McEwen Inc

McEwen Inc (MUX) News & Events

$16.210

+0.634 (+3.91%)At close

MUX News

MUX Events

10/9 09:30

McEwen Signs $55M Asset Sale Agreement with Discovery Mining

McEwen (MUX) announced that it and its wholly-owned subsidiaries have entered into a definitive asset purchase and sale agreement with Dome Mine, a wholly-owned subsidiary of Discovery Mining (DSVSF), pursuant to which the McEwen subsidiaries have agreed to sell to Dome all of the right, title and interest in and to the Fuller property located in Timmins, Ontario, which is wholly owned by Lexam, Lexam's 60% interest in the Paymaster property located in Timmins, Ontario, which Lexam holds in joint venture with Dome, and a surface rights only parcel located in Timmins, Ontario, which is wholly owned by VG, for total consideration of $55M. The transaction will monetize non-core assets and provide McEwen with $55M of additional capital, which the company plans to invest across its operations and development projects to support its goal of producing 250,000-300,000 gold equivalent ounces annually by 2030 with minimal to no share dilution. The Fuller and Paymaster properties are part of McEwen's broader Fox Complex land position in the Timmins mining district. Fuller covers approximately 210 hectares and Paymaster approximately 179 hectares. Upon closing, Discovery will acquire McEwen's full interest in both assets and consolidate 100% ownership of the Paymaster joint venture. At the Fox Complex, McEwen's operations and development will remain centered on Froome, Stock and Grey Fox, as previously outlined in the company's growth strategy. Under the terms of the APA, the purchase price shall be comprised of $5M payable in cash and $50M payable in common shares in the capital of Discovery. The number of Discovery Shares to be issued will be determined based on the five-day volume-weighted average share price of the Discovery Shares on the TSX ending two business days before the closing date. For purposes of determining the number of Discovery Shares issuable, the US dollar-denominated share consideration will be converted into Canadian dollars at the Bank of Canada daily exchange rate in effect on such date. The Discovery Shares issued to the company will be subject to a statutory four-month-and-one-day hold period. The transaction is expected to close following satisfaction of customary closing conditions, including TSX approval for the issuance of the Discovery shares.

8/24 18:30

McEwen Announces COO Retirement and Executive Promotions

McEwen "announced the planned retirement of Chief Operating Officer William Shaver. Mr. Shaver will continue to serve on the Board of Directors of McEwen Copper, which is 46.3% owned by McEwen. As a result of Mr. Shaver's retirement, McEwen has made several promotions to its leadership team. The Company views current production, mine construction and permitting as the three keys to successfully reaching its goal of 250,000-300,000 GEOs by 2030. To that end, McEwen will be making three appointments to address these areas and our Vice-Chairman, Ian Ball, will be working closely with these gentlemen to propel McEwen forward. Channa Kumarage - Promoted to Vice President, Operations. Mr. Kumarage will be responsible for overseeing the Company's operating mines. He has held progressive leadership roles within McEwen, including Director of Technical Services, where he was instrumental in bringing the Froome mine at the Fox Complex in Timmins into production and developing the Stock Mine that is nearing completion. Kevin Bromfield - Promoted to Vice President, Development Projects. Mr. Bromfield will lead the teams responsible for the engineering and building of Grey Fox (Fox Complex, Timmins), Tartan Mine Project (Flin Flon, Manitoba) and Lookout Mountain/Windfall (Gold Bar Mine Complex, Nevada). Zahir Jina - Promoted to Vice President, Permitting, Government Relations and Sustainability. Mr. Jina is an environmental management, engagement and permitting professional with more than 15 years of experience advancing Canadian and international mining projects through provincial, state and federal approval processes, from greenfield or brownfield development to closure."

3/23 06:10

McEwen Reports Mineral Resource Estimate for Tartan Mine Project

McEwen is pleased to report its Mineral Resource Estimate for the Tartan Mine Project, located in Flin Flon, Manitoba. The Mineral Resource Estimate outlines 308,900 Indicated gold ounces and 302,700 Inferred gold ounces, with good potential to increase the size of the resource through additional drilling: 1) Immediately around the resource, along the Western and Eastern Flanks of the Main Zone 2) Vertically at the Main and South Zones, and 3) On the adjoining, optioned Tartan West property to the west, where good gold grades have been reported in recent surface samples and historic drill holes. The Tartan Mine Project forms part of the company's goal of doubling production to 250,000-300,000 gold ounces by 2030. McEwen expects initial annual production at Tartan to average approximately 30,000 gold ounces, with the potential to expand throughput through future permit modifications. The company believes that doubling the potential mill capacity from 500 tonnes per day to 1,000 tpd could see production grow to 45,000-55,000 ounces per year.

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