McEwen Mining Says Average Annual Gold Production Of 65K Oz At Gold Bar Project in Nevada

McEwen Mining Inc.

is pleased to announce results of a Feasibility Study (FS) for its 100% owned Gold Bar Project in Nevada. The key outcomes of the study include: Low initial capital of $60 million; Attractive IRR of 20% at current gold price; Average annual gold production of 65,000 oz; and Estimated average cash cost of $728/oz. The FS was prepared by SRK Consulting Inc. (SRK) of Reno, Nevada in accordance with the requirements of Canadian National Instrument 43-101 "Standards of Disclosure for Mineral Projects" ("NI 43-101"). "Completion of this Feasibility Study is an important milestone. I believe Gold Bar will be the next mine we put into production. It includes the fundamental elements we consider important to investors when building a mine: Low capital and operating costs, and a reasonable rate of return in the current price environment. We can now move ahead with a high degree of confidence in the capital estimate and projected operating performance," said Rob McEwen, Chairman and Chief Owner. Highlights of the Feasibility Study(1) Estimated initial capital expenditures of $60 million Pay-back period of 3 years at $1,150/oz gold and 2 years at