Record Resource Estimate At San Jose Mine

TORONTO, ON – McEwen Mining Inc. reported that year-end 2012 mineral resource and reserve estimates and the grades for both gold and silver have increased from 2011 for the San Jose mine in Argentina (49% owned by McEwen Mining). Of particular interest, the mineral resource estimates have increased to a record level. The mineral reserve and resource estimates were calculated using US$1,200 per ounce gold and US$20 per ounce silver. The estimates were independently audited by P&E Mining Consultants Inc.

San Jose Mine Resources & Reserves Highlights (100% Basis): Inferred gold and silver resources up 61% and 44%, respectively, to 497,400 ounces gold and 32.1 million ounces silver, contained in 2.1 million tonnes. Gold grades increased by 39% to 7.37 gpt and silver grades increased by 24% to 476 gpt.; Proven and Probable gold and silver reserves up 7% and 20% respectively, to 367,100 ounces gold and 26.8 million ounces silver, contained in 1.8 million tonnes. Gold grades increased by 1% to 6.44 gpt and silver grades increased by 14% to 470 gpt.; Measured and Indicated gold silver resources down 5% to 991,200 ounces gold while silver resources decreased marginally to 68.3 million ounces silver, contained in 4.4 million tonnes. Gold grades increased by 1% to 7.03 gpt and silver grades increased by 6% to 484 gpt.

The San Jose mine is one of the highest-grade precious metal mines in the Americas. In 2012, more than 84,000 ounces of gold and 5.85 million ounces of silver were extracted, which was a new record for the mine. Production attributable to McEwen Mining for 2012 was 48,876 ounces of gold and 2.92 million ounces of silver. Net of this production, total reserves increased by 7% for gold and 20% for silver, to an estimated 1.8 million tonnes at a grade of 6.44 gpt gold and 470 gpt silver, for a total of 367,100 ounces of gold and 26.8 million ounces of silver.