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Printed Feb 21, 2025 • 5 minute learn
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TORONTO, Feb. 21, 2025 (GLOBE NEWSWIRE) — McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is responding to the information launch issued by the Apitipi Anicinapek Nation (“AAN”) dated February 12th, 2025, that alleges McEwen has breached the Influence Profit Settlement (“IBA”) related to the Fox Advanced (“Fox”) initially signed in 2011 between Brigus Gold Corp (“Brigus”) and AAN. Since that point, the Fox property has modified possession twice. First to Primero Mining Corp. (“Primero”) when it bought Brigus in 2013 after which in 2017 when McEwen acquired Fox from Primero in a single asset sale.
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Regarding the environmental allegations, McEwen is absolutely dedicated to the safety of the surroundings on the Inventory Mill. We proceed to take acceptable steps to guard the surroundings and adjust to legal guidelines. We don’t consider there’s trigger for concern about hurt to the surroundings or the general public from the operation of the tailings facility. Our tailings facility is operated beneath an approval issued by the Ontario Ministry of Surroundings, Conservation and Parks (MECP), and is topic to frequent inspections by representatives from a wide range of provincial and federal ministries together with these chargeable for fisheries, pure sources, the surroundings and mining. We should adhere to stringent necessities for effluent remedy, together with floor and groundwater high quality monitoring and organic monitoring, and report outcomes to the MECP. As a part of a current Closure Plan Modification within the regular course of operations and in response to inspections by provincial authorities, McEwen proposed further monitoring and continues to work with these authorities to make sure that we’re fulfilling our obligations to all our constituents.
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McEwen understands that there was an ongoing dispute regarding the obligation within the IBA to make annual funds of 25,000 Brigus widespread shares to AAN predating McEwen’s acquisition of Fox. Complicating the dialog is the truth that Brigus ceased to exist after its buy by Primero in 2013; McEwen believes that Brigus shares and McEwen shares should not interchangeable on a 1-to-1 foundation and that we’re not chargeable for shares that weren’t delivered by Primero throughout its possession of Fox, amongst different issues. We stay open to constructive dialogue with AAN on this situation, and we hope to succeed in an amicable decision.
Each earlier than and through this dispute, McEwen has labored with AAN to offer the neighborhood members and companies with benefits in step with the monetary participation and enterprise phrases of the IBA, offering CDN$20 million in direct and oblique advantages since 2017. To help communication, develop new financial alternatives, and improve the transparency of our interactions with the AAN, an AAN consultant, paid for by McEwen, was current at Fox as much as 5 days per week and was given a workspace within the surroundings workplace. This AAN consultant has not appeared at Fox for a couple of 12 months. Given there appear to be vital misunderstandings about environmental issues and transparency, we consider it might be extremely helpful to have an AAN consultant current at Fox each day.
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CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This information launch incorporates sure forward-looking statements and data, together with “forward-looking statements” throughout the which means of the Personal Securities Litigation Reform Act of 1995. The forward-looking statements and data expressed, as on the date of this information launch, McEwen Mining Inc.’s (the “Firm”) estimates, forecasts, projections, expectations or beliefs as to future occasions and outcomes. Ahead-looking statements and data are essentially based mostly upon various estimates and assumptions that, whereas thought-about cheap by administration, are inherently topic to vital enterprise, financial and aggressive uncertainties, dangers and contingencies, and there may be no assurance that such statements and data will show to be correct. Subsequently, precise outcomes and future occasions may differ materially from these anticipated in such statements and data. Dangers and uncertainties that might trigger outcomes or future occasions to vary materially from present expectations expressed or implied by the forward-looking statements and data embody, however should not restricted to, fluctuations out there value of treasured metals, mining trade dangers, political, financial, social and safety dangers related to international operations, the power of the Firm to obtain or obtain in a well timed method permits or different approvals required in reference to operations, dangers related to the development of mining operations and graduation of manufacturing and the projected prices thereof, dangers associated to litigation, the state of the capital markets, environmental dangers and hazards, uncertainty as to calculation of mineral sources and reserves, international alternate volatility, international alternate controls, international forex danger, and different dangers. Readers mustn’t place undue reliance on forward-looking statements or data included herein, which communicate solely as of the date hereof. The Firm undertakes no obligation to reissue or replace forward-looking statements or data on account of new data or occasions after the date hereof besides as could also be required by regulation. See McEwen Mining’s Annual Report on Kind 10-Ok for the fiscal 12 months ended December 31, 2023, Quarterly Report on Kind 10-Q for the three months ended March 31, 2024, June 30, 2024, and September 30, 2024, and different filings with the Securities and Alternate Fee, beneath the caption “Threat Components”, for added data on dangers, uncertainties and different components referring to the forward-looking statements and data relating to the Firm. All forward-looking statements and data made on this information launch are certified by this cautionary assertion.
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The NYSE and TSX haven’t reviewed and don’t settle for duty for the adequacy or accuracy of the contents of this information launch, which has been ready by administration of McEwen Mining Inc.
ABOUT MCEWEN MINING
McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. As well as, it owns 46.4% of McEwen Copper which owns the big, superior stage Los Azules copper mission in Argentina. The Firm’s goal is to enhance the productiveness and lifetime of its belongings with the objective of accelerating its share value and offering an investor yield. Rob McEwen, Chairman and Chief Proprietor, has a private funding within the firms of $205 million. His annual wage is $1.
McEwen Mining’s shares are publicly traded on the New York Inventory Alternate (NYSE) and the Toronto Inventory Alternate (TSX) beneath the image “MUX”.
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