McEwen Mining Successfully Completes Rights Offering

McEwen Mining Successfully Completes Rights Offering 
TORONTO, ONTARIO -- (Marketwire) -- 12/05/12 -- McEwen Mining Inc.
(NYSE:MUX)(TSX:MUX) is pleased to announce the successful completion
of its Rights Offering, which closed at 5 PM EST on December 4, 2012.
The Rights Offering was fully subscribed for with proceeds totaling
US$60.4 Million. 
"I would like to extend a warm thank you to all of our shareholders
who participated in the Rights Offering. We are well financed and
focused on finding ways to accelerate the development of El
Gallo-phase 2 project," said Rob McEwen, Chief Owner. 
During the next week, McEwen Mining will issue 19,051,679 Common
Shares (MUX) and 7,798,762 Exchangeable Shares (MAQ) as the result of
the Rights Offering. This issuance represents 10% of the Company's
currently issued and outstanding shares. Upon issuance of these
shares, McEwen Mining will have 295,429,859 shares outstanding
(Common and Exchangeable). The Rights Offering was fully subscribed
for without triggering the backstop commitment the Company had from
Mr. McEwen. 
The number of Common and Exchangeable shares, including
oversubscription shares, to be issued to each exercising holder,
pursuant to the exercise of the Rights Offering, will be calculated
after 5 PM EST on December 7th, 2012.  
The shares you subscribed for in the Rights Offering will be
delivered to you in the same form you hold your existing shares - by
Computershare, by mail in certificate form, or by your broker, after
December 11, 2012. 
If you exercised your over-subscription privilege, and are allocated
less than all of the shares of McEwen Mining for which you wished to
subscribe, your excess payment for shares that were not allocated to
you will be returned to you in the same manner as you made the
payment - by mail or through your broker, after Tuesday December 11,
2012. 
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 pro
ject in San Juan,
Argentina and a large portfolio of exploration properties in
Argentina, Nevada and Mexico. 
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, risks related to business integration as a result of the
business combination between the Company and Minera Andes, 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, 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. 
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) 
McEwen Mining Inc.
Mailing Address
181 Bay Street Suite 4750
Toronto, ON M5J 2T3 PO box 792
info@mcewenmining.com
www.mcewenmining.com 
Facebook: www.facebook.com/McEwenRob
Twitter: www.twitter.com/McEwenMining