Page 24 Contd on pg 24 By Frank Giorno McEwen Mining undertook a 25 million fnancing package to repair the damage to the company s bal ance sheet caused by a series of events at two of its mines some of which were beyond its control dur ing the frst quarter of 2019 Robert McEwen the chairman and chief owner of McEwen Mining apologized to shareholders for the Company s performance at an April conference call and said three to six months were challenging I want to apologize for our horrible share price performance Clear ly our actions and statements have disappointed confused and prompted many shareowners to sell their shares McEwen said But he reassured shareholders that corrective steps were taken and balance of 2019 looks good Robert indicated that McEwen Mining now has four sources of production to generate gold quan tities up from three last year He indicated that the company has reduced its production guidance by less than 3 to 205000 gold equivalent ounces from 210000 The company is in a position to achieve 205000 oz in gold produc tion in 2019 25 Million Share Ofering As a result of frst quarter of 2019 mishaps McEwen Mining decided to inject 25 million US in capital by a registered direct ofering of shares to senior ofcials including Rob McEwen The announcement of the direct ofering on March 26 2019 result ed in a drop of share value on the TSX from 237 Cdn on March 12 to 189 Cdn by April 1 The stock rose to 196 Cdn the next day On the NYSE prices fell from a high of 179 US on March 12 to 142 US by April 1 before rising to 150 US on April 2 McEwen and other senior ofcials of McEwen Mining assured share holders that the problems and the cash fow problems have been re solved and the company s pros pects look good for the remainder of the year Chris Stewart McEwen Mining President and Chief Operating Of fcer recounted a series of incidents at Black Fox Mine in Matheson McEwen Projects Solid Performance after Challenging First Quarter 2019 Ontario and Gold Bar Mine in Ne vada that afected production At Black Fox In January a problem at one of the its inverse slot raises meant a stop page of about 25 weeks In February a fre at the surface crushing plant operated by a con tractor took a month for the repairs to be completed It was up and running in the frst week of March A temporary crushing plant was mobilized as an immediate fx but did not perform well due to brutal February winter weather in the T im mins area with temperatures in the minus 35 to the minus 45 Celsius range Black Fox operations resumed the frst week of March and were able to double production from 4000 oz to 8000 oz According to Stewart Black Fox is on target to meet the 50000 oz tar get for 2019 T o prevent similar occurences Stewart explained that McEwen Mining be will develop developing multiple mine fronts and pushing to