McEwen Mining reports Q2 production 45,881 gold equivalent oz.
McEwen Mining reports consolidated production for Q2 2019 of 36,216 gold ounces and 850,525 silver ounces, or 45,881 gold equivalent ounces, or GEOs, vs. 47,258 GEOs in 2Q18. The San Jose and El Gallo mines, which accounted for 62% of total gold and silver production in Q2, exceeded targets. The other two operations, the Gold Bar and Black Fox mines, performed better than in Q1, but below forecast. 2019 production guidance has been reduced by 6% for gold and is unchanged for silver. On a gold equivalent basis, silver is forecast to represent 20% of the 2019 consolidated production of 190,000 GEOs. Commercial production was achieved at Gold Bar on May 23, and Gold Bar produced 7,940 gold ounces in Q2. The ramp-up to full production is progressing but delays in Q1 adversely impacted gold production in Q2 and forecast for 2019. 2019 guidance has been reduced from 50,000 to 42,000 gold ounces. Black Fox produced 9,420 gold ounces in Q2. 2019 guidance for Black Fox has been reduced from 50,000 to 45,000 gold ounces. The San Jose mine is on-track to achieve 2019 guidance of 49,000 gold ounces and 3,225,000 silver ounces. for 2019 El Gallo 2019 guidance has been raised to 16,000 gold ounces from residual leaching.