McEwen Mining reports Q3 production 36,496 gold equivalent ounces
McEwen Mining reports Q3 total production of 36,496 gold equivalent ounces using a gold to silver ratio of 75:1, or 24,281 gold ounces and 916,168 silver ounces. Production is on target to achieve 2016 guidance of 144,000 gold equivalent ounces, or 99,500 gold ounces and 3,337,000 silver ounces. The San Jose Mine in Argentina produced 12,527 gold ounces and 909,017 silver ounces attributable to McEwen in Q3, for a total of 24,647 gold equivalent ounces. Full year production guidance for San Jose in 2016 is 45,000 gold ounces and 3.3 million silver ounces, for a total of 89,000 gold equivalent ounces attributable to the company. The El Gallo Mine performed as expected in Q3, producing 11,849 gold equivalent ounces. Production in Q3 was lower than the prior quarter due to lower ore grades. Full year guidance for El Gallo is 55,000 gold equivalent ounces. The 2016 exploration budget for Mexico is $4M.