McEwen's 2019 report: Production lows and exploration highs
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McEwen's 2019 report: Production lows and exploration highs

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Gold Bar Mine

McEwen Mining's Gold Bar Mine is about 25 miles northwest of Eureka, in central Nevada.

McEwen Mining, owner of the Gold Bar Mine about 25 miles northwest of Eureka, Nevada, reported Wednesday on the company’s consolidated production in 2019.

McEwen produced 134,316 gold ounces and 3,365,846 silver ounces. This totals 174,420 gold equivalent ounces, which is within the company’s revised 2019 guidance range of 169,000 to 176,000 GEOs.

Rob McEwen, chairman and chief owner, said “2019 was a year of exploration highs overshadowed by production lows. After issuing two disappointing reductions in production guidance we finally achieved our guidance. The problems that plagued us in 2019 were largely unique events that will not be reoccurring. Exploration will continue to be a key focus at Stock West, Grey Fox, Black Fox and Gold Bar, where we see the potential to create the greatest near-term value.”

Gold Bar produced 30,712 GEOs in 2019, within McEwen’s revised full year production guidance of 30,000 to 33,000 GEOs. In Q4, production was 9,713 GEOs. Throughput at the crushing plant slowed in Q4 with the onset of winter, and this was expected to continue through the first quarter of 2020.

There will be a story about the Gold Bar Mine in the spring edition of the Mining Quarterly, which will be published in early March.

The San José Mine at Santa Cruz, Argentina, exceeded the full year guidance for 2019 of 49,000 gold ounces and 3,225,000 silver ounces. The attributable production from San José in 2019 was 51,684 gold ounces and 3,354,487 silver ounces, for a total of 91,654 GEOs. The San José Mine is 49% owned by McEwen Mining and 51% owned and operated by Hochschild Mining plc.

McEwen’s El Gallo Project at Sinaloa, Mexico delivered on guidance by producing 16,333 GEOs in 2019 from residual leaching of the heap leach pad.

McEwen’s Black Fox Mine at Timmins, Canada produced 35,721 GEOs in 2019, close to the company’s revised full year production guidance of 36,000 to 40,000 GEOs. In Q4, production was 9,887 GEOs.

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