(MENAFN- ABN Newswire) Toronto, Nov 3, 2017 AEST (ABN Newswire) - McEwen Mining Inc. () () reports its consolidated financial results for the third quarter ending September 30, 2017.
During Q3 2017 the El Gallo mine had earnings from mining operations of $5.1 million and the San José mine had earnings from mining operations of $4.5 million.
The Company experienced increased cost and reduced income as a consequence of an unexpected drop in production at the El Gallo mine due to an equipment failure. Our portion of income from the San José mine was also reduced on lower production. As a result, the Company reported a net loss of $8.1 million or $0.03 per share.
"During the third quarter we faced some challenges with our operations that resulted in disappointing performance. Production was approximately 17,500 gold equivalent ounces in the month of October. This improved production level puts us on track for a stronger fourth quarter" said Rob McEwen, Chairman and Chief Owner.
About McEwen Mining Inc
() () goal is to qualify for inclusion in the S & P 500 Index by creating a high growth, profitable gold and silver producer focused in the Americas and Europe. McEwen Mining's principal assets consist of the San Jose Mine in Santa Cruz, Argentina (49% interest), the El Gallo Mine and El Gallo Silver project in Sinaloa, Mexico, the Gold Bar project in Nevada, USA, and the Los Azules copper project in San Juan, Argentina.
McEwen Mining has a total of 300 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 25% of the Company.
MENAFN0211201701110000ID1096031801
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.