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BUSINESS ACQUISITION (Tables)

6 Months Ended

Jun. 30, 2012

BUSINESS ACQUISITION

Schedule of principal assumptions used in applying the Black-Scholes option pricing model

		January 24, 2012
Risk-free interest rate		0.02% to 0.39%
Dividend yield		n/a
Volatility factor of the expected market price of common stock		46% to 77%
Weighted-average expected life of option		1.4 years

Schedule of allocation of the purchase price

		Fair Value
Purchase price:
Exchangeable shares of McEwen Mining Minera Andes Acquisition Corp. issued on acquisition		$	664,671
Stock options to be exchanged for options of McEwen Mining		3,175
		$	667,846
Net assets acquired:
Cash and cash equivalents		$	31,385
Short-term investments		4,952
Other current assets		9,828
Inventories		1,362
Mineral property interests		597,374
Investment in Minera Santa Cruz S.A.		224,999
Equipment		1,647
Accounts payable		(5,323		)
Deferred income tax liability		(198,378		)
		$	667,846

Schedule of pro forma results for the entity, had the acquisition been completed within the period

Six months ended June 30, 2012		McEwen Mining			Minera Andes (a)			Combined
Revenue		$	990		$	4,979		$	5,969
Net (loss) income for the period		(40,453		)	3,498			(36,955		)

Six months ended June 30, 2011		McEwen Mining			Minera Andes			Combined
Revenue		$	—		$	25,716		$	25,716
Net (loss) income for the period		(21,888		)	18,706			(3,182		)

(a) Six months ended June 30, 2012 represents the results of Minera Andes’ operations from January 1, 2012 through January 24, 2012, closing date of the acquisition. Beginning January 25, 2012, the results of Minera Andes’ operations are included in McEwen Mining’s consolidated financial statements.

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- Definition

Tabular disclosure of the significant assumptions used to estimate the fair value of stock options in case of business acquisition, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

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Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

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-Name Statement of Financial Accounting Standard (FAS)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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-Number 141

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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Tabular disclosure of all of the fair values of the purchase price and assets and liabilities acquired in a business combination.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

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