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To: JW@KSC who wrote (341)	4/17/2012 10:15:29 AM
From: huntforvalue	of 3855

JW, I did included a cash-flow estimate of $7m for Phase 1 El Gallo in my figures and I think that figure is more than generous for start-up phase. If anything it is overly optimistic. Here are the reasons: During start-up, the operating expense will likely be near 100% of nominal which at a cash-cost of $800/oz you get a $12m op-exp ($800 * 0.015m) Although costs will be near 100% of nominal, during the start-up phase production will be far short of steady-state. Once the crushing circuit is installed, the ore needs to be ground up, and only once there is enough crushed-ore on the leach-pad will the leaching phase begin. Furthermore, lets assume that the leach-curve for gold is about 1 month. In other words, for 2H2012, production will at best be 7koz - 10koz. Taking the optimistic end of the range you get a revenue of $16m on 10koz of production which equates to a profit of $4m during start-up. As you can see this is less than my overly optimistic number of $7m and much less than your figure of "north of $10m. Regardless, the conclusion is the same. McEwen Mining has a one or two year cash flow problem.

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From: Beam	4/18/2012 7:37:19 AM
	1 Recommendation of 3855

McEwen Mining Announces First Quarter 2012 San Jose Mine Production and Management Additions TORONTO, ONTARIO--(Marketwire - April 18, 2012) - McEwen Mining Inc. (NYSE:MUX)(TSX:MUX) is pleased to announce production results for the First Quarter of 2012 from its 49% owned San Jose mine in Santa Cruz Province, Argentina. Production costs will be announced with the First Quarter financial results, which will be released in early May of 2012. Production at the San Jose mine during the quarter was 1,355,678 ounces silver and 20,357 ounces gold (100% basis), and remains on target to meet full-year production guidance of 5.7 million ounces of silver and 85,000 ounces of gold. The average grade mined during the quarter was 416 gpt silver and 5.98 gpt gold. Silver and gold recoveries averaged 87.8% and 91.6%, respectively. Grades mined and recoveries were both in line with the Company's expectations. During the First Quarter approximately 30% of total sales were delayed due to the renegotiation of refinery contracts. Subsequent to the end of the quarter, a new contract was finalized and full dore sales resumed. mcewenmining.com

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To: huntforvalue who wrote (339)	4/18/2012 6:46:25 PM
From: huntforvalue	1 Recommendation of 3855

In the recent presentation the cash-budget is put forth and McEwen Mining has moved the long-lead-time cash down-payment, which was set for 2012, into 2013 apparently. This a change from the recent press release which stated: "In 2012, company wide exploration and construction expenditures, including downpayments on long lead time equipment for El Gallo Phase 2, are expected to total approximately US$57.5 million. This amount will be funded with existing cash and liquid asset balances, dividends from the San Jose mine and cash flow from Phase 1 of the El Gallo Complex, which is expected to commence production during the second half of the year." Press release March 15, 2012 Other items to note in the following are The exploration budget is composed of $28m for 100% MUX properties and $12m for San Jose which is 49% owned. This $12m will be taken out at the subsidiary level and thus is before quarterly cash dividend distribution. In other words, that $12m will not be paid for off of MUX's balance sheet. To reconcile the above item, Cash Flow from Operations stated as $60m needs to be decreased to $48m which roughly translates into a $10m quarterly cash dividend from San Jose and $8m from Phase 1 El Gallo.

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To: huntforvalue who wrote (351)	4/18/2012 8:54:09 PM
From: JW@KSC	of 3855

JW's April 18th Presentation Notes- mcewenmining.com I noticed a slightly different format in this presentation. It was nice to see Slide 51 & 52. I've understood this for a long time. But it was confusing for most to know what was a stake. These two slides Spell it out: Just my $0.02 Worth on the TNR Lawsuit : The Court case will probably take 3 months, but when you strip away all the BS, excuses and legal mumbo-jumbo , it boils down to: Judge to TNR - Did you Completely Read the Final Version of the Legally Binding Xstrata Contract before you signed it, Yes or No? TNR - No Judge - Sorry you signed it, you bought off on it. Judge - Next Case As a general rule, Canadian courts expect that if you have signed a contract, you have agreed to it and you will therefore be bound by its terms. You may not be protected if you claim you did not understand what you were signing. Always make sure you understand a contract before you sign it. http://www.rebgv.org/faq/what-contract-and-when-it-legally-binding JW CLICK HERE

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From: The1Stockman	4/18/2012 9:13:31 PM
	of 3855

1. To the down. Daily = $3.175 after a fill above @ $3.785 Weekly = $3.245 after a fill above @$4.04 A run back up to the $3.50 should develop on a gold rebound, a close above $3.50 should take it to (daily $3.785) and f it holds it, we switch to the the (weekly $4.04). My gut feeling? I think we take a shot higher, we then drop to finish the lowers. A low of $3.04 is the lowest (pivot-point-low) it can technically do, ... but Its most urgent we "close" above the lowest pivot @ $3.175. I will post a few charts by mid-day tomorrow, I think we are due for a relief rally and I hope some of us raised cash, because, ... I think we are preparing for a powerful move up soon. _______________________________________________ 2. Here is an older chart from 4/6/2012. I talked about the $3.25-Weekly. screencast.com This is a daily I posted on 3/26/2012. I talked about the daily $3.18 screencast.com An Intray-day from back on 3/23/2012. I talked about the intra-day gap that filled yesterday at $3.75/77 area and the $4.05 weekly. screencast.com These are a few weeks or more old now, so you can see how long things take to develop/play-out. ;-) Been on the road for a while, I will review the charts. Haven't had time to look at cash gold yet, I think its on its way to $1,580ish. GL ________________________________________________ 3. Sorry, couldn't help myself but I have to point out another "HIT the TARGET", I cant let them go by unnoticed. This is for the non-believers. ;-) $3.40? Today's close? POST DATE 3/36/2012 screencast.com Technical Analysis WORKS a lot more then some know! Lets see how long it takes for the $3.175. GLTUall

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