McEwen Mining provides mid-year update on exploration, development activities
Rob McEwen is so confident in the quality of his namesake company and its deposits he’s put $160 million of his own capital into their development, and is taking a salary of just $1 per year, without a bonus or options.
“So why such a big commitment?” he asked during a Sept. 7 mid-year webcast report to investors. “I’m a big believer in our future, the potential of our properties, the skill of our team, and the power of mining to make a meaningful contribution to society at large.”
McEwen is the founder, chair, and chief shareholder of McEwen Mining, which owns a number of gold and base metals properties in the Timmins area, in addition to the El Gallo Mine in Mexico, the San José Mine in Argentina, the Gold Bar property in Nevada, Project Fenix in Mexico, and the Los Azules property in Argentina.
McEwen Mining acquired the Black Fox Complex, located in Black River-Matheson east of Timmins, from Primero Mining in October, 2017. It includes the Black Fox Mine, which has produced 835,000 ounces of gold to date, and the Froome, Grey Fox and Tamarack deposits, along with the Stock Mill and the former Stock Mine.
The company is currently in the midst of a $15-million drill program at Black Fox, drilling more than 80,000 metres to date. At the program’s conclusion, 100,000 metres in total will be completed.