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McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
McEwen Mining Corporate Presentation
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McEwen Mining Corporate Presentation

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  • 1. 11MUXMay 7, 2013
  • 2. 22It’s Money
  • 3. 3GoldReasons UnchangedNow More Attractive!
  • 4. 4Overtaking GDPDebt Service Threatening1. Massive Debt Burden
  • 5. 52. Unending QEWorldwideUSA & Japan AloneAdding $2 Trillion Next 12 Months
  • 6. 63. Inflation - Everywhere*As of May 7, 2013
  • 7. 74. Theft – Gov’t StyleLow Interest RatesCyprus - Stealing from DepositorsABN Amro – Default on Gold Delivery
  • 8. 8Ignore History at Your Risk*As of May 7, 2013
  • 9. 99
  • 10. 10Gold vs Shares*As of May 7, 2013HugeDivergence
  • 11. 11White House Effect-40%0%40%80%*As of May 7, 201384 88 92 96 00 04 08 12Presidential Election YearPost Election YearBre-X/85 /89 /93 /97 /01 /13/09/057888Performance of XAU
  • 12. 1212MUX
  • 13. 13Cautionary StatementThis presentation contains certain forward-looking statements and information, including "forward- looking statements" within themeaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, asat the date of this presentation, McEwen Mining Inc.s (the "Company") estimates, forecasts, projections, expectations or beliefsas to future events and results. Forward-looking statements and information are necessarily based upon a number of estimatesand assumptions that, while considered reasonable by management, are inherently subject to significant business, technical,economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements andinformation will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated insuch statements and information. Risks and uncertainties that could cause results or future events to differ materially fromcurrent expectations expressed or implied by the forward-looking statements and information include, but are not limited to, risksrelated to the cost of transferring or otherwise allocating funds between operating jurisdictions, factors associated withfluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associatedwith foreign operations, risks associated with mining operations, the construction of mining operations and commencement ofproduction and the projected costs thereof, risks related to litigation, property title, the state of the capital markets,environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves and other risks. Readersshould not place undue reliance on forward-looking statements or information included herein, which speak only as of the datehereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result ofnew information or events after the date hereof except as may be required by law. See McEwen Minings Annual Report onForm 10-K for the fiscal year ended December 31, 2012 and other filings with the Securities and Exchange Commission, underthe caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-lookingstatements and information regarding the Company. All forward-looking statements and information made in this presentationare qualified by this cautionary statement.
  • 14. 14Qualify ForS&P 500Our Goal
  • 15. 15Key AssetsGold BarGoldPermittingEl Gallo 2SilverPermittingLos Azules CopperCopperExplorationSan José Mine (49%)Silver / GoldProductionEl Gallo 1 MineGoldProduction
  • 16. 16Resource Base*See resource table, M&I= Measured & Indicated, B=BillionsM&I InferredM&I Inferred Indicated Inferred106 M oz125 M oz4.2 M oz3.3 M oz4.5 B lbsInferredGOLD SILVER COPPER15 B lbs
  • 17. 17Ownership25%$125 M Cost
  • 18. 18Finances$50 MNo Debt*As of April 29, 2013
  • 19. 19Revenue2 MinesSan José El Gallo 1
  • 20. 20*Gold EquivalentForecast Annual ProductionGrowth2015 Est. Cash Cost $750 / oz2015 Est. Total Sustaining Cost $1,000 / oz105,000 oz290,000 oz130,000 oz180,000 ozSan José El Gallo 1 El Gallo 2 Gold Bar2012A 2013E 2014E 2015E
  • 21. 21Contingency, $18.8Owners Cost, $8.8Final Engineering,$8.5ConstructionManagement, $12.0Spares, $2.0ConstructionLabour, $22.0Plant Equipment,$57.0Cement/Steel,$37.0ConstructionEquipment, $10.0Other, $5.0El Gallo 2 Capex Breakdown$180 Million
  • 22. 22Development EconomicsSilverPrice / ozNPV 5%(Millions)PaybackAfter Tax IRR$30.00 $212 2.0 39%$27.50 $165 2.2 33%$25.00 $118 2.6 26%$22.50 $71 3.0 18%$20.00 $23 4.1 10%El Gallo 2
  • 23. 23MUX Cost of Capital
  • 24. 24Alternatives. Path.-200-150-100-50050100WorkingCapital($Millions)*Gold $1,350 Silver $23.00Stop all workEl Gallo 2 on holdFinish MillEngineeringStop Gold Bar workProjectsMaintaining TimelineQ2-13 Q4-14Q2-14Q4-13Cash Scenarios
  • 25. 25Sale / JV Los AzulesLease / Debt / EquityPossible Financing Sources
  • 26. 26Los Azules: Possible Source of FundingAsset Sale or JVFor Sale
  • 27. 27Los Azules vs Lumina Copper50% ResourceGrowth Since PEALos Azules(1)(McEwen)Taca Taca(2)(Lumina)Production 375,000 535,000Capex $2.8 Billion $3.0 BillionCash CostNet by-product$0.96 $1.11Copper Grade 0.50% 0.45%Strip Ratio 1.3:1 1.6:1Mine Life 26 Yrs 28 Yrs1) June 2012. 2) April 2013Argentina Copper Development Projects
  • 28. 28Los Azules - CopperCopperCut-offTonnage (Mt) CopperGradeContainedCopper (B lbs)Indicated Resource0.35% 310 0.65% 4.5Inferred Resource0.35% 1,302 0.49% 14.050% Resource Growth Since Pea$25 Million ExplorationNew PEA Q3
  • 29. 29Comparing Market CapsMcEwen MiningLumina Copper*As of May 8, 2013$640 Million$325 Million
  • 30. 30San José Mine: Forecast 2013*Silver : Gold ratio (52:1)Gold & Silver Production, Gold Eq.102,700 ozAnnual12 YrMine Life$750 / ozCash Cost$1,300 / ozTotal Cost30High-GradeGold + SilverArgentina
  • 31. 31San José: High GradeComparison of High-Grade Deposits0481216200 2 4 6 8 10 12 14HOC / McEwenSan JoséSize (Million Au Eq. oz)Grade(AugptEq.)RubiconPhoenixPretiumValley of KingsGoldcorpRed LakeGoldcorpElenoreGoldcorpCerro NegroYamanaEl PenonMineDevelopmentExploration
  • 32. 32El Gallo 1: Forecast 2013Gold Production30,000 oz AuAnnual8 YrMine Life$750 / ozCash Cost 2013$1,250 / ozTotal Cost32Open-PitHeap LeachMexico
  • 33. 33El Gallo 1: Central Zone - Growth
  • 34. 34El Gallo 1: Central Zone - Growth
  • 35. 35El Gallo 1 & 2+ 500,000 acres5 Km ApartMexico
  • 36. 36Plans for 201325% Production GrowthStart Construction El Gallo 2ExplorationNew Trend @ Los AzulesNew Approach in NevadaExpanding Resource in MexicoFinance Completion El Gallo 2(Equity, Debt, Asset Sale) $120 Million
  • 37. 37El Gallo Twin Domes - Growth
  • 38. 38El Gallo 2: Feasibility Study*Silver : Gold ratio (52:1), **Silver price assumption $25.00Construction Forecasted to Begin Q4 2013105,000 oz AuAnnual$620/ozCash Cost$700/ozTotal CostMid-2014Production StartsCapex$180 MillionPayback**After Tax 2.8 Yrs38Mexico7 YrMine Life
  • 39. 39Gold Bar – Cortez Trend, NevadaNext to World’s Largest Gold Mine
  • 40. 4055,000 oz AuAnnual$700/ozCash Cost$850/oz Au EqTotal Cost2015Production StartsGold Bar Production Forecast*Gold $1,450Construction Forecasted to Begin 2014Capex$55 MillionPayback Period*After Tax 2.1 Yrs40Nevada8 YrMine Life
  • 41. 41Development EconomicsGold Price /ozNPV 5%(Millions)PaybackAfter Tax IRR$1,750 $134 1.6 56%$1,550 $100 1.9 45%$1,350 $65 2.5 33%$1,150 $30 3.8 19%Gold Bar
  • 42. 42*Gold EquivalentForecast Annual ProductionGrowth2015 Est. Cash Cost $750 / oz2015 Est. Total Sustaining Cost $1,000 / oz105,000 oz290,000 oz130,000 oz180,000 ozSan José El Gallo 1 El Gallo 2 Gold Bar2012A 2013E 2014E 2015E
  • 43. 43McEwen Mining Capital Structure*As of May 8, 2013Shares Issued & OutstandingMUX (NYSE, TSX) 258.5 MillionMAQ (TSX) 38.5 MillionFully Diluted 301.5 MillionPrice52 Week High – Low $4.94 – 1.67Market CapAverage Daily Vol (12 month)297.0 Million$2.15$640 Million3.0 Million
  • 44. 44McEwen Mining Management TeamROBERT MCEWENExecutive Chairman and CEO30 years experienceFounder of GoldcorpHonorary Doctor of LawMBAPERRY INGChief Financial Officer15 years experienceController GoldcorpConsultant BarrickPwCWILLIAM FAUSTChief Operating Officer34 years experienceCOO CrystallexVP Ops Nevada Pacific GoldPresident Mexico Ops Pan AmericanSilverIAN BALLSenior Vice President9 years experienceDiscovered El Gallo DepositMcEwen CapitalGoldcorp
  • 45. 45FERNANDO AGUILAROperations Manager, Mexico20 years experiencePeñasquito GoldcorpEl Sauzal GoldcorpAlamo Dorado Pan American SilverMcEwen Mining Management TeamCARLOS LIGGESMEYERCountry Manager, Argentina15 years experienceCertified Public AccountantMBAANDREW ELINESKYVice President – ArgentinaCorporate Controller Minera AndesEURIDICE GONZALEZCountry Manager, Mexico10 years experienceCompleted land acquisition ofEl Gallo Complex
  • 46. 46NILS F. ENGELSTADVice President, Corporate AffairsHon BA (international relations)Bachelor of Laws (LL.B)Master of Laws (LL.M)Member of Law Society of UpperCanadaMcEwen Mining Management TeamLUKE WILLISDirector, Resource Modelling13 years experienceRed Lake GoldcorpHemlo Mine BarrickNIGEL FUNGDirector, Mine Planning13 years experienceConsulting Mine Engineer TetatechRosebel Gold Mine IAM GoldSIMON QUICKVice President - ProjectsDegree in Economics withDistinction
  • 47. 47Contact InformationJenya MeshcheryakovaInvestor RelationsTel: 1.866.441.0690 x.410Email: info@mcewenmining.comfacebook.com/mcewenrobtwitter.com/mcewenminingstore.mcewenmining.com
  • 48. 48San José Mine(49%) (1)Tonnes (MM*)(100%)Ag Grade (g/t) Au Grade (g/t)Ag (MMoz*)(100%)Au (MMoz*)(100%)Proven 0.7 511 7.26 10.6 0.14Probable 0.75 394 5.45 8.6 0.12Measured(inclusive of P+P)1 570 8.1 16.6 0.23Indicated(inclusive of P+P)2 426 6.14 24.8 0.35Inferred 2.9 373 5.96 31.5 0.5El Gallo ComplexSilver (2)Tonnes (MM*)(100%)Ag Grade (g/t)Ag (MMoz*)(100%)Measured 21.4 71.1 48.8Indicated 2.6 51.3 4.3Inferred 27.4 35.1 31Resource Table: Combined resources calculated using the following.
  • 49. 49El Gallo ComplexGold(2)Tonnes (MM*)(100%)Au Grade (g/t)Au (MMoz*)(100%)Measured 28.3 0.46 0.41Indicated 6.1 0.78 0.15Inferred 27.6 0.31 0.27Gold Bar(3)Tonnes (MM*)(100%)Ag Grade (g/t) Au Grade (g/t)Ag (MMoz*)(100%)Au (MMoz*)(100%)Measured 0.7 1.19 0.03Indicated 18.8 0.94 0.57Resource Table: Cont’dLimo (5)Tonnes (MM*)(100%)Ag Grade (g/t) Au Grade (g/t)Ag (MMoz*)(100%)Au (MMoz*)(100%)Measured 5.9 0.89 0.17Indicated 3.7 0.61 0.07Inferred 2.2 0.7 0.05
  • 50. 50Los Azules(6) Tonnes (MM) Cu Grade (%) Au Grade (g/t) Ag Grade (g/t) Cu (B lbs)Indicated 310 0.65 0.07 1.8 4.5Inferred 1,302 0.49 0.06 2.0 14.0Limo(5)Tonnes (MM*)(100%)Ag Grade (g/t) Au Grade (g/t)Ag (MMoz*)(100%)Au (MMoz*)(100%)Measured 5.9 0.89 0.17Indicated 3.7 0.61 0.07The cumulative resource and reserve figures set forth above is comprised of the following: (1) The resources and reservesfigures on this page were derived from McEwen Mining Inc.’s news release titled “McEwen Mining Announces Resource andReserve Increases at the San José Mine in Argentina” released on March 19, 2012 by McEwen Mining. (2) See the El GalloReport. (3) See the Gold Bar Report. (4) Tonkin resources information was derived from the report “Technical Report on theTonkin Project” with an effective date of May 16, 2008 prepared by Alan C. Noble, P.E., Ore Reserves Engineering, RichardGowans, Micon International and Steven Brown, US Gold Corporation. Mr. Noble and Mr. Gowans are independent of US GoldCorporation and a Qualified Person as defined by NI 43-101. (5) Limo resources information was derived from the report “NI43-101 Technical Report for the Limousine Butte Project, White Pine County, Nevada” with an effective date of July 1, 2009prepared by John Welsh, P. Eng., Kim Drossulis, Senior Engineer, Jonathan Brown, M.B.A., C.P.G., Doug Willis, Geologist,Christine Ballard, Project Geotechnical Engineer, Eric Haddox, P. Eng. (the “Limo Report”). Each of the Limo report authors isindependent of US Gold Corporation and a Qualified Person as defined by NI 43-101. (6) See the Los Azules Report.Resource Table: Cont’d

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