Positive Feasibility Study For Gold Bar Project

TORONTO - McEwen Mining Inc. reported results of a Feasibility Study (FS) for its 100% owned Gold Bar Project in Nevada. The key outcomes of the study include: Low initial capital of $60 million; Attractive IRR of 20% at current gold price; Average annual gold production of 65,000 oz.; and Estimated average cash cost of $728/oz. The FS was prepared by SRK Consulting Inc. of Reno, Nevada in accordance with the requirements of Canadian National Instrument 43-101 "Standards of Disclosure for Mineral Projects".

"Completion of this Feasibility Study is an important milestone. I believe Gold Bar will be the next mine we put into production. It includes the fundamental elements we consider important to investors when building a mine: Low capital and operating costs, and a reasonable rate of return in the current price environment. We can now move ahead with a high degree of confidence in the capital estimate and projected operating performance," said Rob McEwen, Chairman and Chief Owner.