intentions or expectations upon which the Forward-Looking Statements are based will occur. Forward-Looking Statements herein are made as at the date hereof, and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these Forward-Looking Statements.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS SUCH TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
SOURCE: Flinders Resources Limited
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/May2013/28/c2684.html
SOURCE: Flinders Resources Limited
Jim Powell +1 647-478-5806 info@flindersresources.com

Monday, May 27, 2013

Focus Graphite reports High-Grade Graphite Mineralization at the Lac Guinecourt Property, Quebec:

Focus Graphite Inc.Focus Graphite Inc.

TSX VENTURE : FMS
OTCQX : FCSMF
FRANKFURT : FKC

May 22, 2013 08:19 ET

 Best Grab Sample Assays Ranging From 6.36% to 45.90% Graphitic Carbon



OTTAWA, ONTARIO--(Marketwired - May 22, 2013) - Focus Graphite Inc. ("Focus" or the "Company") (TSX VENTURE:FMS)(OTCQX:FCSMF)(FRANKFURT:FKC) is pleased to report the final assay results from the summer 2012 reconnaissance exploration program at its 100%-owned Lac Guinécourt graphite property (the "Property") located in the South Manicouagan Reservoir area of northeastern Québec,17 km to the South of Mason Graphite's Lac Guéret graphite deposit.

A total of 32 grab samples were collected from historical and new graphite-bearing outcrops related to the Graphi-Centre showing area. Twenty-one (21) of the samples returned high-grade graphitic carbon (Cgr*) assays ranging from 6.36% to a high of 45.90% Cgr (high-grade assays are defined as greater than 5% Cgr; Table 1). The historical Graphi-Centre showing was formerly part of the Lac Guéret-Sud property of SOQUEM Inc.-Quinto Technology Inc. Numerous graphite-bearing outcrops showing potential for significant lateral continuity and width are recorded within the 2 km by 3 km area hosting the showing.
Gary Economo, President and CEO of Focus Graphite, stated: "Our preliminary exploration results at the Lac Guinécourt property indicate potential for significant economic-grade graphite mineralization. The high-grade graphite grades recorded at Lac Guinécourt together with the excellent results on our near-by Lac Tétépisca project place Focus in a very good position to discover the next economic-grade graphite deposit after Lac Guéret. The Lac Guinécourt mineralization grades compare favorably to those of our Lac Knife deposit. We will be planning a comprehensive follow-up exploration program for Lac Guinecourt in 2013 in order to confirm the full extension and thickness of the graphitic mineralization following the defined linear HLEM anomalies."
Table 1. Summary of best grab sample graphitic carbon (Cgr) assays (> 5.00% Cgr) and related sulfur assays from the 2012 Graphi-Centre showing area reconnaissance survey.
# Sample Cgr % S %
232415 45.90 0.32
232382 43.00 >10.00
232381 39.20 >10.00
232390 34.70 9.74
232386 31.90 >10.00
232384 30.30 7.00
232388 27.60 3.33
232403 27.50 8.55
232407 27.50 >10.00
232375 27.40 0.09
232413 27.30 >10.00
232391 26.50 2.12
232385 21.40 >10.00
232398 21.10 1.59
232387 13.80 0.99
232402 12.80 4.70
232393 11.45 6.87
232414 9.19 0.52
232408 7.65 3.12
232392 6.96 4.67
232412 6.36 >10.00
* All rock sample carbon analyses performed by ALS Laboratory Group in this survey (ALS code C-IR06) are delivered as organic carbon (Corg) assays but are expressed here as graphitic carbon (Cgr) based on the assumption that all carbon contained in the highly metamorphosed rocks is held within graphite with no carbon as organic matter.   

Following to the initial reconnaissance, the Graphi-Centre showing area was the subject of a 37.8 line-km horizontal loop electromagnetic ("HLEM") ground geophysical survey conducted by G.L. Géoservices Inc. of Rouyn-Noranda, Québec. The interpreted HLEM conductors (submitted by Géophysique Camille St-Hilaire of Rouyn-Noranda) suggest the presence of km-scale graphite-bearing structures within the survey area. They will also help to assess the width of the mineralization found in the Graphi-Centre showing area.

Lac Guinecourt graphite property
The Lac Guinécourt graphite property consists of seventy-four (74) map-designated mining claims covering a total of 4012.31 ha and is held 100% by Focus. The Property is located 20 km southwest from the Manicouagan Reservoir, about 220 km north from the city of Baie-Comeau in the Côte-Nord administrative region, of Québec. The property is easily accessible year-round through a network of main logging roads starting from Highway 389. The portion of the Property surveyed in 2012 holds the historical Graphi-Centre graphite showing discovered by SOQUEM Inc. and Quinto Technology Inc. (now Cliffs Natural Resources) in 2002 while exploring the geological corridor hosting the Lac Guéret deposit which is located 17 km north. The Lac Guéret deposit held by Mason Graphite Inc. (Mason) hosts a National Instrument (NI) 43-101 compliant Measured and Indicated mineral resource of 7.6 Mt grading 20.40% Cgr (Source: Roche, 2012: Technical Report on the Lac Guéret Graphite Project; available at www.sedar.com) which formed the basis of a recent positive Preliminary Economic Assessment study (see Mason press release dated April 22, 2013 available at www.sedar.com).

Geological settings and mineralization
The Lac Guinécourt property is located in the Grenville geological Province. The Property is underlain by sedimentary rocks of the Nault Formation which were metamorphosed to quartz-feldspar-biotite schists and paragneisses. Metamorphism associated with the Grenvillian orogeny has resulted in the formation of economic grade concentrations of graphite dominated by value-enhanced large flakes. Fine to coarse graphite flakes and associated sulphides make up 10-40% of the rocks with up to 40% in strongly mineralized zones. In the area of sampling, up to 21 samples containing more than 5% Cgr are enclosed in a regionally interpreted 2 by 3 km fold structure. Samples were analyzed for organic carbon, sulfur and traces elements.
Maps showing the location of the Lac Guinécourt project as well as the Graphi-Centre showing area are available on the Company's website at www.focusgraphite.com.

Quality assurance / Quality control
The Lac Guinécourt exploration program is supervised by Benoit Lafrance, Ph.D., géo (Québec), Focus Vice-President of Exploration and a Qualified Person under NI 43-101. Strict quality control protocols have been applied at the field sampling, sample handling and analytical stages. Mineralized internal standard and blank materials have been inserted in all samples batches. All assays were performed by ALS Laboratory Group ("ALS") at ALS' Val-d'Or and Vancouver laboratories. ALS is an ISO 9001:2008 and ISO 17025 qualified assayer that performs and makes available internal assaying controls. Organic carbon content is measured on representative 0.1-0.2 g samples digested in dilute hydrochloric acid (to remove inorganic carbon) using a LECO carbon analyzer which combines direct combustion and infrared absorption (ALS Code C-IR06). The LECO detector response is processed and displayed directly as the percentage of organic carbon (including graphitic carbon and organic matter). Sulfur and traces elements were measured by ICP-AES and ICP-MS methods following a four acids (perchloric, nitric, hydrofluoric and hydrochloric) digestion on a prepared 0.25 g sample (ALS Code ME-MS61).

About Focus Graphite
Focus Graphite Inc. is an emerging mid-tier junior mining development company, a technology solutions supplier and a business innovator. Focus is the owner of the Lac Knife graphite deposit located in the Côte-Nord region of northeastern Québec. The Lac Knife project hosts a NI 43-101 compliant Measured and Indicated mineral resource of 4.972 Mt grading 15.7% carbon as crystalline graphite with an additional Inferred mineral resource of 3.000 Mt grading 15.6% crystalline graphite. Focus' goal is to assume an industry leadership position by becoming a low-cost producer of technology-grade graphite. On October 29th, 2012 the Company released the results of a Preliminary Economic Analysis ("PEA") of the Lac Knife project which demonstrates that the project has an excellent potential to become a producer of graphite. As a technology-oriented enterprise with a view to building long-term, sustainable shareholder value, Focus invests in the development of graphene applications and patents through Grafoid Inc.
The technical information presented in this press release has been reviewed by Benoit Lafrance, Ph.D., géo (Québec), Focus Vice President of Exploration and a Qualified Person under NI 43-101.
Forward Looking Statements - Disclaimer
This news release may contain forward looking statements, being statements which are not historical facts, and discussions of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from the Company's expectations are in our documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com Focus Graphite disclaims any intention or obligation to revise or update such statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information


Focus Graphite Inc.
Mr. Gary Economo
President and Chief Executive Officer
613-691-1091, ext. 101
geconomo@focusgraphite.com
www.focusgraphite.com

Thursday, May 23, 2013

San Gold Announces Changes to its Board of Directors and the Acquisition of Shares in Wildcat Exploration

San Gold CorporationSan Gold Corporation

TSX : SGR
OTCQX : SGRCF




May 21, 2013 18:00 ET



WINNIPEG, MANITOBA--(Marketwired - May 21, 2013) - San Gold Corporation
(TSX:SGR)(OTCQX:SGRCF) ("San Gold" or the "Company") announced today that the board of directors has appointed Ian Berzins, the President, Chief Executive Officer and Chief Operating Officer of the Company, as a director of the Company. The board of directors has also changed the role of executive vice chairman to that of lead director which continues to be filled by Dale Ginn.

San Gold also announced that it has filed an early warning report with respect to its purchase of 1,250,000 common shares ("Common Shares") of Wildcat Exploration Ltd. ("Wildcat") pursuant to a subscription agreement effective as of December 12, 2012. The Common Shares were acquired by the Company pursuant to the "accredited investor" exemption contained in National Instrument 45-106 Prospectus and Registration Exemptions.

The 1,250,000 Common Shares represent approximately 16.17% of the issued and outstanding Common Shares of Wildcat. The acquisition results in the Company beneficially owning and controlling an aggregate of 1,500,000 Common Shares of Wildcat, which represents approximately 19.4% of the issued and outstanding Common Shares of Wildcat. This represents a material change over the 250,000 Common Shares held by the Company prior to this transaction.

The purpose of the Company in effecting the transaction was to comply with its requirements pursuant to a property option agreement between the Company and Wildcat dated August 9, 2011 pursuant to which the Company has the option to acquire an 80% interest in certain mineral properties of Wildcat.
An early warning report in respect of the above-noted transaction has been filed on SEDAR and is available at www.sedar.com.

About San Gold
San Gold is an established Canadian gold producer, explorer, and developer that owns and operates the Rice Lake Mining Complex near Bissett, Manitoba. The Company employs more than 450 people and is committed to the highest standards of safety and environmental stewardship. San Gold is on the Toronto Stock Exchange under the symbol "SGR" and on the OTCQX under the symbol "SGRCF".
For further information on San Gold, please visit www.sangold.ca.
Cautionary Note
This news release includes certain "forward-looking statements". All statements, other than statements of historical fact included in this release, including, without limitation, statements regarding forecast gold production, gold grades, recoveries, cash operating costs, potential mineralization, mineral resources, mineral reserves, exploration results, and future plans and objectives of San Gold, are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to mining and processing of mined ore, achieving projected recovery rates, anticipated production rates and mine life, operating efficiencies, costs and expenditures, changes in mineral resources and conversion of mineral resources to proven and probable mineral reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Contact Information


San Gold Corporation
Ian Berzins
President and CEO
Toll Free: 1 (855) 585-4653
sgr@sangold.ca

San Gold Corporation
Gestur Kristjansson
Chief Financial Officer
Toll Free: 1 (855) 585-4653
sgr@sangold.ca
www.sangold.ca

Wednesday, May 15, 2013

McEwen Mining's Los Azules Copper Project Continues to Grow!

McEwen Mining Inc.McEwen Mining Inc.

NYSE : MUX
TSX : MUX


May 15, 2013 08:15 ET



TORONTO, ONTARIO--(Marketwired - May 15, 2013) - 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. Key developments include the successful conversion of inferred resources into the indicated category while increasing the size of the resource. The resource remains open along strike, to depth, and laterally.
Los Azules ranks as one of the world's largest, undeveloped, high-grade, open pit copper projects, and appears to have significant growth potential.

Table 1. Los Azules Copper Project - Comparison of Previous and Current Mineral Resource Estimates
June 2012 Resource Estimate Update May 2013 Resource Estimate Update % Change
Cut-off
Grade
(Cu%)
Tonnage
(million
tonnes)
Cu
Grade
(%)
Cu lbs
(billions)
Tonnage
(million
tonnes)
Cu
Grade
(%)
Cu lbs
(billions)
Contained
Cu lbs
Indicated Resource
0.35 323 0.65 4.6 389 0.63 5.4 +17%
Inferred Resource
0.35 948 0.52 10.8 1,397 0.46 14.3 +32%
*Details for gold and silver resources are included in Table 2.
"This Resource Estimate Update marks the completion of our most successful drilling season at Los Azules. We discovered a new parallel zone to the west and significantly increased the Indicated Resource and Inferred Resource Estimates. Congratulations are in order to our exploration team in Argentina who set a record for the number of pounds discovered at Los Azules in one drill season," stated Rob McEwen, Chief Owner.
This season's exploration effort focused on expanding the resource base. A total of 15,800 meters of drilling was completed which produced a 17% increase in contained copper in the Indicated Resource category, to 5.4 billion lbs of copper and a 32% increase in contained copper in the Inferred Resource category, to 14.3 billion lbs of copper, since the June 2012 estimate of mineral resources. On February 5, 2013, we released an interim, mid-season resource update (to view click here). Table 1 shows a comparison of the new (May 2013) resource with the resource estimated at the end of last year's drilling program (June 2012).
This updated resource estimate will form the basis of a new Preliminary Economic Assessment (PEA), which is expected to be completed in the third quarter of 2013. This PEA will evaluate the possibility of: (1) increasing the daily throughput; (2) producing copper cathode instead of a concentrate and (3) processing low-grade mineralized material not previously considered, via a heap leach.
The advantages of being able to produce a copper cathode rather than a copper concentrate is two fold: First, it would eliminate the capital intensive, concentrate pipeline through Chile; and second, it would reduce the applicable export tax by 50%.
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 Pachón project, among others. Los Azules is one of the world's largest, highest grade, undeveloped copper-porphyry deposits not owned by a major base metals 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. For comparison purposes, resources are listed at a series of cut-off grades in Table 2. The Base Case cut-off grade of 0.35% Cu is highlighted in the table below.
Cut-off
Grade
(Cu%)
Tonnage
(million
tonnes)
Cu
Grade
(%)
Cu
lbs
(billions)
Au
Grade
(grams
per
tonne)
Au
Oz
(millions)
Ag
Grade
(grams
per
tonne)
Ag
Oz
(millions)
Indicated Resource
0.15 627 0.49 6.74 0.06 1.13 1.7 34.9
0.20 584 0.51 6.57 0.06 1.08 1.8 32.8
0.25 523 0.54 6.27 0.06 1.02 1.8 29.7
0.30 450 0.59 5.83 0.06 0.92 1.8 25.9
0.35 389 0.63 5.39 0.07 0.84 1.8 22.9
0.40 338 0.67 4.97 0.07 0.76 1.9 20.2
0.45 293 0.70 4.55 0.07 0.68 1.9 17.7
0.50 253 0.74 4.13 0.07 0.60 1.9 15.5
0.55 217 0.78 3.72 0.07 0.52 1.9 13.4
0.60 184 0.81 3.29 0.08 0.45 1.9 11.3
0.65 151 0.85 2.84 0.08 0.38 1.9 9.2
0.70 120 0.90 2.38 0.08 0.30 1.9 7.2
Inferred Resource
0.15 4,141 0.32 29.47 0.05 6.02 1.6 214.3
0.20 3,583 0.35 27.32 0.05 5.43 1.7 190.1
0.25 2,785 0.38 23.36 0.05 4.46 1.7 154.9
0.30 2,016 0.42 18.72 0.05 3.46 1.8 118.0
0.35 1,397 0.46 14.30 0.06 2.58 1.9 85.8
0.40 910 0.51 10.30 0.06 1.79 2.0 58.5
0.45 576 0.57 7.18 0.06 1.20 2.1 38.1
0.50 360 0.62 4.93 0.07 0.79 2.1 24.1
0.55 233 0.68 3.47 0.07 0.54 2.1 15.8
0.60 157 0.73 2.52 0.08 0.39 2.1 10.8
0.65 110 0.77 1.87 0.08 0.28 2.2 7.7
0.70 76 0.81 1.36 0.08 0.20 2.2 5.5
* "Tonnes" is stated in metric and is equivalent to 2205 lbs.
** Estimated contained metal values may be subject to rounding errors.
Details on the parameters of the resource estimate are as follows:
  • The resource estimate is based on data from 185 drill holes comprising a total length of 59,518 meters of drilling completed to the end of March 2013.

  • There were a total of 27,688 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 May 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 creating a profitable, mid-tier gold producer focused in the Americas. McEwen Mining's principal assets consist of the San José Mine in Santa Cruz, Argentina (49% interest); the El Gallo Complex in Sinaloa, Mexico; the Gold Bar Project in Nevada, US and the Los Azules Project in San Juan, Argentina.
McEwen Mining has 297 million (common + exchangeable) shares issued and outstanding. Rob McEwen, Chairman, President and Chief Owner, owns approximately 25% of the shares of the Company. As of April 29, 2013, McEwen Mining had cash and liquid assets of approximately US$50 million, remains debt free, and is listed on the New York and Toronto stock exchanges.
Technical Information
Robert Sim, P.Geo., a Qualified Person and independent of McEwen Mining 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. 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 April and May 2013 by Robert Sim, P.Geo. and Bruce Davis, PhD, FAusIMM.
For additional information about June 2012 resource estimate and the Los Azules project generally 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 news 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 news 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, 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, 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, 2012 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.
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.

Contact Information