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McEwen Mining receives significant update on permitting licence for its Gold Bar Project in Nevada.

McEwen Mining receives significant update on permitting licence for its Gold Bar Project in Nevada.

The company believes that it will receive the permit from the Environmental Protection agency in early November. as McEwen Mining progresses towards mine development in the fourth quarter of this year.

“This is a key permit milestone for our Gold Bar Project, that once constructed is projected to produce 65,000 ounces of gold per year starting in 2019. This achievement was a team effort that required the coordination and commitment from our staff, the BLM, Eureka County Board of Commissioners, and many other Cooperating Agencies,” said Rob McEwen, Chairman and Chief Owner.

McEwen has the goal to qualify for inclusion in the S&P 500 Index by creating a high growth 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 and El Gallo Silver project in Mexico, the Black Fox mine in Timmins, Canada, the Gold Bar project in Nevada, and the Los Azules copper project in Argentina.

The Gold Bar Project is located within the Battle Mountain-Eureka-Cortez gold trend of Eureka County, Central Nevada. The property has seen historic mining from 1990 to 1994 by Atlas Precious Metals Inc. The nearest mines are Waterton Global’s Ruby Hill Mine at approximately 25 miles to the Southeast and Barrick’s Cortez Mine at approximately 35 miles to the Northwest. In 2016 the Cortez Mine produced 1.06 million ounces of gold at all-in sustaining costs of $517 per ounce.

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McEwen Mining continues to advance the permitting process for construction and production at Gold Bar. Formal notice from the BLM states that our Record of Decision for the Project is expected in the second half of 2017. All other applicable State and Local permits are expected to be also acquired within this timeframe. Mine construction is anticipated to take approximately 10-12 months to complete.

Gold Bar development activities are to accelerate in areas such as final design engineering for the process plant and conveyor stacker system necessary for State and Federal permit documents. The budget for Gold Bar development was $3.5 million in 2016. For 2017 $2 million are allocated for the completion of the permitting activities. $37.2 million will be allocated for initial stage construction, which is expected to commence at the end of 2017.