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January 15, 2013
14:34 EDTMUXMcEwen Mining reports Q4, FY12 gold equivalent production results
Earlier today, McEwen Mining announced FY12 and Q4 gold equivalent production results. For FY12, the company produced 105,050 gold equivalent ounces and in Q4 produced 32,220 gold equivalent ounces. Silver production has been converted into gold equivalent ounces based on a 52:1 ratio. The company also announced that production costs for 2012 and cost guidance for 2013 will be reported in March with year-end financials. Production in 2013 is forecast to grow by over 24% to 130,000 gold equivalent ounces with production coming from 2 mines: San Jose and El Gallo 1. El Gallo 1 in Mexico commenced commercial production on January 1. "Over the next 3 years, we forecast our internal projects will increase our production from 100,000 gold equivalent ounces to 290,000 gold equivalent ounces, a 3-fold increase. During this time, we will also be looking for opportunities to further increase our production in order to advance on our goal of qualifying for inclusion in the S&P 500 Index," said Chief Owner Rob McEwen. As of this writing, shares of McEwen were up 4c, or 1.08%, to $3.75.
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