TORONTO, June 24, 2024 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (TSX:MUX) announces a non-brokered private placement financing of up to 2,333,333 common shares of its wholly-owned subsidiary McEwen Copper Inc. at a subscription price of US$30.00 per common share, for gross proceeds of up to US$70 million (the "Offering"). McEwen Copper currently has 30,937,615 common shares outstanding (basic and diluted). Lead orders to purchase 27% of the total Offering have been committed by McEwen Mining and Rob McEwen. McEwen Mining will purchase up to 466,667 common shares of McEwen Copper for US$14 million and Rob McEwen will purchase up to 166,666 common shares for US$5 million. Final investment amounts are subject to adjustment according to anti-dilution and pre-emptive rights on the part of other existing shareholders of McEwen Copper. This Offering will be used to advance work on a bankable feasibility study for the Los Azules copper project, which is scheduled for publication by the end of the first quarter (Q1) of 2025. Subscription for the remaining 1,700,000 common shares is available to qualified accredited investors, subject to a US$2 million minimum investment and certain other conditions. The securities sold in the Offering are private and subject to transfer restrictions until such time when they become listed on a public exchange. Prior to the Offering, ownership in McEwen Copper is of 14,768,000 common shares (47.7%) for McEwen Mining and 4,000,000 common shares for Rob McEwen (12.9%). Assuming completion of the full amount of the Offering and the investment amounts shown above, McEwen Mining will own 45.8% of McEwen Copper and Rob McEwen will own 12.5%. About McEwen Copper McEwen Copper Inc. holds a 100% interest in the Los Azules copper project in San Juan, Argentina and the Elder Creek project in Nevada, USA. Los Azules ranked the 8th largest undeveloped copper deposits in the world (Mining Intelligence, 2022). Its current copper resources have increased to 10.9 billion pounds at a grade of 0.40% Cu (Indicated category) and an additional 26.7 billion pounds at a grade of 0.31% Cu (Inferred category) as of the June 2023 Preliminary Economic Assessment (PEA). The PEA estimates a $2.7 billion after-tax NPV8% at $3.75/lb Cu, a low average C1 production cost of $1.07/lb Cu, a 3.2-year payback period, and a 27-year mine life. A bankable feasibility study (FS) is underway with completion, planned by the end of Q1 2025. ...