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drbubb

McEwen Mining (MUX) : 135,000 /yr. Gold miner

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Has the Short-covering started?  MUX is starting to behave better

MUX: $1.99 + $0.07, +2.65% on 2.7Million shares, on a day when GDXJ was - 2.01%

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Ratio: MUX -to-GDXJ

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Bottomed at 5.33%. Could it run up to 7.5% or so... maybe higher.

If GDXJ stays at $33.72, then that would be: $2.52.

MUX may need some good news to get there.

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The weak hands are shook out - seems to confirm a move back into 2.2. From there could get stuck unless gold surges again.

Also how is the correlation with First Majestic AG?

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"how is the correlation with First Majestic AG?

Recently, STILL GOOD = chart

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MUX is not getting the Good News it needs, and the stock is back to $1,65

Bad News instead...

McEwen Mining Suspends Quarterly Dividend; Operating Issues Result in Lower Revenue

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I sold a part of my position at over $2.00

Should have cleared the whole thing

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Wallbridge had a super day, and ROXG was up on a good earnings report

Poor relative performance for MUX continues - not a good day

WM.t  $0.335 +0.04, +13.6%

MUX  :  $ 1.64 -0.09, -5.20%
Gdxj  : $32.88 -0.59, -1.76%
GLD   : 123.65 -0.65, -0.52%
Gcm.t   $ 3.83 -0.03, -0.78%
Roxg.t  $ 0.93 +0.03, +3.33%

I can almost hear MUX barking like a dog, while WM sings, "we are the champions"
 

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Looking into MUX further to understand its "dogged-ness"

ROXG and MUX have similar production - but check this comparison

Symbol :Company---- : Last$: E.P.S.: PE-R: Yield: BkVal: MktCap: netDebt Ebitda EVal/e: nDt/e: P/BV: fx
Roxg.t: Roxgold ------- : $0.92: $0.09: r10.2: 0.00%: $0.43: $340.M: $000.M: $92.1m: r3.56: r00.0: 214%.: C$
Gcm.t: GranColum.G. : $3.67: (0.01): r0.00: 0.00%: $5.10: $177.M: $74.1M: $99.3m: r2.17: r0.75:  72.%.: C$
Mux.t : McEwen Mng.: $2.00: (0.13): r0.00: 0.58%: $1.41: $684.M: $55.8M: (17.1m): rN/a: rN/a: 142%.: C$
GORO: GoldResource : $3.93: $0.16: r24.6: 0.51%: $2.16: $241.M: $000.M: $33.2m: r7.15: r00.0: 182%.: US
CDE - : Coeur Mining  : $4.08: $0.00: r0.00: 0.00%: $4.19: $828.M: $458.M: $123.m: r9.77: r3.72: 97.%.: US
AG -- : First Majestic- : $6.58: (1.11) : r0.00: 0.00%: $3.07: $1.30B: $155.M: $52.3m: r26.6: r2.96: 215%.: US
Cco.t : Cameco Corp. : 15.75: $0.42: r37.5: 0.50%: 12.62: $6.23B: $1.50B : $627.m: r10.6: r00.0: 125%.: C$

That NEGATIVE Ebitda is pretty shocking.  Perhaps this is why the stock price is so weak.

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DESPERATE Need for Cash?  With Wts?  Disgusting !

Each Unit is priced at $1.55 and consists of a share of common stock and one-half of a warrant to purchase common stock. Each full warrant is exercisable into one share of common stock. The warrants are immediately exercisable and have a term of three years and an exercise price of $2.00.

March 26, 2019
 

Rob McEwen, Chairman and Chief Owner of McEwen Mining, stated “We are very pleased to have successfully completed this equity raise as it fully funds the Company’s current mining projects and exploration prospects.

At Gold Bar in Nevada, our exploration will be testing deep targets for Carlin style high grade sulphide mineralization, such as exists 25 miles to the north at the Cortez Hills Mine. In Argentina, we plan to develop an all-season access route that should enhance the value of our massive Los Azules copper deposit. In Timmins at the Black Fox mine, we plan to modernize the mobile fleet with the objective of driving down operating costs and increasing production.

Accordingly, we are pleased that our production guidance for the year is 205,000 gold equivalent ounces, which is a 16% increase from 2018. In addition, we have a large and exciting exploration program that we expect will generate news throughout the year.”

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The pathway to $1.50

MUX ... update :

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Group # 2: update : GCM.t ($3.52), CCO.t ($15.56), MUX.t ($2.02)

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Ratio: MUX -to-GCM

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Worse & Worse

MUX to GDX

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MUX to GDXJ

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At long last ! up 15% in a single day,  I am still scuba-diving with it.

Have they found Gold in a shipwreck > or is  it just a bout of short-covering? 

shipwreck-scuba-diving-in-bali-tour-2-43

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McEwen Mining reports Q1 EPS (3c), two-estimate consensus (3c)

McEwen Mining is pleased to report its first quarter results for the period ended March 31.

"Production during the quarter was 36,315 gold equivalent ounces.

The operational challenges we experienced in the first two months of the quarter have largely been resolved. We made progress implementing better mining practices at the Black Fox mine and advanced towards commercial production at the Gold Bar mine. Nevertheless, the temporary production delays at Black Fox and a slower start-up at Gold Bar did lower our revenue in the first quarter, contributing to our consolidated net loss of $10.1M, or 3c per share. Our consolidated production rebounded during the month of April with approximately 16,500 GEOs, and we are back on track to deliver our guidance for 2019.

The company closed a registered direct offering of shares for gross proceeds of $25M on March 29 and had cash, investments and precious metals of $40.3M and $50M in debt as of March 31," said McEwen management.

MUX 04/30 McEwen Mining reports Q1 EPS (3c), two-estimate consensus (3c) » McEwen Mining is pleased…

Read more at:
https://thefly.com/landingPageNews.php?id=29004McEwen Mining reports Q1 EPS (3c), two-estimate consensus (3c) McEwen Mining is pleased to report its first quarter results for the period ended March 31."Production during the quarter was 36,315 gold equivalent ounces. The operational challenges we experienced in the first two months of the quarter have largely been resolved. We made progress implementing better mining practices at the Black Fox mine and advanced towards commercial production at the Gold Bar mine. Nevertheless, the temporary production delays at Black Fox and a slower start-up at Gold Bar did lower our revenue in the first quarter, contributing to our consolidated net loss of $10.1M, or 3c per share. Our consolidated production rebounded during the month of April with approximately 16,500 GEOs, and we are back on track to deliver our guidance for 2019. The company closed a registered direct offering of shares for gross proceeds of $25M on March 29 and had cash, investments and precious metals of $40.3M and $50M in debt as of March 31," said McEwen management.

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McEwen Mining Gold Bar Accident Update

TORONTO, May 16, 2019 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) provides an update on the fatal accident involving a contractor's employee that occurred on Monday, May 13, 2019 at the Gold Bar Mine in Nevada.

The formal investigation by local authorities is not complete, but preliminary analysis by McEwen Mining suggests that the truck driver, Mr. Dean V. Pilcher, may have suffered a medical emergency while operating the haul truck prior to losing control, running up an embankment and overturning. Mr. Pilcher was found within minutes by another truck driver who immediately called for assistance. The section of haul road immediately around the accident site remains closed to allow for the investigation. Mine operations such as crushing and stacking on the heap leach pad resumed on Tuesday, drawing on available stockpiles of ore, and we expect that mining activities will restart today. The Gold Bar team continues to ramp-up operations to achieve our goal of commercial production during Q2.

We convey our deep sympathy to Mr. Pilcher’s family, friends and colleagues for their sudden and tragic loss. Grief counselling and support is being offered to all employees and contractors at the mine.

ABOUT MCEWEN MINING
McEwen has the goal to qualify for inclusion in the S&P 500 Index by creating a profitable gold and silver producer focused in the Americas. McEwen's principal assets consist of: the San José mine in Santa Cruz, Argentina (49% interest); the Black Fox mine in Timmins, Canada; the Fenix Project in Mexico; the Gold Bar mine in Nevada; and the large Los Azules copper project in Argentina, advancing towards development.

McEwen has approximately 360 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 22% of the shares

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