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INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE (Tables)

9 Months Ended

Sep. 30, 2012

INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE

Schedule of reconciliation of fair value allocation

		For three months ended			For three months ended			For the six months ended
		March 31, 2012			June 30, 2012			June 30, 2012
		(in thousands)
Amortization of fair value increments, as reported		$	2,804		$	1,803		$	4,607
Adjustment		(1,914		)	(544		)	(2,458		)
Amortization of fair value increments, as adjusted		$	890		$	1,259		$	2,149
Net loss, as reported		$	(19,202	)	$	(21,251	)	$	(40,453	)
Adjustment		1,914			544			2,458
Net loss, as adjusted		$	(17,288	)	$	(20,707	)	$	(37,995	)

Schedule of change in the entity's investment in MSC

		As at
		September 30, 2012
		(in thousands)
Investment in MSC, beginning of period		$	—
Fair value of investment in MSC from acquisition of Minera Andes		261,186
Income from equity investment		18,505
Amortization of fair value increments		(3,746		)
Dividends		(4,765		)
Investment in MSC, end of period		$	271,180

Summary of MSC's financial information from operations

		Three Months Ended			Period Ended
		September 30, 2012			September 30, 2012
		(in thousands)			(in thousands)
Summary of MSC’s financial information from operations
Sales - MSC 100%		$	116,299		$	212,902
Net income - MSC 100%		26,343			37,765
McEwen Mining’s portion - 49%		12,908			18,505
Income on investment in MSC		$	12,908		$	18,505
Amortization of fair value increments		(1,597		)	(3,746		)
Income on investment in MSC, net of amortization		$	11,311		$	14,759

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Tabular disclosure of MSC's financial information from operations.

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