Page 42 Contd on pg 43 By Frank Giorno McEwen Mining fgures to be a major gold producer in the T imminsMathe son mining camp for years to come That was the message Chris Stewart President and Chief Operating Of fcer delivered to those attending his noontime talk held by the T immins Chamber of Commerce and sponsored by the Business Development Bank of Canada Stewart mentioned the determination of Robert McEwen the founder and CEO of McEwen Mining who has in vested 161 million of his own money in the company I don t know any other CEO of a company that has invested that much of his own money Stewart said His salary is only one dollar a year McEwen has had a strong track record in mining as the founder of Goldcorp Inc Rob s putting his money where his mouth is Stewart said Stewart himself has played a role in the turn around and success at Kirk land Lake Gold prior to joining McE wen Mining McEwen Mining became active in the T immins area gold mining camp in 2017 when they purchased Prim ero Gold s holdings at the Black Fox complex east of Mathe son and the Stock Mill property in the eastern edge of T immins for 35 million Y ou got a mill out of it you got a mine and potential for future de velopment Stewart said That year they also ac quired Lexam Gold and the four properties they held in South Porcu pine and Porcupine The properties are Fuller Paymaster 61 ownership Goldcorp 39 Bufalo Ankerite and Davidson T isdale Since acquiring a foothold in T immins gold mining McEwen Mining spent 18 million out of its annual explora tion budget in the region in 2018 and plans to spend another 20 million in 2019 That s 38 million in the frst year and half since joining the T im minsMatheson mining camp Gold is pushing around 1300 US but we can t seem to get there hope fully things will work out and gold will be valued at above 1300 per oz and our time will be perfect on it Stewart said T iming can be everything The All in Sustaining Cost to produce gold for McEwen is about 850 In the T immins area the priority for exploration is focused on The Black Fox deposit the Stock Mill Complex the Froome deposit T amarack and Grey Fox deposit The Black Fox property has two years of production left but the exploration programs indicate a bright future for mining at that location according to Stewart Our focus this year is to reinvigorate the operations take a step back plan for the bigger picture of what we want to do there Stewart added McEwen s 2019 guidance document will be ready by the end of Febru ary outlining the production goals for Black Fox Mine McEwen envisions a streamlined and more productive operation as being an ingredient in its success My interest is the same as when I worked at Kirkland Lake Gold Stew art told the audience I would rather see 900 people working for a number of years rather than 1300 people for a few years That operations is now suc cessful and will run for many many years Same thing at Black Fox and the T im mins camp rather than having 260 people work for another year I would rather have 210 people work for anoth er 20 years Stewart explained Stewart said the vision for McEwen Mining is to continue operations at Black Fox for many years to come by exploring and bringing into produc tion the Froome deposit and Grey Fox deposit They have had some good ex ploration results also at the Stock Mill complex Stewart envisions producing enough gold from McEwen s property to fll the Stock Mill capacity of 2400 tonnes a day resulting in 140000 oz of gold per year by bringing Grey Fox Froome Page 42 McEwen Mining Sees Prosperous Future in Its T immins Area Properties