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McEwen Mining reports Q1 results

McEwen Mining Inc.

Aerial view of the Black Fox mining complex near Matheson. (Photo supplied)

(TSX: MUX) is pleased to report its first quarter results for the period ended March 31, 2019 (“Q1”). Production during the quarter was 36,315 gold equivalent ounces(1) (“GEOs”). The operational challenges we experienced in the first two months of the quarter have largely been resolved. We made progress implementing better mining practices at the Black Fox mine and advanced towards commercial production at the Gold Bar mine. Nevertheless, the temporary production delays at Black Fox and a slower start-up at Gold Bar did lower our revenue in the first quarter, contributing to our consolidated net loss of $10.1 million(2), or $0.03 per share. Our consolidated production rebounded during the month of April with approximately 16,500 GEOs, and we are back on track to deliver our guidance for 2019.

The Company closed a registered direct offering of shares for gross proceeds of $25 million on March 29, 2019, and had cash, investments and precious metals of $40.3 million and $50 million in debt as of March 31, 2019.

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