Boston, MA (NYSEPOST) 04/21/2014 McEwen Mining Inc (NYSE:MUX) announced its production results for the Q1 2014. Its total production for the Q1 was 32,146 gold-eq oz and was made up of 20,062 gold oz & 725,025 of silver oz. This represents the approximate rise of 14 percent in comparison to the Q1, 2013. The full-year guidance continues to be unchanged for this year and stands at 135,000-140,000 gold-eq. oz. The production costs are slated to be reported in 2014 May along with the financials for Q1. The companys attributable production from its San José mine in Q1 2014 was 22,781 gold-eq. oz (10,767 gold oz & 720,830 silver oz).
Its share of production from the San José in 2014 is projected to be97,500 gold-eq. oz (44,000 gold oz & 3,200,000 silver oz).In the Q1 2014 the companys El Gallo-1 mine produced 9,365 gold-eq. oz (9,295 gold oz & 4,195 silver oz) which established a new quarterly-production record, which was 38% higher than the Q1 2013 and much ahead of budget. In 2014, the El Gallo 1 mine is projected to produce 37,500 gold-equivalent ounces (37,000 gold oz & 25,000 silver oz).
Currently, El Gallo 1 is being expanded from its 3,000 capacity to 4,500 tons per day. This expansion is now nearing completion and the commissioning is slated to begin later this month. This increased capacity, along with the higher grades as the mining moves deeper into the pit, is projected to increase the production to 75,000 gold-equivalent ounces by 2015. The goal of the company is to qualify to be included in the Standard and Poors 500 by creating the high-growth gold producer that is focused in the American region. The company has 297,159,359 shares that are issued & outstanding at 10 April 2014. The Chairman & Chief Owner, Rob McEwen , owns 25 percent of the companys shares.
