January 2013 As you know, MUX is currently drilling at the Los Azules project. The CEO, (Rob McEwen) has stated that some results would be announced early 2013. If you have followed activities of R. McEwen, you will know that he often has breaking news to share, when attending a conference that is connected with the mining industry. As shown below, MUX management will be present at conference mentioned; chances are excellent that we will hear something about the progress of Los Azules exploration and/or drilling.
Additionally, note an excerpt from, “Letter to Share Holders” dated November 5, 2012. My guess is McEwen would prefer using money obtained from sale of Los Azules, (for development of other projects) rather than resorting to additional share price dilution via offering of ‘more’ shares for sale.
January 9, 2013
The 4th Annual Dahlman Rose & Co. Emerging Miners Conference
Omni Bershire Place
21 East 52nd Street
New York City
Rob McEwen speaks at 10am in the Juilliard Ballroom
https://www.mcewenmining.com/Media-Events/Events/default.aspx
November 5, 2012
Letter to share owners of McEwen Mining Inc. (MUX: NYSE & TSX)
and McEwen Mining - Minera Andes Acquisition Corp. (MAQ: TSX)
From Rob McEwen, Chairman & Chief Owner
Dear Fellow Share Owners,
“I must inform you that we will likely have to raise additional capital in late 2013 or early 2014. This Future financing is based on the assumption there is no increase in the gold and silver prices between now and then and no change in Argentina’s Policy on exporting capital.”
https://www.mcewenmining.com/files/MUXLetter.pdf
TNR's Back-In Right:
TNR will retain their Back-in Right for up to 25% of the equity in certain claims comprising the northern portions of Los Azules. These northern claims currently represent approximately 62% of the known resource at Los Azules. This 25% interest, when taken in the context of the whole property, would be currently equivalent to approximately a 15% interest of the total estimated resources at Los Azules (Canadian NI 43-101). This interest could increase or decrease depending on the location and size of future exploration results. The Back-in Right is exercisable after the completion of a bankable feasibility study. To exercise TNR must pay two (2) times the expenses attributable to the back-in percentage (ie. paying 2 x 25% all of the costs attributable to the claims comprising the northern portion of the property). Upon backing-in, TNR may elect to continue to participate in the project or be diluted down to a 0.6% NSR on the same claims comprising the northern portion of the project.