Make Kitco Your Homepage

McEwen loses 16% of gold reserves at Gold Bar

Kitco News

Kitco News has launched its 2021 Outlook, which offers the most comprehensive coverage of precious metals markets in the new year. Trillions of dollars were pumped into financial markets in 2020 and that won't come without consequences. Economists expect that investors will be Bracing For Inflation in 2021.

(Kitco News) - McEwen Mining (TSX: MUX, NYSE: MUX) announced today an updated indicated resource estimate of 499,000 contained gold ounces and probable reserve estimate of 302,000 recoverable gold ounces for the Gold Bar mine in Nevada.

In Q1 2020, the company reported that a significant reduction in contained ounces at Gold Bar “was likely”.

In this press-release, McEwen said that current net reduction in gold reserves of 16% is driven by changes to the geologic model, metallurgical recovery, additional drilling information, and higher gold prices.

The company plans to publish feasibility study within 45 days from the date of this press release.

McEwen Mining is a diversified gold and silver producer and explorer focused in the Americas with operating mines in Nevada, Canada, Mexico and Argentina. It also owns a large copper deposit in Argentina.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.