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drbubb

McEwen Mining (MUX) : 205,000 /yr. Gold miner (est.)

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Great drill results

McEwen drills 24.4 m of 6.66 g/t Au at Gold Bar

2019-08-20 07:03 ET - News Release

Ms. Christina McCarthy reports

MCEWEN MINING: GOLD BAR UPDATE

McEwen Mining Inc. has provided an update on progress at various exploration targets on its Gold Bar mine property. At the Gold Bar South oxide gold deposit located 3.5 miles southeast of the company's Gold Bar mine, a program of 125 drill holes was recently completed. Twenty-five per cent of the new drill intersections were higher grade than the current resource average of 0.029 ounce per ton (one gram per tonne). In addition, several drill holes encountered significant mineralization outside the existing resource, including several notable intersections highlighted in the associated table. These results suggest that there is potential to increase the size of the Gold Bar South resource beyond the current indicated estimate of 3,488,000 tons at 0.029 ounce per ton (one g/t) for 100,000 ounces. Economic studies and permitting are under way with the objective of incorporating Gold Bar South into the overall mine plan this year, and having permitting in place so that open-pit development could begin in late 2020.

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Cleaned out (Sold) the rest of my MUX position at $2.04 and 2.07, booking a profit

This has been a dog until recently, and i decided i would look elsewhere

I still have a small position, SHORT on Puts, which is now in profit

(later):

Cleaned up those short puts too, buying back at a cheaper price than I had sold them

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haha.

It wasnt.  I made maybe 10-15%

Had I bought on the lows it would have been much more

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Funnily enough I also made about 15% (measured against total capital deployed since I had to add).

I bought 36k shares at around $1.79.

I then added 28k shares at $1.30.

Sold off 22k shares as it rose between $1.5 and $1.7.

I was planning to hold the remaining shares beyond $2 but that third correction really got me.

My reasons for selling were that I feared insiders were offloading the stock that was placed at $1.55 earlier in the year, pointing to maybe less than stellar drilling and earning prospects.

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We cannot complain much, because we both made money...

And can move on to the next opportunity.  I am now looking at Copper shares

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CORRECTION underway.  More coming?

MUX ,,, update / Last: $1.78 +0.03

QRejzzz.gif

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Happy that I found the EXIT - mostly at above $2.00

MUX returned to its losing ways since then - Might take another look below $1.65

MUX / McEwen Mining ... all-data : 10yr : 5yr : 4yr : 3yr : 1yr : 6mo ... / Last: $1.63

TTqMX3Y.gif

: 3yr : 2yr : 1yr : 6mo ... / Last: $1.63

L7Vzm2t.gif

Ratio: MUX to GDX

68D9LPl.png

==

 

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McEwen Mining Inc.

Rob McEwen, Chief Owner & Chairman
NYSE/TSX: MUX

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MUX back on the Launch pad?

Not sure how much of a journey it can manage.  but i might buy some shares

MUX ... update : 10d / Last: $1.59

v8MCo3k.gif

I made money owning the stock last time, but it was a bumpy road

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On 10/5/2019 at 2:08 AM, drbubb said:

MUX back on the Launch pad?

Not sure how much of a journey it can manage.  but i might buy some shares

MUX ... update : 10d / Last: $1.59

v8MCo3k.gif

I made money owning the stock last time, but it was a bumpy road

Had a good start yesterday, well Dr B did you ? Stayed away myself.

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out of the markets, for a 2 day break. so... did not (yet)

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BACK DOWN Below $1.30

News

Date ET Symbol Price Type Headline
2019-11-20 14:04 C:MUX 1.99 SEDAR Prospectus Supplement SEDAR Prospectus Supplement
2019-11-20 11:14 C:MUX 1.99 News Release McEwen prices public offering at $50-million (U.S.)
2019-11-19 16:36 C:MUX 1.99 News Release McEwen to arrange public offering of shares, warrants
2019-11-19 09:20 C:MUX 1.99 SEDAR Prospectus Supplement SEDAR Prospectus Supplement
2019-11-04 06:19 C:MUX 2.30 News Release McEwen Mining drills 18.8 m of 10.9 g/t Au at Black Fox
2019-10-30 08:17 C:MUX 2.20 SEDAR Interim Financial Statements SEDAR Interim Financial Statements
2019-10-30 08:17 C:MUX 2.20 SEDAR MD & A SEDAR MD & A
2019-10-30 06:24 C:MUX 2.20 News Release McEwen Mining loses $13.3-million (U.S.) in Q3

==

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McEwen Mining Announces Pricing of US$50 Million Public Offering

2019-11-20 08:40 ET - News Release

TORONTO, Nov. 20, 2019 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (the “Company” or “McEwen”) (NYSE: MUX) (TSX: MUX) today announced that it has priced an underwritten public offering of 37,750,000 units, each unit consisting of one share of common stock and one half of one warrant to purchase one share of common stock, at a public offering price of $1.325 per unit for aggregate gross proceeds of approximately US$50,000,000.  Each full warrant is exercisable for one share of common stock with an exercise price of $1.7225 per share and are exercisable immediately and for five years following issuance.  The Company has granted to the underwriters a 30-day option to purchase up to an additional 5,662,500 shares of common stock and/or additional warrants to purchase up to 2,831,250 shares of common stock at the public offering price per share and per warrant, less the underwriting discounts and commissions.  The offering is expected to close on or about November 22, 2019, subject to customary closing conditions.

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Bullboard Comments - are mostly NOT favorable

November 19, 2019 - 05:05 PM 104 Reads
Post# 30371339

RE:New Public Offering

Robby is at it again....unbelievable....he is going to widdle down this stock price to pennies soon...now I know why no employees are buying their own stock....this is crazy...

RE:RE:RE:RE:RE:New Public Offering

I've never seen a placement news release without an associated price.  (THAT came later: $1.32 ish)

All in sustaining costs doesn’t...

Tell investors much anymore. A new measure needs to be adopted by all mining companies to be more clear. How about the "Threshold of profitability"? The theshold would point at what price of gold will the company be profitable by including all costs associated with running a mining company. That would include all in sustaining costs plus general and administrative costs. - Nothing would be excluded, including management wages, options, insurance, accounting, rent, promotions, etc, etc.
November 20, 2019 - 08:50 AM 277 Reads
Post# 30373054

It Was A Good Company Detected in Sept The Problems

As I noted in my prior post, after a Sept. conference, I was extremely disappointed in Rob McEwan and MUX, had been an early investor, since 1999, in all Rob's public companies. Did very well but, sold all our holdings in Sept. while at the Sept. conference.

What you are seeing with MUX, will happen with most other Resource comapnies, they are all in need of $$$$$$$$$$ and/or heavy Debt and can't service their existing Debt or will not be able to service their Debt in the future. Prices of metals are coming down and will see or test their lows and go lower. Some of these comanies will not be around in a few years, especially the juniors and that also applies to mid size and larger, just too much Debt, a lot of expenses or high costs/uneconomical projects.

As respects to MUX, over time it will test the 70 cent area, in the future, between now and 2023. We have a more exact or closer range but CAUTION.

I will not invest in another Rob company unless their is a noticable change.

All the above in my humble opinion and based on MKTS and observations from Sept.

Read more at https://stockhouse.com/companies/bullboard?symbol=mux&postid=30373054#OGhOxFVEytrLgIEj.99

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On 11/22/2019 at 4:11 AM, drbubb said:

Bullboard Comments - are mostly NOT favorable

November 19, 2019 - 05:05 PM 104 Reads
Post# 30371339

RE:New Public Offering

Robby is at it again....unbelievable....he is going to widdle down this stock price to pennies soon...now I know why no employees are buying their own stock....this is crazy...

RE:RE:RE:RE:RE:New Public Offering

I've never seen a placement news release without an associated price.  (THAT came later: $1.32 ish)

All in sustaining costs doesn’t...

Tell investors much anymore. A new measure needs to be adopted by all mining companies to be more clear. How about the "Threshold of profitability"? The theshold would point at what price of gold will the company be profitable by including all costs associated with running a mining company. That would include all in sustaining costs plus general and administrative costs. - Nothing would be excluded, including management wages, options, insurance, accounting, rent, promotions, etc, etc.
November 20, 2019 - 08:50 AM 277 Reads
Post# 30373054

It Was A Good Company Detected in Sept The Problems

As I noted in my prior post, after a Sept. conference, I was extremely disappointed in Rob McEwan and MUX, had been an early investor, since 1999, in all Rob's public companies. Did very well but, sold all our holdings in Sept. while at the Sept. conference.

What you are seeing with MUX, will happen with most other Resource comapnies, they are all in need of $$$$$$$$$$ and/or heavy Debt and can't service their existing Debt or will not be able to service their Debt in the future. Prices of metals are coming down and will see or test their lows and go lower. Some of these comanies will not be around in a few years, especially the juniors and that also applies to mid size and larger, just too much Debt, a lot of expenses or high costs/uneconomical projects.

As respects to MUX, over time it will test the 70 cent area, in the future, between now and 2023. We have a more exact or closer range but CAUTION.

I will not invest in another Rob company unless their is a noticable change.

All the above in my humble opinion and based on MKTS and observations from Sept.

Read more at https://stockhouse.com/companies/bullboard?symbol=mux&postid=30373054#OGhOxFVEytrLgIEj.99

Those are really astute comments Mux is a dog for sure, glad I stayed away.

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BOTH could be good news for MUX... which needs some

2019-12-03 06:35 C:MUX 1.52 News Release McEwen drills 44 m of 9 g/t Au at Black Fox
2019-11-27 06:58 C:MUX 1.52 News Release Ely Gold to sell Gold Bar to McEwen Mining

MCEWEN MINING: GREY FOX IS GROWING

McEwen Mining Inc. has released drill results from its Gibson and Whiskey Jack targets within the Grey Fox deposit area, a part of the Black Fox complex in Timmins, Canada. Highlights of the drilling from these two important targets are shown in the associated tables.

"The drill results reported today from Gibson and Whiskey Jack illustrate clearly the growth potential of the Black Fox property," said Sylvain Guerard, senior vice-president, exploration.

Gibson target

In 2018, hole 18GF-1079 intersected a broad interval of mineralization within an intrusion, which returned 3.1 grams per tonne gold over 34 metres, including 10.8 g/t Au over six m (core lengths). Diamond drilling tested below hole 18GF-1079 and extended the mineralization by 820 feet (250 m) downdip with hole 19GF-1106; which intersected a higher-grade interval of 16.9 g/t Au over three m (core length), within a 200-foot-(60 m)-wide envelope of alteration and anomalous mineralization. Follow-up drilling has continued with 19 holes completed since last release of results in May, 2019. Significant gold mineralization at Gibson has been outlined over a 1,650-foot (500 m) strike length and from surface to a depth of 2,600 feet (800 m). Hole 19GF-1147 returned the deepest intersection of 13.2 g/t Au over three m. Highlights of the Gibson drilling are included in the associated table.

. . .

Visible gold has been identified in six of nine holes completed so far this year at Whiskey Jack. Gold mineralization has been intersected over a strike length of 330 feet (100 m) and to a shallow depth of 660 feet (200 m) below surface.

Geologic interpretation

The Gibson syenite intrusion hosting the gold mineralization extends over 1.5 miles (2.5 km) along the Gibson-Kelore fault zone. There are two main styles of mineralization at Gibson: (1) breccia and crustiform veins from surface to a depth of approximately 1,150 feet (350 m) below surface and (2) dissemination-replacement-style mineralization from approximately 980 feet (300 m) to at least 2,600 feet (800 m) below surface. Both styles of mineralization are interpreted to be synchronous with mineralization at the Contact, 147 and South zones.

===

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Bouncing off the Bottom of the Channel, near $1.10

MUX / McEwen Mining ... 3yr / Last: $ 1.14

DzRF7XB.gif

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MUX reaching the bottom of the weekly trend channel... but supply above may be too great to bounce off significantly. DrB is it doomed to sub $1?

JabFcOO.png

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Under US$1.00 is looking more likely,

Maybe even $0.70-0.80

We are NOW in the Tax selling season, so maybe soon

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MUX price can hit C$1.00 / 1.31 = US$0.76 or lower

Chart : 10yr / US$ price: 3yr :

xCBK6HR.png

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MUX chart Update - LAST: US$0.80 , YrL: $0.53

All data: Log / 10yr: 5yr: 2yr: 1yr: 10d/ vs-Gdxj, Ngd: 5yr:

IHK8vte.gif

: 5yr: 2yr: 1yr: 10d/

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MUX vs, GDXJ ,,, update: 6mo:

ngPP610.gif

RATIO; 1.74% of GDXJ - New Low?

xPtleRt.pngxPtleRt.pngxPtleRt.png

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McEwen Mining Reports Q1 2020 Results

2020-05-19 06:00 ET - News Release

TORONTO, May 19, 2020 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) today reported its first quarter (Q1) results for the period ended March 31, 2020.

  • Production was 29,200 gold ounces and 553,200 silver ounces, or 35,100 gold equivalent ounces(1) (GEOs)(see Table 1), at the average gold:silver price ratio for the quarter of 94:1.
     
  • A non-cash impairment charge for the Gold Bar mine of $83.8 million was recorded during Q1. The write down is necessary because a change in the geological interpretation resulted in a substantial reduction in expected gold production over the life of mine (see the Gold Bar Mine section below for further details).
     
  • A consolidated net loss of $99.2 million, or $0.25 per share, primarily due to a $83.8 million impairment adjustment for the Gold Bar mine and $6.3 million spent on exploration and advanced projects. Before the impairment adjustment the net loss is $15.4 million.
     
  • The Grey Fox Indicated gold resource estimate has increased by 43% to 888,000 gold ounces at 7.1 g/t, with an additional 173,000 gold ounces at 6.6 g/t in the Inferred category.
     
  • Each of our mine sites are navigating the impacts of the COVID-19 pandemic. Black Fox, Gold Bar, and San José mines were temporarily suspended at the onset of emergency measures imposed in Ontario, Nevada, and Argentina. Black Fox and San José have now restarted operations, and Gold Bar has started to ramp-up operations with limited mining and stockpile processing during May. Production and cost guidance for 2020 has been withdrawn until the situation normalizes.
     
  • Our quarterly webcast will take place today at 11 am EDT. Details are provided below.

Operations Update

COVID-19

All our operations have implemented rigorous health and safety measures to prevent the spread of the COVID-19 virus.  Fortunately, none of our employees have been infected.

San José Mine, Argentina (49% Interest)

Our attributable production from San José in Q1 was 9,000 gold ounces and 551,900 silver ounces, for a total of 14,900 GEOs. For Q1, total cash costs(2) and all-in sustaining costs (AISC)(2) were $1,138 and $1,592 per GEO, respectively.

Mining was temporarily suspended on March 20, 2020 due to a nationwide mandatory quarantine imposed in Argentina to combat the spread of COVID-19. Mining has restarted at San José around April 14, but government-imposed travel restrictions mean that it will take some time before full production is achieved. As a result, 2020 production guidance has been withdrawn until the situation stabilizes.

Black Fox Mine, Canada (100% Interest)

Production from Black Fox in Q1 was 8,300 GEOs at a total cash costs and AISC of $838 and $1,339 per GEO, respectively. The Black Fox mine was temporarily suspended due to the COVID-19 pandemic on March 26, 2020 and resumed normal operation on April 14, 2020.

The mineral resource estimate for Grey Fox deposits has been updated with drilling completed in late 2019. The estimated Indicated and Inferred resources increased by 43% and 30%, respectively, compared to the mid-2019 update published in March 2020. The updated resource estimate contains 888,000 gold ounces at 7.1 g/t in the Indicated category, and 173,000 gold ounces at 6.6 g/t in the Inferred category.

The Grey Fox resource has grown rapidly through focused exploration that we initiated in 2018. For the first time, the Grey Fox resource update includes a resource for the Gibson area. In addition, it includes a major reinterpretation of the Grey Fox South area, with updates to the 147, 147 NE and Contact zones.

Open pit and underground mining scenarios are being evaluated for the development of the Grey Fox deposits and environmental studies are in progress to allow access to the area for potential bulk sampling and initial open pit mining. In addition, we are also exploring and advancing economic studies of the Stock East gold deposit and of the recent Stock West Zone discovery at the Stock Property. Further information about economic development and mining scenarios will be provided later in 2020.

Development of underground access to the Froome ore body is proceeding towards production.

Gold Bar Mine, USA (100% Interest)

Gold Bar produced 9,100 GEOs in Q1 at cash costs and AISC of $1,887 and $2,177 per GEO, respectively. Both cash cost and AISC included the impact of $4.5 million spent for pre-stripping at the Gold Pick West pit, or $495 per ounce which cannot be capitalized under US GAAP. Excluding the impact of the $4.5 million spend on pre-stripping, cash cost per gold equivalent ounce in Q1 was $1,392, which is 9% or $111 per ounce higher than the cash cost per ounce in the fourth quarter of 2019.

> MORE: https://www.stockwatch.com/News/Item?bid=U-z7922640-U%3aMUX-20200519&symbol=MUX&region=U

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MUX has lagged New Gold

MUX vs-NGD ... update : from Dec.2019: Jun.2019 / Last: $0.915 / NGD: $1.08

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: Jun.2019 / Last: $0.915 / NGD: $1.08

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Ratio: 0.915 / 1.08 = 85%

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