Trade Chile and IBS Global Consulting signed a strategic alliance

Trade Chile signed an agreement with IBS Global Consulting, aimed to provide additional products and services to our clients. IBS Global Consulting is a leading global management consulting firm that specialize in helping small and medium-sized companies successfully expand into international markets. With offices in the United States and Canada, IBS Global Consulting is your […]

Trade Chile and IBS Global Consulting sign a strategic partnership

Trade Chile recently signed an agreement with IBS Global Consulting, aimed to provide additional products and services to our clients in Chile and in the US. IBS Global Consulting is a leading global management consulting firm that specialize in helping small and medium-sized companies successfully expand into international markets. With offices in the United States […]

Market Study: Opportunities in Australia for Chilean investors

To read the full document at no cost, click here. Executive Summary This report aims to provide an insight into Australia for potential investors, drawing out introductory information on the Australia – Chile relationship, Australia´s economic performance, legislative structure, investment opportunities and recent investment trends by foreign entities.   Australia offers investors one of the […]

Collaboration Agreement: Kallman – TradeChile

Uniting facilities, the US Chile Regional Trade Center and the services ofTradeChile, both companies will provide services, including specially designed, seminars, business conferences, trade missions and other complementary activities. Networking events between local organizations and directors of companies and government entities. All US companies represented by TradeChile, will have exclusive discounts for contracts using facilities […]

Lucrative Opportunities in Asia Pacific to Help Global Bunker Fuel Market Reach 460 Million Tons in 2020: Transparency Market Research

Albany – NY, Oct. 21, 2015 (GLOBE NEWSWIRE) — Apart from fuel oil, there are other middle distillate fuels, which are also used as bunker fuels. The cost incurred on fuel accounts for approximately 70% of the overall voyage expense of a vessel. The report states that a majority of ship operators are inclined toward purchasing a large amount of bunker fuel that could last the entire trip at once from the ports, where the prices are comparatively low.There are two main kinds of fuel available in the global bunker fuel market at present, namely residual and distillate fuel. Among these, residual fuel accounted for a dominant share in global bunker fuel consumption in 2013. With an increasing number of transit routes being earmarked as ECAs or emission control areas, it is imperative for vessel operators to modify their fuel consumption in the near future. “A leading number of vessel operators will have to shift to middle distillate or low-sulfur fuels to comply with the stringent sulfur emission norms enforced across ECAs,” said a lead TMR analyst.

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The bunker fuels sold by suppliers must meet the norms defined in ISO8217. Bunker fuel is presently supplied by three major seller categories: large independent bunker suppliers, small independent bunker suppliers, and major oil companies. World Fuel Services Corporation and Chemoil Energy Limited are the leading companies in the sector and make available bunker fuel across major ports of the world. Meanwhile, other companies such as Lukoil-Bunker LLC and Gazpromneft Marine Bunker LLC supply bunker fuel only in a restricted number of ports. With escalating demand for bunker fuel across developing regions, Asia Pacific has emerged as the most lucrative market for leading players in the global bunker fuel market. Demand for bunker fuel is exceptionally high in China and Singapore, which are also the leading contributors to the global bunker fuel market. Asia Pacific is trailed by Europe in the global bunker fuel market on the basis of consumption. Russia is strategically positioned within the political boundaries of Europe, which has helped the country to emerge as the largest supplier of the bunker fuel oil. Russia supplies fuel oil across major ports in Europe at a reasonable price.           

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Bunker Fuel Market: Fuel Grade Analysis

  • IFO 380
  • IFO 180
  • IFO Others

Bunker Fuel Market: End User Analysis

  • Container Vessels
  • Tankers Vessels
  • Bulk & General Cargo Vessels
  • Other Vessels

Bunker Fuel Market: Seller Type Analysis

  • Major Oil Companies
  • Leading Independent Distributors
  • Small Independent Distributors

Bunker Fuel Market: Regional Analysis

  • North America
  • Europe
  • Asia Pacific
  • Middle East
  • Rest of the World (RoW)

About Us

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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Global mining equipment market to grow at a CAGR of 7.28% during 2014-2019: ResearchMoz

Albany – NY, Oct. 21, 2015 (GLOBE NEWSWIRE) — Mining equipment are used for surface mining to extract various resources, such as metals, coal, and minerals from the earth. Mining equipment includes trucks, dozers, loaders, borers, coal and core drillers, stationary and portable crushers, dryers, feeders, hydraulic pumps, conveyor belts, and compressors. Technavio analysts forecast the global mining equipment market to grow at a CAGR of 7.28% during 2014-2019.

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The report covers the present scenario and the growth prospects of the global mining equipment market for the period 2015-2019. To calculate the market size, we consider the revenue generated from various applications, such as metal coal, and mineral mining.

The Technavio report, namely Global Mining Equipment Market 2015-2019, is based on an in-depth market analysis, with inputs from industry experts. We present the vendor landscape and a detailed analysis of the key vendors operating in the global mining equipment market. In addition, we discuss the major drivers influencing market growth, and the challenges facing the vendors and the market as a whole. as well as the key trends that are emerging in the market. We evaluate the key trends emerging in the market as well.

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Key Geographiies

  • Americas
  • APAC
  • EMEA

Market Driver

Growth of Developing Countries

For a full and detailed list, view our report

Market Challenge

Decline in Capital Expenditure in Mining Industry

For a full and detailed list, view our report

Market Trend

Increased Demand for Energy-saving Equipment

For a full and detailed list, view our report.

Key Questions Answered in this Report

  • What will the market size be in 2019 and what will the growth rate be?
  • What are the key market trends?
  • What is driving this market?
  • What are the challenges to market growth?
  • Who are the key vendors in this market space?
  • What are the market opportunities and threats faced by the key vendors?
  • What are the strengths and weaknesses of the key vendors?

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ResearchMoz is the world’s fastest growing collection of market research reports worldwide. Our database is composed of current market studies from over 100 featured publishers worldwide. Our market research databases integrate statistics with analysis from global, regional, country and company perspectives. ResearchMoz’s service portfolio also includes value-added services such as market research customization, competitive landscaping, and in-depth surveys, delivered by a team of experienced Research Coordinators.

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Serabi Gold Plc (“Serabi” or the “Company”) Sao Chico drilling continues to intersect high grade zones with excellent potential at depth

LONDON, Oct. 21, 2015 (GLOBE NEWSWIRE) — Serabi Gold plc (AIM: SRB, TSX:SBI), the Brazilian focused gold mining and development company announces first results from its surface drilling exploration campaign at its Sao Chico gold mine in the Tapajos.

A drilling programme of approximately 5,000 metres, totaling some 35 holes, has been ongoing since April this year, targeting the strike and depth extension of the known Sao Chico Main Vein, as well as some infill drill holes. The longitudinal section and drill plan reproduced within this release summarise the drilling undertaken to date.

Drilling Highlights

  • excellent grade and resource potential continues at depth
  • numerous high grade intersections have been identified including the following highlights,
Hole ID Interval (metres) Au (g/t) Objective
15-SC -070 1.15 192.35 In-fill
15-SC-087 0.60 90.41 Exploration
15-SC-093 0.65 155.37 Exploration
15-SC-093 1.00 242.68 Exploration
15-SC-093 1.05 105.18 Exploration
15-SCUD-004 0.75 293.71 In-fill
15-SCUD-005 1.00 125.52 In-fill

Mike Hodgson, Chief Executive Officer, commented:

“This third drilling campaign over the Sao Chico gold deposit has continued to record some excellent high grade intersections. The campaign has been directed at exploring the strike and dip extension of the Main Vein as well as some closer spaced infill drilling to assist mine design in this maiden year of mine development and production. These results, in conjunction with the on-going underground mine development, is enabling the Company to build up a better understanding of the nature of the high grade gold mineralization at Sao Chico.

“This high grade gold mineralisation is dominantly hosted in a consistent two to eight metre wide alteration zone, which itself is visually easily identifiable. However, the high grade gold zones within this alteration zone are much less so, and as result the mining operations will require on-lode development at regular vertical intervals, with regular channel sampling and in-fill drilling between these levels to best define the high grade gold mineralisation. This approach is allowing us to readily identify stoping blocks and optimize what are some exceptionally high gold grades.

“Considering the need to drill a tighter drill pattern at Sao Chico, at least in the short-term , the drilling campaign has had to change focus from step out exploration drilling to more in-fill drilling. The Company has therefore taken the view that with this change in priority, the planned resource update be deferred until 2016. This will allow us time to complement the surface drilling campaign with underground lode-development. We also feel, with gold prices being volatile and all gold juniors facing considerable economic headwinds, that the Company should be minimizing discretionary costs and an independent technical report falls into that category.

“Perhaps the most encouraging news so far is from Hole 93, which along with Hole 47 (1) demonstrates excellent grade and resource potential continues at depth. With drilling on-going, I look forward to reporting a further update in the near future.”

(1)           Hole 47 was drilled as part of the 2013 campaign and returned an intersection of 1.80 metres at 175.19 g/t at a depth of approximately 160 metres below surface.

The 2015 drilling programme has built upon the results and understanding gained from the 2011 and 2013 campaigns. Drilling has been a combination of step out and infill drilling from surface complemented with some infill drilling conducted from underground.

The Company also announces that its management will be attending and presenting at the Mining & Investment Latin America Summit, to be held on 4th and 5th November in Lima, Peru. The conference, which is considered to be one of the most relevant conferences in Latin America for mining investors and entrepreneurs, is expected to have some 650 attendees including many of the major names among global and South American resource investors.

The latest interview with the Company’s Chief Executive, Mike Hodgson, can be viewed using the link below.

Sao Chico Main Vein Long Section

Please follow the link below for a diagram of Sao Chico’s Main Vein long section:

Sao Chico Drill Plan

Please follow the link below for a diagram of the Sao Chico drill plan:

Numerous high-grade intersections have been reported from the drilling results to date and these have been tabulated below. 

Hole ID From (m) To (m) Interval (m) Laboratory Au_ppm Goal
15-SC-068 111.25 112.1 0.85 SGS-2015 47.256  
15-SC-068 112.45 113.3 0.85 SGS-2015 9.677 Infill
15-SC-068 132.4 133.15 0.75 SGS-2015 5.456  
15-SC-070 100.75 101.9 1.15 SGS-2015 192.35  
15-SC-070 102.95 103.85 0.9 SGS-2015 18.597 Infill
15-SC-070 104.65 105.6 0.95 SGS-2015 4.546  
15-SC-070 145.15 145.5 0.35 SGS-2015 13.061  
15-SC-073 26 26.45 0.45 PALITO 2015 31.53 Exploration
15-SC-075 97.15 97.9 0.75 PALITO 2015 3.06 Exploration
15-SC-076 127.65 128.6 0.95 PALITO 2015 3.9 Exploration
15-SC-082 81.2 81.7 0.5 SGS-2015 5.018 Exploration
15-SC-084 67.95 68.55 0.6 SGS-2015 46.022  
15-SC-084 68.55 69.45 0.9 SGS-2015 55.181  
15-SC-084 69.45 70.45 1 SGS-2015 11.383 Exploration
15-SC-084 70.45 71.45 1 SGS-2015 6.723  
15-SC-084 71.45 72.45 1 SGS-2015 4.086  
15-SC-085 29.85 30.4 0.55 PALITO 2015 4.85 Exploration
15-SC-087 28.5 29.1 0.6 PALITO 2015 90.41  
15-SC-087 29.1 29.65 0.55 PALITO 2015 16.75 Exploration
15-SC-087 92.45 92.8 0.35 PALITO 2015 6.64  
15-SC-088 71.8 72.2 0.4 PALITO 2015 9.58  
15-SC-088 72.65 73.05 0.4 PALITO 2015 53.23 Exploration
15-SC-088 97.3 98 0.7 PALITO 2015 12.49  
15-SC-093 115.9 116.6 0.7 PALITO 2015 3.82  
15-SC-093 158 158.6 0.6 PALITO 2015 71.58  
15-SC-093 161.6 162.6 1 PALITO 2015 155.37  
15-SC-093 162.6 163.25 0.65 PALITO 2015 242.68 Exploration
15-SC-093 164.25 165.25 1 PALITO 2015 3.05  
15-SC-093 165.25 166.3 1.05 PALITO 2015 105.18  
15-SC-093 166.3 167 0.7 PALITO 2015 4  
15-SC-093 177.85 178.35 0.5 PALITO 2015 17.89  
15-SC-095 30.35 31.35 1 PALITO 2015 10.07  
15-SC-095 111.6 112.35 0.75 PALITO 2015 3.48 Exploration
15-SC-095 129.93 131.1 1.17 PALITO 2015 9.06  
15-SC-097 106.31 106.97 0.66 PALITO 2015 3.15 Exploration
15-SC-097 116.16 117.16 1 PALITO 2015 14.42  
15-SCUD-001 32.9 34.38 1.48 PALITO 2015 31.85 Infill
15-SCUD-003 34.85 35.8 0.95 PALITO 2015 3.79 Infill
15-SCUD-004 34 35.15 1.15 PALITO 2015 4.65  
15-SCUD-004 39.25 40.25 1 PALITO 2015 83.99 Infill
15-SCUD-004 43.25 44 0.75 PALITO 2015 293.71  
15-SCUD-005 39.37 40.37 1 PALITO 2015 125.52  
15-SCUD-005 43.37 44.6 1.23 PALITO 2015 13.16 Infill
15-SCUD-005 44.6 45.5 0.9 PALITO 2015 43.24  
15-SCUD-006 45.25 46 0.75 PALITO 2015 3.15 Infill
15-SCUD-007 38.95 39.95 1 PALITO 2015 18.72  
15-SCUD-007 43 43.95 0.95 PALITO 2015 5.59 Infill
15-SCUD-007 43.95 44.9 0.95 PALITO 2015 3.64  
15-SCUD-011 62.12 62.57 0.45 PALITO 2015 13.41 Infill
15-SCUD-012 44.88 45.68 0.8 PALITO 2015 4.42 Infill
15-SCUD-012 46.48 47.28 0.8 PALITO 2015 3.02  

Note: Reported intercepts are calculated based on a minimum weighted average grade of 0.5g/t Au using a 0.5g/t Au weighted average lower cut and a maximum internal waste interval of 1.2m based on SGS reported analyses. All assays completed by SGS used a 30gm Fire Assay charge with an AAS analysis. Where initial Au results exceed 10g/t, analysis is done with a gravimetric charge. All assays completed by Serabi’s on-site laboratory used a 30gm DIBK aqua regia digest with an AAS analysis. Serabi’s on-site laboratory is not certificated for analysis (please refer to the footnote at the end of this release for further details).

Serabi Gold plc  
Michael Hodgson Tel: +44 (0)20 7246 6830
Chief Executive Mobile: +44 (0)7799 473621
Clive Line Tel: +44 (0)20 7246 6830
Finance Director Mobile: +44 (0)7710 151692 
Beaumont Cornish Limited  
Nominated Adviser 
Roland Cornish Tel: +44 (0)20 7628 3396
Michael Cornish Tel: +44 (0)20 7628 3396
Peel Hunt LLP  
UK Broker
Matthew Armitt Tel: +44 (0)20 7418 9000
Ross Allister Tel: +44 (0)20 7418 9000
Public Relations
Tim Blythe Tel: +44 (0)20 7138 3204
Camilla Horsfall Tel: +44 (0)20 7138 3224

Copies of this release are available from the Company’s website at

Forward-looking statements

This press release contains forward-looking statements. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the estimation of mineral resources, exploration results, potential mineralization, potential mineral resources and mineral reserves) are forward-looking statements. Forward-looking statements are often identifiable by the use of words such as “anticipate”, “believe”, “plan”, may”, “could”, “would”, “might” or “will”, “estimates”, “expect”, “intend”, “budget”, “scheduled”, “forecasts” and similar expressions or variations (including negative variations) of such words and phrases. Forward-looking statements are subject to a number of risks and uncertainties, that may cause actual results or events to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company’s expectations, the price of gold and other risks identified in the Company’s most recent annual information form filed with the Canadian securities regulatory authorities on Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.

Qualified Persons Statement

The information contained within this announcement has been reviewed and verified by Michael Hodgson, CEO of the Company.   Mr Hodgson is an Economic Geologist by training with over 25 years’ experience in the mining industry. He holds a BSc (Hons) Geology, University of London, a MSc Mining Geology, University of Leicester and is a Fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer of the Engineering Council of UK, recognizing him as both a Qualified Person for the purposes of Canadian National Instrument 43-101 and by the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009.

Preliminary Assay Results

Certain of the assay results reported in the table within this release are those provided by the Company’s own on-site laboratory facilities and have not been independently verified. Serabi closely monitors the performance of its own facility against results from independent laboratory analysis for quality control purpose. As a matter of normal practice the Company sends duplicate samples derived from a variety of the Company’s activities to accredited laboratory facilities for independent verification. Based on the results of this work, the Company’s management are satisfied that the Company’s own facility shows good correlation with independent laboratory facilities.

The Company would expect that in the preparation of any future independent Reserve/Resource statement undertaken in compliance with a recognised standard, the independent authors of such a statement would not use Preliminary assay results but only use assay results reported by an appropriately certificated laboratory.

Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this news release.


The following is a glossary of technical terms:

 “Au” – gold.

“AAS analysis” – analysis of chemical composition and concentration using an Atomic Adsorption Spectrometer

“alteration Zone” – an area where the pre-existing rock property values are enhanced or depleted, or have been replaced

 “assay” – in economic geology, means to analyse the proportions of metal in a rock or overburden sample; to test an ore or mineral for composition, purity, weight or other properties of commercial interest

“development” – excavations used to establish access to the mineralised rock and other workings

“DIBK aqua regia digest” – a method of determining gold content of a sample by dissolving the sample in NitrosolChloride and using a measured amount of organic solvent (DIBK) to collect the gold and other precious metals

“fire assay charge” – the weight of the sample used in the fire assay process

“grade” – the concentration of mineral within the host rock typically quoted as grams per tonne (g/t), parts per million (ppm) or parts per billion (ppb)

“g/t” – grams per tonne

 “on-lode development” – Development that is undertaken in and following the direction of the Vein

“stoping blocks” – a discrete area of mineralised rock established for planning and scheduling purposes that will be mined using one of the various stoping methods. 

“Vein” – a generic term to describe an occurrence of mineralised rock within an area of non-mineralised rock

McEwen Mining Announces Positive Feasibility Study for Gold Bar Project, Nevada

TORONTO, Oct. 21, 2015 (GLOBE NEWSWIRE) — McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) (“McEwen Mining” or the “Company”) is pleased to announce results of a Feasibility Study (FS) for its 100% owned Gold Bar Project in Nevada. The key outcomes of the study include: Low initial capital of $60 million; Attractive IRR of 20% at current gold price; Average annual gold production of 65,000 oz; and Estimated average cash cost of $728/oz. The FS was prepared by SRK Consulting Inc. (SRK) of Reno, Nevada in accordance with the requirements of Canadian National Instrument 43-101 “Standards of Disclosure for Mineral Projects” (“NI 43-101”).

“Completion of this Feasibility Study is an important milestone. I believe Gold Bar will be the next mine we put into production. It includes the fundamental elements we consider important to investors when building a mine: Low capital and operating costs, and a reasonable rate of return in the current price environment. We can now move ahead with a high degree of confidence in the capital estimate and projected operating performance,” said Rob McEwen, Chairman and Chief Owner.

Highlights of the Feasibility Study(1)

  • Estimated initial capital expenditures of $60 million
  • Pay-back period of 3 years at $1,150/oz gold and 2 years at $1,300/oz gold
  • After-tax IRR of 20% at $1,150/oz gold and 36% at $1,300/oz gold
  • Average annual gold production of 65,000 oz at a cash cost of $728/oz
  • Owner operated open pit mine with run-of-mine oxide heap leach processing
  • Life-of-mine (LoM) ore production of 13 million tons at a diluted gold grade of 0.032 opt (1.1 gpt) resulting in 325,000 oz payable gold
  • Updated in-pit resource estimate: 611,000 oz M&I and 111,000 oz Inferred

Financial Analysis

The FS base case uses a gold price of $1,150/oz and generates an after-tax net present value (NPV5%) of $30 million, an IRR of 20%, and an average after-tax cash flow from operations of $22.5 million per year of operation. FS results are disclosed on an after-tax basis, taking into consideration all internal tax attributes available to the Company as of this filing. Given the size of the internal tax attributes, pre-tax results are not significantly different from after-tax results. Project break-even (nil IRR) is reached at a gold price of $995/oz.

Table 1: After-Tax Economic Sensitivity

  Base Case
$1,150/oz gold
Upside Case
$1,300/oz gold
IRR 20% 36%  
NPV@5% Discount Rate(2) $30 million $67 million  
Average Annual Cash Flow $22.5 million $31.5 million  
Average Operational Margin $395/oz $537/oz  
Payback Period 3 years 2 years  

1 All amounts are in U.S. Dollars. “gpt” means grams per metric tonne, “opt” means ounces per short ton, “oz” means ounce(s), “IRR” means Internal Rate of Return, “M&I” means NI 43-101 Measured & Indicated mineral resources (see Table 6).

2 NPV is discounted to January 1, 2016.

Mining and Processing

Gold Bar is planned as an open pit mine. Both run-of-mine (RoM) and screened and agglomerated oxide ore will be processed at a rate of approximately 8 thousand tons per day on a conventional heap leach, and using an adsorption-desorption recovery (ADR) carbon plant producing a doré product. In order to maximize recovery and minimize project risk the ore handling method will be flexible depending on the ore characteristics. Ore from the Gold Ridge deposit will be processed as RoM. Ore from the Gold Pick and Cabin Creek deposits will be screened first and classified prior to leaching as follows:

1. Ore containing fines will be screened at six inches and again at one inch;

2. Ore greater than six inches will be stockpiled and placed on the leach pad via loader and truck;

3. Ore less than one inch will be agglomerated with cement and recombined with the mid fraction (+1 inch to -6 inches), and placed on the leach pad via conveyors; and

4. RoM material without fines will trucked directly to the leach pad.

Over the mine life, production will total 13 million tons of ore at a diluted gold grade of 0.032 opt (1.1 gpt) for a total payable gold of 325,000 oz. RoM ore will require 3 lbs/ton lime and agglomerated ore will require 20 lbs/ton cement. Leaching will consume 0.4 lbs/ton sodium cyanide. The planned production schedule is as follows:

Table 2: Production and Processing Summary

Year Ore Tons
(000’s tons)
Gold Grade
Contained Gold
(000’s oz)
Recovered Gold
(000’s oz)
Waste Tons
(000’s tons)
Strip Ratio
0 309 0.019 5.7 0 1,535 5.0
1 2,167 0.032 68.5 46.2 14,633 6.8
2 2,993 0.033 100.0 84.0 13,807 4.6
3 2,741 0.033 90.3 69.0 13,867 5.1
4 2,717 0.031 84.2 62.5 15,883 5.9
5 2,173 0.032 70.6 63.6 8,409 3.9
LoM 13,099 0.032 418.8 325.4 68,134 5.2

Capital and Operating Costs

Initial capital is estimated at $60.4 million, including $4.8 million (8%) for contingencies. Additional capital expenses such as a heap leach expansion and reclamation and closure obligations bring the total LoM capital required to $79.4 million, including an additional $1.5 million (8%) for contingencies. The FS assumes an owner operated fleet of mining trucks and shovels and that all new equipment will be leased for this operation.

Operating costs were estimated based on process design criteria, equipment lease rates, labor, reagent, on-site power generation, fuel, explosives, maintenance, and other miscellaneous costs. All costs are in Q3 2015 dollars. Average cash cost and all-in cost are $728/oz and $995/oz respectively.

Table 3: Capital Cost Summary

Capital Items ($ millions) Initial Capital Sustaining
and Closure
Mine Equipment 2.9 2.8  
Site Development 1.5    
Capitalized Pre-Stripping 4.6    
Mine Contingency 0.7 0.1  
Screening/Pad Equipment 2    
Process Plant 10.5 0.4  
Heavy Mobile Equipment 0.6    
Process Contingency 0.8 0.01  
Leach Pad      
Mobilization/Administration/EPCM 1 0.9  
Pad 10.1 4.5  
Ponds 0.3    
Diversion Channels 0.1 0.05  
Miscellaneous 0.3    
Leach Pad Contingency 1.2 0.5  
Owner and Infrastructure      
Water Supply System 2.5    
On-site Power Generation System 0.8    
Other Infrastructure 10.1    
Owners Costs 8 0.03  
Owner and Infrastructure Contingency 2.2    
Mine Reclamation      
Mine Closure     8.8
Closure Contingency     0.8
Total Capital Cost (No Contingency) 55.5 8.6 8.8
Contingency 4.8 0.7 0.8
Total Capital Cost 60.4 9.3 9.7

Table 4: Operating Cost Summary

  Cost per ore ton processed Cost per payable ounce
Mining $11.71 $472
Processing and Heap Leach $5.30 $214
G&A $1.05 $42
Total Cash Cost(3) $18.06 $728
All-In Cost(4)   $995

3 Cash cost is calculated by dividing total life-of-mine production costs by total ounces produced.

4 All-in cost is calculated by dividing the sum of all capital, operating, tax, and reclamation costs by total ounces produced.

Table 5: Production Cost by Year of Operation

Year 1 2 3 4 5 Average
$/Au oz payable
Mining $610 $374 $502 $580 $367 $472
Process $248 $158 $213 $222 $208  $214
G&A $79 $44 $35 $35 $30  $42
Total $937 $576 $749 $836 $605  $728
Mining $12.98 $10.44 $12.60 $13.31 $10.72 $11.71
Process $5.27 $4.42 $5.34 $5.09 $6.07  $5.30
G&A $1.68 $1.22 $0.87 $0.79 $0.89  $1.05
Total $19.93 $16.08 $18.81 $19.19 $17.68  $18.06

Permitting & Property Location

The Gold Bar Project in Eureka County, Central Nevada, is located on both public lands managed by the Bureau of Land Management (BLM) Battle Mountain Field Office, and on patented lands. The BLM and the Nevada Division of Environmental Protection (NDEP) will be the primary regulatory agencies responsible for ensuring environmental protection as the Gold Bar Project progresses through permitting and approval processes.

Formal notice from the BLM states our Record of Decision (ROD) for Gold Bar is expected in January, 2017. The Company expects that all other applicable State and Local permits will also be acquired in that timeframe. Once received, the Company can begin construction, which is expected to take approximately 10-12 months to complete. The Company has already secured approval from the State of Nevada for adequate water rights necessary to conduct mining activities. The approved water rights will be sufficient for life-of-mine operations.

The Gold Bar Project is located within the Battle Mountain-Eureka-Cortez gold trend. The property was previously mined from 1990 to 1994 by Atlas Precious Metals Inc. The nearest mines are Barrick Gold’s Ruby Hill (approximately 25 miles to the Southeast – now closed) and its Cortez Mine (approximately 35 miles to the Northwest).

Resource Estimate

The updated NI 43-101 compliant resource estimate included in the FS was developed by SRK and is comprised only of gold resources that fall within the boundaries of a conceptual pit.

Table 6: Mineral Resource Statement

Gold Bar Project Resources Mass
(000’s tons)
Au (gpt)
Au (opt)
Contained Metal
Au (000’s oz)
Measured 2,701 1.22 0.035 96
Indicated 19,411 0.91 0.027 516
Measured and Indicated 22,112 0.95 0.028 611
Inferred 4,624 0.82 0.024 111

Table 6 Notes:

  • Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.  There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves.
  • Resources stated as contained within a potentially economically minable open pit; pit optimization parameters are: $1,350/oz Au, 78% recovery, $5/oz Au Sales Cost, $2.15/t waste mining cost for Cabin Creek, $2.45/t waste mining cost for Gold Pick and Gold Ridge, $7.05/t ore mining and processing cost (OMPC) for Gold Pick West, $6.95/t OMPC for Gold Pick East and Cabin Creek, 54 degree pit slopes for Gold Pick and Cabin Creek, and a 42 degree pit slope for Gold Ridge.
  • Resources are reported using a 0.008 oz/t (0.27 gpt) gold Cut-off Grade.
  • Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.


The FS establishes reserves in accordance with NI 43-101 for the Gold Bar Project. In accordance with NI 43-101, only resources in the measured or indicated category can be included as proven or probable reserves. The reserves calculation is further constrained by the design pits included in the FS, which demonstrate economic and engineering feasibility in the current mining environment. The reserve pit was designed at a gold price of $1,000/oz to maximize the project NPV and IRR.

Table 7: Mineral Reserve Statement

  Au Grade Au Metal
(000’s oz)
(000’s oz)
Proven 1,969 0.041 0.039 1.41 1.34 80 76 2,500 2,375
Probable 11,131 0.032 0.031 1.12 1.06 360 342 11,212 10,652
Proven and Probable 13,099 0.034 0.032 1.16 1.10 441 419 13,712 13,027
Total Waste 68,134                
Strip Ratio 5.2                

Table 7 Notes:

  • Reserves stated in the table above are contained within an engineered pit design based on a Lerchs-Grossmann optimization, see Table 8 for additional assumptions related to the Reserve Statement.
  • Diluted Grades are based on dilution and ore losses resulting in net change to tonnage and 5% decrease in grade.
  • Mineral Reserves stated above are contained within and are not additional to the Mineral Resource.
  • Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.

Table 8: Assumptions Relating to the Reserve Pit Optimization

Assumptions for Reserves Calculation Gold Zones
Units Values
Gold Price   $/oz 1,000
Mining Cost Gold Pick Ore $/ton 3.51
  Gold Ridge Ore $/ton 3.28
  Cabin Creek Ore $/ton 4.18
  Gold PickWaste $/ton 1.73
  Cabin & Ridge Waste $/ton 1.51
Processing and G&A   $/ton 5.49
Recovery   % 78
Cut-off Grade   oz Au/ton 0.009
Inter-ramp Pit Slope Angle Gold Pick Degrees 54
  Gold Ridge Degrees 42
  Cabin Creek Degrees 54

Metallurgical Testing

Gold Bar ore is a Carlin-style carbonate sedimentary sequence with strong fracture-controlled oxidation above the water table to the full depth of planned mining. Test work shows that ore is amenable to heap leach cyanidation with high gold recoveries and relatively rapid leaching kinetics. A 15-ton bulk sample taken in 2015 was leached as RoM in a large diameter column test (see below), which demonstrated that material size does not significantly influence recovery. The ultimate gold recovery used in the FS was 78%, which is significantly below representative results from laboratory testing on material from Gold Bar. The Company and its consultants feels that because recovery is such an important determinant of economics, and the scale-up of operations from laboratory to industrial scale can result in dilution and segregation, that a conservative assumption is prudent.

Table 9: Results of Additional 2015 Metallurgical Test Work Since Pre-Feasibility Study (2011) 

Zone Calculated
Gold Grade


Lime Added
Large Diameter Column Test on 15-ton Bulk RoM Sample
Pick East 0.060 90 164 days <0.10 2.9
Bottle Roll Test on Bulk RoM Sample
Pick East 0.053 89 96 hrs <0.10 3
Bottle Roll Tests on RC Cutting Composites (Deposit Avg. Grade)
South Central 0.035 93 96 hrs 0.19 2
South  0.035 94 96 hrs 0.15 1.5
North 0.029 91 96 hrs 0.25 1.5
North Central 0.031 90 96 hrs 0.11 1.5
Gap 0.033 90 96 hrs 0.17 2
Bottle Roll Tests on RC Cutting Composites (Low Grade)
South 0.013 89 96 hrs 0.15 3
North Central 0.012 86 96 hrs 0.17 2
Gap 0.014 83 96 hrs 0.15 2
South Central 0.014 89 96 hrs 0.15 2
North 0.014 85 96 hrs 0.30 2

Further Optimization, Cost Reductions, and Project Potential

The Company believes there are opportunities to further improve the economics of the Gold Bar Project through continued exploration, capital cost reductions, and potential process plant engineering synergies with our El Gallo Mine in Mexico.

In 2015, a drill program consisting of 38 in-fill holes was completed at Gold Bar. The focus of the program was to increase the mineral resource confidence by converting Inferred gold ounces to the Measured and Indicated categories. In addition to upgrading our confidence, several holes returned significant results including 4.65 gpt gold over 41.1m and 2.2 gpt gold over 52m. Exploration has been limited since 2012 due to ongoing mine permitting activities. Once the mine permit is received, several priority targets will be aggressively tested with the objective of expanding the known resource and reserve life.

Capital cost estimates for the project at this level of study are conservative. During the next 14 months until permit approval, the Company will study ways to reduce capital expenditures. For example, the El Gallo Mine uses an ADR plant of a very similar size and design to the one required at Gold Bar. By re-using the engineering design we may be able to realize significant savings. Other key areas of focus to reduce costs will be the ancillary infrastructure and activities related to the heap leach pad construction.

McEwen Mining will continue to optimize areas relating to leach kinetics, permeability, and blasting fragmentation with the aim of increasing the proportion of RoM ore versus agglomerated ore reporting to the leach pad. This could lower operational costs and increase pad loading efficiency. Metallurgical test work is ongoing while permitting progresses.

About McEwen Mining (

McEwen Mining has an ambitious goal of qualifying for inclusion in the S&P 500 index by creating a high growth gold/silver producer focused in the Americas. McEwen Mining’s principal assets consist of the San José mine in Santa Cruz, Argentina (49% interest), the El Gallo Mine and El Gallo 2 project in Sinaloa, Mexico, the Gold Bar project in Nevada, USA, and the Los Azules copper project in San Juan, Argentina.

McEwen Mining has an aggregate of 300.5 million shares of common stock outstanding and issuable upon the exchange of the exchangeable shares. Rob McEwen, Chairman and Chief Owner, owns 25% of the shares of McEwen Mining (assuming all outstanding Exchangeable Shares are exchanged for an equivalent amount of Common Shares).


Jay Pennington, M.Sc., C.P.G. #11245 and Kent Hartley, B.Sc, P.E. are the Qualified Persons as defined under CIM NI 43-101 representing SRK Consulting (U.S.) Inc., have reviewed the contents of this press release for accuracy of the technical and economic information presented. The report titled “NI 43-101 Technical Report Gold Bar Project Feasibility Study, Eureka County, Nevada” with an effective date of September 19, 2015 has been prepared by SRK Consulting, an independent geological consulting firm with a local office in Reno, Nevada. This report will be available on SEDAR ( within 45 days.

The technical contents of this news release has been reviewed and approved by Nathan M. Stubina, Ph.D., P.Eng., FCIM, Managing Director and a Qualified Person as defined by Canadian Securities Administrator National Instrument 43-101 “Standards of Disclosure for Mineral Projects”.


McEwen Mining prepares its resource estimates in accordance with standards of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in Canadian National Instrument 43-101 (NI 43-101). These standards are different from the standards generally permitted in reports filed with the SEC. Under NI 43-101, McEwen Mining reports measured, indicated and inferred resources, measurements, which are generally not permitted in filings made with the SEC. The estimation of measured resources and indicated resources involve greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned not to assume that any part of measured or indicated resources will ever be converted into economically mineable reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources.


This news release contains certain forward-looking statements and information, including “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the date of this news release, McEwen Mining Inc.’s estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the corporation to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, risk of delisting from a public exchange, and other risks. The Company’s dividend policy will be reviewed periodically by the Board of Directors and is subject to change based on certain factors such as the capital needs of the Company and its future operating results. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Mining’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and other filings with the Securities and Exchange Commission, under the caption “Risk Factors”, for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management of McEwen Mining Inc.

Mihaela Iancu
Christina McCarthy
150 King Street West
Investor Relations Director of Corporate Development Suite 2800,P.O. Box 24
(647) 258-0395 ext 320 (647) 258-0395 ext 390 Toronto, Ontario, Canada M5H 1J9
    (866) 441-0690
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Solar Street Lighting Market to be driven by rising need of nonpolluting source of electricity: Transparency Market Research

Albany – NY, Oct. 21, 2015 (GLOBE NEWSWIRE) — Outdoor street lighting units are used to illuminate a street or open areas via solar street lighting (SSL). Since their primary energy source is solar power, they operate in a stand-alone mode, therefore are not dependent on the general grid for any power requirements, whatsoever. Due to their dependency on sunlight, the lighting unit needs to be installed in a shadow-free area or a place where direct sunlight is available throughout the day to sufficiently charge the batteries for one working cycle. The standalone solar photovoltaic street lighting system comprises of a re-chargeable lead acid battery for storage, PV (photovoltaic) modules for charging the battery,Compact Fluorescent Lamp (CFL) as a light source, suitable electronics for the operation of the tamp and safe charging and discharging of the battery and mechanical hardware for fixing these sub systems. These lighting systems are available either with automatic dusk to dawn operation or with a pre-set timer. Tubular Batteries provided with the solar street lighting system require lower maintenance; have longer life and give better performance as compared to pasted plate batteries used earlier.The SPV modules are reported to have a service life of 15-20 years.

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Current market scenarios have prompted street light manufacturers to look for alternatives that are efficient and provide off-grid power solutions. This gives way to certain drivers that boost the solar street lighting market. One of the most important fundamentals involved with SSL is the fact that they provide a viable solution to street lighting in any terrain, irrespective of whether there is grid connectivity to that location or not. Secondly, they reduce energy load on the economy leading to more fiscal savings for the government as well as the taxpayers. Solar street lights also give the benefit of having negligible maintenance cost, no wiring or transformer costs as well as reduction in carbon footprint. Contrary to that, since this technology is relatively new, customers as well as industry stakeholders are not quite aware of the benefits of the technology yet which jeopardizes the decision making process. On a global level, this technology cannot be adopted everywhere as there is a definite need for sunlight, for the SSL systems to work. Moreover, the technology is still in the innovation phase and standardization of SSL systems has not been implemented thoroughly leading to over-designing, under-designing or the lack of quality. Since the technology is new and yet to create a substantial impact in many countries, it might take a few years before it is viable on a large-scale dimension which will lead to a wealth of opportunities for the market.

The solar street lighting market can be divided into many types, based on the application that they are used for, type of lighting and the location of the photovoltaic (PV) panels. County level street lights and/or solar traffic lights are two types under the application basis. Under types of lighting, there are Compact Fluorescent Lamps (CFL) and Light Emitting Diodes (LED). In certain locations, depending on the extent of the lighting involved, the PV panels are either located individually on the lighting panels itself or, if the area is large, the PV panels are centrally located.

Based on production, the geographical diversification of the solar street lighting industry is far and wide. Most production and implementation of SSL systems can be found in the Asia-Pacific domain, specifically China and India. The North American region is seeing a successful implementation of a lot of county-level projects in the southern states of the U.S. Such implementation has also borne fruit in the European cities as well as the Middle East.

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Some of the companies that operate in this industry are: Koninklijke Philips N.V., Solar Street Lights USA,ON Semiconductor, Su-Kam Power Systems Ltd., Greenshine New Energy,, Sol, Inc., Solar Lighting International Inc., Clear Blue Technologies,Solar Electric Power Company, and Silicon Solar.

This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include:

  • North America
  • Asia Pacific
  • Europe
  • Middle East and Africa
  • Latin America

This report provides comprehensive analysis of

  • Market growth drivers
  • Factors limiting market growth
  • Current market trends
  • Market structure
  • Market projections for upcoming years

This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.

About Us

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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