El Gallo Complex Exploration Update

El Gallo Complex Exploration Update 
Phase 1 Mine Area: 7.4 gpt Over 11.8 Meters & 3.0 gpt Over 12.8
Meters  
Mina Grande: 10.6 gpt Over 7.5 Meters & 11.1 gpt Over 4.0 Meters 
TORONTO, ONTARIO -- (Marketwire) -- 11/06/12 -- McEwen Mining Inc.
(NYSE:MUX) (TSX:MUX) is pleased to announce exploration drill results
from two locations within its 100% owned El Gallo complex, Sinaloa,
Mexico. The first location is at El Gallo Phase 1, where production
commenced in September. The second is Mina Grande, located in the
north portion of the property (Fig. 1). Results from both areas
continue to impress. 
EXPLORATION HIGHLIGHTS  


 
--  Drilling has returned high-grade gold mineralization from El Gallo Phase
    1, beyond the currently defined resource: 
    
    --  El Gallo Phase 1: 7.4 gpt gold / 11.8 m, including 64.7 gpt gold /
        1.3 m 
        
--  Drilling between 45 and 100 m below the planned pit in El Gallo Phase 1
    has intersected 3.0 gpt gold / 12.8 m and 2.5 gpt gold / 9.4 m,
    demonstrating that the zone continues deeper. 
    
--  Drilling 100 m southwest of the planned pit at El Gallo Phase 1 has
    intersected 1.1 gpt gold over 10.3 m. This hole helps extend the mineral
    zone closer to surface.  
    
--  Mina Grande delivers multiple intersections of high-grade gold
    mineralization. Exciting new regional exploration target developing.  
    
    --  Mina Grande: 10.6 gpt gold / 7.5 m, 18.6 gpt gold / 1.3 m, and 11.1
        gpt gold / 4.0 m.  

 
El Gallo Phase 1 Mine Exploration Results  
Exploration drilling at the mine continues to be focused on extending
the resource below and southwest of the planned open pit. Assay
results since drilling re-commenced in June have been exceeding
expectations. Holes MLX-50, 53, 54 and 55 have intersected, narrow,
high-grade gold, with three of the intercepts occurring inside a
lower grade envelope (Fig. 2). An example would be MLX-054, which
returned 7.4 gpt gold over 11.8 m, including a high-grade core that
assayed 64.7 gpt gold over 1.3 m. The drill intersections from these
holes occur approximately 45 to 100 m below the currently designed
pit. There appears to be good potential to extend the mineralization
at depth.  
MLX-056 was drilled 100 m southwest of the proposed pit (Fig. 2). The
hole was designed to extend mineralization closer to surface. This
hole returned 1.1 gpt gold over 10.3 m and successfully completed its
objective. Highlights from El Gallo Phase 1 are located below in
Table 1.  


 
              TABLE 1. EL GALLO PHASE 1 EXPLORATION HIGHLGHTS    
                                                                 
          -------------------------------------------------------
                           From     To    Thickness   Gold Grade 
          Hole              (m)     (m)       (m)        (GPT)   
          -------------------------------------------------------
          MLX-050          147.1   156.5      9.4         2.5    
          Including        148.4   149.3      0.9        18.3    
          -------------------------------------------------------
          MLX-053          123.0   123.9      0.9        18.4    
          -------------------------------------------------------
          MLX-054          103.1   114.9     11.8         7.4    
          Including        107.2   108.5      1.3        64.7    
          -------------------------------------------------------
          MLX-055          131.3   144.1     12.8         3.0    
          Including        131.3   132.4      1.1        23.3    
          -------------------------------------------------------
          MLX-056          70.0    88.1      18.1         0.8    
          Including        71.0    81.3      10.3         1.1    
          -------------------------------------------------------

 
Mina Grande Exploration Results  
High-Grades Continue Deeper 
The second area where exploration drilling took place within the El
Gallo complex is called Mina Grande. It is located 15 km north of El
Gallo Phase 1 (heap leach) and 10 km from Phase 2 (proposed mill
site) (Fig. 1). Mina Grande currently has an inferred resource of 3.8
million tonnes grading 0.6 gpt gold and 23.5 gpt silver for a total
of 74,000 ounces gold and 2.9 million ounces silver.  
The objective of the recent drilling was to extend a high-grade gold
shoot within the Mina Grande set of veins that was discovered early
in 2012. The initial results (May 14, 2012) from this vein returned
27.5 gpt gold over 2.1 m and 24.8 gpt gold over 0.7 m. New drilling
has encountered additional high-grades extending the extent of the
mineralization by 50 m.  


 
                TABLE 2. MINA GRANDE EXPLORATION HIGHLIGHTS              
                                                                         
  -----------------------------------------------------------------------
                    From     To    Thickness   Gold Grade   Silver Grade 
  Hole               (m)     (m)       (m)        (GPT)        (GPT)     
  -----------------------------------------------------------------------
  MGX-087           59.2    63.2       4.0        11.1          18.1     
  Including         59.2    60.2       1.0        16.8          16.2     
  Including         62.4    63.2       0.8        26.9          42.5     
  -----------------------------------------------------------------------
  MGX-090           113.7   114.0      0.3         6.1          17.0     
  And               115.3   115.6      0.3         7.4          19.5     
  -----------------------------------------------------------------------
  MGX-091           119.7   120.1      0.4         6.9          26.7     
  -----------------------------------------------------------------------
  MGX-093           45.6    53.1       7.5        10.6          21.1     
  Including         49.1    50.3       1.2        49.0          53.1     
  And               139.9   140.5      0.6         9.2          13.4     
  -----------------------------------------------------------------------
  MGX-097           58.6    59.9       1.3        18.6          17.8     
  -----------------------------------------------------------------------

 
About El Gallo 
The El Gallo complex is located in Sinaloa State, Mexico. Phase 1
construction was completed in September and the mine is now producing
gold and is expected to average 30,000 ounces of gold per year. Phase
2, where a feasibility study was recently completed, is forecasted to
add an additional 105,000 ounces of gold equivalent once in
production. Combined, both phases are scheduled to produce
approximately 135,000 ounces of gold equivalent.  
About McEwen Mining (www.mcewenmining.com)  
The goal of McEwen Mining is to qualify for inclusion in the S&P 500
by 2015 by creating a high quality, high growth, low-cost, mid-tier
gold producer focused in the Americas. McEwen Mining's principal
assets consist of the San Jose mine in Santa Cruz, Argentina (49%
interest); the El Gallo complex in Sinaloa, Mexico; the Gold Bar
project in Nevada, US; the Los Azules Copper project in San Juan,
Argentina and a large portfolio of exploration properties in
Argentina, Nevada and Mexico.  
McEwen Mining has 268,495,751 shares issued and outstanding
(comprised of 190,516,797 Common Shares and 77,987,621 Exchangeable
Shares). Rob McEwen, Chairman and Chief Owner, owns approximately 25%
of the shares of McEwen Mining (assuming all outstanding Exchangeable
Shares are exchanged for an equivalent amount of Common Shares).  
TECHNICAL 
INFORMATION:  
This news release has been viewed and approved by John Read, CPG,
McEwen Mining's consulting geologist, who is a Qualified Person as
defined by National Instrument 43-101 and is responsible for program
design and quality control of exploration undertaken by the Company
at its Mexican exploration properties. Samples from the core drilling
were split on-site at the Company's El Gallo complex. One half of the
split drill core is shipped to ALS Chemex for sample preparation and
analysis by fire assay for gold and 4-acid digestion with ICP
determination for silver. Samples returning greater than 10 ppm gold
or 1500 ppm silver were re-analyzed using gravimetric fire assay.
Standards and blanks were inserted every 20 samples. All holes were
drilled with HQ bits and reduced to NTW where required. Samples were
taken based on lithologic and/or mineralized intervals and vary in
length. In some cases the true width of the mineral zones has not
been determined. For additional information see the technical report
titled "El Gallo Complex Phase II Project, NI 43-101 Technical Report
Feasibility Study, Mocorito Municipality, Sinaloa, Mexico" with an
effective date of September 10, 2012, prepared by M3 Engineering
along with a team of associates (the "Phase II Report"). The Phase II
Report is available under the Corporation's profile on SEDAR
(www.sedar.com). The authors of the Phase 2 Report, Stan Timler - M3
Engineering, Mike Hester - Independent Mining Consultants (Reserves),
Dawn Garcia - SRK Consulting (Environmental), Richard Kehmeier and
Brian Hartman - Pincock Allen & Holt (El Gallo Deposit Resource),
John Read - McEwen Mining consultant (Palmarito Insitu, Historic
Waste Dumps and Historic tailings Resource), all of whom are
qualified persons and all of whom but John Read are independent of
McEwen Mining, each as defined by NI 43-101. 
CAUTIONARY NOTE TO US INVESTORS  
McEwen Mining prepares its resource estimates in accordance with
standards of the Canadian Institute of Mining, Metallurgy and
Petroleum referred to in Canadian National Instrument 43-101 (NI
43-101). These standards are different from the standards generally
permitted in reports filed with the SEC. Under NI 43-101, McEwen
Mining reports measured, indicated and inferred resources,
measurements which are generally not permitted in filings made with
the SEC. The estimation of measured resources and indicated resources
involve greater uncertainty as to their existence and economic
feasibility than the estimation of proven and probable reserves. U.S.
investors are cautioned not to assume that any part of measured or
indicated resources will ever be converted into economically mineable
reserves. The estimation of inferred resources involves far greater
uncertainty as to their existence and economic viability than the
estimation of other categories of resources. 
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS  
This press release contains certain forward-looking statements and
information, including "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. The
forward-looking statements and information expressed, as at the date
of this press release, McEwen Mining Inc.'s (the "Company")
estimates, forecasts, projections, expectations or beliefs as to
future events and results. Forward-looking statements and information
are necessarily based upon a number of estimates and assumptions
that, while considered reasonable by management, are inherently
subject to significant business, economic and competitive
uncertainties, risks and contingencies, and there can be no assurance
that such statements and information will prove to be accurate.
Therefore, actual results and future events could differ materially
from those anticipated in such statements and information. Risks and
uncertainties that could cause results or future events to differ
materially from current expectations expressed or implied by the
forward-looking statements and information include, but are not
limited to, factors associated with fluctuations in the market price
of precious metals, mining industry risks, political, economic,
social and security risks associated with foreign operations, risks
associated with the construction of mining operations and
commencement of production and the projected costs thereof, risks
related to litigation including specifically but not limited to
ongoing litigation with respect to the Los Azules property which if
resolved adversely to the Company, would materially affect the
Company's ability to develop the Los Azules project, property title,
the state of the capital markets, environmental risks and hazards,
uncertainty as to calculation of mineral resources and reserves and
other risks. Readers should not place undue reliance on
forward-looking statements or information included herein, which
speak only as of the date hereof. The Company undertakes no
obligation to reissue or update forward-looking statements or
information as a result of new information or events after the date
hereof except as may be required by law. See McEwen Mining's Annual
Report on Form 10-K for the fiscal year ended December 31, 2011 and
other filings with the Securities and Exchange Commission, under the
caption "Risk Factors", for additional information on risks,
uncertainties and other factors relating to the forward-looking
statements and information regarding the Company. All forward-looking
statements and information made in this news release are qualified by
this cautionary statement.  


 
Table 3. All Holes From El Gallo Phase 1                                    
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                  Gold                                      
           From    To  Thickness  Grade    Dip     Azimuth  Easting Northing
Hole        (m)    (m)     (m)    (GPT) (Degrees) (Degrees)  (UTM)   (UTM)  
----------------------------------------------------------------------------
----------------------------------------------------------------------------
MLX-50     147.1  156.5    9.4     2.5     -55       315    218013  2836463 
Including  148.4  149.3    0.9    18.3                                      
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
MLX-051    135.7  149.8   14.1     0.5     -55       325    217532  2836099 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
MLX-052    141.9  146.9    5.0     0.5     -50       325    217704  2836196 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
MLX-053    123.0  123.9    0.9    18.4     -55       325    217570  2836085 
-------------------------------------------------
---------------------------
                                                                            
----------------------------------------------------------------------------
MLX-054    103.1  114.9   11.8     7.4     -50       325    217659  2836177 
Including  107.2  108.5    1.3    64.7                                      
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
MLX-055    131.3  144.1   12.8     3.0     -55       325    217908  2836352 
Including  131.3  132.4    1.1    23.3                                      
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
MLX-056     70.0  88.1    18.1     0.8     -50       325    217520  2836154 
Including   71.0  81.3    10.3     1.1                                      
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Table 4. All Holes From Mine Grande Vein                                    
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                               Gold                                         
          From   To  ThicknessGrade Silver   Dip    Azimuth Easting Northing
Hole       (m)   (m)    (m)   (GPT) (GPT) (Degrees)(Degrees) (UTM)   (UTM)  
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
MGX-087    59.2 63.2    4.0    11.1  18.1    -50      240    216603 2851694 
                                                                            
Including  59.2 60.2    1.0    16.8  16.2                                   
                                                                            
Including  62.4 63.2    0.8    21.5  42.5                                   
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                                                            
MGX-088     -     -      -      -     -      -50      300    216593 2851516 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                                                            
MGX-089     -     -      -      -     -      -60      300    216643 2851585 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                                                            
MGX-090   113.7 114.0   0.3    6.1   17.0    -50      240    216636 2851663 
                                                                            
Including 115.3 115.6   0.3    7.4   19.5                                   
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                                                            
MGX-091   119.7 120.1   0.4    6.9   26.7    -50      240    216654 2851674 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                                                            
MGX-092     -     -      -      -     -      -50      240    216632 2851693 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                                                            
MGX-093    45.6 53.1    7.5    10.6  21.1    -50      240    216619 2851709 
                                                                            
Including  49.1 50.3    1.2    49.0  53.1                                   
                                                                            
And       139.9 140.5   0.6    9.2   13.4                                   
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                                                            
MGX-094    23.3 23.9    0.6    3.5   23.4    -50      240    216586 2851742 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                                                            
MGX-096     -     -      -      -     -      -55      240    216674 2851692 
-------------------------------
---------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                                                            
MGX-097    58.6 59.9    1.3    18.6  17.8    -55      240    216642 2851727 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

 
To see the figures associated with this release, please visit the
following link: 
Figure 1: http://media3.marketwire.com/docs/McEwenfigure1.pdf  
Figure 2: http://media3.marketwire.com/docs/McEwenfigure2.pdf  
Figure 3: http://media3.marketwire.com/docs/McEwenfigure3.pdf  
Figure 4: http://media3.marketwire.com/docs/McEwenfigure4.pdf  
The NYSE and TSX have not reviewed and do not accept responsibility
for the adequacy or accuracy of the contents of this news release,
which has been prepared by management of McEwen Mining Inc. 
Contacts:
McEwen Mining Inc.
Jenya Meshcheryakova
Investor Relations
(647) 258-0395 ext 410 or Toll Free: (866) 441-0690
(647) 258-0408 (FAX)
www.mcewenmining.com 
McEwen Mining Inc.
Mailing Address
181 Bay Street Suite 4750
Toronto, ON M5J 2T3
PO box 792
info@mcewenmining.com 
Facebook: www.facebook.com/McEwenRob
Twitter: www.twitter.com/McEwenMining
 
 
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