Rob McEwen, Chief Owner of McEwen Mining has an Important Message for Share Owners Conference Call Announced for May 22nd 10 am (Eastern)
TORONTO, ONTARIO, May 21, 2012 (MARKETWIRE via COMTEX) -- McEwen Mining Inc. MUX +7.21%CA:MUX -9.60% -
Dear Fellow Share Owners,
At our Annual General Meeting (AGM) held last Thursday, I spoke about recent developments in Argentina that could impair our ability to internally fund our growth plans. Immediately following the meeting, we issued a news release with the word "cautions" in the headline to ensure all of you would be aware of this possibility.
As the company's largest share owner, holding 67 million shares, I want you to understand we do have options. This is not the end of the road but rather a possible nasty bump along our path of building MUX. I say possible because at the moment we do not have a clear picture of the consequences of these developments on our cash flow, but it is always prudent to plan for the worse.
Fortunately, we have some special assets and we have time to plan for the best way to replace a possible interruption in our cash flow. Our treasury has adequate funds to cover our operations and development until Q2 2013. By that time if conditions have not changed we expect to have explored and executed on one or all of the following steps to provide the necessary development funding: the sale or partial sale of the Los Azules copper project, the sale of a royalty, debt financing, a rights issue and equity issue or a combination with another company.
My goal is to see your investment and mine multiply many times. I have invested $110 million dollars because I believe MUX has some world class assets and that over time it will be worth considerably more than today.
In the near term, we will be delivering new resource estimates for Los Azules and El Gallo by the end of June. In July, gold production starts in Mexico. In Q3, we will be issuing the feasibility study for El Gallo-Phase 2.
Earlier this year you approved the creation of McEwen Mining through the merger of US Gold and Minera Andes. Despite our current share price, I believe we have the beginnings of a great company.
We will preserver! We will overcome! We will grow!
Conference Call Details:
McEwen Mining's Chief Owner, Rob McEwen, will host a conference call on Tuesday May 22, 2012 at 10:00 AM ET.
WEBCAST: http://www.gowebcasting.com/3365
TELEPHONE:
Participant dial-in number(s): 416-340-2217 /866-696-5910
Participant pass code: 3657413
REPLAY:
Dial-in number(s): 905-694-9451 / 800-408-3053
Pass code: 9980577
Please note the telephone number above can accommodate 50 people. Should the line be full, please use the link above and it will allow you to access the conference call via the Internet.
To view the entire press release follow the link below:
May 21, 2012 (Source: Marketwatch)
Disclosure: McEwen Mining Corp. is a past Vulture Bargain Candidate of Interest (VBCI). Members of the GGR team may still hold long positions in MUX.
