|McEwen Mining to Acquire Black Fox From Primero |
(all amounts in $US)
August 10, 2017 06:56 ET | Source: McEwen Mining
TORONTO, Aug. 10, 2017 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) (“McEwen”) is pleased to announce that it has reached an agreement with Primero Mining Corp. to purchase its Black Fox Complex and associated assets and liabilities located in the world-famous gold mining camp of Timmins, Canada. The agreed purchase price is $35 million, subject to closing adjustments. Definitive documentation is expected to be completed before the end of this month.
“Buying the Black Fox Complex provides fantastic synergies with our recently acquired Timmins deposits. Our objective is to build a long-term production platform with a robust pipeline of production, development and exploration assets, all feeding into a single processing facility. This acquisition will add immediately to our gold production, but is just the beginning of a new chapter of growth for McEwen Mining,” said Rob McEwen, Chairman and Chief Owner. “Black Fox comes with a talented operating team, an underground mine producing 50-60,000 ounces of gold in 2017(1), a processing facility with excess capacity, two future development opportunities, and excellent exploration potential. Combined with our existing portfolio of Timmins deposits, I believe this is a logical and potent combination.”
About McEwen Mining ( www.mcewenmining.com)
McEwen Mining has the goal to qualify for inclusion in the S&P 500 Index by creating a high growth gold and silver 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 Gold mine and El Gallo Silver project in Mexico, the Gold Bar project in Nevada, the Timmins projects in Canada and the Los Azules copper project in Argentina.
McEwen Mining has a total of 312 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 25% of the Company.
1Primero Mining Inc. stated 2017 production guidance for Black Fox.