Canadian McEwen Mining Inc. issued a press release stating that the company is extremely disappointed to report an armed robbery occurred on Tuesday April 7th, 2015, at their El Gallo 1 mine in Sinaloa, Mexico.
An estimated 900 kilograms of gold-bearing concentrate containing approximately 7,000 ounces of gold (worth approximately 8.5 million USD), were stolen from the refinery. The crime is being vigorously investigated by the Mexican authorities.
The Company maintains insurance against these types of incidents and is working closely with its insurance carrier to determine the extent of available coverage. However, the Company’s policy will not be sufficient to cover the entire expected loss.
No employees were seriously injured and there was no material damage to any of the Company’s facilities. Mining and processing activities have not been impacted and continue uninterrupted.
McEwen Mining’s principal assets consist of the gold/silver San José mine in Santa Cruz, Argentina (49% interest); the El Gallo complex in Sinaloa, Mexico; the Gold Bar project in Nevada, USA; and the Los Azules copper project in San Juan, Argentina.
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