McEwen Mining declares commercial production at Mexico mine
TORONTO (miningweekly.com) – Toronto-based gold miner and project developer McEwen Mining has declared commercial production at its El Gallo Phase 1 mine, in Sinaloa state, Mexico, as from January 1.
On September 24, the company announced that it had poured its first bar of gold at the mine. Subsequent to the first pour, the mine has been steadily increasing mine, crusher and leaching production and is now operating at 90% of the designed capacity.
The company said the final ramp-up is expected to be achieved during the first quarter.
El Gallo Phase 1 is expected to produce about 30 000 oz in 2013.
Operating costs will be reported starting in the current quarter.
The company’s stock, of which chief owner and CEO Rob McEwen owns 25%, traded at C$3.67 apiece on Wednesday afternoon.
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