McEwen mining Black Fox exploration news

The Gibson exploration target area is adjacent the Grey Fox Deposit, where Indicated resources of 465,000 gold ounces at a grade of 6.64 g/t, and Inferred resources of 100,000 gold ounces at 6.83 g/t are currently defined.

The present dimensions of the Gibson Zone mineralization are approximately 100 m in length along strike and 400 m depth from near surface. Additional drilling is underway to better define the extent and orientation of the mineralization.

Hole 18GF-1079 returned 3.11 g/t gold over 34 m (core length), including 10.81 g/t gold over 6 m, from a new style of breccia mineralization identified at the Gibson area. This new intersection suggests the potential for extension of the mineralization to a 500 m depth below surface. Drilling will continue in Q3 to further assess the potential depth extension.

Significant Gibson drill intersections include:

 * True width unknown

During Q2 a significant portion of the underground drilling was dedicated to confirming and expanding known mineralized trends that are located close to current workings and that could be brought into production quickly. Definition drilling to the east of 560 Central Zone (CZ) has extended the east sill nearly 30 m. Drill intercepts have recently been confirmed with high grade chip samples that were taken across development faces, including: 27.65 g/t gold over 3.4 m and 90.22 g/t gold over 3.3 m.

Central Zone drilling highlights include:

* Previously disclosed

Infill drilling targeting the 780 to 820-meter levels of the Deep Central Zone (DCZ) was designed to aid in future development and production planning and has returned high grade intercepts, showing the impressive nature and continuity of the DCZ at depth.

Deep Central Zone drilling highlights include:

Underground mining and exploration efforts in Q3 will be dedicated to: 1) Conversion of ounces from the resource to the reserve category, and 2) Development of an exploration drift to provide additional drill platforms to test the depth extension of the mine that remains open.

An updated mineral resource estimate for Black Fox Mine with an effective date of March 31, 2018 was completed by SRK Consulting (Canada) Inc. The resource update reflects improved modeling of underground voids, and additional definition and delineation drilling. SRK’s methodology applied to the current resource remained consistent with that used in 2017. The tables (i-iii) below summarize the current resource estimates for the Black Fox Complex.

The next update of the Black Fox Complex resource estimates is planned at the end of the year, and will be published early in 2019 along with the revised and restated mineral reserve estimate.

Figure 1 – Stock Exploration Drilling (Click to download .PDF):
http://mcewenmining.com/files/doc_news/archive/20180724_bf/figure_1_mux_jul_24_stock.pdf

Figure 2 – Froome Exploration Drilling (Click to download .PDF):
http://mcewenmining.com/files/doc_news/archive/20180724_bf/figure_2_mux_july_24_froome.pdf

Figure 3 – Gibson Exploration Drilling (Click to download .PDF):
http://mcewenmining.com/files/doc_news/archive/20180724_bf/figure_3_mux_july_24_gibson.pdf

Table 1 – All Drilling (Click to download .XLS):
http://mcewenmining.com/files/doc_news/archive/20180724_bf/table_1_muxjuly_24_black_fox_au_composites.xlsx

McEwen’s goal is to qualify for inclusion in the S&P 500 Index by creating a profitable gold and silver producer. 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 that is currently under construction; and the large Los Azules copper project in Argentina that is advancing towards permitting.

McEwen has a total of 337 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 24% of McEwen.

The mineral resource estimates were prepared by Dr. Aleksandr Mitrofanov, P Geo, who is a “qualified person” within the meaning of National Instrument 43-101 (“NI 43-101”). Dr. Mitrofanov is an employee of SRK Consulting, (Canada) Ltd and is considered to be “independent” of McEwen for the purposes of NI 43-101.

Black Fox Complex drilling was conducted by Forage Asinii Drilling, Boart-Longyear, Major Drilling, NPLH and Norex Drilling and supervised by McEwen’s Geology Department. All exploration drill core samples at the Black Fox Complex were submitted as 1/2 core. Analyses reported herein were performed by the independent laboratories:  ALS Laboratories, which is ISO 9001/IEC17025 certified, Activation Labs, which is ISO 9001/IEC17025 certified, and SGS Canada Laboratories, which is ISO9001/IEC17025 certified. Samples from definition and select delineation drilling, and development sampling completed within the Black Fox mine are assayed at McEwen’s onsite laboratory. McEwen’s quality control program includes systematic insertion of blanks, standard reference material and duplicates to ensure laboratory accuracy.

To determine the lengths of significant mineralized intervals, the following composite criteria was established: a minimum reportable interval length of 3 m was determined by establishing a cut-off grade of 3g/t Au for underground (1 g/t Au for near surface). A consecutive maximum length of 3 m of internal waste, including sub cut-off grade material, is allowed and incorporated into the reported composites.  Where an interval of less than 3 m is considered, if the grade x length calculation is greater than 9 (3 for surface), it may be reported. There is no top cutting or capping of assays.

For further details about the Black Fox Complex project including Tamarack, please see our recent NI 43-101 technical report titled “Technical Report for the Black Fox Complex, Canada” dated April 6^th, 2018 with an effective date of October 31^st, 2017 available on SEDAR (www.sedar.com) under our issuer profile.

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 including, but not limited to, the closing of the Offering and the use of proceeds thereof. 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 related to fluctuations in mine production rates, 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, 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.

Mihaela Iancu Investor Relations (647)-258-0395 ext 320 info@mcewenmining.com

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