McEwen Mining Cautions Shareholders at Annual General Meeting
TORONTO, ONTARIO--(Marketwire - May 18, 2012) - McEwen Mining Inc. (NYSE:MUX)(TSX:MUX) announces that at its Annual General Meeting in Toronto on May 17, 2012, Mr. Robert McEwen, Chairman, President and Chief Executive Officer, provided an overview of the company's current development plans and outlook for the price of gold.
Mr. McEwen provided an overview of recent decrees announced by the government of Argentina and the possible adverse impact also on the mining industry. In particular, Mr. McEwen informed shareholders that the uncertainty related to the repatriation of funds from the San José mine could impair the company's ability to internally finance its projects. If these uncertainties persist, the company will need to seek external financing alternatives for the development of El Gallo Phase 2.
Despite current weakness in precious metals prices, Mr. McEwen also re-affirmed his view of the price of gold, which includes an ultimate target price of $5,000 oz by the end of this cycle.
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May 18, 2012 (Source: Marketwire)