McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) (“McEwen”) is pleased to announce the closing of the purchase of the Black Fox Complex (“Black Fox”) from Primero Mining Corp. (“Primero”), which consists of: 1) the fully operational Black Fox underground gold mine that is forecast to produce 50,000 ounces (oz) in 2018, 2) the Black Fox-Stock mill with a capacity of 2,400 tonnes per day (tpd), 3) an experienced workforce, and 4) the nearby Grey Fox and Froome development projects.
All these assets are located in the world-famous gold mining region of Timmins, Canada.
The initial purchase price for Black Fox was US$35 million, subject to closing adjustments. The transaction that closed today consists of a cash payment of US$27.5 million after making certain price adjustments. The recent financing completed on September 22nd provided the funds to secure this purchase, supplements our treasury for future capital projects and exploration at Black Fox, and may be used for general corporate purposes.
Source: MacEven Mining
