UPDATE: Stifel Nicolaus Initiates McEwen Mining at Buy on Production Acceleration

Stifel Nicolaus initiated coverage on McEwen Mining

with a Buy rating and a $3.75 price target. Stifel Nicolaus commented, "McEwen Mining is entering a period of accelerated production growth from a recent 10% increase in throughput capacity at San Jose, ramping up of gold production from El Gallo Phase I, and development of both El Gallo Phase II and Gold Bar. We forecast production of 136,000 gold equivalent ounces (Au eq oz) in 2013, rising to over 310,000 Au eq oz in 2017, with total cash costs below $750/oz Au eq." McEwen Mining closed at $3.06 on Thursday.