Gold Bar Advanced-stage Project

NEVADA - McEwen Mining reported that in 2016, has budgeted approximately $8.3 million for our Nevada properties. The budget for Gold Bar development is $3.5 million, of which $0.6 million was spent in Q1. The exploration budget is $1.6 million for a total of 16,000 ft. (4,900 m) of drilling.  Exploration drilling on two Nevada projects has commenced, including on the new Afgan project acquired.

The company continues to advance the permitting process for construction and production at Gold Bar. Formal notice from the Bureau of Land Management states our Record of Decision (ROD) for the Gold Bar Environmental Impact Statement (EIS) is expected in January, 2017. The Company expects that all other applicable State and local permits will also be acquired within this timeframe. Once the ROD and permits are received, the Company can begin mine construction, which is expected to take approximately 10-12 months to complete.