McEwen Mining Inc TSX:MUX announced an updated NI 43-101 estimate for its 100%-owned El Gallo Complex in Sinaloa State, Mexico. The measured and indicated resource is 53.1 million ounces silver (up 33% over the February 2011 estimate) and 566,508 ounces gold, and the inferred resource is 31 million ounces silver (up 57%) and 271,081 ounces gold.
El Gallo production is scheduled to begin in July 2012 with 30,000 ounces per year at a cost of $800 per ounce, rising to 105,000 gold-equivalent ounces per year at $575 per ounces in 2014.
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by Kevin Michael Grace