SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): January 16, 2017
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 16, 2017
McEWEN MINING INC.
(Exact name of registrant as specified in its charter)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Colorado
(State or other jurisdiction of
incorporation or organization)
001-33190
(Commission File
Number)
84-0796160
(I.R.S. Employer
Identification No.)
150 King Street West, Suite 2800
Toronto, Ontario, Canada M5H 1J9
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number including area code: (866) 441-0690
Item 2.02 Results of Operations and Financial Condition.
On January 16, 2017, McEwen Mining Inc. (the “Company”) issued a press release announcing a summary of its full year
and fourth quarter 2016 production results. A copy of the January 16, 2017 press release is attached to this report as Exhibit 99.1.
The information furnished under this Item 2.02, including the exhibits, shall not be deemed “filed” for purposes of Section 18
of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of
1933, except as shall be expressly set forth by reference to such filing.
Item 9.01 Financial Stat ements and Exhibits.
Cautionary Statement
With the exception of historical matters, the matters discussed in the press release include forward-looking statements within
the meaning of applicable securities laws that involve risks and uncertainties that could cause actual results to differ materially from
projections or estimates contained therein. Such forward-looking statements include, among others, statements regarding future
exploration, development, and production activities. Factors that could cause actual results to differ materially from projections or
estimates include, among others, metal prices, economic and market conditions, operating costs, receipt of permits, receipt of working
capital and future drilling results, as well as other factors described in our Annual Report on Form 10-K for the year ended
December 31, 2015, and other filings with the United States Securities and Exchange Commission (“SEC”). Most of these factors are
beyond the Company’s ability to predict or control. The Company disclaims any obligation to update any forward-looking statement
made in the press release, whether as a result of new information, future events, or otherwise. Readers are cautioned not to put undue
reliance on forward-looking statements.
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(d) Exhibits. The following exhibits are furnished with this report:
99.1 Press release, dated January 16, 2017
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has caused this
report to be signed on its behalf by the undersigned thereunto duly authorized.
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McEWEN MINING INC.
Date: January 17, 2017 By: /s/ Carmen Diges
Carmen Diges, General Counsel
Exhibit Index
The following is a list of the Exhibits furnished herewith:
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Exhibit
Number Description of Exhibit
99.1 Press release, dated January 16, 2017
Exhibit 99.1
MCEWEN MINING REPORTS 2016 FULL YEAR AND
Q4 PRODUCTION RESULTS
TORONTO, Jan. 16, 2017 - McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to announce annual consolidated
production in 2016 was 145,530 gold equivalent ounces(1) using a gold to silver ratio of 75:1, or 101,482 gold ounces and 3,303,709
silver ounces.
2016 Consolidated Production Summary
Highlights
x Achieved gold and silver production in line with guidance from our two producing mines.
x Doubled liquid assets during the year to $64 million(2) in cash, cash equivalents and precious metals, and no debt.
x 3 semi-annual return of capita l of ½ cent per common share will be paid on February 14 , 2017 to shareholders of
record as of the close of business on February 3 , 2017.
El Gallo Mine, Mexico
Production in 2016 was 55,266 gold equivalent ounces, compared to 63,366 gold equivalent ounces in 2015. Our production guidance
for the year was slightly exceeded and the mine performed well despite lower ore grades mined and processed relative to 2015.
In Q4, the mine produced 7,676 gold equivalent ounces, compared to 11,092 gold equivalent ounces during same period in 2015.
Production in Q4 was lower as a result of mining and processing lower ore grades during the quarter.
San José Mine, Argentina (49%(3))
Our attributable production from San José in 2016 was 46,553 gold ounces and 3,278,373 silver ounces, for a total of 90,264 gold
equivalent ounces. Compared to 2015, silver production levels were maintained and gold production was down 2%.
In Q4, attributable production was 12,714 gold ounces and 834,846 silver ounces, for a total of 23,845 gold equivalent ounces.
Guidance 201 6 Q1 Q2 Q3 Q4
Gold ounces 99,500 101,482 28,975 27,888 24,281 20,337
Silver ounces 3,337,000 3,303,709 673,767 875,00 6 916,168 838,768
Gold Eq. ounces 144,000 145,530 37,958 39,555 36,496 31,521
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Return of Capital
Our third semi-annual return of capital of ½ cent per share will be paid on February 14 , 2017 to shareholders of record as of t he close
of business on February 3 , 2017. It will be paid to common shareholders of McEwen Mining Inc. from additional paid-in capital. For
shareholders in the US and Canada, return of capital is generally not taxed, however we advise you to obtain advice from a tax
professional familiar with your specific situation.
Financial Results
Operating costs for the quarter ended December 31, 2016 will be released with our 10-K Annual Financial Statements in late
February 2017. As at December 31, 2016 we have no debt and liquid assets of $64 million composed of $36 million in cash, $21
million in precious metals, and $7 million in marketable securities. We have not issued equity to finance our operations since
completing a rights issue in 2013, and we have preserved our leverage to higher gold and silver prices by not encumbering our assets
with royalties, metal streams or hedges.
Footnotes:
(1) ‘Gold Equivalent Ounces’ are calculated based on a 75:1 gold to silver ratio.
(2) Figures updated as of December 31, 2016.
(3) The San José Mine is 49% owned by McEwen Mining Inc. and 51% owned and operated by Hochschild Mining plc.
ABOUT MCEWEN MINING (www.mcewenmining.com)
McEwen Mining has an ambitious goal of qualifying for inclusion in the S&P 500 Index by creating a high growth gold and silver
producer focused in the Americas. McEwen Mining’s principal assets consist of the San José Mine in Santa Cruz, Argentina (49%
interest), the El Gallo Mine and El Gallo Silver project in Sinaloa, Mexico, the Gold Bar project in Nevada, USA, and the Los Azules
copper project in San Juan, Argentina.
McEwen Mining has a total of 300 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 25% of the Company.
RELIABILITY OF INFORMATION REGARDING THE SAN JOSÉ MINE
Minera Santa Cruz S.A., the owner of the San José Mine, is responsible for and has supplied to the Company all reported results from
the San José Mine. McEwen Mining’s joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates other than MSC
do not accept responsibility for the use of project data or the adequacy or accuracy of this release.
TECHNICAL INFORMATION
The technical contents of this news release has been reviewed and approved by Nathan M. Stubina, Ph.D., P.Eng., FCIM, Managing
Director and a Qualified Person as defined by Canadian Securities Administrator National Instrument 43-101 “Standards of Disclosure
for Mineral Projects”.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This news 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 news release, McEwen Mining Inc.’s estimates, forecasts, projections, expectations or beliefs as to future events and
results. Forward-looking statements and information are necessarily
McEwen Mining Inc. Page 2
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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, the ability of the corporation to receive or receive in a timely manner permits or other
approvals required in connection with operations, risks associated with the construction of mining operations and commencement of
production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards,
uncertainty as to calculation of mineral resources and reserves, and other risks. The Company’s dividend policy will be reviewed
periodically by the Board of Directors and is subject to change based on certain factors such as the capital needs of the Company and
its future operating results. 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, 2015 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.
CONTACT INFORMATION:
Mihaela Iancu
Investor Relations
(647) 258-0395 ext 320
Website
www.mcewenmining.com
Christina McCarthy
Director of Corporate Development
(647) 258-0395 ext 390
facebook.com/mcewenrob
150 King Street West
Suite 2800,P.O. Box 24
Toronto, Ontario, Canada
M5H 1J9
(866) 441-0690
twitter.com/mcewenmining
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