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)
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): April 16, 2018
McEWEN MINING INC.
(Exact name of registrant as specified in its charter)
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
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))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Colorado
(State or other jurisdiction of
incorporation or organization)
001-33190
(Commission File
Number)
84-0796160
(I.R.S. Employer
Identification No.)
Item 2.02 Results of Operations and Financial Condition.
On April 16, 2018, McEwen Mining Inc. issued a press release announcing a summary of its production results for the first
quarter of 2018 and a summary of resource and reserve estimates for its Black Fox Complex in Canada. A copy of the press release is
attached to this report as Exhibit 99.1.
The information furnished under this Item 2.02, including the exhibit, 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.
(d) Exhibits. The following exhibits are furnished with this report:
99.1 Press release dated April 16, 2018
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, construction 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 the Company’s Annual Report on Form 10-K
for the year ended December 31, 2017, and other filings with the United States Securities and Exchange Commission. 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.
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.
2
McEWEN MINING INC.
Date: April 16, 2018 By: /s/ Carmen Diges
Carmen Diges, General Counsel
Exhibit 99.1
MCEWEN MINING REPORTS Q1 2018 PRODUCTION RESULTS
TORONTO, Apr 16, 2018 - McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) reports consolidated production for Q1 2018 of
35,069 gold ounces and 695,651 silver ounces, or 44,344 gold equivalent ounces(1)(“GEOs”), using a 75:1 gold to silver ratio.
Consolidated Production Summary
Highlights of the first quarter from our three producing mines and our newest mine in Nevada, which is under construction, are as
follows:
Gold Bar Mine, USA (100%)
Construction activities at Gold Bar focused on finishing civil works related to the heap leach pad, ponds and site infrastructure, in
preparation for major equipment and material deliveries in the second quarter. Construction is advancing on schedule for completion
by the end of 2018. During the first three years of operation beginning in 2019 Gold Bar is projected to produce 55,000, 74,000 and
68,000 ounces of gold respectively.
Black Fox Mine, Canada (100%)
Black Fox produced 12,078 GEOs, in line with our full year production guidance for 2018 of 48,000 GEOs. A $12 million exploration
program is ongoing across the Black Fox Complex, drilling results and other developments will be released quarterly, with the next
update anticipated by the end of April.
A new technical report and resource/reserve estimates for the Black Fox Complex was published on April 6, 2018. The complete
report, with an effective date of October 31, 2017, is available on the Company’s website and on www.sedar.com. For comparative
purposes the previous resource/reserve estimates by the former property owner had an effective date of December 31, 2016. The new
mineral resource estimate for the Black Fox Mine resulted in a 40% increase in gold resource in the Indicated category to 538,000
ounces, and a decrease of 2% in the Inferred category to 44,000 ounces (see Table i). The overall increase is mainly attributable to
improvements in methodology used to constrain high and low-grade domains within lithological and alteration envelopes. This
significantly reduced internal dilution that previously resulted in the exclusion of potential resource. Additionally, capping grades and
variography parameters were reviewed and tailored to each domain.
The new mineral reserve estimate for the Black Fox Mine resulted in a 2% increase in Proven and Probable gold reserves to 113,000
ounces (see Table ii).
Resource estimates for the Froome and Grey Fox deposits were also updated. The new Froome resource estimate is in line with the
previous estimate. At Grey Fox, the updated resource considered a potential underground mining scenario (previously open pit and
underground) and was calculated using additional drill hole data, updated geological and structural interpretations and tighter controls
on the estimation process. Comparing underground resources only, gold resource in the Indicated category increased by 44% to
465,000 ounces, and the Inferred category decreased by 32% to 100,000 ounces.
Q1 ‘18 Q4 ‘1 7 Q3 ‘17 Q2 ‘17 Q1 ‘17
Gold ounces 35,069 48,609 19,051 22,191 20,096
Silver ounces 695,651 926,739 749,749 779,48 7 722,767
GEOs 44,344 60,965 29,047 32,584 29,733
McEwen Mining Inc. Page 1
El Gallo Mine, Mexico (100%)
El Gallo produced 12,217 GEOs, in line with our budget and full year production guidance for 2018 of 32,000 GEOs. Mining from the
existing open pits will cease in Q2, while heap leaching activities are expected continue until 2020, or as long as it remains
economical to do so. Operating expenses will diminish significantly in Q2, while gold production will decline more gradually,
resulting in an overall reduction in cost per ounce produced for the balance of 2018.
San José Mine, Argentina (49%)
Our attributable production from San José was 10,822 gold ounces and 692,052 silver ounces, for a total of 20,049 GEOs. Production
at San José in the first quarter is typically lower than other quarters due to regularly scheduled maintenance, however the mine is on-
track to achieve our full year guidance for 2018 of 91,000 GEOs. We received approximately $5 million in dividends from our interest
in San José during Q1, and with spot gold and silver prices significantly above budget, we expect to continue to receive dividends in
each of the subsequent quarters.
First Quarter Financial Results
Operating costs for the quarter ended March 31, 2018 will be released with our 10-Q Quarterly Financial Statements in early May. As
of April 6, 2018 we are debt-free with liquid assets of approximately $52 million.
Table i: Mineral Resource Statement, Black Fox Complex, SRK Consulting (Canada) Inc., October 31, 2017
x Mineral resources are not mineral reserves and do not have demonstrated economic viability. All figures rounded to reflect the
relative accuracy of the estimates. Composites were capped where appropriate. Mineral resources reported at variable cut-off
grades as indicated, assuming an underground extraction scenario, a gold price of US$1,500/oz, C$:US$ exchange rate of 1.25;
and metallurgical gold recoveries of 96 percent for Black Fox, 90 percent for Froome and 80 percent for Grey Fox.
Table ii: Mineral Reserve Statement, Black Fox Mine, SRK Consulting (Canada) Inc., October 31, 2017
x Mineral reserves are included in the mineral resources. All figures have been rounded to reflect the relative accuracy of the
estimate. Mineral reserves are based on a cut-off value of 3.72 g/t gold (4.28 g/t including 15% dilution) assuming a gold price of
US$1,250/oz, a C$:US$ exchange rate of 1.25:1:00, milling recoveries of 96%, royalty of 4.55%, and operating cost of C$171/t.
Mineral reserves are stated at a mill feed reference point and include for diluting materials and mining losses.
Classification
Cut-off Grade
Gold (g/t)
Quantity
(‘000 t)
Grade Gold
(g/t)
Contained Metal
Gold (‘000 oz)
Indicated Mineral
Resource
Underground Black Fox 3.00 2,145 7.80 538
Froome 3.20 941 5.26 159
Grey Fox 3.60 2,177 6.64 465
Total Indicated 5,263 6.87 1,162
Inferred Mineral
Resource
Underground Black Fox 3.00 216 6.35 44
Froome 3.20 125 4.70 19
Grey Fox 3.60 453 6.83 100
Total Inferred 794 6.3 6 163
Classification Quantity (‘000 t)
Grade Gold
(g/t)
Contained Metal
Gold (‘000 oz)
Proven Mineral Reserve
Underground — — —
Total Proven — — —
Probable Mineral Reserve
Underground 395 8.88 113
Total Probable 395 8.88 113
McEwen Mining Inc. Page 2
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 El Gallo Gold
mine in Mexico; the Black Fox mine in Timmins, Canada; the Gold Bar mine in Nevada, currently under construction; and the large
Los Azules copper project in Argentina, advancing towards development.
McEwen has a total of 337 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 24% of the shares.
Footnotes
(1) ‘Gold Equivalent Ounces’ are calculated based on a 75:1 gold to silver ratio.
(2) The San José Mine is 49% owned by McEwen Mining Inc. and 51% owned and operated by Hochschild Mining plc.
All dollar amounts are US Dollars
Reliability of Information Regarding San José
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 Administrators 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 (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, 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, 2017 and other filings with the Securities and Exchange Commission, under the caption “Risk Factors”, for
additional information on risks, uncertain ties 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.
Mihaela Iancu
Investor Relations
(647) 258-0395 ext 320
facebook.com/mcewenrob
Website
www.mcewenmining.com
twitter.com/mcewenmining
150 King Street West
Suite 2800,P.O. Box 24
Toronto, Ontario, Canada
M5H 1J9
(866) 441-0690
McEwen Mining Inc. Page 3