Robbed Insurance?? ROBBERY UPDATE: MCEWEN MINING MAINTAINS PRODUCTION GUIDANCE
TORONTO, ONTARIO - (April 8, 2015) - McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) maintains 2015 production guidance at our El Gallo Mine in Sinaloa, Mexico despite yesterday’s robbery.
Gold production in Q1 2015 was 15,243 ounces, which was 17% higher than guidance due to a 4% higher than expected gold grade and better recoveries.
Production in Q2 2015 is expected to be strong at 14,000 ounces of gold, despite the theft of 7,000 ounces. We appreciate the rapid response of the Sinaloa State and local police who continue to investigate with our full cooperation. We are also working with our insurance carrier and expect to recover the majority of the losses.