GOLD: McEwen Mining to acquire Black Fox mine from Primero

ONTARIO – McEwen Mining of Toronto has announced plans to purchase the operating Black Fox gold mine 60 km north of Timmins from current owner Primero Mining Corp. The $35-million deal includes the mine, Black Fox mill, Grey Fox development project and the Pike River exploration property. [caption id="attachment_1003719556" align="alignleft" width="385"] The Black Fox mill (and mine) that Primero is selling to McEwen Mining. (Credit: Timmins Press)[/caption] McEwen is making a conscious effort to acquire properties in the Timmins camp of Northern Ontario. The company sees them as a means to build a portfolio that has producing mines, and over the long term can create a solid pipeline of development and exploration assets as well. Chairman and chief owner Rob McEwen said, “Black Fox comes with a talented operating team, an underground mine producing 50,000 to 60,000 ounces of gold in 2017, a processing facility with excess capacity, two future development opportunities, and excellent exploration potential.” Primero’s latest numbers for Black Fox put the measured and indicated resources at 2.9 million tonnes grading 6.0 g/t gold containing 554,000 oz. The inferred resource is 300,000 tonnes at 6.9 g/t and containing 57,000 oz. of gold. Sign up for news releases from McEwen Mining at www.McEwenMining.com.