McEwen loses 16% of gold reserves at Gold Bar
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(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.