<SEC-DOCUMENT>0001047469-12-009894.txt : 20121031
<SEC-HEADER>0001047469-12-009894.hdr.sgml : 20121031
<ACCEPTANCE-DATETIME>20121031061027
ACCESSION NUMBER:		0001047469-12-009894
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20121031
DATE AS OF CHANGE:		20121031

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			McEwen Mining Inc.
		CENTRAL INDEX KEY:			0000314203
		STANDARD INDUSTRIAL CLASSIFICATION:	MINERAL ROYALTY TRADERS [6795]
		IRS NUMBER:				840796160
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-182192
		FILM NUMBER:		121169564

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 4750, BROOKFIELD PLACE
		STREET 2:		181 BAY ST., P.O. BOX 792
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2T3
		BUSINESS PHONE:		647-258-0395

	MAIL ADDRESS:	
		STREET 1:		SUITE 4750, BROOKFIELD PLACE
		STREET 2:		181 BAY ST., P.O. BOX 792
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2T3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	U S GOLD CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	U S SILVER STATE MINING CORP
		DATE OF NAME CHANGE:	19880706

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SILVER STATE MINING CORP
		DATE OF NAME CHANGE:	19880629
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>a2211578z424b3.htm
<DESCRIPTION>424B3
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Use these links to rapidly review the document<BR>
<A HREF="#bg42901_table_of_contents">  TABLE OF CONTENTS</A> <BR>
<A HREF="#bg72502_table_of_contents">  TABLE OF CONTENTS</A><BR></font>
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<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>Filed Pursuant to Rule&nbsp;424(b)(3)<BR>
Registration No.&nbsp;333-182192  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> PROSPECTUS SUPPLEMENT<BR>
(To Prospectus dated August&nbsp;3, 2012)  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g579850.jpg" ALT="LOGO" WIDTH="480" HEIGHT="105">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>Up to 7,798,762 shares of Common Stock<BR>
of McEwen Mining&nbsp;Inc.<BR>
Issuable Upon Exchange or Redemption of Exchangeable Shares<BR>
of McEwen Mining&#151;Minera Andes Acquisition Corp.  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>The Offering  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McEwen Mining&nbsp;Inc. ("McEwen Mining") will offer by this prospectus supplement shares of its common stock, no par value per share
("McEwen Mining common stock"), upon the exchange or redemption of exchangeable shares ("Exchangeable Shares") of McEwen Mining&#151;Minera Andes Acquisition Corp., an indirectly, wholly-owned
subsidiary of McEwen Mining ("Canadian Exchange&nbsp;Co."), that were issued by Canadian Exchange&nbsp;Co. in connection with the Canadian Exchange&nbsp;Co. Rights Offering (as defined below). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>The Rights Offerings  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Exchange&nbsp;Co. is engaging in a rights offering pursuant to which each holder of Exchangeable Shares, other than McEwen
Mining and its subsidiaries, as of 5:00&nbsp;p.m. (New York City time) on November&nbsp;8, 2012 (the "Record Date"), will receive one transferrable subscription right for each Exchangeable Share
held by such holder as of the Record Date (the "Canadian Exchange&nbsp;Co. Rights Offering"). For every ten (10)&nbsp;of such subscription rights held, such holder is entitled to purchase one
(1)&nbsp;Exchangeable Share. The holders of such subscription rights must exercise such rights on or before 5:00 pm (New York City time) on December&nbsp;4, 2012 (the "Expiry Date"). Based on the
number of Exchangeable Shares issued and outstanding as of October&nbsp;23, 2012, Canadian Exchange&nbsp;Co. expects to issue up to 7,798,762 Exchangeable Shares in connection with the Canadian
Exchange&nbsp;Co. Rights Offering (such issued shares, the "Canadian Rights Offering Exchangeable Shares"). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchangeable
Shares, including the Canadian Rights Offering Exchangeable Shares, are, or will be when issued, exchangeable on a one-for-one basis into shares of
McEwen Mining common stock at any time at the option of the holder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McEwen
Mining is engaging concurrently with the Canadian Exchange&nbsp;Co. Rights Offering in a rights offering pursuant to which each holder of McEwen Mining common stock as of the
Record Date will receive one transferrable subscription right for each share of McEwen Mining common stock held by such holder as of the Record Date (the "McEwen Mining Rights Offering"). For every
ten (10)&nbsp;of such subscription rights held to acquire shares of McEwen Mining common stock, such holder is entitled to purchase one (1)&nbsp;whole share of McEwen Mining common stock. The
holders of such subscription rights must exercise such rights on or before 5:00 pm (New York City time) on the Expiry Date. Based on the number of shares of McEwen Mining common stock issued and
outstanding as of October&nbsp;23, 2012, McEwen Mining expects to issue up to 19,551,679 shares of McEwen Mining common stock in connection with the McEwen Mining Rights Offering. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>Additional Information  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of McEwen Mining common stock are traded on the New York Stock Exchange ("NYSE") and on the Toronto Stock Exchange ("TSX"), in
each case, under the symbol "MUX". The Exchangeable Shares are traded on the TSX under the symbol "MAQ". On October&nbsp;23, 2012, the closing sales price of McEwen Mining common stock was US$4.59
per share on the NYSE and CDN$4.56 on the TSX, and the closing sales price of the Exchangeable Shares was CDN$4.53 per share on the TSX. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
McEwen Mining common stock issued by this prospectus supplement will be issued only in exchange or redemption for the Canadian Rights Offering Exchangeable Shares, McEwen Mining
will not receive any cash proceeds from this offering. McEwen Mining will pay all expenses of registration incurred in connection with this offering. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Investing in our securities involves risks. You should carefully read this prospectus supplement, including the risk
factors discussed in the section entitled "Risk Factors" on page&nbsp;S-10 for certain risks and uncertainties relating to an investment in our securities.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McEwen Mining is offering upon the exchange or redemption of Canadian Rights Offering Exchangeable Shares, shares of McEwen Mining common stock
only in jurisdictions where this offering is permitted. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or
accuracy of this prospectus supplement or the accompanying base prospectus. Any representation to the contrary is a criminal offense.</B></FONT></P>
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The date of this prospectus supplement is October&nbsp;31, 2012. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This document is in two parts. The first part is this prospectus supplement, which describes the specific terms of this offering and certain other matters
relating to us. The second part, the accompanying base prospectus, gives more general information about securities we may offer from time to time, some of which does not apply to the offering
contemplated by this prospectus supplement. Generally, when we refer to the prospectus, we are referring to both parts of this document combined. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>You should rely only on the information contained or incorporated by reference in this prospectus supplement and in the accompanying base prospectus. We have not
authorized anyone to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. The information which appears or is
incorporated by reference in this prospectus may only be accurate as of the date hereof or the date of the document in which incorporated information appears. Our business, financial condition,
results of operations and prospects may have changed since the date of such information.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
"WHERE YOU CAN FIND MORE INFORMATION" on page&nbsp;S-52 of this prospectus supplement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
used in this prospectus, unless the context indicates otherwise, the terms "we," "our," "us," and the "Company" refer to McEwen Mining&nbsp;Inc. and its consolidated subsidiaries,
and references to "McEwen Mining" refer to McEwen Mining&nbsp;Inc. at its parent company level, excluding its subsidiaries. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-2</FONT></P>

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NAME="BG42901A_main_toc"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
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<BR></FONT><FONT SIZE=2><B>  TABLE OF CONTENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
<A NAME="BG42901_TOC"></A> </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

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<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="27pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Prospectus Supplement</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#bi42901_about_us"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ABOUT US</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#bi42901_about_us"><FONT SIZE=2><BR>
S-4</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ca42901_offering_summary"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>OFFERING SUMMARY</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ca42901_offering_summary"><FONT SIZE=2>S-6</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dc42901_risk_factors"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RISK FACTORS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dc42901_risk_factors"><FONT SIZE=2>S-10</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#di42901_forward-looking_statements"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FORWARD-LOOKING STATEMENTS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#di42901_forward-looking_statements"><FONT SIZE=2>S-24</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk42901_use_of_proceeds"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>USE OF PROCEEDS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk42901_use_of_proceeds"><FONT SIZE=2>S-26</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk42901_the_offering"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>THE OFFERING</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk42901_the_offering"><FONT SIZE=2>S-26</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dm42901_material_differences_between_t__mat04581"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>MATERIAL DIFFERENCES BETWEEN THE RIGHTS OF HOLDERS OF MCEWEN MINING COMMON STOCK
AND HOLDERS OF EXCHANGEABLE SHARES</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dm42901_material_differences_between_t__mat04581"><FONT SIZE=2>S-28</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#do42901_plan_of_distribution"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PLAN OF DISTRIBUTION</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#do42901_plan_of_distribution"><FONT SIZE=2>S-38</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#do42901_certain_material_united_states__cer02516"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CERTAIN MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#do42901_certain_material_united_states__cer02516"><FONT SIZE=2>S-39</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dq42901_certain_material_canad__dq402383"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CERTAIN MATERIAL CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dq42901_certain_material_canad__dq402383"><FONT SIZE=2>S-47</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dq42901_legal_matters"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LEGAL MATTERS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dq42901_legal_matters"><FONT SIZE=2>S-52</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dq42901_experts"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EXPERTS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dq42901_experts"><FONT SIZE=2>S-52</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dq42901_where_you_can_find_more_information"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dq42901_where_you_can_find_more_information"><FONT SIZE=2>S-52</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dq42901_incorporation_of_certain_information_by_reference"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dq42901_incorporation_of_certain_information_by_reference"><FONT SIZE=2>S-52</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Prospectus</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#bg72502_about_this_prospectus"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ABOUT THIS PROSPECTUS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#bg72502_about_this_prospectus"><FONT SIZE=2><BR>
i</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#da72502_our_company"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>OUR COMPANY</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da72502_our_company"><FONT SIZE=2>1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#da72502_risk_factors"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RISK FACTORS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da72502_risk_factors"><FONT SIZE=2>2</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de72502_special_note_regarding_forward-looking_statements"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FORWARD-LOOKING STATEMENTS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de72502_special_note_regarding_forward-looking_statements"><FONT SIZE=2>15</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de72502_use_of_proceeds"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>USE OF PROCEEDS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de72502_use_of_proceeds"><FONT SIZE=2>17</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de72502_ratios_of_earnings_to_fixed_charges"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RATIO OF EARNINGS TO FIXED CHARGES</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de72502_ratios_of_earnings_to_fixed_charges"><FONT SIZE=2>17</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de72502_description_of_securities_we_may_offer"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DESCRIPTION OF SECURITIES</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de72502_description_of_securities_we_may_offer"><FONT SIZE=2>17</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#di72502_plan_of_distribution"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PLAN OF DISTRIBUTION</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#di72502_plan_of_distribution"><FONT SIZE=2>30</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#Where2"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Where2"><FONT SIZE=2>40</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk72502_incorporation_of_certain_information_by_reference"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk72502_incorporation_of_certain_information_by_reference"><FONT SIZE=2>40</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk72502_experts"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EXPERTS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk72502_experts"><FONT SIZE=2>41</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#Experts2"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LEGAL MATTERS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Experts2"><FONT SIZE=2>41</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
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<A NAME="toc_bi42901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ABOUT US    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McEwen Mining is engaged in the production and exploration of precious metals in Argentina, Mexico and the United States. McEwen Mining
was organized under the laws of the State of Colorado on July&nbsp;24, 1979 under the name Silver State Mining Corporation. On June&nbsp;21, 1988, McEwen Mining changed its name to U.S. Gold
Corporation and on March&nbsp;16, 2007, McEwen Mining changed its name to US Gold Corporation. On January&nbsp;24, 2012, McEwen Mining changed its name to McEwen Mining&nbsp;Inc. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
objective is to increase the value of our shares through the exploration, development, and extraction of gold, silver and other valuable minerals. Other than the Company's San
Jos&eacute; Mine in Argentina, we generally conduct our exploration activities as sole operator, but we may enter into arrangements with other companies through joint venture or similar
agreements in an effort to achieve our strategic objectives. We own our mineral interests and property and operate our business through various subsidiary companies, each of which is owned entirely,
directly, or indirectly, by us. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
June 2007, we completed three simultaneous acquisitions, significantly increasing our land position in Nevada and Mexico. The assets of these three companies, Nevada Pacific
Gold&nbsp;Ltd., Tone Resources Limited and White Knight Resources&nbsp;Ltd., included a portfolio of properties in Nevada and Mexico. As a result of these acquisitions, we now hold interests in
approximately 266 square miles in Nevada, and approximately 1,238 square miles of mineral concessions in north-western Mexico. We began mining operations at Phase&nbsp;1 of our El Gallo project in
Mexico during the third quarter of 2012 and are expected to reach commercial production levels at the end of 2012. We are taking steps to advance Phase&nbsp;2 of our El Gallo project as well as one
of our Nevada properties into production. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;24, 2012, we completed the acquisition of Minera Andes&nbsp;Inc. ("Minera Andes") by way of a court-approved plan of arrangement under the Business Corporations Act
(Alberta) (the "ABCA"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
presently hold an interest in numerous exploration and development stage properties and projects in Mexico, Nevada and Argentina, as well as a 49% equity interest in the gold/silver
San Jos&eacute; Mine in Santa Cruz Province, Argentina covering 194 square miles. Prior to the acquisition of Minera Andes, we had not generated revenue from operations since 1990. As a result
of the acquisition of Minera Andes, we report income and loss, as applicable, from the San Jos&eacute; Mine on a 49% equity basis. The San Jos&eacute; mine is a joint venture between
an Argentinean subsidiary of McEwen Mining and a subsidiary of Hochschild Mining&nbsp;plc., the operator of the San Jos&eacute; Mine. The joint venture conducts ongoing exploration with the
objective of discovering new mineralization as well as adding resources and upgrading existing resources to reserves. The company expects that in the near future the joint venture will complete an
expansion to the existing mine capacity through additional investment in infrastructure. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
hold interests in approximately 1,238 square miles of mineral concessions in west central Mexico. Our primary property in Mexico is the El Gallo Complex, located in Sinaloa state on
the Sierra Madre Trend, a geological area of significant gold and silver mineralization. In 2010, we completed two estimates of mineralized material on the El Gallo Complex and in February 2011, we
completed an NI&nbsp;43-101 Compliant Preliminary Economic Assessment of that Complex. On August&nbsp;31, 2011, we announced the commencement of work towards the first phase of
production on the El Gallo Complex and completed a Feasibility Study that evaluates production coming from the Phase&nbsp;2 area at the El Gallo Complex on September&nbsp;27, 2012. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
hold interests in approximately 266 square miles in Nevada, United States. The majority of our Nevada properties, including our interests in our Gold Bar project and the Tonkin
Complex, are located along the Cortez Trend, in north central Nevada. We also own property, including our Limo project, on the southern end of the Carlin Trend. Both the Cortez Trend and Carlin Trend
are </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-4</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>geological
areas of significant gold discoveries. In 2006, we commenced comprehensive exploration of the property of our Tonkin Complex in an effort to identify additional mineralized material. From
2008 through 2009, we drilled various targets on our Gold Bar and Limo projects, as well as expanded the quantity of estimated mineralized material at our Gold Bar project in updated technical
reports. In 2010, we completed a Preliminary Economic Assessment for our Gold Bar project and in 2011 completed a NI&nbsp;43-101 compliant pre-feasibility study on the
project. The Company has decided to place this property into production, subject to receipt of necessary permits. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
completion of the acquisition of Minera Andes we hold mineral rights and applications for mineral rights covering approximately 944 square miles in Argentina (not including the San
Jos&eacute; Mine), including the advanced stage Los Azules Copper porphyry exploration project in San Juan Province, Argentina and a portfolio of exploration properties in the highly
prospective Deseasdo Massif region in southern Argentina. A portion of the Los Azules Project is currently the subject of litigation in the Supreme Court of British Columbia. See "RISK FACTORS" on
page&nbsp;S-10. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company conducts ongoing exploration at a number of our exploration properties with the objective of discovering new mineralization or increasing existing resources and reserves. </FONT></P>

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<BR></FONT><FONT SIZE=2><B>  OFFERING SUMMARY    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The following summary is qualified in its entirety by, and should be read in conjunction with, the more
detailed information included elsewhere or incorporated by reference in this prospectus supplement. Because this is a summary, it may not contain all the information you should consider before
deciding whether to participate in the offering. Before making an investment decision, you should read the entire prospectus supplement and accompanying base prospectus carefully, including the
section entitled "RISK FACTORS", beginning on page&nbsp;S-10, and the information incorporated by reference in this prospectus supplement.</I></FONT></P>

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<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>The Offering:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>The issuance from time to time of McEwen Mining common stock issuable upon the exchange or redemption of the Canadian Rights Offering Exchangeable Shares. Each Exchangeable Share is substantially the economic and voting
equivalent of a share of McEwen Mining common stock and is exchangeable on a one-for-one basis for a share of McEwen Mining common stock at any time, at the option of the holder. Any Canadian Rights Offering Exchangeable Share not previously
exchanged will, upon the direction of Canadian Exchange&nbsp;Co.'s board of directors (the "Exchange&nbsp;Co. Board"), be redeemed for shares of McEwen Mining common stock on any date that is on or after January&nbsp;24, 2022, being the tenth year
anniversary of the date on which Exchangeable Shares were first issued by Canadian Exchange&nbsp;Co. in connection with the acquisition of Minera Andes, subject to applicable law and the due exercise by either McEwen Mining or McEwen Mining
(Alberta)&nbsp;ULC, McEwen Mining's direct wholly-owned subsidiary ("Callco"), of McEwen Mining's or Callco's redemption call right, unless Canadian Exchange&nbsp;Co. redeems them earlier upon the occurrence of certain events.</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Conditions of the Offering:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>There are no conditions to this offering other than the effectiveness of the registration statement of which this prospectus
supplement is a part, and compliance by McEwen Mining with the prospectus delivery requirements under U.S. securities laws.</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Purpose of the Offering (see "THE OFFERING" on page&nbsp;S-26):</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The purpose of this offering is to exchange all Canadian Rights Offering Exchangeable Shares for shares of McEwen Mining common
stock.</FONT></TD>
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<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Declared But Unpaid Dividends (see "DESCRIPTION OF CAPITAL STOCK&#151;2012 Exchangeable Shares&#151;Retraction of Exchangeable Shares of Holders" on
page&nbsp;34 of the accompanying base prospectus):</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Upon exchange or redemption of the Canadian Rights Offering Exchangeable Shares, holders of such Canadian Rights Offering Exchangeable Shares
will receive a check in an amount equal to all cash dividends declared and payable but not yet paid on such Canadian Rights Offering Exchangeable Shares, all dividends declared and payable or paid on shares of McEwen Mining common stock after the
issuance of the Canadian Rights Offering Exchangeable Shares that have not yet been declared or paid on such Canadian Rights Offering Exchangeable Shares and an amount representing the value of all non-cash dividends declared and payable but not yet
paid on such Canadian Rights Offering Exchangeable Shares (provided that the holder such Canadian Rights Offering Exchangeable Shares on the applicable dividend record date), less any amounts withheld on account of tax required to be deducted and
withheld therefrom. Holders of such Canadian Rights Offering Exchangeable Shares will only receive dividends if McEwen Mining declares dividends on its McEwen Mining common stock. McEwen Mining has not previously declared dividends on its common
stock and does not have plans to declare dividends on its common stock for the foreseeable future.</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Procedures for Tendering Canadian Rights Offering Exchangeable Shares (see "DESCRIPTION OF CAPITAL STOCK&#151;2012 Exchangeable
Shares&#151;Retraction of Exchangeable Shares of Holders" on page&nbsp;34 of the accompanying base prospectus):</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Holders of Canadian Rights Offering Exchangeable Shares desiring to exchange such Canadian Rights Offering Exchangeable Shares
for shares of McEwen Mining common stock may cause the exchange by requiring Canadian Exchange&nbsp;Co. to redeem any or all of such Canadian Rights Offering Exchangeable Shares registered to such holder. The holder of such Canadian Rights Offering
Exchangeable Shares must deliver to Canadian Exchange&nbsp;Co. at its registered office or at an office of Canadian Exchange&nbsp;Co.'s transfer agent a written retraction request and the certificates representing the Canadian Rights Offering
Exchangeable Shares to be redeemed or the equivalent thereof, if any. The retraction date will be the 5th&nbsp;business day after the request is received by Canadian Exchange&nbsp;Co.</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Acceptance of Canadian Rights Offering Exchangeable Shares and Delivery of Offer Consideration and Cash (see "DESCRIPTION OF CAPITAL STOCK&#151;2012
Exchangeable Shares&#151;Retraction of Exchangeable Shares of Holders" on page&nbsp;34 of the accompanying base prospectus):</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unless a holder revokes its retraction request by the close of business on the business day immediately prior to the retraction date, the
Exchangeable Shares identified in the retraction request will either be redeemed by Canadian Exchange&nbsp;Co. or purchased by McEwen Mining or Callco. If either McEwen Mining or Callco chooses to purchase the Canadian Rights Offering Exchangeable
Shares on the retraction date, a holder of Canadian Rights Offering Exchangeable Shares who has delivered a retraction request shall be obligated to sell all the Canadian Rights Offering Exchangeable Shares identified in the retraction request to
McEwen Mining or Callco, as the case may be, on the retraction date upon delivery by McEwen Mining or Callco, as the case may be, of one share of McEwen Mining common stock for each Canadian Rights Offering Exchangeable Share, plus the dividend
amount, which is equal to any cash dividends declared and payable but not yet paid on such Canadian Rights Offering Canadian Rights Offering Exchangeable Shares, any dividends declared and payable or paid on shares of McEwen Mining common stock after
the issuance of the Canadian Rights Offering Exchangeable Shares that have not yet been declared or paid on such Canadian Rights Offering Exchangeable Shares and an amount representing the value of any non-cash dividends declared and payable but not
yet paid on such Canadian Rights Offering Exchangeable Shares. If neither McEwen Mining nor Callco chooses to purchase such Exchangeable Shares on the retraction date, then Canadian Exchange&nbsp;Co. shall redeem such Canadian Rights Offering
Exchangeable Shares identified in the retraction request effective at the close of business on the retraction date and shall deliver one share of McEwen Mining common stock for each Canadian Rights Offering Exchangeable Share redeemed, plus the
dividend amount.</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>To the extent that any amount required to be deducted or withheld from any payment to a holder exceeds the cash portion of the
dividend or other consideration otherwise payable to the holder, McEwen Mining (together with Callco, Canadian Exchange&nbsp;Co. and Canadian Exchange&nbsp;Co.'s transfer agent) have the right to sell or otherwise dispose of the portion of the
consideration necessary to provide sufficient funds to enable McEwen Mining to comply with the deduction or withholding requirement and McEwen Mining will notify the holder and remit to the holder any unapplied balance of the net proceeds of such
sale.</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Withdrawal Rights (see "DESCRIPTION OF CAPITAL STOCK&#151;2012 Exchangeable Shares&#151;Retraction of Exchangeable Shares of Holders"
on page&nbsp;34 of the accompanying base prospectus):</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>A holder of Canadian Rights Offering Exchangeable Shares that makes a retraction request may revoke such request, in writing, at
any time prior to the close of business on the business day immediately before the contemplated date of retraction, in which case the Canadian Rights Offering Exchangeable Shares identified in the retraction request will not be redeemed by Canadian
Exchange&nbsp;Co. or purchased by us or Callco.</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Use of Proceeds (see page&nbsp;S-26):</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Because the shares of McEwen Mining common stock offered by this prospectus supplement will be issued only in exchange or upon redemption for the
Canadian Rights Offering Exchangeable Shares, McEwen Mining will not receive any cash proceeds from this offering. McEwen Mining is paying all expenses of registration incurred in connection with this offering.</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Risk Factors (see page&nbsp;S-10):</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>See "RISK FACTORS" and other information in this prospectus supplement for a discussion of the factors you should carefully
consider before deciding to invest in the shares of McEwen Mining common stock being offered by McEwen Mining in this prospectus.</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>United States and Canadian Federal Income Tax Considerations</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>You should consult your tax advisor as to the particular consequences to you of participating in this offering. A summary of
certain material United States and Canadian federal income tax considerations applicable to the exchange or redemption of the Canadian Rights Offering Exchangeable Shares is contained in the sections of this prospectus supplement entitled "CERTAIN
MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS" on page&nbsp;S-39 and "CERTAIN MATERIAL CANADIAN FEDERAL INCOME TAX CONSIDERATIONS" on page&nbsp;S-47.</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Questions:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>If you have any questions regarding the terms of this offering, please contact McEwen Mining&nbsp;Inc., Investor Relations, 181
Bay Street, Bay Wellington Tower, Suite&nbsp;4750, P.O.&nbsp;Box&nbsp;792, Toronto, Ontario Canada M5J&nbsp;2T3, or by telephone at (866)&nbsp;441-0690, or by email at info@mcewenmining.com.</FONT></TD>
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<BR></FONT><FONT SIZE=2><B>  RISK FACTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>An investment in McEwen Mining's securities involves a high degree of risk. You should consider carefully the
following risk factors, along with all of the other information contained in or incorporated by reference in this prospectus supplement, and any post-effective amendment, before deciding
to buy our securities. These risk factors list some, but not all, of the risks and uncertainties that may have a material adverse effect on our business, our results of operations, financial
condition, cash flows and market price of our securities. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also impair our business
operations. If we are unable to prevent events that have a negative effect from occurring, then our business, and our results of operations, financial condition, cash flows and market price of our
securities could be materially and adversely affected.</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Risks Related to Our Company  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have incurred substantial losses since our inception in 1979 and may never be profitable.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Since our inception in 1979, we
have never been
profitable. As of June&nbsp;30, 2012, our accumulated deficit was approximately US$433.7&nbsp;million, including certain non-cash expenses. Over the longer term, our ability to become
profitable will depend on the profitability of the San Jos&eacute; Mine, our ability to bring the El Gallo Complex and our Gold Bar project into production and generate revenue sufficient to
cover our costs and expenses, and our ability to advance or sell our other properties, including the Los Azules copper project. We will seek to identify additional mineralization that can be extracted
economically at operating and exploration properties. For our non-operating properties that we believe demonstrate economic potential, we need to either develop our properties, locate and
enter into agreements with third party operators, or sell the properties. We may suffer significant additional losses in the future and may never be profitable. Even if we do achieve profitability, we
may not be able to sustain or increase profitability on a quarterly or annual basis. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The feasibility of mining at our El Gallo Complex and Gold Bar properties, has not been established in accordance with SEC Guide 7, and any funds spent by us on exploration and
development could be lost.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We have no proven or probable reserves on our properties as defined by U.S. law, except for the Company's 49% interest in the San
Jos&eacute; Mine. A "reserve," as defined by regulation of the SEC, is that part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve
determination. A reserve requires a feasibility study demonstrating with reasonable certainty that the deposit can be economically extracted and produced. As a result, we currently have no reserves
defined by Guide 7 of the U.S. Securities and Exchange Commission ("SEC"), except for the Company's 49% interest in the San Jos&eacute; Mine, and there are no assurances that we will be able
to prove that there are reserves on our properties. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
mineralized material identified on our properties does not and may never demonstrate economic viability. Substantial expenditures are required to establish reserves through drilling
and additional study and there is no assurance that reserves will be established. The feasibility of mining on our El Gallo Complex, Gold Bar properties, or any other property has not been, and may
never be, established. Whether a mineral deposit can be commercially viable depends upon a number of factors, including the particular attributes of the deposit, including size, grade, metallurgical
recoveries and proximity to infrastructure; metal prices, which can be highly variable; and government regulations, including environmental and reclamation obligations. If we are unable to establish
some or all of our mineralized material as proven or probable reserves in sufficient quantities to justify commercial operations, our investment in that property will be lost, and the market value of
our securities may suffer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are required to prepare and file with the Canadian securities regulators estimates of mineralized material in accordance with the National
Instrument&nbsp;43-101-Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI&nbsp;43-101"). These standards are
substantially different from the standards generally permitted to report reserve and other estimates in </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>reports
and other materials filed with the SEC. Under NI&nbsp;43-101, we report measured, indicated and inferred resources, measurements which are generally not permitted in filings made
with the SEC. U.S. investors are cautioned not to assume that all or any part of measured or indicated resources reported in our Canadian filings will ever be converted into SEC Guide 7 compliant
reserves. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The figures for our estimated mineralized material are based on interpretation and assumptions and may yield less mineral production under actual conditions than is currently
estimated.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated, mineralization figures presented in our filings with securities regulatory authorities including the SEC, press releases and
other public statements that may be made from time to time are based upon estimates made by independent geologists and our internal geologists. When making determinations about whether to advance any
of our projects to development, we must rely upon such estimated calculations as to the mineralized material and grades of mineralization on our properties. Until ore is actually mined and processed,
mineralized material and grades of mineralization must be considered as estimates only. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
estimates are imprecise and depend upon geological interpretation and statistical inferences drawn from drilling and sampling analysis, which may prove to be unreliable. We cannot
assure you that:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>these estimates will be or are accurate; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>mineralization estimates will be or are accurate; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>this mineralization can be mined or processed profitably. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
material changes in mineral estimates and grades of mineralization will affect the economic viability of placing a property into production and such property's return on capital.
There can be no assurance that minerals recovered in small scale tests will be recovered in large-scale tests under on-site conditions or in production scale. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
estimates contained in our public filings have been determined and valued based on assumed future prices, cut-off grades and operating costs that may prove to be
inaccurate. Extended declines in market prices for gold and/or silver may render portions of our mineralization estimates uneconomic and result in reduced reported mineralization or adversely affect
the commercial viability of one or more of our properties. Any material reductions in estimates of mineralization, or of our ability to extract this mineralization, could have a material adverse
effect on our results of operations or financial condition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our estimated timetables to achieve production for Phase&nbsp;2 of the El Gallo Complex and our Gold Bar properties may not be accurate.</I></B></FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Based on
technical work recently completed, including the El Gallo feasibility study and the Gold Bar preliminary feasibility study, we believe we can achieve Phase&nbsp;2 production at the El Gallo Complex
in the second half of 2014 and at our Gold Bar properties in late 2015. However, the Gold Bar preliminary feasibility study is preliminary in nature and is subject to change due to factors within and
outside of our control. There is no certainty that the feasibility study and the preliminary assessment and economics estimated in those reports will be realized or that we will be able to begin
production within the timelines estimated, if at all. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will require significant amounts of capital through debt or equity to place one or more of our properties into production, and our ability to obtain this necessary funding will depend
on a number of factors, including the status of the national and worldwide economy and the price of silver, gold, and other precious and base metals. Fluctuations in production costs, material changes
in the mineral estimates and grades of mineralization or changes in the political conditions or regulations in Mexico or Nevada may make placing these properties into production uneconomic. Further,
we may also be unable to obtain the necessary permits in a timely manner, on reasonable terms or on terms that provide us sufficient resources to develop our properties. These and other factors may
cause us to delay Phase&nbsp;2 production at the El Gallo Complex and our Gold Bar properties beyond 2014 and 2015, if at all or indefinitely. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historical production of gold at our Tonkin Complex or Magistral Mine is not indicative of the potential for future development or
revenue.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Historical production of gold from our Tonkin Complex came from relatively shallow deposits, in very limited quantities and for a very limited period of
time. Processing the mineralization at Tonkin also presents significant metallurgical difficulties that may cause it to be uneconomic or unfeasible to mine and process ore on a commercial scale. In
Mexico, the Magistral Mine produced gold from 2002 through 2005, but it was shut down in 2006 and was held by us on a care and maintenance basis until the fourth quarter of 2011. The restart of the
Magistral Mine is now considered Phase&nbsp;1 of our El Gallo Complex; we made the decision to proceed with Phase&nbsp;1 construction without the benefit of a feasibility study. There are
significant risks and uncertainty associated with commencing production without a feasibility or pre-feasibility study. The area proposed for Phase&nbsp;1 of El Gallo production has not
been explored, developed and analyzed in sufficient detail to complete an independent feasibility or pre-feasibility study and may ultimately be determined to lack one or more geological,
metallurgical, engineering, legal, operating, economic, social, environmental, and other relevant factors reasonably required to serve as the basis for a final decision to complete the development of
all or part of the El Gallo project for mineral production. Investors in our securities should be cautioned not to rely on our historical operations as an indication that we will place those mining
properties into commercial production or that any such attempts to resume production would be successful. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will require significant additional capital to continue our exploration and development activities, and if warranted, to develop additional mining
operations.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As a result of the acquisition of Minera Andes, as well as the other properties that we own, substantial expenditures will be required to continue the
exploration programs at its exploration stage properties. We will be required to expend significant amounts of capital for drilling, geological and geochemical analysis, assaying, and, if warranted,
feasibility studies with regard to the results of our exploration. We may need to obtain additional financing, either in the form of debt or equity financing, to fund such expenditures. We may not
benefit from these investments if we are unable to identify commercially exploitable reserves. Furthermore, expenditures we made for Minera Andes' properties may reduce the availability of capital to
pursue our exploration and development programs at El Gallo Complex. If we are successful in identifying commercially exploitable reserves, we will require significant additional capital to extract
those reserves. Our ability to obtain necessary funding, in turn, depends upon a number of factors, including the state of the economy and applicable commodity prices. We may not be successful in
obtaining the required financing for these or other purposes on terms that are favorable to us or at all, in which case, our ability to continue operating would be adversely affected. Failure to
obtain such additional financing could result in delay or indefinite postponement of further exploration or potential development and the possible partial or total loss of our interest in certain
properties. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minera Andes' assets may be less valuable to us than expected.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The value of Minera Andes to us, other than its interest in the
San
Jos&eacute; Mine, is based in large part on the value of the Los Azules Copper Project and the ability to discover mineralized material on the other acquired exploration properties. The Los
Azules Copper Project has only "inferred resources" and "indicated resources", based on NI&nbsp;43-101 definitions. There can be no assurance that these mineral resources will be
upgraded to mineral reserves or that if mineral deposits are discovered on the other exploration
properties, that such mineral deposits can be commercially mined. Whether a mineral deposit can be commercially viable depends upon a number of factors, including the particular attributes of the
deposit, including size, grade and proximity to infrastructure; metal prices, which can be highly volatile; and government regulations, including environmental and reclamation obligations. If we are
unable to establish some or all of the mineralized material as proven or probable reserves in sufficient quantities to justify commercial operations, the market value of our securities may decline,
and you may lose some or all of your investment. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development at the Los Azules copper project presents development challenges that may negatively affect, if not completely negate, the feasibility of development of the
property.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Los Azules property that we acquired with Minera Andes is located in a remote location that is accessed by 75 miles (120 kilometers) of unimproved
dirt road with eight river crossings and two mountain passes both above 13,451 feet (4,100 meters). According to the technical report prepared for Minera Andes with an effective date of
December&nbsp;1, 2010, capital costs were estimated to be $2.8&nbsp;billion initially and $3.73&nbsp;billion over the life of the mine with an accuracy target of plus or minus 35%. These are
historical calculations and capital costs calculated today may be substantially higher. In order for the Los Azules property to be economically feasible for development, the price of copper would have
to be high enough to justify the high capital costs estimated for the project. There can be no assurance that these capital cost estimates are accurate; given the inflationary pressure in the mining
industry and in Argentina in particular, these capital costs are likely to increase substantially. If the long term price of copper were to decrease significantly below the current price or capital
cost estimates increase significantly, the Los Azules property may not be feasible for development, and we may have to write-off the asset. Furthermore, even if the development of the Los
Azules property becomes economically feasible, we may not be able to raise sufficient capital to develop the property, may not receive the required permits or environmental approvals, may not be able
to construct the necessary power and infrastructure assets and may not be able to attract qualified workers to build such a project, any of which could result in the delay or indefinite postponement
of development at the property. Such a result would have a material negative effect on our Company. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Los Azules copper project is subject to ongoing legal proceedings with the potential that we may lose part of our interest in the project.</I></B></FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We are
currently subject to ongoing litigation regarding the Los Azules Copper Project. TNR Gold Corp ("TNR Gold") and its subsidiary, Solitario Argentina&nbsp;S.A. ("Solitario" and together with TNR Gold,
"TNR"), claim, among other things, that certain properties that comprise the Los Azules Copper Project were not validly transferred to Minera Andes and therefore should be returned to TNR. In the
alternative, TNR claims that even if Minera Andes validly owns the Los Azules Copper Project, TNR has a 25% back-in right to a substantial portion of the Los Azules project underlying
known mineral resources that may be exercised to acquire a 25% interest in such part of the property. TNR has also claimed damages. We estimate that the Los Azules Copper Project represents
approximately 56% of the total assets acquired, not counting liabilities assumed, in
the acquisition of Minera Andes, based on our preliminary estimate of the fair value of all identifiable assets acquired and liabilities assumed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are not able to estimate the potential financial impact of this claim. If resolved adversely against the Company, this litigation could materially adversely affect the value of the
Company by reducing or terminating our interest in a significant portion of the Los Azules Copper Project and our ability to develop the Los Azules Copper Project. Alternatively, we could be subject
to a significant damages award. Such a result would have a significant negative impact on the value of the Company and could have a significant impact on our stock price. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to litigation risks in addition to the Los Azules litigation.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All industries, including the mining industry, are
subject to legal
claims, with and without merit. Defense and settlement costs can be substantial, even with respect to claims that have no merit. Due to the inherent uncertainty of the litigation process, the
resolution of any particular legal proceeding could have a material adverse effect on our financial position and results of operations. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may acquire additional exploration stage properties and we may face negative reactions if reserves are not located on acquired properties.</I></B></FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We have
in the past and may in the future acquire additional exploration stage properties. There can be no assurance that we have or will be able to complete the acquisition of such properties at reasonable
prices or on favorable terms and that reserves will be identified on any properties that we acquire. We may also experience negative reactions from the financial markets if we are unable to
successfully complete acquisitions of additional properties or if </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-13</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>reserves
are not located on acquired properties. These factors may adversely affect the trading price of McEwen Mining common stock or our financial condition or results of operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluctuating precious metals and copper prices could negatively impact our business.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The potential for profitability of our
silver and gold mining
operations and the value of our mining properties are directly related to the market price of silver, gold and copper. The price of silver, gold and copper may also have a significant influence on the
market price of McEwen Mining common stock. The market price of gold and silver historically has fluctuated significantly and is affected by numerous factors beyond our control. These factors include
supply and demand fundamentals, expectations with respect
to the rate of inflation, the relative strength of the U.S. dollar and other currencies, interest rates, gold and silver sales and loans by central banks, forward sales by metal producers,
accumulation and divestiture by exchange traded funds, global or regional political, economic or banking crises, and a number of other factors. The market price of silver is also affected by
industrial demand. The selection of a property for exploration or development, the determination to construct a mine and place it into production, and the dedication of funds necessary to achieve such
purposes are decisions that must be made long before the first revenues, if any, from production will be received. Price fluctuations between the time that such decisions are made and the commencement
of production can have a material adverse effect on the economics of a mine. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
volatility in silver, gold and copper prices is illustrated by the following table, which sets forth, for the periods indicated, the average market prices in U.S. dollars per ounce
of gold and silver, based on the daily London&nbsp;P.M. fix, and per pound of copper based on the LME Grade A copper settlement price. </FONT></P>

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<BR></FONT><FONT SIZE=2><B>  Average Annual Market Price of Silver and Gold (per oz.) and Copper (per lb.)    <BR>    </B></FONT></P>
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<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:28pt;"><FONT SIZE=1><B>Mineral

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2007<BR>
(calendar<BR>
year) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2008<BR>
(calendar<BR>
year) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2009<BR>
(calendar<BR>
year) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2010<BR>
(calendar<BR>
year) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2011<BR>
(calendar<BR>
year) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2012<BR>
(through<BR>
September&nbsp;30,<BR>
2012) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Silver</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13.38</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14.99</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14.67</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20.19</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>35.12</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30.63</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gold</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>696</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>872</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>972</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,224</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,572</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,649</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Copper</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.23</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.34</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.42</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4.00</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.61</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
volatility of mineral prices represents a substantial risk which no amount of planning or technical expertise can fully eliminate. In the event gold and silver prices decline and
remain low for prolonged periods of time, we might be unable to develop our properties, which may adversely affect our results of operations, financial performance and cash flows. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our continuing reclamation obligations at the Tonkin Complex, El Gallo Complex and our other properties could require significant additional
expenditures.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We are responsible for the reclamation obligations related to disturbances located on all of our properties, including the Tonkin Complex. We have
posted a bond in the amount of the estimated reclamation obligation at the Tonkin Complex. We submitted a mine closure plan to the Bureau of Land Management ("BLM") for the Tonkin Complex during the
fourth quarter of 2010. Based on our estimate, the change in our bonding requirements was insignificant. Our closure plan is currently under review by the BLM. We have not posted a bond in Mexico
relating to the El Gallo Complex, as none is required. There is a risk that any cash bond, even if increased based on the analysis and work performed to update the reclamation obligations, could be
inadequate to cover the actual costs of reclamation when carried out. The satisfaction of bonding requirements and continuing reclamation obligations will require a significant amount of capital.
There is a risk that we will be unable to fund these additional bonding requirements, and further, that the regulatory authorities may increase reclamation and bonding requirements to such a degree
that it would not be commercially reasonable to continue exploration activities, which may adversely affect our results of operations, financial performance and cash flows. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-14</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ongoing operations and past mining activities are subject to environmental risks, which could expose us to significant liability and delay, suspension or termination of our
operations.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All phases of our operations are subject to United States, Mexican and Argentine federal, state and local environmental regulation. These regulations
mandate, among other things, the maintenance of air and water quality standards and land reclamation. They also set forth limitations on the generation, transportation, storage and disposal of solid
and hazardous waste. Environmental legislation is evolving in a manner which will require stricter standards and enforcement, increased fines and penalties for non-compliance, more
stringent environmental assessments of proposed projects, and a heightened degree of responsibility for us and our officers, directors and employees. Future changes in environmental regulation, if
any, may adversely affect our operations, make our operations prohibitively expensive, or prohibit them altogether. Environmental hazards may exist on our properties that are unknown to us at the
present and that have been caused by us, or previous owners or operators, or that may have occurred naturally. Mining properties from the companies we have acquired may cause us to be liable for
remediating any damage that those companies may have caused. The liability could include response costs for removing or remediating the release and damage to natural resources, including ground water,
as well as the payment of fines and penalties. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have transferred our interest in several mining properties over past years, some of which are now being operated by third parties. Under applicable U.S. federal and state
environmental laws, as prior owner of these properties, we may be liable for remediating any damage that we may have caused. The
liability could include response costs for removing or remediating the release and damage to natural resources, including ground water, as well as the payment of fines and penalties. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure
to comply with applicable environmental laws, regulations and permitting requirements may result in enforcement actions thereunder, including orders issued by regulatory or
judicial authorities, causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due
to an increased level of non-governmental organization activity targeting the mining industry, the potential for the government to delay the issuance of permits or impose
new requirements or conditions upon mining operations may be increased. Any changes in government policies may be costly to comply with and may delay mining operations. Future changes in such laws and
regulations, if any, may adversely affect our operations, make our operations prohibitively expensive, or prohibit them altogether. If our interests are materially adversely affected as a result of a
violation of applicable laws, regulations, or permitting requirements or a change in applicable law or regulations, it would have a significant negative impact the value of the combined company and
could have a significant impact on our stock price. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our operations are subject to permitting requirements which could require us to delay, suspend or terminate our operations on our mining
properties.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our mining operations, including ongoing exploration drilling programs, require permits from the state and federal governments, including permits for
the use of water and for drilling wells for water. We may be unable to obtain these permits in a timely manner, on reasonable terms or on terms that provide us sufficient resources to develop our
properties, or at all. Even if we are able to obtain such permits, the time required by the permitting process can be significant. If we cannot obtain or maintain the necessary permits, or if there is
a delay in receiving these permits, our timetable and business plan for exploration of our properties will be adversely affected, which may in turn adversely affect our results of operations,
financial condition, cash flows and market price of our securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our operations in Mexico and Argentina are subject to changes in political conditions, regulations and crime.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our El Gallo
Complex as well as
certain other concessions, are located in Mexico and are subject to laws and regulations applied by Mexican federal, state, and local governments. As a result, our mining investments in Mexico are
subject to the risks normally associated with the conduct of </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>business
in foreign countries. In the past, Mexico has been subject to political instability, changes and uncertainties which may cause changes to existing government regulations affecting mineral
exploration and mining activities. Civil or political unrest or violence could disrupt our operations at any time. In recent years, there has been a marked increase in the level of violence and crime
relating to drug cartels in Sinaloa state, where we operate, and in other regions of Mexico. This may disrupt our ability to carry out exploration and mining activities and affect the safety and
security of our employees and contractors. Our exploration and mining activities may be adversely affected in varying degrees by changing government regulations relating to the mining industry or
shifts in political conditions, including as a result of periodic elections, that could increase the costs related to our activities or maintaining our properties. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
San Jos&eacute; Mine as well as certain other concessions, are located in Argentina and are subject to laws and regulations applied by Argentinian federal, provincial, and
local governments. As a result, our mining investments in Argentina are subject to the risks normally associated with the conduct of business in foreign countries. There are risks relating to an
uncertain or unpredictable political and economic environment in Argentina. During an economic crisis in 2002 and 2003, Argentina defaulted on foreign debt repayments and on the repayment on a number
of official loans to multinational organizations. In addition, the Argentinean government has renegotiated or defaulted on contractual arrangements. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
January 2008, the Argentinean government reassessed its policy and practice in respect of export duties and began levying export duties on mining companies operating in the country.
Although this particular change did not affect the San Jos&eacute; Mine as its fiscal stability agreement explicitly fixes export duties at 5% for dor&eacute; bars and 10% for
concentrates, there can be no assurance that the Argentinean government will not unilaterally take other action which could have a material adverse effect on our projects in the country. In October
2011, the Argentinean government announced a decree requiring mining companies to repatriate mining revenues to Argentina and to convert those revenues into Argentine pesos prior to taking any further
action with respect to such revenues, such as paying suppliers or distributing profits, either locally or out of the country. This decree has resulted in increased foreign exchange and bank
transaction costs to the Company and increased the Company's exposure to potential devaluation of the Argentine peso should the San Jos&eacute; Mine be forced to hold more currency in
Argentine pesos compared to U.S. dollars. There also is the risk of political violence and increased social tension in Argentina as Argentina has experienced periods of civil unrest, crime and labor
unrest. Certain political and economic events such as acts, or failures to act, by a government authority in Argentina, and acts of political violence in Argentina, could have a material adverse
effect on our ability to operate in the country. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes,
if any, in mining or investment policies or shifts in political attitude in any of the jurisdictions in which the Company operates may adversely affect the Company's operations
or profitability. Operations may be affected in varying degrees by government regulations with respect to, but not limited to, restrictions on production, price controls, export controls, currency
remittance, importation of parts and supplies, income and other taxes, expropriation of property, foreign investment,
maintenance of claims, environmental legislation, land use, land claims of local people, water use and mine safety. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title to mineral properties can be uncertain, and we are at risk of loss of ownership of one or more of our properties, in addition to the Los Azules Copper
Project.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our ability to explore and operate our properties depends on the validity of our title to that property. Our U.S. mineral properties consist of leases of
unpatented mining claims, as well as unpatented mining and millsite claims which we control directly. Unpatented mining claims provide only possessory title and their validity is often subject to
contest by third parties or the federal government, which makes the validity of unpatented mining claims uncertain and generally more risky. Our Mexico concessions are granted by the Mexican
government for a period of up to 50&nbsp;years from the date of their recording in the Public Registry of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-16</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Mining
and are renewable for a further period of up to 50&nbsp;years upon application within five years of expiration of such concession in accordance with the Mining Law and its Regulations.
Failure to do so prior to expiration of the term of the exploration concession will result in termination of the concession. Under Argentinean Law, concessions are granted by provincial governments
for unlimited periods of time, subject to a mining fee and the filing of a minimum investment plan and compliance with a one-off minimum investment in the concession equal to 300 times the
relevant mining fee over a five year period. Failure to comply with these conditions may result in the termination of the concession. Uncertainties inherent in mineral properties relate to such things
as the sufficiency of mineral discovery, proper posting and marking of boundaries, assessment work and possible conflicts with other claims not determinable from public record. We have not obtained
title opinions covering our entire property, with the attendant risk that title to some claims, particularly title to undeveloped property, may be defective. There may be valid challenges to the title
to our property which, if successful, could impair development and/or operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
remain at risk in that the mining claims may be forfeited either due to failure to comply with statutory requirements as to location and maintenance of the claims or challenges to
whether a discovery of a valuable mineral exists on every claim. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legislation has been proposed that would significantly and adversely affect the mining industry.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Periodically, members of the
U.S. Congress have
introduced bills which would supplant or alter the provisions of the General Mining Law of 1872, which governs the unpatented claims that we control with respect to our U.S. properties. One such
amendment has become law and has imposed a moratorium on the patenting of mining claims, which reduced the security of title provided by unpatented claims such as those on our U.S. properties. If
additional legislation is enacted, it could substantially increase the cost of
holding unpatented mining claims by requiring payment of royalties, and could significantly impair our ability to develop mineral estimates on unpatented mining claims. Such bills have proposed, among
other things, to make permanent the patent moratorium, to impose a federal royalty on production from unpatented mining claims and to declare certain lands as unsuitable for mining. Although it is
impossible to predict at this time what royalties may be imposed in the future, the imposition of such royalties could adversely affect the potential for development of such mining claims, and the
economics of existing operating mines on federal unpatented mining claims. Passage of such legislation could adversely affect our business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our lack of operating experience may cause us difficulty in managing our growth.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our management team, as a whole, has limited
experience in
developing and operating a mine. We are currently working towards developing our El Gallo Complex in Mexico, our Gold Bar properties in Nevada, and our Los Azules Copper Project in Argentina. If we
are unable to successfully place these projects into production, our stock price may suffer and you may lose some or all of your investment. Our ability to manage the anticipated growth that we expect
will accompany placing one or more of those properties into production will require us to improve and expand our management and our operational systems and controls. If our management is unable to
manage growth effectively, our business and financial condition would be materially harmed. In addition, if rapid growth occurs, it may strain our operational, managerial and financial resources. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We cannot assure you that we will have an adequate supply of water to complete desired exploration or development of our mining properties.</I></B></FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with the laws of the State of Nevada, we have obtained permits to drill the water wells that we currently use to service the Tonkin property and we plan to obtain all required permits for
drilling water wells to serve other properties we may develop or acquire in the future. However, the amount of water that we are entitled to use from those wells must be determined by the appropriate
regulatory authorities. A final determination of these rights is dependent in part on our ability to demonstrate a beneficial use for the amount of water that we intend to use. Unless we are
successful in developing the property to a point where we can commence </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-17</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>commercial
production of gold or other precious metals, we may not be able to demonstrate such beneficial use. Accordingly, there is no assurance that we will have access to the amount of water needed
to operate a mine at the property, which may prevent us from generating revenue, and which would adversely affect our financial condition and cash flows. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our industry is highly competitive, attractive mineral lands are scarce, and we may not be able to obtain quality properties.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We
compete with many
companies in the mining industry, including large, established mining companies with substantial capabilities, personnel and financial resources. There is a limited supply of desirable mineral lands
available for claim staking, lease or acquisition in the United States, Mexico, Argentina, and other areas where we may conduct exploration activities. We may be at a competitive disadvantage in
acquiring mineral properties, since we compete with these individuals and companies, many of which have greater financial resources and larger technical staffs than we do. From time to time, specific
properties or areas which would otherwise be attractive to us for exploration or acquisition may be unavailable to us due to their previous acquisition by other companies or our lack of financial
resources. Competition in the industry is not limited to the acquisition of mineral properties but also extends to the technical expertise to find, advance, and operate such properties; the labor to
operate the properties; and the capital for the purpose of funding such properties. Many competitors not only explore for and mine precious metals, but conduct refining and marketing operations on a
world-wide basis. Such competition may result in our Company being unable not only to acquire desired properties, but to recruit or retain qualified employees or to acquire the capital
necessary to fund our operation and advance our properties. Our inability to compete with other companies for these resources would have a material adverse effect on our results of operation,
financial condition and cash flows. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The nature of mineral exploration and production activities involves a high degree of risk and the possibility of uninsured losses that could materially and adversely affect our
operations.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Exploration for minerals is highly speculative and involves greater risk than many other businesses. Many exploration programs do not result in the
discovery of mineralization, and any mineralization discovered may not be of sufficient quantity or quality to be profitably mined. Few properties that are explored are ultimately advanced to
production. Our current exploration efforts are, and future development and mining operations we conduct will be, subject to all of the operating hazards and risks normally incident to exploring for
and developing mineral properties, such as, but not limited to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>economically insufficient mineralized material; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>fluctuations in production costs that may make mining uneconomical; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>availability of labor, contractors, engineers, power, transportation and infrastructure; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>labor disputes; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>potential delays related to social and community issues; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>unanticipated variations in grade and other geologic problems; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>environmental hazards; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>water conditions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>difficult surface or underground conditions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>industrial accidents; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>metallurgical and other processing problems; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>mechanical and equipment performance problems; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>failure of pit walls or dams; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-18</FONT></P>

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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>unusual or unexpected rock formations; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>personal injury, fire, flooding, cave-ins and landslides; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>decrease in reserves or mineralized material due to a lower silver, gold or copper price. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
of these risks can materially and adversely affect, among other things, the development of properties, production quantities and rates, costs and expenditures, potential revenues and
production dates. We currently have no insurance to guard against any of these risks, except in very limited circumstances. If we determine that capitalized costs associated with any of our mineral
interests are not likely to be recovered, we would incur a write-down of our investment in these interests. All of these factors may result in losses in relation to amounts spent which are
not recoverable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not insure against all risks to which we may be subject in our planned operations.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;While we currently maintain insurance
to insure against
general commercial liability claims and physical assets at the Tonkin and El Gallo Complex, we do not maintain insurance to cover all of the potential risks associated with our operations. Our other
exploration projects have no existing infrastructure for which we insure. We may also be unable to obtain insurance to cover other risks at economically feasible premiums or at all. Insurance coverage
may not continue to be available, or may not be adequate to cover liabilities. We might also become subject to liability for environmental, pollution or other hazards associated with mineral
exploration and production which may not be insured against, which may exceed the limits of our insurance coverage or which we may elect not to insure against because of premium costs or other
reasons. Losses from these events may cause us to incur significant costs that could materially adversely affect our financial condition and our ability to fund activities on our property. A
significant loss could force us to reduce or terminate our operations. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We depend on a limited number of personnel and the loss of any of these individuals could adversely affect our business.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our
company is dependent on
key management, namely our Chairman and Chief Executive Officer, our Vice President and Chief Financial Officer, our Chief Operating Officer, our Senior Vice President, our Vice
President&#151;Argentina, and our Vice President, Projects. Robert R. McEwen, our Chairman and Chief Executive Officer, is responsible for strategic direction and the oversight of our business.
Perry Y. Ing, our Vice President and Chief Financial Officer, is responsible for our public reporting and administrative functions. William Faust (Chief Operating Officer), Ian Ball (Senior Vice
President), Simon Quick (Vice President, Projects), and Andrew Elinesky (Vice President, Argentina), oversee project development in, Mexico, Nevada and Argentina, respectively. We rely heavily on
these individuals for the conduct of our business. The loss of any of these officers would significantly and adversely affect our business. In that event, we would be forced to identify and retain an
individual to replace the departed officer. We may not be able to replace one or more of these individuals on terms acceptable to us. We have no life insurance on the life of any officer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some of our directors may have conflicts of interest as a result of their involvement with other natural resource companies.</I></B></FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Some of our directors
are directors or officers of other natural resource or mining-related companies, or may be involved in related pursuits that could present conflicts of interest with their roles at our Company. These
associations may give rise to conflicts of interest from time to time. In the event that any such conflict of interest arises, a director who has such a conflict is required to disclose the conflict
to the other directors and may be required to abstain from voting on the matter. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to foreign currency risk.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;While we transact most of our business in U.S. dollars, some expenses, such as labor,
operating supplies and
capital assets are denominated in Canadian dollars, Mexican pesos or Argentine pesos. As a result, currency exchange fluctuations may impact our operating costs. The appreciation of
non-U.S. dollar currencies against the U.S. dollar increases costs and the cost of purchasing capital assets in U.S. dollar terms in Canada, Mexico and Argentina, which can adversely
impact our operating results and cash flows. Conversely, a depreciation of non-U.S. dollar currencies usually decreases operating costs and capital asset purchases in U.S. dollar terms in
foreign countries. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-19</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The value of cash and cash equivalents denominated in foreign currencies also fluctuates with changes in currency exchange rates. Appreciation of
non-U.S. dollar currencies results in a foreign currency gain on such investments and a depreciation in non-U.S. dollar currencies results in a loss. We have not utilized
market risk sensitive instruments to manage our exposure to foreign currency exchange rates but may in the future actively manage our exposure to foreign currency exchange rate risk. We also hold a
majority of our cash reserves in non-U.S. dollar currencies. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Argentinean foreign exchange regulations and export repatriation requirements could adversely affect our liquidity and operations.</I></B></FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In October
2011, Argentina announced a decree requiring mining companies to repatriate mining revenues to Argentine currency before distributing revenue either locally or overseas. Fluctuation in the value of
the Argentine peso as a result of the repatriation requirement and the repatriation requirement may create inefficiencies in our ability to transfer its revenue from Argentina and result in
substantial transaction costs. Further, there are additional transaction costs imposed by the central bank for transferring funds from and within Argentina. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
April 2012, Argentina announced further rules which initially reduced the number of days mining companies have to repatriate funds relating to exports sales to 15&nbsp;days and then
subsequently in July 2012, relaxed the repatriation requirement to 45&nbsp;days on the export of dor&eacute; and 180&nbsp;days on the sale of
concentrates for certain mining companies including Minera Santa Cruz ("MSC") which operates the San Jos&eacute; Mine. During this interim period of uncertainty, there was a disruption to
MSC's exports, especially concentrate sales which take significantly longer than dor&eacute; to process. This resulted in a disruption to their cash flows and ultimately, to the timing and
amount of dividends that MSC has been able to pay to us during 2012. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
restrictions and any additional restrictions on the Argentinean foreign exchange regime or export repatriation requirements could affect our liquidity and operations in Argentina,
and our ability to access such funds. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global climate change is an international concern, and could impact our ability to conduct future operations.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Global climate
change is an
international issue and receives an enormous amount of publicity. We would expect that the imposition of international treaties or United States, Mexican or Argentine federal, state or local laws or
regulations pertaining to mandatory reductions in energy consumption or emissions of greenhouse gasses could affect the feasibility of our mining projects and increase our operating costs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The laws of the State of Colorado and our Articles of Incorporation may protect our directors from certain types of lawsuits.</I></B></FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The laws of the State
of Colorado provide that our directors will not be liable to us or our shareholders for monetary damages for all but certain types of conduct as directors of the Company. Our Articles of Incorporation
permit us to indemnify our directors and officers against all damages incurred in connection with our business to the fullest extent provided or allowed by law. The exculpation provisions may have the
effect of preventing shareholders from recovering damages against our directors caused by their negligence, poor judgment or other circumstances. The indemnification provisions may require us to use
our limited assets to defend our directors and officers against claims, including claims arising out of their negligence, poor judgment, or other circumstances. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Risks Related to McEwen Mining common stock and this offering  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain recognized by non-U.S. holders and non-U.S. persons holding any interest in the Company other than solely as a creditor (including, for example, interests in
the form of our convertible debt, if any) on the sale or other disposition of our securities may be subject to U.S. federal income tax.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We believe that we
currently are a "United States real property holding corporation" under
section&nbsp;897(c) of the Internal Revenue Code (the "Code"), or USRPHC, and that there is a substantial likelihood that we will continue to be a USRPHC in the future. Subject to certain
exceptions, securities (other than securities </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>that
provide no interest in a corporation other than solely as a creditor) issued by a corporation that has been a USRPHC at any time during the preceding five years (or the non-U.S.
holder's holding period for such securities, if shorter) are treated as U.S. real property interests, or USRPIs, and gain recognized by a non-U.S. holder on the sale or other disposition
of a USRPI is subject to regular U.S. federal income tax, on a net basis at graduated rates, as if such gain were effectively connected with the conduct by such holder of a U.S. trade or business. If
gain recognized by a non-U.S. holder from the sale or other disposition of McEwen Mining common stock or other securities is subject to regular net basis income tax under these rules, the
transferee of such McEwen Mining common stock or other securities may be required to deduct and withhold a tax equal to 10% of the gross amount paid to the non-U.S. holder with respect to
the sale or other disposition, unless certain exceptions apply. Any tax withheld may be credited against the U.S. federal income tax owed by the non-U.S. holder for the year in which the
sale or other disposition occurs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The conversion of Exchangeable Shares, exercise of options and the future issuances of McEwen Mining common stock will dilute current shareholders and may reduce the market price
of
McEwen Mining common stock.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As of October&nbsp;23, 2012, we had outstanding Exchangeable Shares and options to purchase a total of 4,754,209 shares of McEwen
Mining common stock, and Canadian Exchange&nbsp;Co. will issue up to 7,798,762 additional Exchangeable Shares in connection with the Canadian Exchange&nbsp;Co. Rights Offering, which if completely
converted or exercised, would dilute existing shareholders' ownership of McEwen Mining by approximately 50%, assuming all Exchangeable Shares not held by McEwen Mining or its subsidiaries are
exchanged for an equivalent amount of McEwen Mining common stock. Under certain circumstances, McEwen Mining's board of directors (the "McEwen Mining Board") has the authority to authorize the offer
and sale of additional securities without the vote of or notice to existing shareholders. McEwen Mining may issue equity in the future in connection with acquisitions, strategic transactions or for
other purposes. Based on the need for additional capital to fund expected growth, it is likely that we will issue additional securities to provide such capital and that such additional issuances may
involve a significant number of shares of McEwen Mining common stock. Issuance of additional securities in the future will dilute the percentage interest of existing shareholders of McEwen Mining and
may reduce the market price of McEwen Mining common stock and other securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore,
the sale of a significant amount of McEwen Mining common stock by any selling security holders, specifically Mr.&nbsp;Robert R. McEwen ("Mr.&nbsp;McEwen"), our Chairman
and Chief Executive Officer, may depress the price of McEwen Mining common stock. As a result, you may lose all or a portion of your investment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A small number of existing shareholders own a significant portion of McEwen Mining common stock, which could limit your ability to influence the outcome of any shareholder
vote.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;McEwen who beneficially owned as of October&nbsp;23, 2012, approximately 25%, or 67,203,241 shares, of the 268,504,418 shares of McEwen Mining
common stock (assuming all outstanding Exchangeable Shares not held by McEwen Mining or its subsidiaries are exchanged for an equivalent amount of McEwen Mining common stock) before giving effect to
the McEwen Mining Rights Offering and the Canadian Exchange&nbsp;Co. Rights Offering, which holdings consisted of 28,477,527 shares of McEwen Mining common stock and 38,725,714 Exchangeable Shares.
Under McEwen Mining's Articles of Incorporation and the laws of the State of Colorado, the vote of the holders of a majority of the shares voting at a meeting at which a quorum is present is generally
required to approve most shareholder action. As a result, Mr.&nbsp;McEwen will be able to significantly influence the outcome of shareholder votes for the foreseeable future, including votes
concerning the election of directors, amendments to our Articles of Incorporation or proposed mergers, acquisitions or other significant corporate transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our stock price has historically been volatile, and as a result you could lose all or part of your investment.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The market price
of McEwen Mining
common stock has fluctuated significantly and may decline in the future. The high and low sale prices of McEwen Mining common stock on the NYSE </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-21</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
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<P style="font-family:times;"><FONT SIZE=2>Amex,
and the NYSE after November&nbsp;2, 2010, were US$3.53 and US$0.90 for the fiscal year ended December&nbsp;31, 2009, US$8.17 and US$2.02 for the fiscal year ended December&nbsp;31, 2010,
US$9.87 and US$2.93 for the fiscal year ended December&nbsp;31, 2011, and US$5.97 and US$2.16 for the period beginning January&nbsp;1, 2012 and ending September&nbsp;30, 2012. The fluctuation of
the market price of McEwen Mining common stock has been affected by many factors that are beyond our control, including: changes in the worldwide price for silver, gold and copper, results from our
exploration or development efforts and the other risk factors discussed herein. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have never paid a dividend on McEwen Mining common stock and we do not anticipate paying one in the foreseeable future.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We
have not paid a
dividend on McEwen Mining common stock to date, and we do not expect to be in a position to pay dividends in the foreseeable future. Our initial earnings from the San Jos&eacute; Mine, if any,
will likely be retained to finance our growth. Any future dividends will depend upon any future earnings, our then-existing financial requirements and other factors, and will be at the
discretion of the McEwen Mining Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The sale of McEwen Mining common stock by existing securityholders may depress the market value of our securities due to the limited trading market which
exists.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Due to a number of factors, the trading volume in McEwen Mining common stock has historically been limited. Trading volume over the past twelve months
averaged approximately 4,000,000 shares per day. As a result, the sale of a significant amount of McEwen Mining common stock by any selling securityholders may depress the price of McEwen Mining
common stock. As a result, you may lose all or a portion of your investment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;McEwen's interests may conflict with the interests of our other shareholders, and Mr.&nbsp;McEwen's control position may adversely affect the market price of McEwen
Mining
common stock.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As of October&nbsp;23, 2012, Mr.&nbsp;McEwen beneficially owned approximately 25%, or 67,203,241 shares, of the 268,504,418 shares of McEwen
Mining common stock (assuming all outstanding Exchangeable Shares, which are exchangeable on a one-for-one basis into shares of McEwen Mining common stock, not held by McEwen
Mining or its subsidiaries are exchanged for an equivalent amount of McEwen Mining common stock) before giving effect to the McEwen Mining Rights Offering and the Canadian Exchange&nbsp;Co. Rights
Offering, which holdings consisted of 28,477,527 shares of McEwen Mining common stock and 38,725,714 Exchangeable Shares. Accordingly, Mr.&nbsp;McEwen is in a position to elect the McEwen Mining
Board and control the outcome of any vote of McEwen Mining's shareholders. Mr.&nbsp;McEwen's interests may conflict with the interests of other shareholders of McEwen Mining, and Mr.&nbsp;McEwen's
control position may have an adverse effect on the market price of McEwen Mining common stock. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ability to generate the cash needed to service our debt obligations, if any, depends on certain factors beyond our control.</I></B></FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The future success of
our operations will, in large part, dictate our ability to make scheduled payments on, and satisfy our obligations under our debt, if any, including our debt securities. Our future operating
performance will be affected by general economic, competitive, market, business and other conditions, many of which are beyond our control. To the extent we are not able to meet our debt obligations,
we will be required to restructure or refinance them, seek additional equity financing or sell assets. We may not be able to restructure or refinance our debt, obtain additional financing or sell
assets on satisfactory terms or at all. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An adverse rating of our debt securities may cause their trading price to fall.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If a rating agency rates our debt securities, if
any, it may assign
them a low rating. Rating agencies also may lower ratings on our debt securities, if any, in the future. If rating agencies assign a lower-than-expected rating or reduce, or
indicate that they may reduce, their ratings in the future, the trading price of our debt securities, if any, could significantly decline. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-22</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of Canadian Rights Offering Exchangeable Shares will experience a delay in receiving shares of McEwen Mining common stock from the date they request an exchange, which may
affect
the value of the shares the holder receives in an exchange.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Holders of Canadian Rights Offering Exchangeable Shares who request to receive McEwen Mining common
stock in exchange for their Canadian Rights Offering Exchangeable Shares will not receive McEwen Mining common stock until approximately five business days after the applicable request is received.
During this period, the market price of McEwen Mining common stock may increase or decrease. Any such increase or decrease would affect the value of the consideration to be received by such a holder
of Canadian Rights Offering Exchangeable Shares upon a subsequent sale of the McEwen Mining common stock received in the exchange. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exchange of your Canadian Rights Offering Exchangeable Shares may be taxable in the United States.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The United States federal
income tax
consequences of an exchange of Canadian Rights Offering Exchangeable Shares for shares of McEwen Mining depend on whether the Canadian Rights Offering Exchangeable Shares are treated for U.S. federal
income tax purposes as shares of Canadian Exchange&nbsp;Co. or as shares of McEwen Mining common stock. There is no direct authority under existing United States federal income tax law concerning
whether the Canadian Rights Offering Exchangeable Shares should be treated as shares of Canadian Exchange&nbsp;Co. or shares of McEwen Mining common stock. Neither McEwen Mining nor Canadian
Exchange&nbsp;Co. has requested, or intends to request, a ruling from the Internal Revenue Service or an opinion of counsel regarding the status of the Canadian Rights Offering Exchangeable Shares
for United States federal income tax purposes. The discussion under the heading "CERTAIN MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES" starting on page&nbsp;S-39 includes a
discussion of the alternative United States federal income tax consequences of the exchange of Canadian Rights Offering Exchangeable Shares depending on whether the Canadian Rights Offering
Exchangeable Shares are treated as either (i)&nbsp;shares of McEwen Mining common stock or (ii)&nbsp;shares of Canadian Exchange&nbsp;Co. Generally, for United States federal income tax
purposes, a U.S. holder's (and in certain circumstances a non-U.S. holder's) exchange of Canadian Rights Offering Exchangeable Shares for shares of McEwen Mining common stock will be a
taxable sale in which the holder will recognize gain or loss if the Canadian Rights Offering Exchangeable Shares are treated as shares of Canadian Exchange&nbsp;Co. and not as shares of McEwen
Mining common stock. Holders of Canadian Rights Offering Exchangeable Shares should consider that the United States federal income tax consequences of an exchange of Canadian Rights Offering
Exchangeable Shares may be adverse to the holder based on the holder's particular circumstances. Holders should take into account the possibility that the Internal Revenue Service may assert and
prevail with a position on the status of the Canadian Rights Offering Exchangeable Shares that is contrary to the position taken by the holder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exchange of your Canadian Rights Offering Exchangeable Shares is generally taxable in Canada.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Based on the tax laws as of
the date of this
prospectus supplement, the exchange of Canadian Rights Offering Exchangeable Shares for shares of McEwen Mining common stock is generally a taxable event in Canada. A holder's tax consequences can
vary depending on a number of factors, including the residency of the holder, the method of the exchange and the length of time that the Canadian Rights Offering Exchangeable Shares were held prior to
the exchange. Canadian income tax consequences will vary depending on your particular circumstances. See "CERTAIN MATERIAL CANADIAN FEDERAL INCOME TAX CONSEQUENCES" starting on
page&nbsp;S-47 for a summary of certain material Canadian federal income tax consequences relating to the Canadian Rights Offering Exchangeable Shares. We strongly urge you to consult
your tax advisor as to the tax consequences of exchanging your Canadian Rights Offering Exchangeable Shares for McEwen Mining common stock. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-23</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg42901a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="di42901_forward-looking_statements"> </A>
<A NAME="toc_di42901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  FORWARD-LOOKING STATEMENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus supplement and the accompanying base prospectus and the information and documents incorporated in this prospectus
supplement and in the accompanying base prospectus contain certain references to future expectations and other forward-looking statements and information relating to us or to properties operated by
others that are based on our beliefs and assumptions or those of management of the companies that operate properties in which we have interests, as well as information currently available to us. Such
forward-looking statements include statements regarding projected production and reserves received from the operators of properties where we have interests. Additional written or oral forward-looking
statements may be made by us from time to time in filings with the SEC or otherwise. Words such as "may," "could," "should," "would," "believe," "estimate," "expect," "anticipate," "plan," "forecast,"
"potential," "intend," "continue," "project" and variations of these words, comparable words and similar expressions generally indicate forward-looking statements, which speak only as of the date the
statement is made. Such forward-looking statements are within the meaning of that term in Section&nbsp;27A of the Securities Act of 1933 (as amended, the "Securities Act") and Section&nbsp;21E of
the Securities Exchange Act of 1934 (as amended the "Exchange Act"). Future events and actual results, performance, transactions or achievements, financial and otherwise, may differ materially from
the results, performance, transactions or achievements expressed or implied by the forward-looking statements. Forward-looking statements inherently involve risks and uncertainties, some of which
cannot be predicted or quantified. Do not unduly rely on forward-looking statements. Actual results may differ materially from those expressed or
implied by these forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, among
others:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>decisions of foreign countries and banks within those countries; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>federal, state and foreign legislation governing us or the properties where we hold interests; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>risks associated with conducting business in foreign countries, including application of foreign laws to contract and
other disputes, environmental and permitting laws, community unrest and labor disputes, enforcement and uncertain political and economic environments; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>changes in gold/silver and other metals prices associated with the primary metals mined at properties where we hold
interests; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>technological changes in the mining industry; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>changes in our business strategy; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>our ability to maintain adequate internal controls; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>interpretation of drill hole results and the geology, grade and continuity of mineralization; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the uncertainty of reserve estimates and timing of development expenditures; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>unexpected changes in business and economic conditions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>changes in interest rates and currency exchange rates; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>timing and amount of production, if any; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>our costs; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>future financial needs; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>risks associated with issuances of additional common stock or securities or incurrence of indebtedness in connection with
acquisitions or otherwise; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>changes in exploration and overhead costs; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-24</FONT></P>

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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>unanticipated grade and geological, metallurgical, processing or other problems at the properties where we hold interests; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>mine operating and ore processing facility problems, pit wall or tailings dam failures, and natural catastrophes such as
floods or earthquakes; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>acquisition and maintenance of permits and authorizations, completion of construction and commencement and continuation of
production at the properties where we hold interests; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>access and availability of materials, equipment, supplies, labor and supervision, power and water; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>results of current and future exploration activities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>results of pending and future feasibility studies; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the ability to operate in accordance with feasibility studies; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>local and community impacts and issues; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>economic and market conditions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>environmental risks associated with the exploration, development and operation of mineral properties and mines; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>change in management and key employees; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>unfavorable results of legal proceedings; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>accidents and labor disputes; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>other risks discussed in this prospectus supplement or in the accompanying base prospectus, any amendment to this
prospectus supplement or the accompanying base prospectus, and our filings with the SEC, including in our Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31,
2011, our Quarterly Reports on Form&nbsp;10-Q for the periods ended March&nbsp;31, 2012 (filed May&nbsp;9, 2012) and June&nbsp;30, 2012 (filed August&nbsp;8, 2012) and, from time
to time, in other documents that we publicly disseminate. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
list is not an exhaustive list of the factors that may affect any of our forward-looking statements. Other unknown or unpredictable factors also could have a material adverse effect
on our business, results of operations, financial condition or prospects. You should read this prospectus supplement, the accompanying base prospectus, any amendment to this prospectus supplement or
the accompanying base prospectus completely and with the understanding that our actual future results may be materially different from what we expect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
These forward-looking statements involve risks, uncertainties and other factors that may cause our actual results in future periods to differ materially from forecasted results. We disclaim any
obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, other than to reflect a material change in the information
previously disclosed, as required by applicable law. You should review our subsequent reports filed from time to time with the SEC on Forms&nbsp;10-K, 10-Q and
8-K and any
amendments thereto. We qualify all of our forward-looking statements by these cautionary statements. Readers are cautioned not to put undue reliance on forward-looking statements. Please carefully
review and consider the various disclosures contained or incorporated by reference in this prospectus supplement and the accompanying base prospectus that attempt to advise interested parties of the
risks and factors that may affect our business, results of operations, financial condition or prospects. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-25</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dk42901_use_of_proceeds"> </A>
<A NAME="toc_dk42901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  USE OF PROCEEDS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because the shares of McEwen Mining common stock offered by this prospectus supplement will be issued only in exchange for or
redemption of the Canadian Rights Offering Exchangeable Shares, McEwen Mining will not receive any cash proceeds from this offering. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
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<A NAME="toc_dk42901_2"> </A>
<BR></FONT><FONT SIZE=2><B>  THE OFFERING    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> The Offering  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of this offering is to exchange any and all Canadian Rights Offering Exchangeable Shares for shares of McEwen Mining common
stock, so that following completion of this offering all of the holders of Canadian Rights Offering Exchangeable Shares shall have received shares of McEwen Mining common stock. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are filing this prospectus supplement with the SEC in order to register under the Securities Act the issuance from time to time of shares of McEwen Mining common stock upon the
exchange or redemption of the Canadian Rights Offering Exchangeable Shares. Each Canadian Rights Offering Exchangeable Share is substantially the economic and voting equivalent of a share of McEwen
Mining common stock and is exchangeable on a one-for-one basis for a share of McEwen Mining common stock at any time, at the option of the holder. Any Canadian Rights Offering
Exchangeable Shares not previously exchanged will, upon the direction of the Exchange&nbsp;Co. Board, be redeemed for shares of McEwen Mining common stock on any date that is on or after
January&nbsp;24, 2022, being the tenth year anniversary of the date on which Exchangeable Shares were first issued by Canadian Exchange&nbsp;Co. in connection with the acquisition of Minera Andes,
subject to applicable law and the due exercise by either McEwen Mining or Callco of McEwen Mining's or Callco's redemption call right, unless Canadian Exchange&nbsp;Co. redeems them earlier upon the
occurrence of certain events. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Terms of the Offering  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McEwen Mining is offering, upon the terms and subject to the conditions described in this prospectus supplement, shares of McEwen
Mining common stock upon the exchange or redemption of the Canadian Rights Offering Exchangeable Shares. A description of how a holder may exchange such Canadian Rights Offering Exchangeable Shares,
and of McEwen Mining's or Callco's redemption rights, is provided in the accompanying base prospectus in the section entitled "Description of Capital Stock&#151;2012 Exchangeable Shares"
starting on page&nbsp;34 of the accompanying base prospectus. The rights of the holders of Canadian Rights Offering Exchangeable Shares, including exchange rights, are described in greater detail in
accompanying base prospectus in the section entitled "Description of Capital Stock&#151;2012 Exchangeable Shares" starting on page&nbsp;34 of the accompanying base prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
comparison of the material differences between the rights of holders of McEwen Mining common stock and holders of Exchangeable Shares is described in the section entitled "MATERIAL
DIFFERENCES BETWEEN THE RIGHTS OF HOLDERS OF US GOLD COMMON STOCK AND HOLDERS OF EXCHANGEABLE SHARES" starting on page&nbsp;S-28 below. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I> Withholding Rights  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of McEwen Mining, Callco, Canadian Exchange&nbsp;Co. and Canadian Exchange&nbsp;Co.'s transfer agent will be entitled to
deduct and withhold from any consideration otherwise payable to any holder of Canadian Rights Offering Exchangeable Shares such amounts as each of McEwen Mining, Callco, Canadian Exchange&nbsp;Co.
or Canadian Exchange&nbsp;Co.'s transfer agent is required to deduct and withhold with respect to such payment under the Income Tax Act (Canada), the Code or any provision of federal, provincial,
state, territorial, local or foreign tax law. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-26</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that amounts are so withheld, such withheld amounts will be treated for all purposes as having been paid to the holder of the Canadian Rights Offering Exchangeable Shares
in respect of which the deduction and withholding was made, provided, that the withheld amounts are actually remitted to the appropriate taxing authority. To the extent that the amount required to be
deducted or withheld from any payment to a holder exceeds the cash portion of the consideration otherwise payable to the holder, McEwen Mining, Callco, Canadian Exchange&nbsp;Co. and Canadian
Exchange&nbsp;Co.'s transfer agent are authorized to sell or otherwise dispose of the portion of the consideration necessary to provide sufficient funds to McEwen Mining, Callco, Canadian
Exchange&nbsp;Co. or, Canadian Exchange&nbsp;Co.'s transfer agent, as the case may be, to enable it to comply with the deduction or withholding requirement and McEwen Mining, Callco, Canadian
Exchange&nbsp;Co. or Canadian Exchange&nbsp;Co.'s transfer agent, as the case may be, will notify the holder and remit to the holder any unapplied balance of the net proceeds of such sale. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-27</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg42901a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dm42901_material_differences_between_t__mat04581"> </A>
<A NAME="toc_dm42901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  MATERIAL DIFFERENCES BETWEEN THE RIGHTS OF HOLDERS OF MCEWEN MINING COMMON STOCK AND HOLDERS OF EXCHANGEABLE SHARES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of the Exchangeable Shares have essentially the same voting rights with respect to McEwen Mining and the same economic
interests as holders of McEwen Mining common stock. While the rights and privileges of shareholders of an Alberta corporation are, in many instances, comparable to those of shareholders of a Colorado
corporation, there are certain differences. These differences arise from differences between Alberta and Colorado law, and between the Canadian Exchange&nbsp;Co. articles of incorporation and bylaws
and the McEwen Mining articles of incorporation and bylaws. The following is a summary of some of the most significant differences in shareholder rights between Canadian Exchange&nbsp;Co. and McEwen
Mining. This summary is not intended to be complete and is qualified in its entirety by reference to the ABCA, the Colorado Business Corporation Act (as amended, the "Colorado Act") and the governing
corporate instruments of Canadian Exchange&nbsp;Co. and McEwen Mining. </FONT></P>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Canadian Exchange&nbsp;Co. Shareholder Rights </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>McEwen Mining Shareholder Rights </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Authorized Share Capital</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Authorized Capital Stock</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The authorized capital of Canadian Exchange&nbsp;Co. consists of an unlimited number of common shares and an unlimited number of
Exchangeable Shares, both without nominal or par value.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The authorized capital of McEwen Mining consists of 500,000,000 shares of common stock, no par value, and two shares of preferred
stock, no par value.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>As of October&nbsp;23, 2012, 150,001,000 common shares and 77,987,621 Exchangeable Shares were issued and outstanding, excluding
any Exchangeable Shares held by McEwen Mining and its subsidiaries.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>As of October&nbsp;23, 2012, there were 190,516,797 shares of McEwen Mining common stock and one share of preferred stock,
designated as Series&nbsp;B Special Voting Preferred Stock (the "Series&nbsp;B Preferred Share"), issued and outstanding.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Board of Directors</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Size of Board of Directors</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Exchange&nbsp;Co. Board currently has three directors. The articles of Canadian Exchange&nbsp;Co. provide that the
Exchange&nbsp;Co. Board must consist of three members.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The McEwen Mining Board has seven members. McEwen Mining's bylaws provide that the McEwen Mining Board must consist of seven
members, which number may increase or decrease, to not less than three, from time to time by a resolution adopted by the McEwen Mining Board.</FONT></TD>
</TR>
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<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg42901a_main_toc">Table of Contents</A></FONT></P>
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<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Canadian Exchange&nbsp;Co. Shareholder Rights </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>McEwen Mining Shareholder Rights </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Director Qualifications</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Pursuant to the ABCA, the following persons are disqualified from acting as a director:<BR></FONT> <FONT SIZE=2>&nbsp;&nbsp;</FONT><FONT SIZE=2> </font><p align=left
style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>anyone who is less than 18&nbsp;years of age;<BR>
</FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT><FONT SIZE=2>  </font><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT
SIZE=2>anyone who: (i)&nbsp;is a represented adult as defined in the </FONT><FONT SIZE=2><I>Adult Guardianship and Trusteeship Act</I></FONT><FONT SIZE=2>(Alberta) or is the subject of a certificate of incapacity that is in effect under the
</FONT><FONT SIZE=2><I>Public Trustee Act</I></FONT><FONT SIZE=2>(Alberta); (ii)&nbsp;is a formal patient as defined in the </FONT><FONT SIZE=2><I>Mental Health Act</I></FONT><FONT SIZE=2> (Alberta); (iii)&nbsp;is the subject of an order under
</FONT><FONT SIZE=2><I>The Mentally Incapacitated Persons Act</I></FONT><FONT SIZE=2>(Alberta), appointing a committee of the person or estate, or both; or (iv)&nbsp;has been found to be a person of unsound mind by a court elsewhere than in
Alberta;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to the Colorado Act, directors are required to be individuals who are eighteen years of age or older. Pursuant to McEwen Mining's bylaws
and in accordance with the Colorado Act, directors need not be residents of the State of Colorado.</FONT></TD>
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<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><BR></FONT>
</TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2> </font> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>a person who is not an
individual; and</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><BR></FONT>
</TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2> </font> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>a person who has the status
of bankrupt.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>At least one quarter of the directors of a corporation governed by the ABCA must be resident Canadians.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Election of Directors</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Under the ABCA, shareholders of a corporation shall at each annual meeting at which an election of directors is required elect
directors to hold office for a term expiring not later than the close of the next annual meeting of shareholders following the election.<BR>
<BR>
Directors are elected by way of ordinary resolution, being a majority of the votes cast by the shareholders who voted in respect of that resolution, or signed by all the shareholders entitled to vote on that resolution. Under the articles of Canadian
Exchange&nbsp;Co., the holders of Exchangeable Shares are permitted to elect one of the three directors, with the remaining two directors to be elected by the holders of the common shares of Canadian Exchange&nbsp;Co.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to the Colorado Act and the McEwen Mining bylaws, directors are elected at each annual meeting of the shareholders of
McEwen Mining, for a term expiring at the next annual shareholders' meeting following their election or when their successors have been elected and qualified. In an absence of a resolution of the McEwen Mining Board providing otherwise, the annual
meeting of the shareholders is to be held within the first six months of the fiscal year.<BR>
<BR>
If a quorum is present at the annual meeting, directors are elected by a plurality of votes (i.e.,&nbsp;the candidates comprising the requisite number of board members to be elected receiving the highest number of votes will be elected to the McEwen
Mining Board).</FONT></TD>
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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Canadian Exchange&nbsp;Co. Shareholder Rights </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>McEwen Mining Shareholder Rights </B></FONT></TH>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Filling of Vacancies</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to the ABCA, a quorum of directors may generally fill a vacancy among the directors, except a vacancy resulting from an increase in the
number or minimum number of directors or from a failure to elect the number or minimum number of directors required by the articles. If there is not a quorum of directors, or if there has been a failure to elect the number or minimum number of
directors required by the articles, the directors then in office shall call a special meeting of shareholders to fill the vacancy and, if they fail to call a meeting or if there are no directors then in office, the meeting may be called by any
shareholder. Under the articles of Canadian Exchange&nbsp;Co., the holders of Exchangeable Shares are permitted to elect one of the three directors, with the remaining two directors to be elected by the holders of the common shares of Canadian
Exchange&nbsp;Co.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The McEwen Mining bylaws, and in accordance with the Colorado Act, provide that any vacancy occurring in the board of directors may be filled by
the affirmative vote of a majority of the remaining directors, even if the directors remaining in office constitute less than a quorum of the board. A director elected to fill a vacancy will complete the unexpired term of his predecessor in office,
and will hold office until his successor has been elected and qualified.<BR>
<BR>
The McEwen Mining bylaws also provide that any directorship to be filled due to an increase in the number of directors shall be filled by a majority vote of the directors then in office or by an election at an annual meeting or a special meeting of
shareholders called for that purpose. A director so elected shall serve a term expiring at the next annual meeting of shareholders and until his successor has been elected and qualified.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Removal of Directors</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to the ABCA, the shareholders of a corporation may by ordinary resolution at a special meeting remove any director or
directors from office.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to the McEwen Mining bylaws, and in accordance with the Colorado Act, one or more directors may be removed by the
shareholders, with or without cause, only at a meeting called for the stated purpose of removing the director and only by a majority vote of the shares entitled to vote at an election of directors.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Fiduciary Duties of Directors</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to the ABCA, directors have a duty of care and loyalty to the corporation. The duty of care requires that the directors
exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. The duty of loyalty requires directors to act honestly and in good faith with a view to the best interests of the
corporation.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to the Colorado Act, directors are required to discharge their duties as members of the board and as members of any
board committees on which they serve in good faith, with the care an ordinarily prudent person in a like position would exercise under similar circumstances and in a manner the director reasonably believes to be in the best interests of the
corporation.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Shareholder Meetings and Voting Rights</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Shareholders' Meetings</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to the ABCA, directors of a corporation are required to call an annual meeting of shareholders not later than
15&nbsp;months after holding the last preceding annual meeting. A board of directors may call a special meeting at any time.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to the Colorado Act, annual shareholder meetings must be held at a time and date stated or fixed in accordance with the
bylaws or a board resolution.</FONT></TD>
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<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Canadian Exchange&nbsp;Co. Shareholder Rights </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>McEwen Mining Shareholder Rights </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to the ABCA the registered holders or beneficial owners of not less than 5% of the issued shares of a corporation that carry the right
to vote at a meeting sought to be held may requisition the directors to call a meeting of shareholders. Upon meeting the technical requirements set out in the ABCA for making such requisition, the directors of the corporation must call a meeting of
shareholders. If the directors fail to call the meeting, any of the shareholders who made the requisition may call the meeting.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to the Colorado Act, special meetings of the shareholders must be held (i)&nbsp;if called by the board of directors or persons
authorized by the bylaws or board resolution or (ii)&nbsp;upon written demand of shareholders, stating the purpose for the meeting and dated and signed by the holders of shares representing at least ten percent of all shares entitled to vote on any
issue proposed to be considered at the meeting.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The bylaws of McEwen Mining specify that special meetings of shareholders may be called by the president, the board of directors
or the holders of not less than one-tenth of all the shares entitled to vote at the meeting.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Notice of Meetings</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to the ABCA, notice of any meeting of shareholders must be sent not less than 21&nbsp;days and not more than
50&nbsp;days before the meeting.<BR>
<BR>
Pursuant to the ABCA, notice of a meeting of shareholders at which special business is to be transacted shall state the nature of that business in sufficient detail to permit the shareholder to form&nbsp;a reasoned judgment on that business, and the
text of any special resolution to be submitted to the meeting.<BR>
<BR>
The holders of the Exchangeable Shares are entitled to receive notice of any meeting of the shareholders of Canadian Exchange&nbsp;Co., except those meetings where only holders of a specified class or particular series of shares are entitled to
vote.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to the Colorado Act, a corporation must give notice to shareholders of record of the date, time, and place of each
annual and special shareholders' meeting, no fewer than 10&nbsp;days and not more than 60&nbsp;days before the date of the meeting or vote. If the number of authorized shares is to be increased, however, at least 30&nbsp;days' advanced notice must be
given. Notice of a special meeting must include a description of the purpose(s) for which the meeting is called.<BR>
<BR>
The bylaws of McEwen Mining provide that the board of directors may fix in advance a record date not more than 50&nbsp;days nor fewer than 10&nbsp;days prior to the date of the meeting or vote.<BR>
<BR>
If not otherwise fixed, the bylaws state that the record date for determining shareholders entitled to be given notice of and to vote at a meeting is 30&nbsp;days prior to the vote or meeting.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Quorum</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The bylaws of Canadian Exchange&nbsp;Co. provide that a quorum is present at a meeting of shareholders if at least two
individuals are present, each of whom is entitled to vote at the meeting, and who hold or represent by proxy in the aggregate not less than 10% of the total number of shares entitled to be voted at the meeting.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The bylaws of McEwen Mining, and in accordance with the Colorado Act, provide that one-third of the shares entitled to vote,
represented in person or by proxy, constitutes a quorum at a meeting of shareholders.</FONT></TD>
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<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Canadian Exchange&nbsp;Co. Shareholder Rights </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>McEwen Mining Shareholder Rights </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Voting Rights</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Holders of Exchangeable Shares and common shares of Canadian Exchange&nbsp;Co. are entitled to one vote for each Exchangeable Share or common
share held. Under the ABCA, the vote of a majority of shares voted on any matter (an ordinary resolution) at a meeting of shareholders at which a quorum is present is the act of such shareholders on the matter, unless the vote of a greater number is
required by law or by the articles of the corporation.<BR>
<BR>
Under the articles of Canadian Exchange&nbsp;Co., the holders of Exchangeable Shares are permitted to elect one of the three directors, with the remaining two directors to be elected by the holders of the common shares of Canadian
Exchange&nbsp;Co.<BR>
<BR>
Pursuant to the ABCA, a resolution in writing signed by all the shareholders entitled to vote on that resolution is as valid as if it had been passed at a meeting of shareholders.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to the articles of incorporation of McEwen Mining and in accordance with the Colorado Act, each outstanding share of McEwen Mining
common stock is entitled to one vote.<BR>
<BR>
Pursuant to the articles of incorporation of McEwen Mining, the Series&nbsp;B Preferred Share entitles the holder thereof to an aggregate number of votes equal to the number of the Exchangeable Shares issued and outstanding which are not owned by
McEwen Mining or its subsidiaries. As of October&nbsp;23, 2012, the Series&nbsp;B Preferred Share was entitled to 77,987,621 votes, based upon 77,987,621 Exchangeable Shares outstanding on such date, which are not owned by McEwen Mining or its
subsidiaries.<BR>
<BR>
The holders of the shares of common stock and the Series&nbsp;A Preferred Share vote together as one class.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to the Colorado Act, if a quorum exists, action on a matter other than the election of directors by a voting group is
approved if the votes cast in favor of the action exceed the votes cast against the action, unless a greater number of affirmative votes is required by law or McEwen Mining's articles of incorporation or bylaws.</FONT></TD>
</TR>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to McEwen Mining's bylaws, any action required or permitted to be taken at a meeting of the shareholders may be taken
without a meeting if a written consent, setting forth the action so taken, is signed by all of the shareholders entitled to vote on the subject matter thereof.</FONT></TD>
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<P style="font-family:times;"><FONT SIZE=2><A
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<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Canadian Exchange&nbsp;Co. Shareholder Rights </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>McEwen Mining Shareholder Rights </B></FONT></TH>
</TR>
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<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Fundamental Changes</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Amendments to Governing Documents</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to the ABCA, the approval of at least two-thirds of the votes cast at a meeting (a "special resolution") is required to
amend the articles of the corporation of Canadian Exchange&nbsp;Co. The ABCA may also require the separate approval by the holders of a class or series of shares for certain amendments to governing documents.<BR>
<BR>
The ABCA also requires the creation, amendment or repeal of bylaws by the directors of a corporation to be approved by ordinary resolution of the shareholders of the corporation at the next shareholder meeting.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to the Colorado Act, the McEwen Mining Board may adopt certain administrative amendments to the McEwen Mining articles
of incorporation without shareholder action.<BR>
<BR>
Other amendments to the articles of incorporation may be proposed for submission to shareholders by the McEwen Mining Board or by the holders of at least ten percent of all of the votes entitled to be cast on the amendment, and will be approved if
the votes cast in favor of the action exceed the votes cast against the action.</FONT></TD>
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<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to the Colorado Act, the McEwen Mining bylaws may be amended by the McEwen Mining Board or the McEwen Mining
shareholders.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Vote Required for Extraordinary Transactions</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Pursuant to the ABCA, a special resolution is required for extraordinary corporate actions, including:<BR></FONT> <FONT SIZE=2>&nbsp;&nbsp;</FONT><FONT SIZE=2> </font><p align=left
style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>amalgamations (other than an amalgamation involving a wholly-owned subsidiary of
the corporation);<BR>
</FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT><FONT SIZE=2>  </font><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>the
continuance of the corporation into another jurisdiction;<BR></FONT> <FONT SIZE=2>&nbsp;&nbsp;</FONT><FONT SIZE=2>  </font><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"> &#149; </font></p> <p align=left
style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>the sale, lease or exchange of all or substantially all of the property of a corporation;<BR></FONT> <FONT SIZE=2>&nbsp;&nbsp;</FONT><FONT SIZE=2>  </font><p align=left
style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>liquidations and dissolutions; and<BR></FONT> <FONT
SIZE=2>&nbsp;&nbsp;</FONT><FONT SIZE=2>  </font><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>arrangements (if
ordered by a court).</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to the Colorado Act, a majority of corporate actions, including conversions, mergers, share exchanges, the sale, lease,
exchange, or other disposition of all, or substantially all, of the corporation's property and the dissolution of the corporation, require the approval by each voting group entitled to vote separately on the proposed action by a majority of all the
votes entitled to be cast on the proposal by that voting group.</FONT></TD>
</TR>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-33</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=33,EFW="2211578",CP="MCEWEN MINING INC",DN="1",CHK=49815,FOLIO='S-33',FILE='DISK130:[12ZDD1.12ZDD42901]DM42901A.;20',USER='DTAYLOR',CD='30-OCT-2012;07:12' -->
<A NAME="page_dm42901_1_34"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg42901a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<p style="font-family:times;"></FONT></P>

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<TD WIDTH="111pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="38%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="38%" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Canadian Exchange&nbsp;Co. Shareholder Rights </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>McEwen Mining Shareholder Rights </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Dissent Rights</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to the ABCA, each of the matters listed below will entitle shareholders to exercise rights of dissent and to be paid the fair value of
their shares:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to the Colorado Act, a shareholder, whether or not entitled to vote, is entitled to dissent and to receive fair value for his shares in
the event of any of the following events:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2> </font> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>an amendment to the
corporation's articles to add, change or remove any provisions restricting or constraining the issue or transfer of that class of shares;<BR>
</FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT><FONT SIZE=2>  </font><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>an
amendment to the corporation's articles to add, change or remove any restriction on the business or businesses that the corporation may carry on;<BR></FONT> <FONT SIZE=2>&nbsp;&nbsp;</FONT><FONT SIZE=2>  </font><p align=left
style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>an amendment to the corporation's articles to add or remove an express statement
establishing the unlimited liability of shareholders;<BR></FONT> <FONT SIZE=2>&nbsp;&nbsp;</FONT><FONT SIZE=2>  </font><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"> &#149; </font></p> <p align=left
style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>any amalgamation with another corporation (other than with certain affiliated corporations);<BR>
</FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT><FONT SIZE=2>  </font><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>a
continuance of the corporation under the laws of another jurisdiction; and<BR></FONT> <FONT SIZE=2>&nbsp;&nbsp;</FONT><FONT SIZE=2>  </font><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"> &#149; </font></p> <p align=left
style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>the sale, lease or exchange of all or substantially all of the property of the corporation other than in the ordinary course of business.<BR>
<BR>
A court may also permit shareholders to dissent in connection with an application to the court for an order approving an arrangement.<BR>
<BR>
The ABCA provides these dissent rights for both listed and unlisted shares.<BR>
<BR>
The ABCA may also require the separate approval by the holders of a class or series of shares for certain extraordinary corporate actions.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2> </font> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>a merger to which the
corporation is a party if either (i)&nbsp;approval by the shareholders is required; or (ii)&nbsp;the corporation is a subsidiary that is merged with its parent corporation;<BR></FONT> <FONT SIZE=2>&nbsp;&nbsp;</FONT><FONT SIZE=2>  </font><p
align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>a plan of share exchange, where the corporation's shares will be
acquired;<BR>
</FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT><FONT SIZE=2>  </font><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>a
sale, lease, exchange, or other disposition of all, or substantially all, of the property of the corporation for which a shareholder vote is required;<BR></FONT> <FONT SIZE=2>&nbsp;&nbsp;</FONT><FONT SIZE=2>  </font><p align=left
style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>a sale, lease, exchange, or other disposition of all, or substantially all, of
the property of an entity controlled by the corporation if the shareholders of the corporation were entitled to vote upon the corporation's consent to the disposition; and<BR></FONT> <FONT SIZE=2>&nbsp;&nbsp;</FONT><FONT SIZE=2>  </font><p align=left
style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>a conversion in which the corporation is the converting entity.<BR>
<BR>
If, in the transactions described above, the shareholder will receive for his, her or its shares, (i)&nbsp;shares of the corporation surviving the merger or share exchange, (ii)&nbsp;shares of any other corporation which, at the effective date of the
plan of merger or share exchange, either is listed on a national securities exchange registered under the Exchange Act, or is held of record by more than two thousand shareholders, (iii)&nbsp;cash in lieu of fractional shares, or (iv)&nbsp;any
combination thereof, then the shareholder will not be entitled to dissent and obtain payment for any class or series of shares that either were listed on a national securities exchange registered under the Exchange Act or were held of record by more
than two thousand shareholders.</FONT></TD>
</TR>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-34</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=34,EFW="2211578",CP="MCEWEN MINING INC",DN="1",CHK=95392,FOLIO='S-34',FILE='DISK130:[12ZDD1.12ZDD42901]DM42901A.;20',USER='DTAYLOR',CD='30-OCT-2012;07:12' -->
<A NAME="page_dm42901_1_35"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg42901a_main_toc">Table of Contents</A></FONT></P>
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<p style="font-family:times;"></FONT></P>

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<TD WIDTH="111pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="38%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Canadian Exchange&nbsp;Co. Shareholder Rights </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>McEwen Mining Shareholder Rights </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Additionally, a shareholder, whether or not entitled to vote, is entitled to dissent and obtain payment of the fair value of his, her or its
shares in the event of a reverse split that reduces the number of shares owned by the shareholder to a fraction of a share or to scrip if the fractional share or scrip so created is to be acquired for cash or the scrip is to be voided.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Oppression Remedy</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>The ABCA provides an oppression remedy that allows a "complainant" who is:<BR></FONT> <FONT SIZE=2>&nbsp;&nbsp;</FONT><FONT SIZE=2> </font><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"> &#149;
</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>a present or former shareholder;<BR></FONT> <FONT SIZE=2>&nbsp;&nbsp;</FONT><FONT SIZE=2>  </font><p align=left
style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>a present or former director or officer of the corporation or its
affiliates;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Colorado Act does not contain equivalent statutory remedies, though shareholders may be entitled to bring suit against McEwen
Mining or members of the McEwen Mining Board for violations of the Colorado Act or other state or federal law.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><BR></FONT>
</TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2> </font> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>a creditor, in certain
circumstances; and</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><BR></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2> </font> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>any other person who in the
discretion of the court is a proper person to make the application,</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>to apply to court for relief where:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><BR></FONT>
</TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2> </font> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>any act or omission of the
corporation or any of its affiliates effects a result;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><BR>
</TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2> </font> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>the business or affairs of
the corporation or any of its affiliates are or have been carried on or conducted in a manner; or</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><BR></FONT>
</TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2> </font> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>the powers of the directors
of the corporation or any of its affiliates are or have been exercised in a manner,</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>that is oppressive or unfairly prejudicial to or that unfairly disregards the interest of any security holder, creditor, director
or officer. The ABCA permits a court to make any interim or final orders it thinks fit to rectify the matters complained of in the application for relief.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><BR>
</TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Derivative Actions</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Under Alberta law, a "complainant" may bring an action in the name of and on behalf of a corporation or any of its subsidiaries, or intervene in an existing action to which the corporation is a party, if the complainant
satisfies the court that:<BR></FONT> <FONT SIZE=2>&nbsp;&nbsp;</FONT><FONT SIZE=2> </font><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font
size=2> </FONT><FONT SIZE=2>the complainant has given reasonable notice to the directors of the corporation or its subsidiary of the complainant's intention to apply to the court if the directors of the corporation do not bring, diligently prosecute,
defend or discontinue the action;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Pursuant to the Colorado Act, any shareholder may bring an action by or in right of the corporation if the shareholder either (i)&nbsp;was a shareholder at the time of the transaction giving rise to the suit or
(ii)&nbsp;received shares or voting trust certificates thereafter by operation of law from a person who was a shareholder at such time.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
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<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
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<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2> </font> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>the complainant is acting in
good faith; and</FONT></TD>
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<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Canadian Exchange&nbsp;Co. Shareholder Rights </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>McEwen Mining Shareholder Rights </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2> </font> &#149; </font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>it appears to be in the
interests of the corporation that the action be brought, prosecuted, defended or discontinued.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>In connection with any derivative action initiated by a complainant, the court may at any time make any order it thinks
fit.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Anti-Takeover Provisions and Interested Shareholder Transactions</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Alberta law does not contain specific antitakeover provisions with respect to business transactions. However, the policies of
Canadian securities regulatory authorities contain certain requirements relating to takeover bids, mergers and interested shareholder transactions. In particular, MI 61-101 imposes certain requirements on, among other things "business combinations"
and "related party transactions". MI 61-101 requires more detailed disclosure in the proxy material sent to security holders in connection with a transaction to which they relate, including, subject to certain exceptions, the inclusion of a formal
valuation of the subject matter of the transaction and any non-cash consideration offered therefor. MI&nbsp;61-101 also requires, subject to certain-exceptions, that the minority shareholders of the issuer separately approve the transaction by a
simple majority.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Colorado Act does not contain specific antitakeover provisions with respect to business transactions or combinations with
interested shareholders.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Other Actions</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Dividends and Other Distributions</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to the ABCA, Canadian Exchange&nbsp;Co. may pay dividends on the Exchangeable Shares unless there are reasonable grounds
for believing that after such payment either: (i)&nbsp;Canadian Exchange&nbsp;Co. is, or would after the payment be, unable to pay its liabilities as they become due; or (ii)&nbsp;the realizable value of Canadian Exchange&nbsp;Co.' assets would
thereby be less than the aggregate of its liabilities and stated capital of all classes of shares.<BR>
<BR>
The articles of Canadian Exchange&nbsp;Co. provide that as long as there are any Exchangeable Shares outstanding, the approval by special resolution of the holders of Exchangeable Shares is required to pay dividends on the common shares or any other
shares ranking junior to the Exchangeable Shares.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to the Colorado Act, McEwen Mining may pay dividends or make other distributions to McEwen Mining shareholders unless,
after giving it effect, (i)&nbsp;McEwen Mining would not be able to pay its debts as they become due in the usual course of business; or (ii)&nbsp;McEwen Mining's total assets would be less than the sum of its total liabilities plus the amount that
would be needed to satisfy the preferential rights of shareholders whose preferential rights are superior to those receiving the distribution, if the corporation were to be dissolved at the time of the distribution. Share dividends may be issued pro
rata and without consideration to shareholders of one or more classes or series of shares.</FONT></TD>
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<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Canadian Exchange&nbsp;Co. Shareholder Rights </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>McEwen Mining Shareholder Rights </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The articles of incorporation of McEwen Mining provide that dividends in cash, property, or shares of McEwen Mining may be paid to holders of
McEwen Mining common stock, at the discretion of the McEwen Mining Board, to the extent permitted by law. The holder of the Series&nbsp;B Preferred Share is not entitled to receive any portion of any dividend or distribution at any time.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Repurchase of Shares</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to the ABCA, Canadian Exchange&nbsp;Co. may purchase or otherwise acquire its shares unless there are reasonable grounds
for believing that: (i)&nbsp;Canadian Exchange&nbsp;Co. is, or would after the payment be, unable to pay its liabilities as they become due; or (ii)&nbsp;the realizable value of Canadian Exchange&nbsp;Co.' assets would after such purchase be less
than the aggregate of its liabilities and stated capital of all classes of shares.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pursuant to the Colorado Act, McEwen Mining may acquire its own shares. Shares so acquired constitute authorized but unissued
shares.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The articles of Canadian Exchange&nbsp;Co. provide that as long as there are any Exchangeable Shares outstanding, the approval by
special resolution of the holders of Exchangeable Shares is required to redeem or purchase any of the common shares or any other shares ranking equally with or junior to the Exchangeable Shares.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg42901a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="do42901_plan_of_distribution"> </A>
<A NAME="toc_do42901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PLAN OF DISTRIBUTION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Exchange&nbsp;Co. is engaging in the Canadian Exchange&nbsp;Co. Rights Offering and in connection therewith will issue up
to 7,798,762 Exchangeable Shares. Each Canadian Rights Offering Exchangeable Share may be exchanged at any time at the option of the holder on a one-for-one basis for shares of
McEwen Mining common stock. The issuance of such shares of McEwen Mining common stock upon the exchange or redemption of the Canadian Rights Offering Exchangeable Share is being registered by this
prospectus supplement. McEwen Mining has agreed to bear the expenses of registration of the McEwen Mining common shares in this prospectus supplement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of Canadian Rights Offering Exchangeable Shares may exchange their Canadian Rights Offering Exchangeable Shares for McEwen Mining common stock by exercising their retraction
rights, which are described in the accompanying base prospectus under the section "Description of Capital Stock&#151;2012 Exchangeable Shares&#151;Retraction of Exchangeable Shares by
Holders" on page&nbsp;34 of the accompanying base prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Canadian Rights Offering Exchangeable Shares not previously exchanged will, upon the direction of the Exchange&nbsp;Co. Board, be redeemed for shares of McEwen Mining common stock
on any date that is on or after January&nbsp;24, 2022, being the tenth year anniversary of the date on which Exchangeable Shares were first issued by Canadian Exchange&nbsp;Co. in connection with
the acquisition of Minera Andes, subject to applicable law and the due exercise by either McEwen Mining or Callco of McEwen Mining's or Callco's redemption call right, unless Canadian
Exchange&nbsp;Co. redeems the Canadian Rights Offering Exchangeable Shares earlier. A description of McEwen Mining's, Callco's and Canadian Exchange&nbsp;Co.'s redemption rights is provided in the
accompanying base prospectus in the section entitled "Description of Capital Stock&#151;2012 Exchangeable Shares" starting on page&nbsp;34 of the accompanying base prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Exchangeable Shares are intended to be functionally and economically equivalent to the shares of McEwen Mining common stock, accordingly there are no material differences in the
rights of the holders of McEwen Mining common stock and the holders of Exchangeable Shares. Additional information on the rights of the holders of Exchangeable Shares is described in the accompanying
base prospectus under the section "Description of Capital Stock&#151;2012 Exchangeable Shares" starting on page&nbsp;34 of the accompanying base prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
McEwen Mining common stock is listed on the NYSE and the TSX under the symbol "MUX" and all underlying shares of McEwen Mining common stock issued in exchange for the Canadian Rights
Offering Exchangeable Shares pursuant to this prospectus supplement will also trade on the NYSE and TSX under the symbol "MUX". </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you have any questions about this offering, please contact McEwen Mining&nbsp;Inc., Investor Relations, 181 Bay Street, Bay Wellington Tower, Suite&nbsp;4750,
P.O.&nbsp;Box&nbsp;792, Toronto, Ontario Canada M5J&nbsp;2T3, or by telephone at (866)&nbsp;441-0690, or by email at info@mcewenmining.com. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-38</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg42901a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="do42901_certain_material_united_states__cer02516"> </A>
<A NAME="toc_do42901_2"> </A>
<BR></FONT><FONT SIZE=2><B>  CERTAIN MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary, as of the date of this prospectus supplement, of the material United States federal income tax
considerations applicable, respectively, to U.S. Holders (as defined below) and Non-U.S. Holders (as defined below, and together with U.S.
Holders, "Holders") with respect to the redemption, retraction or exchange of Exchangeable Shares for McEwen Mining common stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
discussion is based upon provisions of the Internal Revenue Code of 1986, as amended (the "Code"), the related Treasury Regulations, judicial decisions, and administrative
determinations as of the date of this document. Those authorities may be changed, perhaps retroactively, so that the United States federal income tax consequences may be different from those discussed
below. This discussion is included for general information purposes only and does not purport to be a complete technical analysis or listing of all potential U.S. tax consequences that may be relevant
to a Holder. Further, this summary does not address any tax consequences arising under the income or other tax laws of any state, local or foreign jurisdiction or any tax treaties that may be relevant
to a Holder in light of its particular circumstances. It is not intended to be, nor should it be construed as being, legal or tax advice. The discussion herein is not binding on the Internal Revenue
Service or the courts, and no assurance can be given that the discussion of tax consequences set forth herein will be sustained if challenged by the Internal Revenue Service. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
where noted, this discussion deals only with Holders who hold their Exchangeable Shares and McEwen Mining common stock as capital assets within the meaning of Section&nbsp;1221
of the Code, and does not address the United States federal income tax consequences applicable to you if you are subject to special treatment under the United States federal income tax laws,
including, for example, if you are:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a broker or dealer in securities or currencies; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a financial institution; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a regulated investment company; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a real estate investment trust; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a tax-exempt organization; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>an insurance company; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a person holding Exchangeable Shares, or shares of McEwen Mining common stock, as part of a hedging, integrated,
conversion, wash or constructive sale transaction or a straddle or synthetic security; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a trader in securities that has elected the mark-to-market method of accounting for your
securities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a person liable for alternative minimum tax; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a person who acquired Exchangeable Shares, or shares of McEwen Mining common stock, in exchange for Minera Andes stock
that was acquired in a compensatory transaction; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a Non-U.S. Holder who is or has previously been engaged in the conduct of a trade or business in the United
States; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a person who is an investor in a pass-through entity; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a person who owns (or is deemed to own) 10% or more of the voting stock of Canadian Exchange&nbsp;Co.; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a U.S. Holder whose "functional currency" is not the U.S. dollar; </FONT></DD></DL>
</UL>
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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a "controlled foreign corporation;" </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a "passive foreign investment company;" </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a U.S. expatriate or former long-term resident of the United States; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a Non-U.S. Holder owning more than 5% of the McEwen Mining common stock; or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>an S corporation, an entity taxable as a partnership for U.S. federal income tax purposes or other
pass-through entity. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a partnership holds Exchangeable Shares that are exchanged for shares of McEwen Mining common stock, the tax treatment of a partner will generally depend upon the status of the
partner and the activities of the partnership. If you are a partner of a partnership holding Exchangeable Shares that are exchanged for shares of McEwen Mining common stock, you are urged to consult
your tax advisor. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>As discussed below, there are substantial uncertainties regarding the United States federal income tax treatment of Exchangeable Shares and of the exchange of
Exchangeable Shares for shares of McEwen Mining common stock. You are strongly urged to consult your own tax advisor regarding the United
States federal tax consequences applicable to the redemption, retraction or exchange of Exchangeable Shares and your ownership and disposition of McEwen Mining common stock in light of your particular
circumstances. In addition, you should also consult your tax advisor regarding any foreign, state, local, provincial, or other taxes or tax treaties that may be applicable to
you.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this discussion, a "U.S. Holder" means a beneficial owner of exchangeable shares that is for U.S. federal income tax
purposes:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>an individual citizen or resident of the United States; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a corporation (or any other entity treated as a corporation for United States federal income tax purposes) created or
organized in or under the laws of the United States, any state of the United States or the District of Columbia; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>an estate the income of which is subject to United States federal income taxation regardless of its source; or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a trust if it (1)&nbsp;is subject to the primary supervision of a court within the United States and one or more U.S.
persons have the authority to control all substantial decisions of the trust or (2)&nbsp;has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this disclosure, you are a "Non-U.S. Holder" if you are not a U.S. Holder. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I> Consequences of a Redemption, Retraction or Exchange of Exchangeable Shares  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The United States federal income tax consequences of a redemption, retraction or exchange of Exchangeable Shares depend, in part, on
whether the Exchangeable Shares
are treated for United States federal income tax purposes as shares of Canadian Exchange&nbsp;Co. or as shares of McEwen Mining common stock. There is, however, no direct authority under current
United States federal income tax law concerning whether the Exchangeable Shares should be treated as shares of McEwen Mining common stock or shares of Canadian Exchange&nbsp;Co., and the
classification for tax purposes of such Exchangeable Shares as shares of McEwen Mining common stock or shares of Canadian Exchange&nbsp;Co. is therefore uncertain. Accordingly, the following
discussion addresses the United States federal income tax consequences of a redemption, retraction or exchange of Exchangeable Shares under each of two alternative characterizations of the
Exchangeable Shares: (1)&nbsp;based on the treatment of the Exchangeable Shares as shares of McEwen Mining common stock, and (2)&nbsp;based on the treatment of the Exchangeable Shares as shares of
Canadian Exchange&nbsp;Co. The discussion does not </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-40</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><A
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<P style="font-family:times;"><FONT SIZE=2>address
the United States federal income tax consequences of any payments for accrued and unpaid dividends on the Exchangeable Shares. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following discussion is not binding on the Internal Revenue Service or the courts. There can be no assurance that the Internal Revenue Service will not assert and prevail with
respect to a position that is adverse or contrary to a position taken by a U.S. Holder on such U.S. Holder's tax returns. Accordingly, it may be prudent for a U.S. Holder to assume the least favorable
United States federal income consequences. Moreover, neither McEwen Mining nor Canadian Exchange&nbsp;Co. has requested or intends to request a ruling from the Internal Revenue Service or an opinion
of counsel with respect to whether the Exchangeable Shares should be treated as shares of McEwen Mining common stock or shares of Canadian Exchange&nbsp;Co. In addition, no ruling has been or will
be sought from the Internal Revenue Service as to the United States federal income tax consequences of a retraction, redemption, or exchange of Exchangeable Shares for shares of McEwen Mining common
stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> Consequences if the Exchangeable Shares are Treated as Shares of McEwen Mining Common Stock  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><U>U.S.
Holders and Non-U.S. Holders</U> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Exchangeable Shares are treated as shares of McEwen Mining common stock, the redemption, retraction or exchange of Exchangeable Shares for shares of
McEwen Mining common stock should not be a taxable event to a U.S. Holder or a Non-U.S. Holder. In that case, a Holder's holding period for the McEwen Mining common stock received should
include such Holder's holding period for the Exchangeable Shares that were exchanged for such shares of McEwen Mining common stock, and the Holder's tax basis for such McEwen Mining common stock
should equal the Holder's tax basis for the Exchangeable Shares that were exchanged for such stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> Consequences if the Exchangeable Shares are not Treated as Shares of McEwen Mining Common Stock  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><U>U.S.
Holders</U> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the discussion below entitled "&#151;Passive Foreign Investment Companies," if the Exchangeable Shares are not treated as shares of McEwen
Mining for United States federal income tax purposes, the redemption, retraction or exchange of Exchangeable Shares for shares of McEwen Mining common stock should be treated as a fully taxable
exchange for United States federal income tax purposes. Consequently, upon the exchange of a U.S. Holder's Exchangeable Shares, a U.S. Holder should recognize gain or loss, if any, equal to the
difference between (i)&nbsp;the sum of the fair market value, as of the exchange date, of the shares of McEwen Mining common stock received in the exchange and (ii)&nbsp;the U.S. Holder's tax
basis in the Exchangeable Shares surrendered. Any such gain or loss on the exchange will generally be capital gain or loss. Capital gains of non-corporate U.S.&nbsp;Holders derived with respect to
capital assets held for more than one year are eligible for reduced rates of taxation, currently at 15% for dispositions on or prior to December&nbsp;31, 2012. Under current law, the 15% rate is
scheduled to increase as of January&nbsp;1, 2013, but this change in rate may be deferred or altered by subsequent changes in the law. The deductibility of capital losses is subject to limitations.
A U.S. Holder's tax basis in shares of McEwen Mining common stock received in the exchange will equal the fair market value of those shares as of the exchange date. A U.S. Holder's holding period for
the McEwen Mining common stock received will begin on the day after the exchange. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
determining whether the Exchangeable Shares are shares of Canadian Exchange&nbsp;Co. or shares of McEwen Mining common stock, U.S. Holders of Exchangeable Shares should consider
that the Internal Revenue Service may assert and prevail with respect to a position that is adverse to the position taken by a U.S. Holder. It may be prudent for a U.S. Holder with gain inherent in
the Exchangeable Shares
to assume that the redemption, retraction or exchange will be a taxable event. Conversely, it may be prudent for a U.S. Holder with loss inherent in the Exchangeable Shares to assume that the
redemption, retraction or exchange will be treated as a non-taxable event so that no </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-41</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
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<P style="font-family:times;"><FONT SIZE=2>loss
will be recognized. In either event, such a U.S. Holder should consult its own tax advisor regarding the filing of a refund claim. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><U>Non-U.S.
Holders</U> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Exchangeable Shares are not treated as shares of McEwen Mining common stock for United States federal income tax purposes, a Non-U.S. Holder
generally will not be subject to United States federal income tax on any gain realized on the exchange of Exchangeable Shares for shares of McEwen Mining common stock unless: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;the
gain is effectively connected with the conduct by the Non-U.S. Holder of a trade or business in the United States or, if a tax treaty applies, the gain
is attributable to a permanent establishment of the Non-U.S. Holder in the United States; or </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;the
Non-U.S. Holder is an individual who is present in the United States for 183&nbsp;days or more during the taxable year of disposition and certain
other conditions set forth in the Code are met, unless an applicable income tax treaty provides otherwise. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Non-U.S. Holder is described in clause&nbsp;(i) above, the Non-U.S. Holder generally will be subject to the rules discussed above under the heading
"&#151;Consequences if the Exchangeable Shares are not Treated as Shares of McEwen Mining Common Stock&#151;U.S. Holders." In addition, if a corporate Non-U.S. Holder is
described under clause&nbsp;(i) above, it may be subject to an additional branch profits tax on effectively connected income at a 30% rate (or lower applicable treaty rate). If an individual
Non-U.S. Holder is described in clause&nbsp;(ii) above, the individual generally will be subject to a flat 30% tax (or lower applicable treaty rate) on the gain derived from a sale or
exchange, which may be offset by certain United States capital losses. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><U>Passive
Foreign Investment Companies</U> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
general, if Exchangeable Shares held by a U.S. Holder are treated as shares of Canadian Exchange&nbsp;Co. and Canadian Exchange&nbsp;Co. is treated for
United States federal income tax purposes as a "passive foreign investment company" ("PFIC"), gain recognized on the retraction, redemption or exchange of Exchangeable Shares will be taxed under the
passive foreign investment company "excess distribution regime," unless the U.S. Holder has made a timely "qualified electing fund" election or "mark-to-market" election. The
passive foreign investment company rules are extremely complex and could, if they apply to Exchangeable Shares owned by a U.S. Holder, have a significant adverse effect on the taxation of gain
recognized by a U.S. Holder. </FONT><FONT SIZE=2><B>Such U.S. Holders are therefore urged to consult their own tax advisors to determine the potential applicability of the PFIC rules to their
particular circumstance and any available elections.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Consequences of Ownership and Disposition of Shares of McEwen Mining Common Stock  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> Receipt of Distributions on McEwen Mining Common Stock  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><U>U.S.
Holders</U> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions,
if any, received with respect to shares of McEwen Mining common stock out of McEwen Mining's current or accumulated earnings and profits, as
determined for United States federal income tax purposes, will be taxable as dividend income to U.S. Holders. In the case of non-corporate U.S. Holders, dividend income is currently
(through December&nbsp;31, 2012) subject to tax at the same preferential rates as net capital gains if certain requirements are satisfied; after December&nbsp;31, 2012, such dividends will be
taxable at the rates generally applicable to ordinary income (but this change in the tax treatment of dividends may be deferred or altered by subsequent changes in the law). To the extent that the
amount of any distribution exceeds McEwen Mining's current and accumulated earnings and profits for a taxable year, the distribution will first be treated as a tax-free return of capital
to the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-42</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
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<P style="font-family:times;"><FONT SIZE=2>extent
of the U.S. Holder's tax basis, and any excess will be treated as gain from the disposition of the common stock (discussed below under the heading "&#151;Gain or Loss on Disposition of
McEwen Mining Common Stock&#151;U.S. Holders"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><U>Non-U.S.
Holders</U> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions,
if any, received with respect to shares of McEwen Mining common stock out of McEwen Mining's current or accumulated earnings and profits, as
determined for United States federal income tax purposes, will be subject to a withholding tax as discussed below. Any portion of a distribution that exceeds McEwen Mining's current and accumulated
earnings and profits will first be applied to reduce the Non-U.S. Holder's basis in the common stock, and, to the extent such portion exceeds the Non-U.S. Holder's basis, the
excess will be treated as gain from the disposition of the McEwen Mining common stock, the treatment of which is discussed below under "&#151;Gain or Loss on Disposition of McEwen Mining Common
Stock&#151;Non-U.S. Holders." In addition, if McEwen Mining is a United States real property holding corporation or "USRPHC," as discussed below, and if any distribution exceeds its
current and accumulated earnings and profits, McEwen Mining will need to choose to satisfy its withholding tax requirement either by treating the entire distribution as a dividend, subject to the
withholding tax under the following paragraph (and withhold at a minimum rate of 10% or such lower rate as may be specified by an applicable income tax treaty for distributions from an USRPHC), or by
treating only the amount of the distribution equal to its reasonable estimate of its current and accumulated earnings and profits as a dividend, subject to the withholding tax rules in the following
paragraph, with the excess portion of the distribution subject to withholding at a rate of 10% or such lower rate as may be specified by an applicable income tax treaty as if such excess were the
result of a sale of shares in a USRPHC (discussed below under the heading "&#151;Gain or Loss on Disposition of McEwen Mining Common Stock&#151;Non-U.S. Holders") with a
credit generally allowed against the Non-U.S. Holder's United States federal income tax liability in an amount equal to the amount withheld from such excess. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
paid to a Non-U.S. Holder of McEwen Mining common stock will generally be subject to withholding of United States federal income tax at a 30% rate or such lower
rate as may be specified by an applicable income tax treaty. In addition, a Non-U.S. Holder will be taxed in the same manner as a U.S. Holder on dividends received that are effectively
connected with the conduct by the Non-U.S. Holder of a trade or business in the United States or, if a tax treaty applies, are attributable to a permanent establishment of the
Non-U.S. Holder in the United States. In addition, a corporate Non-U.S. Holder may also be subject to an additional branch profits tax at a 30% rate (or lower applicable treaty
rate) on dividend income that is effectively connected with a U.S. trade or business. A Non-U.S. Holder will be required to satisfy certification and disclosure requirements (including
completing Internal Revenue Service Form&nbsp;W-8BEN, W-8ECI, or other applicable form) to claim treaty
benefits or otherwise claim a reduction of, or exemption from, the U.S. withholding tax described above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> Gain or Loss on Disposition of McEwen Mining Common Stock  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><U>U.S.
Holders</U> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
U.S. Holder will generally recognize gain or loss on any sale, exchange or other disposition of McEwen Mining common stock equal to the difference between
the U.S. Holder's adjusted tax basis in the McEwen Mining common stock and the amount realized from the sale, exchange or other disposition. Gain or loss will generally be long-term
capital gain or loss if the U.S. Holder's holding period is more than one year. In the case of non-corporate U.S. Holders, any long-term capital gain will generally be taxed at
preferential United States federal income tax rates, currently at 15% for dispositions on or prior to December&nbsp;31, 2012. Under current law, the 15% rate is scheduled to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-43</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
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<P style="font-family:times;"><FONT SIZE=2>increase
as of January&nbsp;1, 2013, but this change in rate may be deferred or altered by subsequent changes in the law. The deductibility of losses may be subject to limitations. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><U>Non-U.S.
Holders</U> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
gain realized by a Non-U.S. Holder on the sale, exchange, or other disposition of McEwen Mining common stock will generally not be subject to
United States federal income tax unless: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;the
gain is effectively connected with the conduct by the Non-U.S. Holder of a trade or business in the United States or, if a tax treaty applies, the gain
is attributable to a permanent establishment of the Non-U.S. Holder in the United States; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;the
Non-U.S. Holder is an individual who is present in the United States for 183&nbsp;days or more during the taxable year of disposition and certain
other conditions set forth in the Code are met, unless an applicable income tax treaty provides otherwise; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;McEwen
Mining is or has been a "United States real property holding corporation," or "USRPHC," as defined for United States federal income tax purposes </FONT> <FONT SIZE=2><I>and</I></FONT><FONT SIZE=2>, as described below, the Non-U.S. Holder owns or is
deemed to own more than 5% of McEwen Mining's outstanding common stock. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Foreign Investment in Real Property Tax Act of 1980 ("FIRPTA"), with respect to a Non-U.S. Holder's disposition of McEwen Mining common stock, McEwen Mining will be
treated as a USRPHC if at any time during the shorter of (x)&nbsp;the five-year period ending on the date of disposition of shares of McEwen Mining common stock or (y)&nbsp;the period
during which a Non-U.S. Holder held shares of McEwen Mining common stock, the fair market value of McEwen Mining's "U.S. real property interests" equals or exceeds 50% of the sum of the
fair market values of all of its interests in real property and all of its other assets used or held for use in a trade or business (as defined in applicable Treasury Regulations). Because McEwen
Mining owns substantial interests in real estate in the United States, McEwen Mining believes that it may have been a USRPHC. Notwithstanding the foregoing, so long as the common stock of McEwen
Mining is regularly traded on an established securities market, as defined under applicable Treasury Regulations, Non-U.S. Holders who have never beneficially owned (or been deemed to own
under certain attribution rules) more than 5% of the common stock of McEwen Mining will generally not be subjected to United States federal income tax on gain realized on the sale, exchange or
redemption of common stock solely because McEwen Mining is or has been a USRPHC. McEwen Mining believes that its common stock is currently treated as regularly traded on an established securities
market. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Non-U.S. Holder falls under clause&nbsp;(i) or (iii)&nbsp;above, the Non-U.S. Holder will generally be subject to the rules discussed above in the
discussion titled "&#151;Gain or Loss on Disposition of McEwen Mining Common Stock&#151;U.S. Holders", and, in the case of clause&nbsp;(iii) above, will generally be subject to a 10%
withholding tax applied to the gross amount realized on the disposition. Any amount so withheld may be applied as a credit against the Non-U.S. Holder's United States federal income tax
liability. If an individual Non-U.S. Holder falls under clause&nbsp;(ii) above, such individual generally will be subject to a flat 30% (or lower applicable treaty rate) tax on the gain
derived from a sale, which may be offset by certain United States capital losses. In addition, if a corporate Non-U.S. Holder falls under clause&nbsp;(i) above, it may be subject to an
additional branch profits tax on effectively connected income at a 30% rate (or lower applicable treaty rate). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing summary of the possible application of the FIRPTA rules to Non-U.S. Holders is only a summary of certain material aspects of these rules. Because the U.S.
federal income
tax consequences to a Non-U.S. Holder under FIRPTA may be significant and are complex and subject to uncertainty, Non-U.S. Holders are urged to discuss those consequences with
their tax advisors. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-44</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
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<P style="font-family:times;"><FONT SIZE=2><I> Information Reporting and Backup Withholding  </I></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><U>U.S.
Holders</U> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
reporting and backup withholding may apply with respect to payments of dividends on McEwen Mining common stock and to certain payments of proceeds
on the sale or other disposition of our common stock. Certain non-corporate U.S. Holders may be subject to U.S. backup withholding (currently at a rate of 28%, but this rate is scheduled
to increase to 31% for payments made on or after January&nbsp;1, 2013, unless current individual income tax rates are extended) on payments of dividends on McEwen Mining common stock and certain
payments of proceeds on the sale or other disposition of McEwen Mining common stock unless the beneficial owner of such common stock furnishes McEwen Mining or its agent with a taxpayer identification
number, certified under penalties of perjury, and certain other information, or otherwise establishes, in the manner prescribed by law, an exemption from backup withholding. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S.
backup withholding tax is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a U.S. Holder's United States
federal income tax liability, which may entitle the U.S. Holder to a refund, provided the U.S. Holder timely furnishes the required information to the Internal Revenue Service. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><U>Non-U.S.
Holders</U> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McEwen
Mining must report annually to the Internal Revenue Service and to each Non-U.S. Holder the amount of dividends paid to such
Non-U.S. Holder and the tax withheld with respect to such dividends, regardless of whether withholding was required. Copies of the information returns reporting such dividends and
withholding may also be made available to the tax authorities in the country in which the Non-U.S. Holder resides under the provisions of an applicable income tax treaty. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Non-U.S. Holder will not be subject to backup withholding on dividends paid to such Non-U.S. Holder, or on the proceeds received by a Non-U.S.
Holder from a sale or other disposition of McEwen Mining common stock, as long as such Non-U.S. Holder certifies under penalty of perjury that it is a Non-U.S. Holder (and the
payor does not have actual knowledge or reason to know that such Non-U.S. Holder is a United States person as defined under the Code), or such Non-U.S. Holder otherwise
establishes an exemption. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S.
backup withholding tax is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a Non-U.S.
Holder's United States federal income tax liability provided the required information is timely furnished to the Internal Revenue Service. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Foreign Account Tax Compliance Act  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;8, 2012, the Treasury Department issued proposed regulations relating to the Foreign Account Tax Compliance Act
("FATCA"), which was enacted in March 2010. As a general matter, under the proposed regulations, for payments made after December&nbsp;31, 2013, certain foreign financial institutions and
non-financial foreign entities will be subject to a 30% U.S. federal withholding tax on dividends on McEwen Mining common stock unless (i)&nbsp;in the case of a foreign financial institution, such
institution enters into an agreement with the U.S. government to withhold on certain payments and to collect and provide to the U.S. tax authorities substantial information regarding U.S. account
holders of such institution (which includes certain equity and debt holders of such institution, as well as certain account holders that are foreign entities with U.S. owners), (ii)&nbsp;in the case
of a non-financial foreign entity, such entity provides the withholding agent with a certification identifying the direct and indirect U.S. owners of the entity, or (iii)&nbsp;the foreign entity is
otherwise excepted under FATCA. In addition, if such disclosure requirements are not satisfied, under the proposed regulations, withholding </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-45</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>on
gross proceeds from the sale or other disposition of McEwen Mining common stock by such foreign financial institutions and non-financial foreign entities will generally begin for sales or other
dispositions after December&nbsp;31, 2014. Under certain circumstances, a non-U.S. holder might be eligible for refunds or credits of such taxes. A holder should consult its tax advisors regarding
the possible implications of these withholding provisions on its particular situation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, the proposed regulations will not be effective until issued in final form. There can be no assurance either as to when final regulations relating to FATCA
will be issued or as to the particular form that those final regulations might take. If withholding is required under FATCA on a payment related to McEwen Mining common stock, Holders that otherwise
would not be subject to withholding (or that otherwise would be entitled to a reduced rate of withholding) on such payment generally will be subject to FATCA withholding and, even if an exception or
reduction continues to apply, will be required to seek a refund or credit from the Internal Revenue Service to obtain the benefit of such exemption or reduction (provided that such benefit is
available). We will not pay any additional amounts in respect of amounts withheld under FATCA. A Holder should consult its tax advisors regarding the effect of FATCA in its particular circumstances. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>THE PRECEDING DISCUSSION OF UNITED STATES FEDERAL INCOME TAX CONSEQUENCES IS FOR GENERAL INFORMATION ONLY AND IS NOT LEGAL ADVICE. EACH SHAREHOLDER IS ENCOURAGED
TO CONSULT ITS OWN TAX ADVISOR AS TO PARTICULAR TAX CONSEQUENCES, INCLUDING THE APPLICABILITY AND EFFECT OF ANY STATE, LOCAL AND NON-U.S. TAX LAWS, AND OF ANY PROPOSED CHANGES IN
APPLICABLE LAWS.</B></FONT></P>

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<A HREF="#bg42901a_main_toc">Table of Contents</A> </FONT></P>

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<BR></FONT><FONT SIZE=2><B>  CERTAIN MATERIAL CANADIAN FEDERAL INCOME TAX CONSIDERATIONS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the opinion of Fraser Milner Casgrain&nbsp;LLP, Canadian counsel to McEwen Mining, the following is a summary of the material
Canadian federal income tax consequences pursuant to the Income Tax Act (Canada) (the "Tax Act") generally applicable to holders of Exchangeable Shares who (i)&nbsp;have acquired such Exchangeable
Shares upon the exercise of subscription rights received by such holder pursuant to the Canadian Exchange&nbsp;Co. Rights Offering, (ii)&nbsp;have exchanged their Exchangeable Shares for shares of
McEwen Mining common stock in a retraction (a voluntary exchange initiated by a holder of Exchangeable Shares), redemption (an exchange initiated by Canadian Exchange&nbsp;Co. to redeem the
Exchangeable Shares) or purchase (including a purchase of the Exchangeable Shares by Callco or McEwen Mining, or a purchase of Exchangeable Shares by Canadian Exchange Co for cancellation) pursuant to
the terms set forth in the Exchangeable Share provisions (included in the Articles of Incorporation of Canadian Exchange&nbsp;Co.), and (iii), at all relevant times for the purposes of the Tax Act
(a)&nbsp;are, for the purposes of the Tax Act and any applicable income tax treaty or convention, resident or deemed to be resident in Canada, (b)&nbsp;hold such shares as capital property, and
(c)&nbsp;deal at arm's length with, and are not affiliated with, each of Canadian Exchange&nbsp;Co. and McEwen Mining ("Resident Shareholders"). Generally, such shares will constitute capital
property to a Resident Shareholder thereof unless such securities are held in the course of carrying on a business of trading or dealing in securities or were acquired in one or more transactions
considered to be an adventure or concern in the nature of trade. Resident Shareholders who do not hold their
Exchangeable Shares or McEwen Mining common stock as capital property, as the case may be, should consult their own tax advisors with respect to their particular circumstances. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
summary is not applicable to a Resident Shareholder (i)&nbsp;that is a "financial institution" for purposes of the mark-to-market rules contained in the
Tax Act, (ii)&nbsp;that is a "specified financial institution" as defined in the Tax Act, (iii)&nbsp;an interest in which is a "tax shelter" or a "tax shelter investment" as defined in the Tax
Act, (iv)&nbsp;with respect to whom McEwen Mining is a "foreign affiliate", as defined in the Tax Act, (v)&nbsp;who is exempt from paying tax under Part&nbsp;I of the Tax Act, or (vi)&nbsp;who
reports their Canadian tax results for purposes of the Tax Act in a currency of a country other than Canada. Any such Resident Shareholders should consult their own tax advisors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
summary is based on the facts and assumptions set out in this document, the current provisions of the Tax Act and the regulations thereunder, counsel's understanding of the current
published administrative policies and assessing practices of the Canada Revenue Agency ("CRA") publicly available prior to the date of this document. This summary takes into account all proposed
amendments to the Tax Act and the regulations thereunder that have been publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof ("Proposed Amendments") and
assumes that such Proposed Amendments will be enacted substantially as proposed. However, no assurance can be given that such Proposed Amendments will be enacted in the form proposed, or at all. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
summary is not exhaustive of all possible Canadian federal income tax considerations applicable to the holding of McEwen Mining common shares or Exchangeable Shares. Except for the
Proposed Amendments, this summary does not take into account or anticipate any other changes in law or any changes in the CRA's administrative policies and assessing practices, whether by judicial,
governmental or legislative action or decision, nor does it take into account other federal or any provincial, territorial or foreign tax legislation or considerations, which may differ from the
Canadian federal income tax considerations described herein </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>This summary is of a general nature only and is not, is not intended to be, and should not be construed to be, legal, business or tax advice to any particular
Resident Shareholder. Resident Shareholders should consult their own tax advisors as to the tax consequences to them from the holding and disposition of Exchangeable Shares or McEwen Mining common
stock.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-47</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>This summary does not address any tax consequences to holders that are not resident (or deemed resident) in Canada, such as U.S.
residents.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>All holders of Exchangeable Shares should consult their own tax advisors having regard to their particular circumstances.</B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of the Tax Act, all amounts relating to the acquisition, holding or disposition of McEwen Mining common stock, including the receipt of dividends and the calculation of any
adjusted cost base amounts and proceeds of disposition, must be converted into Canadian dollars generally based on the Bank of Canada noon spot exchange rate on the date such amounts arise. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Redemption, Retraction or Purchase of Exchangeable Shares  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a redemption (including a retraction) or purchase of an Exchangeable Share by Canadian Exchange&nbsp;Co., a Resident Shareholder
will be deemed to have received a dividend equal to the amount, if any, by which the "redemption proceeds" exceed the paid-up capital (for purposes of the Tax Act) of the Exchangeable
Share at the time of redemption. For these purposes, the "redemption proceeds" will be the fair market value at the time of the redemption, retraction or purchase, as the case may be, of the McEwen
Mining common stock received upon the redemption, retraction or purchase plus any other amount received by the Resident Shareholder as part of the consideration other than amounts required to be
included in income as a dividend. On the redemption or purchase, the Resident Shareholder will also be considered to have disposed of the Exchangeable Share for proceeds of disposition equal to the
"redemption proceeds" less the amount of such deemed dividend. The Resident Shareholder will generally realize a capital gain (or a capital loss) equal to the amount by which such proceeds of
disposition, net of any reasonable costs of disposition, exceed (or are less than) the adjusted cost base to the Resident Shareholder. In the case of a Resident Shareholder that is a corporation, in
some circumstances the amount of any deemed dividend arising on the redemption of Exchangeable Shares may be treated as proceeds of disposition and not as a deemed dividend in accordance with specific
rules in the Tax Act. Such Resident Shareholders should consult their own tax advisors concerning this possibility. For a description of the tax treatment of capital gains and losses, see "CERTAIN
MATERIAL CANADIAN FEDERAL INCOME TAX CONSEQUENCES&#151;Taxation of Capital Gains or Capital Losses" on page&nbsp;S-50 below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Dividends on Exchangeable Shares  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of a Resident Shareholder who is an individual (other than certain trusts), dividends received or deemed to be received on
the Exchangeable Shares will be included in computing a Resident Shareholder's income and will be subject to the gross-up and dividend tax credit rules that apply to taxable dividends
received from taxable Canadian corporations. Provided that appropriate designations are made by Canadian Exchange&nbsp;Co. at the time the dividend is paid or is deemed to be paid, such dividend
will be treated as an "eligible dividend" for the purposes of the Tax Act and a Resident Shareholder who is an individual
will be entitled to an enhanced dividend tax credit in respect of such dividend. There are limitations on the ability of a corporation to designate dividends and deemed dividends as eligible
dividends. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of a Resident Shareholder that is a corporation, dividends received or deemed to be received on the exchangeable shares will generally be required to be included in computing
the corporation's income for the taxation year in which such dividends are received and such dividends will generally be deductible in computing the corporation's taxable income (subject to the
discussion above under the heading "CERTAIN MATERIAL CANADIAN FEDERAL INCOME TAX CONSEQUENCES&#151;Redemption, Retraction or Purchase of Exchangeable Shares"). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-48</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B> Corporate shareholders should consult their own tax advisors for advice with respect to the potential application of these provisions.  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Resident Shareholder that is a "private corporation" (as defined in the Tax Act) or any other corporation resident in Canada and
controlled or deemed to be controlled by or for the benefit of an individual or a related group of individuals may be liable under Part&nbsp;IV of the Tax Act to pay a refundable tax of 331/3% on
dividends received or deemed to be received on the Exchangeable Shares to the extent that such dividends are deductible in computing the Resident Shareholder's taxable income. A Resident Shareholder
that, throughout the relevant taxation year, is a "Canadian-controlled private corporation" (as defined in the Tax Act) may be liable to pay an additional refundable tax of <SUP>62</SUP>/<SMALL>3</SMALL>% on its
"aggregate investment income" (as defined in the Tax Act), including any dividends that are not deductible in computing taxable income. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Exchange of Exchangeable Shares with McEwen Mining or Callco  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the exchange of an Exchangeable Share by the Resident Shareholder with McEwen Mining or Callco for McEwen Mining common stock, a
Resident Shareholder will generally realize a capital gain (or a capital loss) to the extent the proceeds of disposition of the Exchangeable Share, net of any reasonable costs of disposition, exceed
(or are less than) the adjusted cost base to the Resident Shareholder of the Exchangeable Share immediately before the exchange. For these purposes, the proceeds of disposition will be the fair market
value at the time of the exchange of the McEwen Mining common stock received upon exchange plus any other amount received by the Resident Shareholder from McEwen Mining, Callco or any other subsidiary
of McEwen Mining as part
of the exchange consideration other than amounts required to be included in income as a dividend. For a description of the tax treatment of capital gains and losses, see "CERTAIN MATERIAL CANADIAN
FEDERAL INCOME TAX CONSEQUENCES&#151;Taxation of Capital Gains or Capital Losses" on page&nbsp;S-50 below. The acquisition by McEwen Mining or Callco of an Exchangeable Share from the
Resident Shareholder thereof will not result in a deemed dividend to the Resident Shareholder. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I> Disposition of Exchangeable Shares other than on Redemption, Retraction or Exchange  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A disposition or deemed disposition of an Exchangeable Share by a Resident Shareholder, other than on the redemption, retraction or
exchange of the shares, will generally result in a capital gain (or a capital loss) to the extent that the proceeds of disposition, net of any reasonable costs of disposition, exceed (or are less
than) the adjusted cost base to the Resident Shareholder of such Exchangeable Shares immediately before the disposition. For a description of the tax treatment of capital gains and losses, see
"CERTAIN MATERIAL CANADIAN FEDERAL INCOME TAX CONSEQUENCES&#151;Taxation of Capital Gains or Capital Losses" on page&nbsp;S-50 below. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I> Dividends on McEwen Mining Common Stock  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends on McEwen Mining common stock will be included in the recipient's income for the purposes of the Tax Act. Such dividends
received by a Resident Shareholder who is an individual will not be subject to the gross-up and dividend tax credit rules in the Tax Act. A Resident Shareholder that is a corporation must
include such dividends in computing its income and will not be entitled to deduct the amount of the dividends in computing its taxable income. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Resident Shareholder of McEwen Mining common stock that, throughout the relevant taxation year, is a "Canadian-controlled private corporation" (as defined in the Tax Act) may be liable
to pay a refundable tax of <SUP>62</SUP>/<SMALL>3</SMALL>% on its "aggregate investment income" (as defined in the Tax Act), including dividends received on McEwen Mining shares that are not deductible in
computing taxable income. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Resident Shareholder of McEwen Mining common stock may be entitled to a foreign tax credit or deduction for any United States non-resident withholding tax paid on dividends
received on McEwen Mining common stock to the extent and under the circumstances provided in the Tax Act. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-49</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B><I> Acquisition and Disposition of McEwen Mining Common Stock  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cost of McEwen Mining common stock received on the retraction, redemption or exchange of an Exchangeable Share will be equal to the
fair market value of such McEwen Mining common stock at the time of such event and will generally be averaged with the adjusted cost base of any other McEwen Mining common stock held at that time by
the Resident Shareholder as capital property for the purpose of determining the Resident Shareholder's adjusted cost base of such McEwen Mining common stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
disposition or deemed disposition of McEwen Mining common stock by a Resident Shareholder will generally result in a capital gain (or capital loss) to the extent that the proceeds of
disposition, net of any reasonable costs of disposition, exceed (or are less than) the adjusted cost base to the Resident Shareholder of the McEwen Mining common stock immediately before the
disposition. For a description of the tax treatment of capital gains and losses, see "CERTAIN MATERIAL CANADIAN FEDERAL INCOME TAX CONSEQUENCES&#151;Taxation of Capital Gains or Capital Losses"
below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Taxation of Capital Gains or Capital Losses  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, one-half of any capital gain (a "taxable capital gain") realized by a Resident Shareholder in a taxation year
must be included in the Resident Shareholder's income for the year, and one-half of any capital loss (an "allowable capital loss") realized by a Resident Shareholder in a taxation year
must be deducted from taxable capital gains realized by the Resident Shareholder in that year (subject to and in accordance with rules contained in the Tax Act). Allowable capital losses for a
taxation year in excess of taxable capital gains for that year generally may be carried back and deducted in any of the three preceding taxation years or carried forward and deducted in any subsequent
taxation year against net taxable capital gains realized in such years, to the extent and under the circumstances described in the Tax Act. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Resident Shareholder that, throughout the relevant taxation year, is a "Canadian-controlled private corporation" (as defined in the Tax Act) may be liable to pay a refundable tax of
<SUP>62</SUP>/<SMALL>3</SMALL>% on its "aggregate investment income" (as defined in the Tax Act), including any taxable capital gains. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Resident Shareholder is a corporation, the amount of any capital loss realized on a disposition or deemed disposition of such share may be reduced by the amount of dividends
received or deemed to have been received by it on such share (and in certain circumstances a share exchanged for such share) to the extent and under circumstances prescribed by the Tax Act. Similar
rules may apply where a corporation is a member of a partnership or a beneficiary of a trust that owns such shares or where a trust or partnership of which a corporation is a beneficiary or a member
is a member of a partnership or a beneficiary of a trust that owns any such shares. Resident Shareholder to whom these rules may be relevant should consult their own tax advisors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Alternative Minimum Tax  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individuals and certain trusts that receive or are deemed to receive taxable dividends on Exchangeable Shares or McEwen Mining common
stock, or realize a capital gain on the disposition or deemed disposition of Exchangeable Shares or McEwen Mining common stock, may realize an increase in their liability for alternative minimum tax
under the Tax Act. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Foreign Property Information Reporting  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, a "specified Canadian entity" for a taxation year or fiscal period whose total cost amount of "specified foreign property"
(both as defined in the Tax Act) at any time in the year or fiscal period exceeds CDN$100,000, is required to file an information return for the year or period disclosing prescribed information,
including the cost amount, any dividends received in the year, and any gains or losses realized in the year in respect of such property. On March&nbsp;4, 2010, Proposed Amendments to expand existing
reporting requirements with respect to specified foreign property to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-50</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>require
more detailed information were announced. As of the date hereof, no detailed legislative proposals or revised administrative policies with respect to such amended reporting requirements have
been made public. Subject to certain exceptions, a Resident Shareholder will be a specified Canadian entity. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specified
foreign property is defined in the Tax Act to include shares of the capital stock of a non-resident corporation and property that, under the terms or conditions
thereof or any agreement related thereto, is convertible into, exchangeable for or confers a right to acquire, property that is a share of the capital stock of a non-resident corporation.
As such, Exchangeable Shares and McEwen Mining common stock are specified foreign property to a Resident Shareholder. Accordingly, Resident Shareholders of Exchangeable Shares or McEwen Mining common
stock should consult their own tax advisors regarding compliance with these rules. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I> Offshore Investment Fund Property  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Tax Act contains rules which, in certain circumstances, may require a Resident Shareholder of McEwen Mining Gold common stock to
include in income in each taxation year an amount in respect of the acquisition and holding of interests in "offshore investment fund property". Both of the following conditions must be satisfied in
order for these rules to apply in respect of McEwen Mining common stock held by a resident of Canada: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;the
McEwen Mining common stock may reasonably be considered to derive its value, directly or indirectly, primarily from portfolio investments in: (i)&nbsp;shares of
the capital stock of one or more corporations, (ii)&nbsp;indebtedness or annuities, (iii)&nbsp;interests in one or more corporations, trusts, partnerships, organizations, funds or entities,
(iv)&nbsp;commodities, (v)&nbsp;real estate, (vi)&nbsp;Canadian or foreign resource properties, (vii)&nbsp;currency of a country other than Canada, (viii)&nbsp;rights or options to acquire
or dispose of any of the foregoing, or (ix)&nbsp;any combination of the foregoing (collectively, "Investment Assets"); and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;it
must be reasonable to conclude, having regard to all the circumstances, that one of the main reasons for the Resident Shareholder acquiring, holding or having the
McEwen Mining common stock was to derive a benefit from portfolio investments in Investment Assets in such a manner that the taxes, if any, on the income, profits and gains from such assets for any
particular year are significantly less than the tax that would have been applicable under Part&nbsp;I of the Tax Act had the income, profits and gains been earned directly by such Resident
Shareholder. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
applicable, these rules would generally require a Resident Shareholder of McEwen Mining common to include in income for each taxation year in which such Resident Shareholder holds the
McEwen Mining common stock, the amount, if any, by which (i)&nbsp;an imputed return for the taxation year computed on a monthly basis and calculated as the product obtained when the Resident
Shareholder's "designated cost" (as defined in the Tax Act) of the McEwen Mining common stock at the end of the month is multiplied by <SUP>1</SUP>/<SMALL>12</SMALL>th&nbsp;of the total of the prescribed rate
for the period that includes such month and two percent; exceeds (ii)&nbsp;the Resident Shareholder's income, including dividends received, from the McEwen Mining common stock for the year (other
than capital gains) determined without reference to these rules. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
amount required to be included in computing a shareholder's income in respect of McEwen Mining common stock under these rules would be added to the adjusted cost base to the Resident
Shareholder of such share. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>These rules are complex and their application depends, to a large extent, on the reasons for acquiring or holding McEwen Mining common stock. Resident
Shareholders are urged to consult their own tax advisors regarding the application and consequences of these rules.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-51</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg42901a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dq42901_legal_matters"> </A>
<A NAME="toc_dq42901_2"> </A>
<BR></FONT><FONT SIZE=2><B>  LEGAL MATTERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of the securities being offered by this registration statement has been passed upon for us by Hogan Lovells US&nbsp;LLP.
Certain federal U.S. and Canadian tax matters have been passed upon for us by Hogan Lovells US&nbsp;LLP and Frasner Milner Casgrain&nbsp;LLP, respectively, as set forth under "CERTAIN MATERIAL
UNITED STATES FEDERAL INCOME TAX CONSEQUENCES" and "CERTAIN MATERIAL CANADIAN FEDERAL INCOME TAX CONSEQUENCES". </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dq42901_experts"> </A>
<A NAME="toc_dq42901_3"> </A>
<BR></FONT><FONT SIZE=2><B>  EXPERTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements and management's assessment of the effectiveness of internal control over financial reporting
(which is included in Management's Report on Internal Control over Financial Reporting), incorporated in this prospectus by reference to the Annual Report on Form&nbsp;10-K for the year
ended December&nbsp;31, 2011, have been so incorporated in reliance on the report of KPMG&nbsp;LLP, Toronto, Canada, an independent registered public accounting firm, given on the authority of
said firm as experts in auditing and accounting. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dq42901_where_you_can_find_more_information"> </A>
<A NAME="toc_dq42901_4"> </A>
<BR></FONT><FONT SIZE=2><B>  WHERE YOU CAN FIND MORE INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to the informational requirements of the Exchange Act. Accordingly, we file quarterly, annual, and current reports,
proxy statements and other reports with the SEC. You can read and copy our public documents filed with the SEC at the SEC's Public Reference Room at 100&nbsp;F Street, N.E., Washington, D.C. 20549.
Please call the SEC's toll-free telephone number at 1-800-SEC-0330 if you need further information about the operation of the SEC's Public Reference
Room. In addition, the SEC maintains an Internet website that contains reports, proxy and information statements, and other information regarding us and other issuers that file electronically with the
SEC. Our filings with the SEC are available at such Internet website (www.sec.gov). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information in this prospectus may not contain all of the information that may be important to you. You should read this entire prospectus, as well as the information incorporated
herein by reference, before making an investment decision. We have filed a shelf registration statement on Form&nbsp;S-3 with the SEC covering, among other securities which we may issue
from time to time in the future, the subscription rights and shares of our shares of common stock offered hereby. This prospectus supplement, which forms&nbsp;a part of the shelf registration
statement, does not contain all of the information included in the shelf registration statement. For further information about us and the subscription rights and shares of McEwen Mining common stock
offered hereby, you should refer to the shelf registration statement and its exhibits. You can obtain the full shelf registration statement from the SEC as indicated above. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dq42901_incorporation_of_certain_information_by_reference"> </A>
<A NAME="toc_dq42901_5"> </A>
<BR></FONT><FONT SIZE=2><B>  INCORPORATION OF CERTAIN INFORMATION BY REFERENCE    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC allows us to "incorporate by reference" certain information we file with it, which means that we can disclose important
information to you by referring to those documents. The information incorporated by reference is considered to be part of this prospectus, and information we file later with the SEC will automatically
update and supersede this information. We incorporate by reference the following documents (except to the extent that any information contained in those documents is deemed "furnished" in accordance
with SEC rules):</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2011, filed with the SEC on
March&nbsp;12, 2012 and Form&nbsp;10-K/A filed with the SEC on June&nbsp;18, 2012; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>our Quarterly Reports on Form&nbsp;10-Q for the quarters ended March&nbsp;31, 2012 and June&nbsp;30,
2012, filed with the SEC on May&nbsp;9, 2012 and August&nbsp;8, 2012, respectively; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-52</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg42901a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>our Current Reports on Form&nbsp;8-K or Form&nbsp;8-K/A, filed with the SEC on
March&nbsp;12, 2012, April&nbsp;4, 2012, April&nbsp;18, 2012, April&nbsp;14, 2012, May&nbsp;9, 2012, May&nbsp;18, 2012 and August&nbsp;9, 2012; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>our shelf registration statement on Form&nbsp;S-3, filed with the SEC on June&nbsp;18, 2012 and declared
effective on August&nbsp;3, 2012; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any of our future filings made with the SEC under Sections&nbsp;13(a), 13(c), 14 or 15(d) under the Exchange Act until
the termination or expiration of the McEwen Mining Rights Offering. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus incorporates documents by reference that are not presented or delivered with this prospectus. You may obtain copies of these filings by contacting us at the address and
telephone number indicated below or by contacting the SEC as described above. We will provide without charge to each person, including any beneficial owner, to whom this document is delivered, upon
written or oral request, a copy of any or all of the foregoing filings incorporated herein by reference (other than exhibits, unless such exhibits are specifically incorporated by reference in such
documents). Requests for such documents should be directed to: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>McEwen
Mining&nbsp;Inc.<BR>
181 Bay Street, Bay Wellington Tower, Suite&nbsp;4750<BR>
P.O.&nbsp;Box&nbsp;792<BR>
Toronto, ON<BR>
Canada M5J&nbsp;2T3<BR>
Attn: Investor Relations<BR>
(866)&nbsp;441-0690 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-53</FONT></P>

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</FONT> <FONT SIZE=2><B>PROSPECTUS  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g125759.jpg" ALT="LOGO" WIDTH="411" HEIGHT="90">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>MCEWEN MINING&nbsp;INC.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>$200,000,000  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B> Debt Securities (which may be guaranteed by one or more of our Co-Registrants)<BR>
Common Stock<BR>
Warrants<BR>
Subscription Rights<BR>
Subscription Receipts  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><I>

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<BR>  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus relates to the issuance, offer and sale from time to time by McEwen Mining&nbsp;Inc. of: debt securities (which may be
guaranteed by one or more of our Co-Registrants); common stock; warrants to purchase debt securities or common stock, which we refer to as debt warrants and warrants, respectively;
subscription rights to purchase shares of common stock, debt warrants, warrants or other securities; and subscription receipts that may be exchanged for debt securities, common stock, debt warrants or
warrants. We refer to our debt securities (which may be guaranteed by one or more of our Co-Registrants), common stock, debt warrants, warrants, subscription rights and subscription
receipts collectively as the securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus describes some of the general terms that may apply to the securities we may issue or offer. Each time that securities are offered and sold or issued by us using this
prospectus, we will provide a supplement to this prospectus that contains specific information about the offering or issuance. The supplement also may add or update information contained in this
prospectus. You should read this prospectus, any post-effective amendment and any prospectus supplement carefully before you invest. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
securities may be offered and sold or issued by us to or through one or more underwriters, dealers or agents or directly to purchasers on a continuous or delayed basis. See "Plan of
Distribution" beginning on page&nbsp;30 of this prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
common stock is listed on the New York Stock Exchange under the symbol "MUX." Our common stock as more fully described beginning on page&nbsp;32 of this prospectus, is also listed
on the Toronto Stock Exchange under the symbol "MUX". Our exchangeable shares issued in 2012, as more fully described beginning on page&nbsp;33, are listed on the Toronto Stock Exchange under the
symbol "MAQ". </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

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<BR></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=3><B>Investing in our securities involves risks. For a discussion of risk factors that you should consider in investing in our securities, see
the section entitled "Risk Factors," beginning on page&nbsp;2 of this prospectus.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or
determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>This
prospectus is dated August&nbsp;3, 2012 </FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bg72502_table_of_contents"> </A>
<BR></FONT><FONT SIZE=2><B>  TABLE OF CONTENTS    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bg72502_prospectus"> </A></FONT> <FONT SIZE=2><B>  Prospectus    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
<A NAME="BG72502_TOC"></A> </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

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<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="17pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#da72502_our_company"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Our Company</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da72502_our_company"><FONT SIZE=2>1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#da72502_risk_factors"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Risk Factors</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da72502_risk_factors"><FONT SIZE=2>2</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de72502_special_note_regarding_forward-looking_statements"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Special Note Regarding Forward-Looking Statements</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de72502_special_note_regarding_forward-looking_statements"><FONT SIZE=2>15</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de72502_use_of_proceeds"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Use of Proceeds</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de72502_use_of_proceeds"><FONT SIZE=2>17</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de72502_ratios_of_earnings_to_fixed_charges"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ratios of Earnings to Fixed Charges</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de72502_ratios_of_earnings_to_fixed_charges"><FONT SIZE=2>17</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de72502_description_of_securities_we_may_offer"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Description of Securities We May Offer</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de72502_description_of_securities_we_may_offer"><FONT SIZE=2>17</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dg72502_book-entry_securities"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Book-Entry Securities</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dg72502_book-entry_securities"><FONT SIZE=2>29</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#di72502_plan_of_distribution"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plan of Distribution</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#di72502_plan_of_distribution"><FONT SIZE=2>30</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#di72502_description_of_capital_stock"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Description of Capital Stock</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#di72502_description_of_capital_stock"><FONT SIZE=2>32</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#Where2"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Where to Find Additional Information</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Where2"><FONT SIZE=2>40</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk72502_incorporation_of_certain_information_by_reference"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Incorporation of Certain Information by Reference</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk72502_incorporation_of_certain_information_by_reference"><FONT SIZE=2>40</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#Experts2"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Experts</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Experts2"><FONT SIZE=2>41</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk72502_legal_matters"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Legal Matters</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk72502_legal_matters"><FONT SIZE=2>41</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bg72502_about_this_prospectus"> </A>
<BR></FONT><FONT SIZE=2><B>  ABOUT THIS PROSPECTUS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus is part of a registration statement that we filed with the Securities and Exchange Commission ("SEC"), utilizing a
"shelf" registration process. Under this process, McEwen Mining&nbsp;Inc., US Gold Canadian Acquisition Corporation ("2007 Exchange&nbsp;Co."), Nevada Pacific Gold&nbsp;Ltd. ("Nevada Pacific"),
Tone Resources Limited ("Tone"), White Knight Resources&nbsp;Ltd. ("White Knight"), US Gold Alberta&nbsp;ULC ("US Gold Alberta"), Tonkin Springs Gold Mining Company ("Tonkin Springs Gold"), Tonkin
Springs Venture Limited Partnership ("Tonkin Springs Venture"), Tonkin Springs&nbsp;LLC ("Tonkin Springs&nbsp;LLC"), U.S. Environmental Corporation ("US Environmental"), McEwen
Mining&#151;Minera Andes Acquisition Corp. ("Canadian Exchange&nbsp;Co.") and McEwen Mining (Alberta)&nbsp;ULC ("Callco"), and Minera Andes&nbsp;Inc. ("Minera Andes") (which we generally
refer to collectively as "we", "us", "McEwen Mining" or the "Company" in this prospectus, as applicable, and 2007 Exchange&nbsp;Co., Canadian Exchange&nbsp;Co., Callco, Minera Andes, Nevada
Pacific, Tone, White Knight, US Gold Alberta, Tonkin Springs Gold, Tonkin Springs Venture, Tonkin Springs&nbsp;LLC, and U.S. Environmental may be referred to each as a "Co-Registrant"
and collectively as "Co-Registrants," as applicable) may, from time to time, offer, sell and issue any of the securities or any combination of the securities described in this prospectus
in one or more offerings up to a total dollar amount of $200,000,000. This prospectus provides you with a general description of the securities we may offer, sell or issue. Each time we offer
securities, we will provide a prospectus supplement and attach it to this prospectus. The prospectus supplement will contain specific information about the terms of the securities being offered, sold
or issued at that time. The prospectus supplement may also add, update or change information contained in this prospectus. You should read both this prospectus, any post-effective
amendment, any prospectus supplement, and any information incorporated by reference into the prospectus, any post-effective amendment, and prospectus supplement, together with the
information described under the headings, "Where to Find Additional Information" and "Incorporation of Certain Information by Reference" and any additional information you may need to make your
investment decision. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus incorporates documents containing important business and financial information about the Company by reference that are not presented or delivered with this prospectus.
Copies of these documents are available without charge, upon written or oral request by a person to whom this prospectus has been delivered. Requests should be made to: McEwen Mining&nbsp;Inc., at
181 Bay Street, Bay Wellington Tower, Suite&nbsp;4750, Toronto, ON Canada M5J&nbsp;2T3, (866)&nbsp;441-0690. To ensure timely delivery of the documents, requests should be made no
later than five business days prior to the date on which a final investment decision is to be made. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>i</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Readers should rely only on the information provided or incorporated by reference in this prospectus, any post-effective amendment, or any prospectus
supplement. Readers should not assume that the information in this prospectus, any post-effective amendment, or any prospectus supplement is accurate as of any date other than the date on
the front cover of the document. We have not authorized anyone to provide you with different information. We are not making an offer of these securities in any state where the offer is not
permitted.</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise stated, currency amounts in this prospectus are stated in U.S. dollars, or "$". </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>ii</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da72502_our_company"> </A>
<A NAME="toc_da72502_1"> </A>
<BR></FONT><FONT SIZE=2><B>  OUR COMPANY    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McEwen Mining is engaged in the exploration for and production of precious metals in the U.S., Mexico and Argentina. We were organized
under the laws of the State of Colorado on July&nbsp;24, 1979 under the name Silver State Mining Corporation. On June&nbsp;21, 1988, we changed our name to U.S. Gold Corporation and on
March&nbsp;16, 2007, we changed our name to US Gold Corporation. On January&nbsp;24, 2012, we changed our name to McEwen Mining&nbsp;Inc. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
objective is to increase the value of our shares through the exploration, development, and extraction of gold, silver and other valuable minerals. Other than the Company's San
Jos&eacute; Mine in Argentina, we generally conduct our exploration activities as sole operator, but we may enter into arrangements with other companies through joint venture or similar
agreements in an effort to achieve our strategic objectives. We own our mineral interests and property and operate our business through various subsidiary companies, each of which is owned entirely,
directly, or indirectly, by us. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
June 2007, we completed three simultaneous acquisitions, significantly increasing our land position in Nevada and Mexico. The assets of these three companies, Nevada Pacific, Tone and
White Knight (the "2007 Acquired Companies"), included a portfolio of properties in Nevada and Mexico. As a result of these acquisitions, we now hold interests in approximately 254 square miles in
Nevada, and approximately 1,631 square miles of mineral concessions in west central Mexico. In 2011, we began efforts to place one of our Mexican properties into production with mining expected to
commence at the end of the second quarter of 2012, and are taking steps to place one of our Nevada properties into production. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;24, 2012, we completed the acquisition of Minera Andes by way of a court-approved plan of arrangement under the </FONT><FONT SIZE=2><I>Business Corporations
Act</I></FONT><FONT SIZE=2> (Alberta). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
presently hold an interest in numerous exploration and development stage properties and projects in Mexico, Nevada and Argentina, as well as a 49% equity interest in the
gold-silver San Jos&eacute; Mine in Santa Cruz Province, Argentina. Prior to the acquisition of Minera Andes, we had not generated revenue from operations since 1990. As a result
of the acquisition of Minera Andes, we expect to generate revenue in 2012 from our 49% interest in the San Jos&eacute; Mine. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
hold interests in approximately 1,631 square miles of mineral concessions in west central Mexico. Our primary property in Mexico is the El Gallo Complex, located in Sinaloa state on
the Sierra Madre Trend, a geological area of significant gold and silver mineralization. In 2010, we completed two estimates of mineralized material on the El Gallo Complex and in February 2011, we
completed an NI&nbsp;43-101 Compliant Preliminary Economic Assessment of that Complex. On August&nbsp;31, 2011, we announced the commencement of work towards the first phase of
production on the El Gallo Complex and we intend to complete a Technical Report that will evaluate production coming from the Phase&nbsp;2 area at the El Gallo Complex by approximately the middle of
2012. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
hold interests in approximately 254 square miles in Nevada, United States. The majority of our Nevada properties, including our interests in our Gold Bar project and the Tonkin
Complex, are located along the Cortez Trend, in north central Nevada. We also own property, including our Limo project, on the southern end of the Carlin Trend. Both the Cortez Trend and Carlin Trend
are geological areas of significant gold discoveries. In 2006, we commenced comprehensive exploration of our Tonkin property in an effort to identify additional mineralized material. From 2008 through
2009, we drilled various targets on our Gold Bar and Limo projects, as well as expanded the quantity of estimated mineralized material at our Gold Bar project in updated technical reports. In 2010, we
completed a Preliminary Economic Assessment for our Gold Bar project and in 2011 completed a pre-feasibility study under NI&nbsp;43-101 on the project. The Company has
decided to place the property into production, subject to receipt of necessary permits. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
January&nbsp;24, 2012, we acquired Minera Andes and in turn acquired: a 49% interest in Minera Santa Cruz&nbsp;SA, owner of the San Jos&eacute;
Silver-Gold Mine in Santa Cruz, Argentina; a 100% interest in the Los Azules Copper Deposit in San Juan, Argentina, and a large portfolio of exploration properties in Santa Cruz,
Argentina. The San Jos&eacute; Mine is operated by the majority owner of the joint venture, Hochschild Mining&nbsp;plc. We currently hold mineral rights and applications for mineral rights
covering approximately 944 square miles in Argentina. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
principal executive office is located at 181 Bay Street, Bay Wellington Tower, Suite&nbsp;4750, Toronto, ON Canada M5J&nbsp;2T3 and our telephone number is
(866)&nbsp;441-0690. We also maintain offices in San Juan (Argentina), Guamuchil (Mexico), and Elko and Reno. Our website is www.mcewenmining.com. We make available our periodic reports
and press releases on our website. Our common stock is listed on the New York Stock Exchange ("NYSE") and on the Toronto Stock Exchange ("TSX"), in each case, under the symbol "MUX". Shares of
Canadian Exchange&nbsp;Co. which are exchangeable on a one-for-one basis into McEwen Mining common stock and which were issued in connection with our acquisition of Minera
Andes, are listed on the TSX under the symbol "MAQ". Except for documents that are incorporated by reference into this prospectus, any post-effective amendment, or any prospectus
supplement that may be accessed from our web site, the information available on or through our web site is not part of this prospectus. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da72502_risk_factors"> </A>
<A NAME="toc_da72502_2"> </A>
<BR></FONT><FONT SIZE=2><B>  RISK FACTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>An investment in our securities involves a high degree of risk. You should consider carefully the following
risk factors, along with all of the other information contained in or incorporated by reference in this prospectus, any post-effective amendment, and any applicable prospectus supplement,
before deciding to buy our securities. These risk factors list some, but not all, of the risks and uncertainties that may have a material adverse effect on our business, our results of operations,
financial condition, cash flows and market price of our securities. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also impair our business
operations. If we are unable to prevent events that have a negative effect from occurring, then our business, and our results of operations, financial condition, cash flows and market price of our
securities could be materially and adversely affected.</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Risks Related to Our Company  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have incurred substantial losses since our inception in 1979 and may never be profitable.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Since our inception in 1979, we
have never been
profitable and we have not generated revenue from operations since 1990. As of March&nbsp;31, 2012, our accumulated deficit was approximately $412&nbsp;million, including certain
non-cash expenses. Over the longer term, our ability to become profitable will depend on the profitability of the San Jos&eacute; Mine, our ability to bring the El Gallo Complex
and our Gold Bar project into production and generate revenue sufficient to cover our costs and expenses, and our ability to advance or sell our other properties, including the Los Azules copper
project. We will seek to identify additional mineralization that can be extracted economically at operating and exploration properties. For our non-operating properties that we believe
demonstrate
economic potential, we need to either develop our properties, locate and enter into agreements with third party operators, or sell the properties. We may suffer significant additional losses in the
future and may never be profitable. Even if we do achieve profitability, we may not be able to sustain or increase profitability on a quarterly or annual basis. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The feasibility of mining at our El Gallo Complex and Gold Bar properties, has not been established in accordance with SEC Guide 7, and any funds spent by us on exploration and
development could be lost.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We have no proven or probable reserves on our properties as defined by U.S. law. A "reserve," as defined by regulation of the SEC, is
that part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination. A reserve requires a feasibility study demonstrating with
reasonable certainty that the deposit can be economically extracted and produced. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>As
a result, we currently have no reserves defined by SEC Guide 7 and there are no assurances that we will be able to prove that there are reserves on our properties. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
mineralized material identified on our properties does not and may never demonstrate economic viability. Substantial expenditures are required to establish reserves through drilling
and additional study and there is no assurance that reserves will be established. The feasibility of mining on our El Gallo Complex, Gold Bar properties, or any other property has not been, and may
never be, established. Whether a mineral deposit can be commercially viable depends upon a number of factors, including the particular attributes of the deposit, including size, grade and proximity to
infrastructure; metal prices, which can be highly variable; and government regulations, including environmental and reclamation obligations. If we are unable to establish some or all of our
mineralized material as proven or probable reserves in sufficient quantities to justify commercial operations, our investment in that property will be lost, and the market value of our securities may
suffer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are required to prepare and file with the Canadian securities regulators estimates of mineralized material in accordance with the National
Instrument&nbsp;43-101&#151;Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI&nbsp;43-101"). These standards are
substantially different from the standards generally permitted to report reserve and other estimates in reports and other materials filed with the SEC. Under NI&nbsp;43-101, we report
measured, indicated and inferred resources, measurements which are generally not permitted in filings made with the SEC. U.S. investors are cautioned not to assume that all or any part of measured or
indicated resources reported in our Canadian filings will ever be converted into SEC Guide 7 compliant reserves. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The figures for our estimated mineralized material are based on interpretation and assumptions and may yield less mineral production under actual conditions than is currently
estimated.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated, mineralization figures presented in our filings with securities regulatory authorities including the SEC, press releases and
other public statements that may be made from time to time are based upon estimates made by independent geologists and our internal geologists. When making determinations about whether to advance any
of our projects to development, we must rely upon such estimated calculations as to the mineralized material and grades of mineralization on our properties. Until ore is actually mined and processed,
mineralized material and grades of mineralization must be considered as estimates only. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
estimates are imprecise and depend upon geological interpretation and statistical inferences drawn from drilling and sampling analysis, which may prove to be unreliable. We cannot
assure you that:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>these estimates will be or are accurate; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>mineralization estimates will be or are accurate; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>this mineralization can be mined or processed profitably. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
material changes in mineral estimates and grades of mineralization will affect the economic viability of placing a property into production and such property's return on capital.
There can be no assurance that minerals recovered in small scale tests will be recovered in large-scale tests under on-site conditions or in production scale. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
estimates contained in our public filings have been determined and valued based on assumed future prices, cut-off grades and operating costs that may prove to be
inaccurate. Extended declines in market prices for gold and/or silver may render portions of our mineralization estimates uneconomic and result in reduced reported mineralization or adversely affect
the commercial viability of one or more of our properties. Any material reductions in estimates of mineralization, or of our ability to extract this mineralization, could have a material adverse
effect on our results of operations or financial condition. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our estimated timetables to achieve production for Phase&nbsp;2 of the El Gallo Complex and our Gold Bar properties may not be accurate.</I></B></FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Based on
technical work recently completed, including the EL Gallo preliminary economic assessment and the Gold Bar preliminary feasibility study, we believe we can achieve Phase&nbsp;2 production at the El
Gallo Complex in 2014 and at our Gold Bar properties in 2015. However, the El Gallo preliminary economic assessment and the Gold Bar preliminary feasibility study are preliminary in nature and are
subject to change due to factors within and outside of our control. We have not completed a feasibility study with regard to these or any of our properties and the feasibility of mining at these
properties may never be established. There is no certainty that the preliminary assessment and economics estimated in those reports will be realized or that we will be able to begin production within
the timelines estimated, if at all. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will require significant amounts of capital through debt or equity to place one or more of our properties into production, and our ability to obtain this necessary funding will depend
on a number of factors, including the status of the national and worldwide economy and the price of silver, gold, and other precious and base metals. Fluctuations in production costs, material changes
in the mineral estimates and grades of mineralization or changes in the political conditions or regulations in Mexico or Nevada may make placing these properties into production uneconomic. Further,
we may also be unable to obtain the necessary permits in a timely manner, on reasonable terms or on terms that provide us sufficient resources to develop our properties. These and other factors may
cause us to delay Phase&nbsp;2 production at the El Gallo Complex and our Gold Bar properties beyond 2014 and 2015, if at all or indefinitely. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historical production of gold at our Tonkin Complex or Magistral Mine is not indicative of the potential for future development or
revenue.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Historical production of gold from our Tonkin Complex came from relatively shallow deposits, in very limited quantities and for a very limited period of
time. Processing the mineralization at Tonkin also presents significant metallurgical difficulties that may cause it to be uneconomic or unfeasible to mine and process ore on a commercial scale. In
Mexico, the Magistral Mine produced gold from 2002 through 2005, but it was shut down in 2006 and was held by us on a care and maintenance basis until the fourth quarter of 2011. The restart of the
Magistral Mine is now considered Phase&nbsp;1 of our </FONT><FONT SIZE=2><I>El Gallo Complex</I></FONT><FONT SIZE=2>; we made the decision to proceed with Phase&nbsp;1 construction without the
benefit of a feasibility study. There are significant risks and uncertainty associated with commencing production without a feasibility or pre-feasibility study. The area proposed for
Phase&nbsp;1 of El Gallo production has not been explored, developed and analyzed in sufficient detail to complete an independent feasibility or pre-feasibility study and may ultimately
be determined to lack one or more geological, engineering, legal, operating, economic, social, environmental, and other relevant factors reasonably required to serve as the basis for a final decision
to complete the development of all or part of the El Gallo project for mineral production. Investors in our securities should be cautioned not to rely on our historical operations as an indication
that we will
place those mining properties into commercial production or that any such attempts to resume production would be successful. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will require significant additional capital to continue our exploration and development activities, and if warranted, to develop additional mining
operations.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As a result of the acquisition of Minera Andes, as well as the other properties that we own, substantial expenditures will be required to continue the
exploration programs at its exploration stage properties. We will be required to expend significant amounts of capital for drilling, geological and geochemical analysis, assaying, and, if warranted,
feasibility studies with regard to the results of our exploration. We may need to obtain additional financing, either in the form of debt or equity financing, to fund such expenditures. We may not
benefit from these investments if we are unable to identify commercially exploitable reserves. Furthermore, expenditures we made for Minera Andes' properties may reduce the availability of capital to
pursue our exploration and development programs at El Gallo Complex. If we are successful in identifying commercially exploitable reserves, we will require significant additional capital to extract
those reserves. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Our
ability to obtain necessary funding, in turn, depends upon a number of factors, including the state of the economy and applicable commodity prices. We may not be successful in obtaining the
required financing for these or other purposes on terms that are favorable to us or at all, in which case, our ability to continue operating would be adversely affected. Failure to obtain such
additional financing could result in delay or indefinite postponement of further exploration or potential development and the possible partial or total loss of our interest in certain properties. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The integration of our most recent acquisition of Minera Andes will present significant challenges.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The integration of our
operations with Minera
Andes and the consolidation of those operations will require the dedication of management resources, which may temporarily divert attention from the day-to-day business of the
Company. The process of combining the organizations may cause an interruption of, or a loss of momentum in our other activities, which could have an adverse effect on the operating results of the
combined company for an indeterminate period of time. The failure to successfully integrate Minera Andes, to retain key personnel and to successfully manage the challenges presented by the integration
process may prevent us from achieving the anticipated benefits of the acquisition. If we fail to realize the anticipated benefits of the acquisition, our results of operations, financial condition and
cash flows may be adversely affected. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minera Andes' assets may be less valuable to us than expected.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The value of Minera Andes to us, other
than its interest in the San Jos&eacute; Mine, is based in large part on the value of the Los Azules Copper Project and the ability to discover mineralized material on the other acquired
exploration properties. The Los Azules Copper Project has only "inferred resources" and "indicated resources", based on NI&nbsp;43-101 definitions. There can be no assurance that these
mineral resources will be upgraded to mineral reserves or that if mineral deposits are discovered on the other exploration properties, that such mineral deposits can be commercially mined. Whether a
mineral deposit can be commercially viable depends upon a number of factors, including the particular attributes of the deposit, including size, grade and proximity to infrastructure; metal prices,
which can be highly volatile; and government regulations, including environmental and reclamation obligations. If we are unable to establish some or all of the mineralized material as proven or
probable reserves in sufficient quantities to justify commercial operations, the market value of our securities may decline, and you may lose some or all of your investment. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development at the Los Azules copper project presents development challenges that may negatively affect, if not completely negate, the feasibility of development of the
property.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Los Azules property that we acquired with Minera Andes is located in a remote location that is accessed by 75 miles (120 kilometers) of unimproved
dirt road with eight river crossings and two mountain passes both above 13,451 feet (4,100 meters). According to the technical report prepared for Minera Andes with an effective date of
December&nbsp;1, 2010, capital costs were estimated to be $2.8&nbsp;billion initially and $3.73&nbsp;billion over the life of the mine with an accuracy target of plus or minus 35%. These are
historical calculations and capital costs calculated today may be substantially higher. In order for the Los Azules property to be economically feasible for development, the price of copper would have
to be high enough to justify the high capital costs estimated for the project. There can be no assurance that these capital cost estimates are accurate; given the inflationary pressure in the mining
industry and in Argentina in particular, these capital costs are likely to increase substantially. If the long term price of copper were to decrease significantly below the current price or capital
cost estimates increase significantly, the Los Azules property may not be feasible for development, and we may have to write-off the asset. Furthermore, even if the development of the Los
Azules property becomes economically feasible, we may not be able to raise sufficient capital to develop the property, may not receive the required permits or environmental approvals, may not be able
to construct the necessary power and infrastructure assets and may not be able to attract qualified workers to build such a project, any of which could result in the delay of or indefinitely postpone
development at the property. Such a result would have a material negative effect on our Company. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Los Azules copper project is subject to ongoing legal proceedings with the potential that we may lose part of our interest in the project.</I></B></FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We are
currently subject to ongoing litigation regarding the Los Azules Copper Project. TNR Gold Corp ("TNR Gold") and its subsidiary, Solitario Argentina&nbsp;S.A. ("Solitario" and together with TNR Gold,
"TNR"), claim, among other things, that certain properties that comprise the Los Azules Copper Project were not validly transferred to Minera Andes and therefore should be
returned to TNR. In the alternative, TNR claims that even if Minera Andes validly owns the Los Azules Copper Project, TNR has a 25% back-in right to a substantial portion of the Los Azules
project underlying known mineral resources that may be exercised to acquire a 25% interest in such part of the property. TNR has also claimed damages. We estimate that the Los Azules Copper Project
represents approximately 56% of the total assets acquired, not counting liabilities assumed, in the acquisition of Minera Andes, based on our preliminary estimate of the fair value of all identifiable
assets acquired and liabilities assumed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are not able to estimate the potential financial impact of this claim. If resolved adversely against the Company, this litigation could materially adversely affect the value of the
Company by reducing or terminating our interest in a significant portion of the Los Azules Copper Project and our ability to develop the Los Azules Copper Project. Alternatively, we could be subject
to a significant damages award. Such a result would have a significant negative impact on the value of the Company and could have a significant impact on our stock price. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to litigation risks in addition to the Los Azules litigation.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All industries, including the mining industry, are
subject to legal
claims, with and without merit. Defense and settlement costs can be substantial, even with respect to claims that have no merit. Due to the inherent uncertainty of the litigation process, the
resolution of any particular legal proceeding could have a material adverse effect on our financial position and results of operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may acquire additional exploration stage properties and we may face negative reactions if reserves are not located on acquired properties.</I></B></FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We have
in the past and may in the future acquire additional exploration stage properties. There can be no assurance that we have or will be able to complete the acquisition of such properties at reasonable
prices or on favorable terms and that reserves will be identified on any properties that we acquire. We may also experience negative reactions from the financial markets if we are unable to
successfully complete acquisitions of additional properties or if reserves are not located on acquired properties. These factors may adversely affect the trading price of our common stock or our
financial condition or results of operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluctuating precious metals and copper prices could negatively impact our business.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The potential for profitability of our
silver and gold mining
operations and the value of our mining properties are directly related to the market price of silver, gold and copper. The price of silver, gold and copper may also have a significant influence on the
market price of our common stock. The market price of gold and silver historically has fluctuated significantly and is affected by numerous factors beyond our control. These factors include supply and
demand fundamentals, expectations with respect to the rate of inflation, the relative strength of the U.S. dollar and other currencies, interest rates, gold and silver sales and loans by central
banks, forward sales by metal producers, accumulation and divestiture by exchange traded funds, global or regional political, economic or banking crises, and a number of other factors. The market
price of silver is also affected by industrial demand. The selection of a property for
exploration or development, the determination to construct a mine and place it into production, and the dedication of funds necessary to achieve such purposes are decisions that must be made long
before the first revenues, if any, from production will be received. Price fluctuations between the time that such decisions are made and the commencement of production can have a material adverse
effect on the economics of a mine. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
volatility in silver, gold and copper prices is illustrated by the following table, which sets forth, for the periods indicated, the average market prices in U.S. dollars per ounce
of gold and silver, based on the daily London&nbsp;P.M. fix, and per pound of copper based on the LME Grade A copper settlement price. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

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<BR></FONT><FONT SIZE=2><B>  Average Annual Market Price of Silver and Gold (per oz.) and Copper (per lb.)    <BR>    </B></FONT></P>
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<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="42pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:28pt;"><FONT SIZE=1><B>Mineral

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2007<BR>
(calendar<BR>
year) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2008<BR>
(calendar<BR>
year) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2009<BR>
(calendar<BR>
year) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2010<BR>
(calendar<BR>
year) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2011<BR>
(calendar<BR>
year) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2012<BR>
(through<BR>
May&nbsp;30,<BR>
2012) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Silver</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13.38</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14.99</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14.67</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20.19</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>35.12</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>31.64</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gold</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>696</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>872</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>972</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,224</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,572</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,662</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Copper</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.23</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.34</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.42</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4.00</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.74</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
volatility of mineral prices represents a substantial risk which no amount of planning or technical expertise can fully eliminate. In the event gold and silver prices decline and
remain low for prolonged periods of time, we might be unable to develop our properties, which may adversely affect our results of operations, financial performance and cash flows. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our continuing reclamation obligations at the Tonkin Complex, El Gallo Complex and our other properties could require significant additional
expenditures.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We are responsible for the reclamation obligations related to disturbances located on all of our properties, including the Tonkin Complex. We have
posted a bond in the amount of the estimated reclamation obligation at the Tonkin Complex. We submitted a mine closure plan to the Bureau of Land Management ("BLM") for the Tonkin Complex during the
fourth quarter of 2010. Based on our estimate, the change in our bonding requirements was insignificant. Our closure plan is currently under review by the BLM. We have not posted a bond in Mexico
relating to the El Gallo Complex, as none is required. There is a risk that any cash bond, even if increased based on the analysis and work performed to update the reclamation obligations, could be
inadequate to cover the actual costs of reclamation when carried out. The satisfaction of bonding requirements and continuing reclamation obligations will require a significant amount of capital.
There is a risk that we will be unable to fund these additional bonding requirements, and further, that the regulatory authorities may increase reclamation and bonding requirements to such a degree
that it would not be commercially reasonable to continue exploration activities, which may adversely affect our results of operations, financial performance and cash flows. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ongoing operations and past mining activities are subject to environmental risks, which could expose us to significant liability and delay, suspension or termination of our
operations.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All phases of our operations are subject to U.S., Mexican and Argentine federal, state and local environmental regulation. These regulations mandate,
among other things, the maintenance of air and water quality standards and land reclamation. They also set forth limitations on the generation, transportation, storage and disposal of solid and
hazardous waste. Environmental legislation is evolving in a manner which will require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent
environmental assessments of proposed projects, and a heightened degree of responsibility for us and our officers, directors and employees. Future changes in environmental regulation, if any, may
adversely affect our operations, make our operations prohibitively expensive, or prohibit them altogether. Environmental hazards may exist on our properties that are unknown to us at the present and
that have been caused by us, or previous owners or operators, or that may have occurred naturally. Mining properties from the companies we have acquired may cause us to be liable for remediating any
damage that those companies may have caused. The liability could include response costs for removing or remediating the release and damage to natural resources, including ground water, as well as the
payment of fines and penalties. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have transferred our interest in several mining properties over past years, some of which are now being operated by third parties. Under applicable U.S. federal and state
environmental laws, as prior owner of these properties, we may be liable for remediating any damage that we may have caused. The liability could include response costs for removing or remediating the
release and damage to natural resources, including ground water, as well as the payment of fines and penalties. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure
to comply with applicable environmental laws, regulations and permitting requirements may result in enforcement actions thereunder, including orders issued by regulatory or
judicial authorities, causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due
to an increased level of non-governmental organization activity targeting the mining industry, the potential for the government to delay the issuance of permits or impose
new requirements or conditions upon mining operations may be increased. Any changes in government policies may be costly to comply with and may delay mining operations. Future changes in such laws and
regulations, if any, may adversely affect our operations, make our operations prohibitively expensive, or prohibit them altogether. If our interests are materially adversely affected as a result of a
violation of applicable laws, regulations, or permitting requirements or a change in applicable law or regulations, it would have a significant negative impact the value of the combined company and
could have a significant impact on our stock price. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our operations are subject to permitting requirements which could require us to delay, suspend or terminate our operations on our mining
properties.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our operations, including ongoing exploration drilling programs, require permits from the state and federal governments, including permits for the use
of water and for drilling wells for water. We may be unable to obtain these permits in a timely manner, on reasonable terms or on terms that provide us sufficient resources to develop our properties,
or at all. Even if we are able to obtain such permits, the time required by the permitting process can be significant. If we cannot obtain or maintain the necessary permits, or if there is a delay in
receiving these permits, our timetable and business plan for exploration of our properties will be adversely affected, which may in turn adversely affect our results of operations, financial
condition, cash flows and market price of our securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our operations in Mexico and Argentina are subject to changes in political conditions, regulations and crime.</I></B></FONT><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;Our El Gallo Complex as well as certain other concessions, are located in Mexico and are subject to laws and regulations applied by Mexican federal, state, and local governments. As a
result, our mining investments in Mexico are subject to the risks normally associated with the conduct of business in foreign countries. In the past, Mexico has been subject to political instability,
changes and uncertainties which may cause changes to existing government regulations affecting mineral exploration and mining activities. Civil or political unrest or violence could disrupt our
operations at any time. In recent years, there has been a marked increase in the level of violence and crime relating to drug cartels in Sinaloa state, where we operate, and in other regions of
Mexico. This may disrupt our ability to carry out exploration and mining activities and affect the safety and security of our employees and contractors. Our exploration and mining activities may be
adversely affected in varying degrees by changing government regulations relating to the mining industry or shifts in political conditions, including as a result of upcoming national elections, that
could increase the costs related to our activities or maintaining our properties. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
San Jos&eacute; Mine as well as certain other concessions, are located in Argentina and are subject to laws and regulations applied by Argentinian federal, provincial, and
local governments. As a result, our mining investments in Argentina are subject to the risks normally associated with the conduct of business in foreign countries. There are risks relating to an
uncertain or unpredictable political and economic environment in Argentina. During an economic crisis in 2002 and 2003, Argentina defaulted on foreign debt repayments and on the repayment on a number
of official loans to multinational organizations. In addition, the Argentinean government has renegotiated or defaulted on contractual arrangements. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
January 2008, the Argentinean government reassessed its policy and practice in respect of export duties and began levying export duties on mining companies operating in the country.
Although this particular change did not affect the San Jos&eacute; Mine as its fiscal stability agreement explicitly fixes </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>export
duties at 5% for dor&eacute; bars and 10% for concentrates, there can be no assurance that the Argentinean government will not unilaterally take other action which could have a material
adverse effect on our projects in the country. In October 2011, the Argentinean government announced a decree requiring mining companies to repatriate mining revenues to Argentina and to convert those
revenues into Argentine pesos prior to taking any further action with respect to such revenues, such as paying suppliers or distributing profits, either locally or out of the country. This decree has
resulted in increased foreign exchange and bank transaction costs to the Company and increased the Company's exposure to potential devaluation of the Argentine peso should the San Jos&eacute;
Mine be forced to hold more currency in Argentine pesos compared to U.S. dollars. There also is the risk of political violence and increased social tension in Argentina as Argentina has experienced
periods of civil unrest, crime and labor unrest. Certain political and economic events such as acts, or failures to act, by a government authority in Argentina, and acts of political violence in
Argentina, could have a material adverse effect on our ability to operate in the country. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes,
if any, in mining or investment policies or shifts in political attitude in any of the jurisdictions in which the Company operates may adversely affect the Company's operations
or profitability. Operations may be affected in varying degrees by government regulations with respect to, but not limited to, restrictions on production, price controls, export controls, currency
remittance, importation of parts and supplies, income and other taxes, expropriation of property, foreign investment, maintenance of claims, environmental legislation, land use, land claims of local
people, water use and mine safety. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title to mineral properties can be uncertain, and we are at risk of loss of ownership of one or more of our properties, in addition to the Los Azules Copper
Project.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our ability to explore and operate our properties depends on the validity of our title to that property. Our U.S. mineral properties consist of leases of
unpatented mining claims, as well as unpatented mining and millsite claims which we control directly. Unpatented mining claims provide only possessory title and their validity is often subject to
contest by third parties or the federal government, which makes the validity of unpatented mining claims uncertain and generally more risky. Our Mexico concessions are granted by the Mexican
government for a period of up to 50&nbsp;years from the date of their recording in the Public Registry of Mining and are renewable for a further period of up to 50&nbsp;years upon application
within five years of expiration of such concession in accordance with the Mining Law and its Regulations. Failure to do so prior to expiration of the term of the exploration concession will result in
termination of the concession. Under Argentinean Law, concessions are granted by provincial governments for unlimited periods of time, subject to a mining fee and the filing of a minimum investment
plan and compliance with a one-off minimum investment in the concession equal to 300 times the relevant mining fee over a five year period. Failure to comply with these conditions may
result in the termination of the concession. Uncertainties inherent in mineral properties relate to such things as the sufficiency of mineral discovery, proper posting and marking of boundaries,
assessment work and possible conflicts with other claims not determinable from public record. We have not obtained title opinions covering our entire property, with the attendant risk that title to
some claims, particularly title to undeveloped property, may be defective. There may be valid challenges to the title to our property which, if successful, could impair development and/or operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
remain at risk in that the mining claims may be forfeited either due to failure to comply with statutory requirements as to location and maintenance of the claims or challenges to
whether a discovery of a valuable mineral exists on every claim. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

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 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legislation has been proposed that would significantly and adversely affect the mining industry.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Periodically, members of the
U.S. Congress have
introduced bills which would supplant or alter the provisions of the General Mining Law of 1872, which governs the unpatented claims that we control with respect to our U.S. properties. One such
amendment has become law and has imposed a moratorium on the patenting of mining claims, which reduced the security of title provided by unpatented claims such as those on our U.S. properties. If
additional legislation is enacted, it could substantially increase the cost of holding unpatented mining claims by requiring payment of royalties, and could significantly impair our ability to develop
mineral estimates on unpatented mining claims. Such bills have proposed, among other things, to make permanent the patent moratorium, to impose a federal royalty on production from unpatented mining
claims and to declare certain lands as unsuitable for mining. Although it is impossible to predict at this time what royalties may be imposed in the future, the imposition of such royalties could
adversely affect the potential for development of such mining claims, and the economics of existing operating mines on federal unpatented mining claims. Passage of such legislation could adversely
affect our business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is an election scheduled in Mexico in July 2012 and one of the leading parties, Partido Revolucionario Institucional ("PRI"), had previously introduced a 4% mining royalty on
production. To date, the Mexican Congress has been silent on the royalty proposal. Various proposals have been made at the federal and provincial level in Argentina to establish or increase royalties
and taxes on the mining sector. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our lack of operating experience may cause us difficulty in managing our growth.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our management team, as a whole, has limited
experience in
developing and operating a mine. We are currently working towards developing our El Gallo Complex in Mexico, our Gold Bar properties in Nevada, and our Los Azules Copper Project in Argentina. If we
are unable to successfully place these projects into production, our stock price may suffer and you may lose some or all of your investment. Our ability to manage the anticipated growth that we expect
will accompany placing one or more of those properties into
production will require us to improve and expand our management and our operational systems and controls. If our management is unable to manage growth effectively, our business and financial condition
would be materially harmed. In addition, if rapid growth occurs, it may strain our operational, managerial and financial resources. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We cannot assure you that we will have an adequate supply of water to complete desired exploration or development of our mining properties.</I></B></FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with the laws of the State of Nevada, we have obtained permits to drill the water wells that we currently use to service the Tonkin property and we plan to obtain all required permits for
drilling water wells to serve other properties we may develop or acquire in the future. However, the amount of water that we are entitled to use from those wells must be determined by the appropriate
regulatory authorities. A final determination of these rights is dependent in part on our ability to demonstrate a beneficial use for the amount of water that we intend to use. Unless we are
successful in developing the property to a point where we can commence commercial production of gold or other precious metals, we may not be able to demonstrate such beneficial use. Accordingly, there
is no assurance that we will have access to the amount of water needed to operate a mine at the property, which may prevent us from generating revenue, and which would adversely affect our financial
condition and cash flows. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our industry is highly competitive, attractive mineral lands are scarce, and we may not be able to obtain quality properties.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We
compete with many
companies in the mining industry, including large, established mining companies with substantial capabilities, personnel and financial resources. There is a limited supply of desirable mineral lands
available for claim staking, lease or acquisition in the U.S., Mexico, Argentina, and other areas where we may conduct exploration activities. We may be at a competitive disadvantage in acquiring
mineral properties, since we compete with these individuals and companies, many of which have greater financial resources and larger technical staffs than we do. From </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>time
to time, specific properties or areas which would otherwise be attractive to us for exploration or acquisition may be unavailable to us due to their previous acquisition by other companies or our
lack of financial resources. Competition in the industry is not limited to the acquisition of mineral properties but also extends to the technical expertise to find, advance, and operate such
properties; the labor to operate the properties; and the capital for the purpose of funding such properties. Many competitors not only explore for and mine precious metals, but conduct refining and
marketing operations on a world-wide basis. Such competition may result in our Company being unable not only to acquire desired properties, but to recruit or retain qualified employees or
to acquire the capital necessary to fund our operation and advance our properties. Our inability to compete with other companies for these resources would have a material adverse effect on our results
of operation, financial condition and cash flows. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The nature of mineral exploration and production activities involves a high degree of risk and the possibility of uninsured losses that could materially and adversely affect our
operations.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Exploration for minerals is highly speculative and involves greater risk than many other businesses. Many exploration programs do not result in the
discovery of mineralization, and any mineralization discovered may not be of sufficient quantity or quality to be profitably mined. Few properties that are explored are ultimately advanced to
production. Our current exploration efforts, and future development and mining operations we conduct will be, subject to all of the operating hazards and risks normally incident to exploring for and
developing mineral properties, such as, but not limited to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>economically insufficient mineralized material; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>fluctuations in production costs that may make mining uneconomical; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>availability of labor, contractors, engineers, power, transportation and infrastructure; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>labor disputes; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>potential delays related to social and community issues; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>unanticipated variations in grade and other geologic problems; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>environmental hazards; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>water conditions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>difficult surface or underground conditions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>industrial accidents; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>metallurgical and other processing problems; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>mechanical and equipment performance problems; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>failure of pit walls or dams; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>unusual or unexpected rock formations; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>personal injury, fire, flooding, cave-ins and landslides; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>decrease in reserves or mineralized material due to a lower silver, gold or copper price. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
of these risks can materially and adversely affect, among other things, the development of properties, production quantities and rates, costs and expenditures, potential revenues and
production dates. We currently have no insurance to guard against any of these risks, except in very limited
circumstances. If we determine that capitalized costs associated with any of our mineral interests are not likely to be recovered, we would incur a writedown of our investment in these interests. All
of these factors may result in losses in relation to amounts spent which are not recoverable. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not insure against all risks to which we may be subject in our planned operations.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;While we currently maintain insurance
to insure against
general commercial liability claims and physical assets at the Tonkin and El Gallo Complex, we do not maintain insurance to cover all of the potential risks associated with our operations. Our other
exploration projects have no existing infrastructure for which we insure. We may also be unable to obtain insurance to cover other risks at economically feasible premiums or at all. Insurance coverage
may not continue to be available, or may not be adequate to cover liabilities. We might also become subject to liability for environmental, pollution or other hazards associated with mineral
exploration and production which may not be insured against, which may exceed the limits of our insurance coverage or which we may elect not to insure against because of premium costs or other
reasons. Losses from these events may cause us to incur significant costs that could materially adversely affect our financial condition and our ability to fund activities on our property. A
significant loss could force us to reduce or terminate our operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We depend on a limited number of personnel and the loss of any of these individuals could adversely affect our business.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our
company is dependent on
key management, namely our Chairman and Chief Executive Officer, our Vice President and Chief Financial Officer, our Chief Operating Officer, our Senior Vice President and Vice President, Projects.
Robert R. McEwen, our Chairman and Chief Executive Officer, is responsible for strategic direction and the oversight of our business. Perry Y. Ing, our Vice President and Chief Financial Officer, is
responsible for our public reporting and administrative functions. William Faust (Chief Operating Officer), Ian Ball (Senior Vice President), Simon Quick (Vice President, Projects), and Andrew
Elinesky (Vice President, Argentina), oversee project development in, Mexico, Nevada and Argentina, respectively. We rely heavily on these individuals for the conduct of our business. The loss of any
of these officers would significantly and adversely affect our business. In that event, we would be forced to identify and retain an individual to replace the departed officer. We may not be able to
replace one or more of these individuals on terms acceptable to us. We have no life insurance on the life of any officer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some of our directors may have conflicts of interest as a result of their involvement with other natural resource companies.</I></B></FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Some of our directors
are directors or officers of other natural resource or mining-related companies, or may be involved in related pursuits that could present conflicts of interest with their roles at our Company. These
associations may give rise to conflicts of interest from time to
time. In the event that any such conflict of interest arises, a director who has such a conflict is required to disclose the conflict to the other directors and may be required to abstain from voting
on the matter. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to foreign currency risk.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;While we transact most of our business in U.S. dollars, some expenses, such as labor,
operating supplies and
capital assets are denominated in Canadian dollars, Mexican pesos or Argentine pesos. As a result, currency exchange fluctuations may impact our operating costs. The appreciation of
non-U.S. dollar currencies against the U.S. dollar increases costs and the cost of purchasing capital assets in U.S. dollar terms in Canada, Mexico and Argentina, which can adversely
impact our operating results and cash flows. Conversely, a depreciation of non-U.S. dollar currencies usually decreases operating costs and capital asset purchases in U.S. dollar terms in
foreign countries. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
value of cash and cash equivalents denominated in foreign currencies also fluctuates with changes in currency exchange rates. Appreciation of non-U.S. dollar currencies
results in a foreign currency gain on such investments and a depreciation in non-U.S. dollar currencies results in a loss. We have not utilized market risk sensitive instruments to manage
our exposure to foreign currency exchange rates but may in the future actively manage our exposure to foreign currency exchange rate risk. We also hold a majority of our cash reserves in
non-U.S. dollar currencies. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Argentinean foreign exchange regulations may make it difficult to transfer funds in and out of Argentina, which could adversely affect our liquidity and
operations.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Argentina recently announced a decree requiring mining companies to repatriate mining revenues to Argentine currency before </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>distributing
revenue either locally or overseas. Fluctuation in the value of the Argentine peso as a result of the repatriation requirement and the repatriation requirement may create inefficiencies
in our ability to transfer its revenue from Argentina and result in substantial transaction costs. Further, there are additional transaction costs imposed by the central bank for transferring funds
from and within Argentina. These restrictions and any additional restrictions on the ability to access the Argentinean foreign exchange market and transfer foreign currency in and out of Argentina
could adversely affect our liquidity and operations in Argentina, and our ability to access such funds. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global climate change is an international concern, and could impact our ability to conduct future operations.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Global climate
change is an
international issue and receives an enormous amount of publicity. We would expect that the imposition of international treaties or U.S., Mexican or Argentine federal, state or local laws or
regulations pertaining to mandatory reductions in energy consumption or emissions of greenhouse gasses could affect the feasibility of our mining projects and increase our operating costs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The laws of the State of Colorado and our Articles of Incorporation may protect our directors from certain types of lawsuits.</I></B></FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The laws of the State
of Colorado provide that our directors will not be liable to us or our shareholders for monetary damages for all but certain types of conduct as directors of the Company. Our Articles of Incorporation
permit us to indemnify our directors and officers against all damages incurred in connection with our business to the fullest extent provided or allowed by law. The exculpation provisions may have the
effect of preventing shareholders from recovering damages against our directors caused by their negligence, poor judgment or other circumstances. The indemnification provisions may require us to use
our limited assets to defend our directors and officers against claims, including claims arising out of their negligence, poor judgment, or other circumstances. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Risks Related to our Securities  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain recognized by non-U.S. holders and non-U.S. persons holding any interest in the Company other than solely as a creditor (including, for example, interests in
the form of our convertible debt, if any) on the sale or other disposition of our securities may be subject to U.S. federal income tax.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We believe that we
currently are a "United States real property holding corporation" under section&nbsp;897(c) of the Internal Revenue Code, or USRPHC, and that there is a substantial likelihood that we will continue
to be a USRPHC in the future. Subject to certain exceptions, securities (other than securities that provide no interest in a corporation other than solely as a creditor) issued by a corporation that
has been a USRPHC at any time during the preceding five years (or the non-U.S. holder's holding period for such securities, if shorter) are treated as U.S. real property interests, or
USRPIs, and gain recognized by a non-U.S. holder on the sale or other disposition of a USRPI is subject to regular U.S. federal income tax, on a net basis at graduated rates, as if such
gain were effectively connected with the conduct by such holder of a U.S. trade or business. If gain recognized by a non-U.S. holder from the sale or other disposition of our common stock
or other securities is subject to regular net basis income tax under these rules, the transferee of such common stock or other securities may be required to deduct and withhold a tax equal to 10% of
the gross amount paid to the non-U.S. holder with respect to the sale or other disposition, unless certain exceptions apply. Any tax withheld may be credited against the U.S. federal
income tax owed by the non-U.S. holder for the year in which the sale or other disposition occurs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The conversion of outstanding exchangeable shares, exercise of options and the future issuances of our common stock will dilute current shareholders and may reduce the market
price of
our common stock.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;13, 2012, we had outstanding exchangeable shares and options to purchase a total of 91,166,268 shares of our common stock,
which if completely converted or exercised, would dilute existing shareholders' ownership by approximately 50%, assuming all exchangeable shares not held by us or our subsidiaries are exchanged for an
equivalent amount of our common stock. Under certain </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>circumstances,
our board of directors has the authority to authorize the offer and sale of additional securities without the vote of or notice to existing shareholders. We may issue equity in the
future in connection with acquisitions, strategic transactions or for other purposes. Based on the need for additional capital to fund expected growth, it is likely that we will issue additional
securities to provide such capital and that such additional issuances may involve a significant number of shares. Issuance of additional securities in the future will dilute the percentage interest of
existing shareholders and may reduce the market price of our common stock and other securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore,
the sale of a significant amount of common stock by any selling security holders, specifically Robert R. McEwen, our Chairman and Chief Executive Officer, may depress the
price of our common stock. As a result, you may lose all or a portion of your investment. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A small number of existing shareholders own a significant portion of our common stock, which could limit your ability to influence the outcome of any shareholder
vote.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our Chairman and Chief Executive Officer, Robert R. McEwen, beneficially owns approximately 25% of our common stock as of June&nbsp;13, 2012 (assuming all
exchangeable shares not held by McEwen Mining or our subsidiaries are exchanged for an equivalent amount of our common stock). Under our Articles of Incorporation and the laws of the State of
Colorado, the vote of the holders of a majority of the shares voting at a meeting at which a quorum is present is generally required to approve most shareholder action. As a result, this individual
will be able to significantly influence the outcome of shareholder votes for the foreseeable future, including votes concerning the election of directors, amendments to our Articles of Incorporation
or proposed mergers, acquisitions or other significant corporate transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our stock price has historically been volatile, and as a result you could lose all or part of your investment.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The market price
of our common stock
has fluctuated significantly and may decline in the future. The high and low sale prices of our common stock on the NYSE Amex, and the NYSE after November&nbsp;2,
2010, were $3.53 and $0.90 for the fiscal year ended December&nbsp;31, 2009, $8.17 and $2.02 for the fiscal year ended December&nbsp;31, 2010, $9.87 and $2.93 for the fiscal year ended
December&nbsp;31, 2011, and $5.97 and $2.16 for the period beginning January&nbsp;1, 2012 and ending June&nbsp;13, 2012. The fluctuation of the market price of our common stock has been affected
by many factors that are beyond our control, including: changes in the worldwide price for silver, gold and copper, results from our exploration or development efforts and the other risk factors
discussed herein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have never paid a dividend on our common stock and we do not anticipate paying one in the foreseeable future.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We have not
paid a dividend on our
common stock to date, and we do not expect to be in a position to pay dividends in the foreseeable future. Our initial earnings from the San Jos&eacute; Mine, if any, will likely be retained
to finance our growth. Any future dividends will depend upon any future earnings, our then-existing financial requirements and other factors, and will be at the discretion of our board of
directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The sale of our common stock by existing securityholders may depress the market value of our securities due to the limited trading market which
exists.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Due to a number of factors, the trading volume in our common stock has historically been limited. Trading volume over the past twelve months averaged
approximately 4,000,000 shares per day. As a result, the sale of a significant amount of common stock by any selling securityholders may depress the price of our common stock. As a result, you may
lose all or a portion of your investment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ability to generate the cash needed to service our debt obligations, if any, depends on certain factors beyond our control.</I></B></FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The future success of
our operations will, in large part, dictate our ability to make scheduled payments on, and satisfy our obligations under our debt, if any, including our debt securities. Our future operating
performance will be affected by general economic, competitive, market, business and other conditions, many of which are beyond our control. To the extent we are not able to meet our debt obligations,
we will be required to restructure or refinance them, seek additional equity financing or sell assets. We may not be able to restructure or refinance our debt, obtain additional financing or sell
assets on satisfactory terms or at all. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An adverse rating of our debt securities may cause their trading price to fall.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If a rating agency rates our debt securities, if
any, it may assign
them a low rating. Rating agencies also may lower ratings on our debt securities, if any, in the future. If rating agencies assign a lower-than-expected rating or reduce, or
indicate that they may reduce, their ratings in the future, the trading price of our debt securities, if any, could significantly decline. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We cannot assure you that an active trading market will develop for the securities.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;There is currently no public market for any
of our securities
other than our common stock and exchangeable shares. We do not know if an active market will develop for our other securities, or if developed, whether such a market will continue. If an active market
is not developed or maintained, the market price and the liquidity of our other securities may be adversely affected. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de72502_special_note_regarding_forward-looking_statements"> </A>
<A NAME="toc_de72502_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus, any prospectus supplement and the information and documents incorporated herein by reference contain or will contain
certain references to future expectations and other forward-looking statements and information relating to us or to properties operated by others that are based on our beliefs and assumptions or those
of management of the companies that operate properties in which we have interests, as well as information currently available to us. Such forward-looking statements include statements regarding
projected production and reserves received from the operators of properties where we have interests. Additional written or oral forward-looking statements may be made by us from time to time in
filings with the SEC or otherwise. Words such as "may," "could," "should," "would," "believe," "estimate," "expect," "anticipate,"
"plan," "forecast," "potential," "intend," "continue," "project" and variations of these words, comparable words and similar expressions generally indicate forward-looking statements, which speak only
as of the date the statement is made. Such forward-looking statements are within the meaning of that term in Section&nbsp;27A of the Securities Act of 1933 (as amended, the "Securities Act") and
Section&nbsp;21E of the Securities Exchange Act of 1934 (as amended the "Exchange Act"). Future events and actual results, performance, transactions or achievements, financial and otherwise, may
differ materially from the results, performance, transactions or achievements expressed or implied by the forward-looking statements. Forward-looking statements inherently involve risks and
uncertainties, some of which cannot be predicted or quantified. Do not unduly rely on forward-looking statements. Actual results may differ materially from those expressed or implied by these
forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, among others:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>decisions of foreign countries and banks within those countries; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>federal, state and foreign legislation governing us or the properties where we hold interests; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>risks associated with conducting business in foreign countries, including application of foreign laws to contract and
other disputes, environmental and permitting laws, community unrest and labor disputes, enforcement and uncertain political and economic environments; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>changes in gold and other metals prices associated with the primary metals mined at properties where we hold interests; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>technological changes in the mining industry; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>changes in our business strategy; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>our ability to maintain adequate internal controls; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>interpretation of drill hole results and the geology, grade and continuity of mineralization; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the uncertainty of reserve estimates and timing of development expenditures; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>unexpected changes in business and economic conditions; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

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<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>changes in interest rates and currency exchange rates; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>timing and amount of production, if any; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>our costs; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>future financial needs; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>risks associated with issuances of additional common stock or securities or incurrence of indebtedness in connection with
acquisitions or otherwise; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>changes in exploration and overhead costs; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>unanticipated grade and geological, metallurgical, processing or other problems at the properties where we hold interests; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>mine operating and ore processing facility problems, pit wall or tailings dam failures, and natural catastrophes such as
floods or earthquakes; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>acquisition and maintenance of permits and authorizations, completion of construction and commencement and continuation of
production at the properties where we hold interests; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>access and availability of materials, equipment, supplies, labor and supervision, power and water; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>results of current and future exploration activities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>results of pending and future feasibility studies; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the ability to operate in accordance with feasibility studies; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>local and community impacts and issues; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>economic and market conditions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>environmental risks associated with the exploration, development and operation of mineral properties and mines; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>change in management and key employees; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>unfavorable results of legal proceedings; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>accidents and labor disputes; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>other risks discussed in this prospectus, any amendment or prospectus supplement hereto, and our filings with the SEC,
including in our Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2011, our Quarterly Report on Form&nbsp;10-Q for the period ended
March&nbsp;31, 2012 (filed May&nbsp;9, 2012) and, from time to time, in other documents that we publicly disseminate. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
list is not an exhaustive list of the factors that may affect any of our forward-looking statements. Other unknown or unpredictable factors also could have a material adverse effect
on our business, results of operations, financial condition or prospects. You should read this prospectus, any post-effective amendment and any prospectus supplement completely and with the
understanding that our actual future results may be materially different from what we expect. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
These forward-looking statements involve risks, uncertainties and other factors that may cause our actual results in future periods to differ materially from forecasted results. We disclaim any
obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, other than to reflect a material change in the information
previously disclosed, as required by applicable law. You should review our subsequent reports filed from time to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>time
with the SEC on Forms&nbsp;10-K, 10-Q and 8-K and any amendments thereto. We qualify all of our forward-looking statements by these cautionary statements.
Readers are cautioned not to put undue reliance on forward-looking statements. Please carefully review and consider the various disclosures contained or incorporated by reference in this prospectus
that attempt to advise interested parties of the risks and factors that may affect our business, results of operations, financial condition or prospects. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de72502_use_of_proceeds"> </A>
<A NAME="toc_de72502_2"> </A>
<BR></FONT><FONT SIZE=2><B>  USE OF PROCEEDS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless we specify otherwise in a prospectus supplement, we intend to use the net proceeds from sales of securities by us for general
corporate purposes. If net proceeds from a specific offering will be used to repay indebtedness, the applicable prospectus supplement will describe the relevant terms of the debt to be repaid. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de72502_ratios_of_earnings_to_fixed_charges"> </A>
<A NAME="toc_de72502_3"> </A>
<BR></FONT><FONT SIZE=2><B>  RATIOS OF EARNINGS TO FIXED CHARGES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are engaged in the exploration for and production of precious metals in the U.S., Mexico and Argentina. Prior to the acquisition of
Minera Andes, none of our properties generated revenue from operations since 1990, and, with the exception of the San Jos&eacute; Mine, we have no current operating income or operating cash
flow. Accordingly, earnings were not sufficient to cover fixed charges by $0.00 in the years ended December&nbsp;31, 2007, 2008, 2009, 2010 and 2011. As of the date of this prospectus, we have not
issued any preferred stock other than the one share of Series&nbsp;B Special Voting Preferred Stock, which has no preference as to dividends, as more fully described beginning on page&nbsp;33 of
this prospectus and one share of Series&nbsp;A Special Voting Preferred Stock that is no longer outstanding, as more fully described beginning on page&nbsp;40 of this prospectus. We did not have
any
material amount of indebtedness for which interest payments were required during the years ended December&nbsp;31, 2007, 2008, 2009, 2010 or 2011 and, therefore the amount by which earnings were
inadequate to cover fixed charges was not material. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de72502_description_of_securities_we_may_offer"> </A>
<A NAME="toc_de72502_4"> </A>
<BR></FONT><FONT SIZE=2><B>  DESCRIPTION OF SECURITIES WE MAY OFFER    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Debt Securities  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following description, together with the additional information we include in any post-effective amendment and applicable
prospectus supplement, summarizes the material terms and provisions of the debt securities (which may be guaranteed by one or more of our Co-Registrants) that we may offer under this
prospectus. While the terms we have summarized below will apply generally to any future debt securities we may offer under this prospectus, we will describe the particular terms of any debt securities
that we may offer in more detail in any applicable prospectus supplement. You should also read the indenture under which the debt securities are to be issued. The terms of any debt securities we offer
under a prospectus supplement may differ from the terms we describe below. However, no prospectus supplement shall fundamentally change the terms that are set forth in this prospectus or offer a
security that is not registered and described in this prospectus at the time of its effectiveness. As of the date of this prospectus, we have no outstanding registered debt securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that we issue debt securities, we will issue the senior debt securities under the indenture that we will enter into with the trustee named in the indenture. The debt
securities that we may issue include senior debt securities, subordinated debt securities, convertible debt securities and exchangeable debt securities. The following is a summary of the material
provisions of the indenture filed as an exhibit to the registration statement which includes this prospectus. This summary is not complete and is qualified in its entirety by reference to all
provisions of the indenture applicable to a particular series of debt securities. We urge you to read the applicable prospectus supplements related to the debt securities that we may sell under this
prospectus, as well as the indenture that contains the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>terms
of the debt securities. For each series of debt securities, the applicable prospectus supplement for the series may change and supplement the summary below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> General  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture does not limit the amount of debt securities that we may issue. It provides that we may issue debt securities up to the
principal amount that we may authorize and they may be in any currency or currency unit that we may designate. Except for the limitations on consolidation, merger and sale of all or substantially all
of our assets contained in the indenture, the terms of the indenture do not contain any covenants or other provisions designed to give holders of any debt securities protection against changes in our
operations, financial condition or transactions involving us. For each series of debt securities, any restrictive covenants for those debt securities will be described in the applicable prospectus
supplement for those debt securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may issue the debt securities issued under the indenture as "discount securities," which means they may be sold at a discount below their stated principal amount. These debt
securities, as well as other debt securities that are not issued at a discount, may, for United States federal income tax purposes, be treated as if they were issued with "original issue discount," or
OID, because of interest payment and other characteristics. Special United States federal income tax considerations applicable to debt securities issued with original issue discount will be described
in more detail in any applicable prospectus supplement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will describe in each applicable prospectus supplement the terms relating to a series of debt securities, including:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the title; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the principal amount being offered, and if a series, the total amount authorized and the total amount outstanding; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any limit on the aggregate principal amount of that series of debt securities that may be issued; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>whether or not we will issue all or any portion of the series of debt securities in global form, the terms and who the
depositary will be for those debt securities issued in global form; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the date or dates on which principal and premium, if any, of the debt securities of that series is payable; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>interest rates, and the dates from which interest, if any, on the debt securities of that series will accrue, and the
dates when interest is payable and the maturity; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the right, if any, to extend the interest payment periods and the duration of the extensions; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>if the amount of payments of principal or interest is to be determined by reference to an index or formula, or based on a
coin or currency other than that in which the debt securities are stated to be payable, the manner in which these amounts are determined and the calculation agent, if any, with respect thereto; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>whether or not the debt securities will be secured or unsecured, and the terms of any secured debt; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>whether or not the debt securities will be guaranteed by one or more of our Co-Registrants, and the terms of
any such guarantee; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the terms of the subordination of any series of subordinated debt; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the place or places where and the manner in which principal of, premium, if any, and interest, if any, on the debt
securities of that series will be payable and the place or places where those debt securities may be presented for transfer and, if applicable, conversion or exchange; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the period or periods within which, the price or prices at which, the currency or currencies in which, and other terms and
conditions upon which those debt securities may be redeemed, in whole or in part, at our option or the option of a holder of those securities, if we or a holder is to have that option; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>our obligation or right, if any, to redeem, repay or purchase those debt securities pursuant to any sinking fund or
analogous provision or at the option of a holder of those securities, and the terms and conditions upon which the debt securities will be redeemed, repaid or purchased, in whole or in part, pursuant
to that obligation; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>if other than the entire principal amount of the debt securities when issued, the portion of the principal amount payable
upon acceleration of maturity as a result of a default on our obligations; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>whether those debt securities will be issued in fully registered form without coupons or in a form registered as to
principal only with coupons or in bearer form with coupons; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>if other than United States dollars, the currency or currencies in which payment of principal of or any premium or
interest on those debt securities will be payable; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>if the principal of or any premium or interest on the debt securities of that series is to be payable, or is to be payable
at our election or the election of a holder of those securities, in securities or other property, the type and amount of those securities or other property, or the manner of determining that amount,
and the period or periods within which, and the terms and conditions upon which, any such election may be made; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the events of default and covenants relating to the debt securities that are in addition to, modify or delete those
described in this prospectus; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>conversion or exchange provisions, if any, including conversion or exchange prices or rates and adjustments thereto; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>whether and upon what terms the debt securities may be defeased, if different from the provisions set forth in the
indenture; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a discussion of certain material or special United States federal income tax considerations applicable to the debt
securities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the denominations in which we will issue the series of debt securities, if other than denominations of $1,000 and any
integral multiple thereof; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any other specific terms, preferences, rights or limitations of, or restrictions on, the debt securities, including any
additional events of default or covenants provided with respect to the debt securities, and any terms that may be required by us or advisable under applicable laws or regulations. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B> Conversion or Exchange Rights  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will set forth in the applicable prospectus supplement the terms on which a series of debt securities may be convertible into or
exchangeable for our ordinary shares or our other securities. The terms will include, among others, the following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the conversion or exchange price; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
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<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the conversion or exchange period; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>provisions regarding our ability or the ability of any holder to convert or exchange the debt securities; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>events requiring adjustment to the conversion or exchange price; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>provisions affecting conversion or exchange in the event of our redemption of the debt securities. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B> Consolidation, Merger or Sale  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms of the indenture prevent us from consolidating or merging with or into, or conveying, transferring or leasing all or
substantially all of our assets to, any person, unless (i)&nbsp;we are the surviving corporation or the successor corporation or person to which our assets are conveyed, transferred or leased is
organized under the laws of the United States, any state of the United States or the District of Columbia and it expressly assumes our obligations under the debt securities and the indenture and
(ii)&nbsp;immediately after completing such a transaction, no event of default under the indenture, and no event that, after notice or lapse of time or both, would become an event of default under
the indenture, has occurred and is continuing. When the person to whom our assets are conveyed, transferred or leased has assumed our obligations under the debt securities and the indenture, we will
be discharged from all our obligations under the debt securities and the indenture except in limited circumstances. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
covenant would not apply to any recapitalization transaction, a change of control affecting us or a highly leveraged transaction, unless the transaction or change of control were
structured to include a merger or consolidation or conveyance, transfer or lease of all or substantially all of our assets. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Events of Default Under the Indenture  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following are events of default under the indentures with respect to any series of debt securities that we may
issue:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>failure to pay interest for 90&nbsp;days after the date payment is due and payable; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>failure to pay principal or premium, if any, on any debt security when due, either at maturity, upon any redemption, by
declaration or otherwise and, in the case of technical or administrative difficulties, only if such default persists for a period of more than three business days; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>failure to make sinking fund payments when due and continuance of such default for a period of 90&nbsp;days; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>failure to perform other covenants for 90&nbsp;days after notice of such default or breach and request for it to be
remedied; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>events in bankruptcy, insolvency or reorganization relating to us; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any other event of default provided in the applicable officer's certificate, resolution of our board of directors or the
supplemental indenture under which we issue a series of debt securities. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
event of default for a particular series of debt securities does not necessarily constitute an event of default for any other series of debt securities issued under the indenture. For
each series of debt securities, any modifications to the above events of default will be described in the applicable prospectus supplement for those debt securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indenture provides that if an event of default specified in the first, second, third, fourth or sixth bullets above occurs and is continuing, either the trustee or the holders of at
least 25% in aggregate principal amount of the outstanding debt securities of that series may declare the principal </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2>amount
of all those debt securities (or, in the case of discount securities or indexed securities, that portion of the principal amount as may be specified in the terms of that series) to be due and
payable immediately. If an event of default specified in the fifth bullet above occurs and is continuing, then the principal amount of all those debt securities (or, in the case of discount securities
or indexed securities, that portion of the principal amount as may be specified in the terms of that series) will be due and payable immediately, without any declaration or other act on the part of
the trustee or any holder. In certain cases, the holders of a majority in principal amount of the outstanding debt securities of any series may, on behalf of holders of all those debt securities,
waive any past default and consequences of such default. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
holder of the debt securities of any series will only have the right to institute a proceeding under the indentures or to appoint a receiver or trustee, or to seek other remedies
if:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the holder has previously given to the trustee written notice of a continuing default; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the holders of at least 25% in principal amount of the outstanding debt securities of the affected series have requested
that the trustee institute the action; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the requesting holders have offered the trustee indemnity for the reasonable costs, expenses and liabilities that may be
incurred by bringing the action; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the trustee has not instituted the action within 60&nbsp;days of the request and offer of indemnity; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the trustee has not received inconsistent direction by the holders of a majority in principal amount of the outstanding
debt securities of the affected series. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will be required to file annually with the trustee a certificate, signed by one of our officers, stating whether or not the officer knows of any default by us in the performance,
observance or fulfillment of any condition or covenant of the indenture. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Modification of Indenture; Waiver  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and the trustee may change an indenture without the consent of any holders with respect to specific
matters:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>evidence the assumption by a successor entity of our obligations; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>add to our covenants for the benefit of the holders of debt securities, or to surrender any rights or power conferred upon
us; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>add any additional events of default; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>cure any ambiguity or correct any inconsistency or defect in the indenture; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>add to, change or eliminate any of the provisions of the indenture in a manner that will become effective only when there
is no outstanding debt security which is entitled to the benefit of the provision as to which the modification would apply; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>add guarantees to or secure any debt securities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>establish the forms or terms of debt securities of any series; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>evidence and provide for the acceptance of appointment by a successor trustee and add to or change any of the provisions
of the indenture as is necessary for the administration of the trusts by more than one trustee; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>add to or change any provision of the indenture as is necessary to permit or facilitate the issuance of debt securities in
bearer form; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>change the location of: (i)&nbsp;payment of principal, premium or interest; (ii)&nbsp;surrender of the debt securities
for registration, transfer or exchange; and (iii)&nbsp;notices and demands to or upon the Company; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>supplement any provision of the indenture to permit or facilitate the defeasance and discharge of any debt securities
provided that it does not adversely affect the interests of the holders of any outstanding debt securities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>conform the terms of any debt securities to the description of such debt securities in the prospectus and prospectus
supplement offering the debt securities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>eliminate any provision that was required at the time we entered into the indenture but, as a result of an amendment to
the Trust Indenture Act of 1939, as amended (the "Trust Indenture Act"), is no longer required; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>modify, eliminate or add to the provisions of the indenture to effect or evidence any change required by an amendment to
the Trust Indenture Act; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>make any other provisions with respect to matters or questions arising under the indenture as long as the new provisions
do not adversely affect the interests of the holders of any outstanding debt securities of any series created prior to the modification. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
provision of the indenture shall automatically be deemed to have been modified, eliminated or added to the extent required to be made as a result of an amendment to the Trust
Indenture Act. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indenture also provides that we and the trustee may, with the consent of the holders of not less than a majority in aggregate principal amount of debt securities of each series of
debt securities affected by such supplemental indenture then outstanding, add any provisions to, or change in any manner, eliminate or modify in any way the provisions of, the indenture or any
supplemental indenture or modify in any manner the rights of the holders of the debt securities. We and the trustee may not, however, without the consent of the holder of each outstanding debt
security affected thereby:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>extend the final maturity of any debt security; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reduce the principal amount, reduce the rate of or extending the time of payment of interest, or reduce any premium
payable upon the redemption of any debt securities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>change the method of calculating the rate of interest; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reduce the amount of the principal of any debt security issued with an original issue discount that is payable upon
acceleration; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>change the currency in which the principal, and any premium or interest, is payable; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>impair the right to institute suit for the enforcement of any payment on any debt security when due; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>if applicable, adversely affect the right of a holder to convert or exchange a debt security; or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reduce the percentage of holders of debt securities of any series whose consent is required for any modification of the
indenture or for waivers of compliance with or defaults under the indenture with respect to debt securities of that series. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indenture provides that the holders of not less than a majority in aggregate principal amount of the then outstanding debt securities of any series, by notice to the relevant
trustee, may on behalf of the holders of the debt securities of that series waive any default and its consequences under the indenture except:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a default in the payment of the principal of or premium or interest on any such debt security; or </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

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<UL>
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<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a default in respect of a covenant or provision of the indenture that cannot be modified or amended without the consent of
the holder of each outstanding debt security of each series affected. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B> Discharge, Defeasance and Covenant Defeasance  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We can discharge or decrease our obligations under the indenture as stated below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may discharge obligations to holders of any series of debt securities that have not already been delivered to the trustee for cancellation and that have either become due and payable
or are by their terms to become due and payable, or are scheduled for redemption, within one year. We may effect a discharge by irrevocably depositing with the trustee cash or government obligations
denominated in the currency of the debt securities, as trust funds, in an amount certified to be enough to pay when due, whether at maturity, upon redemption or otherwise, the principal of, and any
premium and interest on, the debt securities and any mandatory sinking fund payments. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise provided in the applicable prospectus supplement, we may also discharge any and all of our obligations to holders of any series of debt securities at any time, which we
refer to as defeasance. We may also be released from the obligations imposed by any covenants of any outstanding series of debt securities and provisions of the indenture, and we may omit to comply
with those covenants without creating an event of default under the trust declaration, which we refer to as covenant defeasance. We may effect defeasance and covenant defeasance only if, among other
things:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>we irrevocably deposit with the trustee cash or government obligations denominated in the currency of the debt securities,
as trust funds, in an amount certified by a nationally recognized firm of independent certified accountants to be enough to pay at maturity, or upon redemption, the principal (including any mandatory
sinking fund payments) of, and any premium and interest on, all outstanding debt securities of the series; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>we deliver to the trustee an opinion of counsel from a nationally recognized law firm to the effect that the holders of
the series of debt securities will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the defeasance or covenant defeasance and that defeasance or covenant
defeasance will not otherwise alter the holders' U.S. federal income tax treatment of principal, and any premium and interest payments on, the series of debt securities. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of a defeasance by us, the opinion we deliver must be based on a ruling of the Internal Revenue Service issued, or a change in U.S. federal income tax law occurring, after
the date of the indenture. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
we may discharge or decrease our obligations under the indenture as described in the preceding paragraphs, we may not discharge certain enumerated obligations, including but not
limited to, our duty to register the transfer or exchange of any series of debt securities, to replace any temporary, mutilated, destroyed, lost or stolen series of debt securities or to maintain an
office or agency in respect of any series of debt securities. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B> Information Concerning the Trustee  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture provides that there may be more than one trustee under the indenture, each for one or more series of debt securities. If
there are different trustees for different series of debt securities, each trustee will be a trustee of a trust under the indenture separate and apart from the trust administered by any other trustee
under that indenture. Except as otherwise indicated in this prospectus or any prospectus supplement, any action permitted to be taken by a trustee may be taken by such trustee only on the one or more
series of debt securities for which it is the trustee under the indenture. Any trustee under the indenture may resign or be removed from one or more series of debt securities. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indenture provides that, except during the continuance of an event of default, the trustee will perform only such duties as are specifically set forth in the indenture. During the
existence of an event of default, the trustee will exercise those rights and powers vested in it under the indenture and use the same degree of care and skill in its exercise as a prudent person would
exercise under the circumstances in the conduct of such person's own affairs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
trustee may engage in other transactions with us. If it acquires any conflicting interest relating to any duties concerning the debt securities, however, it must eliminate the
conflict or resign as trustee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> No Individual Liability of Incorporators, Stockholders, Officers or Directors  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture provides that no past, present or future director, officer, stockholder or employee of ours, any of our affiliates, or
any successor corporation, in their capacity as such, shall have any individual liability for any of our obligations, covenants or agreements under the debt securities or the indenture. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Governing Law  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indentures and the debt securities will be governed by and construed in accordance with the laws of the State of New York, except
to the extent that the Trust Indenture Act is applicable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Subordination of Subordinated Debt Securities  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The subordinated debt securities will be unsecured and will be subordinate and junior in priority of payment to certain of our other
indebtedness to the extent described in a prospectus supplement. The indenture does not limit the amount of subordinated debt securities that we may issue. It also does not limit us from issuing any
other secured or unsecured debt. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I> Guarantees of the Co-Registrants of the Debt Securities  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below is a summary of the guarantee that may be issued by one or more of our Co-Registrants (each Co-Registrant
guarantor, a guarantor; and if more than one, collectively, the guarantors) in connection with each issuance of a series of debt securities. This summary is not complete and you should read the
detailed provisions of the guarantee, which will be filed as an exhibit to the applicable prospectus supplement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> General  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under each guarantee, the guarantors will fully, irrevocably, absolutely and unconditionally guarantee to pay any payments required to
be made by us under debt securities which shall become due and payable regardless of whether such payment is due at maturity, on an interest payment date or as a result of redemption or otherwise (the
"scheduled payments") but shall be unpaid by us (the "guaranteed amounts"). However, in no event shall the guaranteed amounts under a guarantee exceed the principal amount of the debt securities, plus
accrued but unpaid interest, less any amounts previously paid by us pursuant to the terms of the debt securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event we do not make a scheduled payment when due (the "payment notice date") then the indenture trustee may present a payment notice in writing to the guarantors on or after the
payment notice date, and the guarantors will be required to immediately pay the guaranteed amounts. Each guarantee will be an unsecured, unsubordinated and contingent obligation of the guarantors
ranking equally with all other unsecured and unsubordinated obligations of the guarantors. In the event of our insolvency or receivership, the guarantors may incur limitations in receiving any
distributions from us. In such an event, the guarantors may have limited resources to satisfy their obligations under the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>guarantees.
The guarantor's obligations under each guarantee will be effectively subordinated to all existing and future debt and liabilities of the guarantors. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B> Events of Default  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An event of default under each guarantee will occur upon the failure of the guarantors to perform any of their payment obligations
thereunder. The indenture trustee, on behalf of the holders of the applicable series of debt securities, has the right to enforce the obligations of the guarantors under the applicable guarantee and
may institute any legal proceeding directly against the guarantors without first instituting a legal proceeding against us. Bankruptcy or similar events relating to the guarantors, the failure of any
guarantee to be in full force and effect and any revocation of any guarantee by the guarantors will not constitute events of default under such guarantee. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B> Termination of the Guarantee  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each guarantee will terminate and be of no further force and effect with respect to the applicable funding agreement upon the full
payment of the scheduled payments or upon the earlier extinguishment of our obligations under the relevant funding agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Governing Law  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each guarantee will be governed by, and construed in accordance with, the laws of the State of New York without regard to conflict of
law principles. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Common Stock  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> General  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are authorized to issue 500,000,000 shares of common stock, no par value per share. On June&nbsp;13, 2012, there were 182,223,025
shares of common stock outstanding. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
holders of our common stock are entitled to one vote for each share held of record on all matters submitted to a vote of the shareholders, including the election of directors.
Cumulative voting for directors is not permitted. Accordingly, the holders of a majority of the shares of common stock and our 2012 Exchangeable Shares (other than those owned by McEwen Mining and its
subsidiaries) entitled to vote in any election of directors can elect all of the directors standing for election, if they so choose. Subject to preferences that may be applicable to any then
outstanding Preferred Stock, holders of common stock are entitled to receive ratably those dividends, if any, as may be declared by the board of directors out of legally available funds. Upon our
liquidation, dissolution or winding up, the holders of common stock will be entitled to share ratably in the net assets legally available for distribution to shareholders after the payment of all of
our debts and other liabilities of our Company, subject to the prior rights of any Preferred Stock then outstanding. Holders of common stock have no preemptive or conversion rights or other
subscription rights and there are no redemption or sinking funds provisions applicable to the common stock. Our Articles of Incorporation and Bylaws do not include any provision that would delay,
defer or prevent a change in control of our Company. However, pursuant to the laws of the State of Colorado, certain significant transactions would require the affirmative vote of a majority of the
shares eligible to vote at a meeting of shareholders which requirement could result in delays to or greater cost associated with a change in control of the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
2012 Exchangeable Shares, as more fully described beginning on page&nbsp;33, are exchangeable on a one-for-one basis at any time at the option of the holder
of such exchangeable shares into shares of our common stock. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B> Transfer Agent and Registrar  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The transfer agent and registrar for our common stock is Computershare Investor Services,&nbsp;Inc. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Exchange Listings  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock, as more fully described beginning on page&nbsp;32 of this prospectus, is listed on the New York Stock Exchange and
on the Toronto Stock Exchange, each under the symbol "MUX." Our 2012 Exchangeable Shares are listed on the Toronto Stock Exchange under the symbol "MAQ." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Warrants  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may offer by means of this prospectus warrants for the purchase of its debt securities or common stock, which we refer to
as debt warrants and warrants, respectively. The Company may issue warrants separately or together with any other securities offered by means of this prospectus, and the warrants may be attached to or
separate from such securities. Each series of warrants may be issued under a separate warrant agreement (each a "Warrant Agreement") to be entered into between the Company and a warrant agent
specified therein. The warrant agent will act solely as an agent of the Company in connection with the warrants of such series and will not assume any obligation or relationship of agency or trust for
or with any holders or beneficial owners of warrants. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
applicable prospectus supplement will describe the following terms, where applicable, of the warrants in respect of which this prospectus is being
delivered:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the title of such warrants; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the aggregate number of such warrants; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the price or prices at which such warrants will be issued; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the currencies in which the price or prices of such warrants may be payable; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the designation, amount and terms of the securities purchasable upon exercise of such warrants; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the designation and terms of the other securities with which such warrants are issued and the number of such warrants
issued with each such security; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>if applicable, the date on and after which such warrants and the securities purchasable upon exercise of such warrants
will be separately transferable; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the price or prices at which and currency or currencies in which the securities purchasable upon exercise of such warrants
may be purchased; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the date on which the right to exercise such warrants shall commence and the date on which such right shall expire; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the minimum or maximum amount of such warrants which may be exercised at any one time; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>information with respect to book-entry procedures, if any; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a discussion of material federal income tax considerations; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any other material terms of such warrants, including terms, procedures and limitations relating to the exchange and
exercise of such warrants. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B><I> Subscription Rights  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may issue or distribute subscription rights to its shareholders to purchase shares of common stock, debt warrants,
warrants, or other securities. Each series of subscription rights may be </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>issued
independently or together with any other security offered hereby and may or may not be transferrable by the shareholder receiving the subscription rights in such offering. In connection with
any offering of subscription rights, the Company may enter into a standby underwriting, backstop or other arrangement with one or more underwriters or other persons pursuant to which the underwriters
or other persons would purchase any securities remaining unsubscribed for after such subscription rights offering. Each series of subscription rights will be issued under a separate subscription
rights agreement to be entered into between the Company and a bank or trust company, as subscription rights agent, all as set forth in the prospectus supplement relating to the particular issue of
subscription rights. The subscription rights agent will act solely as an agent of the Company in connection with the certificates relating to the subscription rights of such series and will not assume
any obligation or relationship of agency or trust for or with any holders of subscription rights certificates or beneficial owners of subscription rights. The applicable prospectus supplement relating
to any subscription rights the Company offers, if any, will, to the extent applicable, describe the terms of the subscription rights to be issued, including some or all of the
following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>in the case of a distribution of subscription rights to our shareholders, the date for determining the shareholders
entitled to the subscription rights distribution; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>in the case of a distribution of subscription rights to our shareholders, the number of subscription rights issued or to
be issued to each shareholder; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the aggregate number of shares of common stock, debt warrants, warrants, or other securities purchasable upon exercise of
such subscription rights and the exercise price; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the aggregate number of subscription rights being issued; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the extent to which the subscription rights are transferrable; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the date on which the holder's ability to exercise such subscription rights shall commence and the date on which such
right shall expire; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the extent to which the subscription rights may include an over-subscription privilege with respect to
unsubscribed securities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a discussion of material federal income tax considerations; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any other material terms of such subscription rights, including terms, procedures and limitations relating to the
distribution, exchange and exercise of such subscription rights; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>if applicable, the material terms of any standby underwriting, backstop or purchase arrangement which may be entered into
by the Company in connection with the offering, issuance or distribution of subscription rights. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
subscription right will entitle the holder of subscription rights to purchase for cash the principal amount of shares of our common stock, debt warrants, warrants, or other
securities at the exercise price provided in the applicable prospectus supplement. Subscription rights may be exercised at any time up to the close of business on the expiration date for the
subscription rights provided in the applicable prospectus supplement. After the close of business on the expiration date, all unexercised subscription rights will be void and of no further force and
effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
may exercise subscription rights as described in the applicable prospectus supplement. Upon receipt of payment and the subscription rights certificate properly completed and duly
executed at the corporate trust office of the rights agent or any other office indicated in the prospectus supplement, we will, as soon as practicable, forward the shares of common stock, the debt
warrants or warrants, or other securities purchasable upon exercise of the subscription rights. If less than all of the subscription rights issued in any rights offering are exercised, we may offer
any unsubscribed shares of common stock, debt warrants or warrants, or other securities directly to persons, which may be to or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>through
agents, underwriters or dealers or through a combination of such methods, including pursuant to standby underwriting arrangements, as described in the applicable prospectus supplement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
summaries are not complete. When we issue or distribute subscription rights, we will provide the specific terms of the rights in a prospectus supplement. To the extent the
information contained in the prospectus supplement differs from this summary description, you should rely on the information in the prospectus supplement. The description in the applicable prospectus
supplement of any subscription rights the Company offers or distributes will not necessarily be complete and will be qualified in its entirety by reference to the applicable subscription rights
certificate, which will be filed with the SEC if the Company offers subscription rights. The subscription rights agreement and the subscription rights certificates relating to each series of
subscription rights will be filed with the SEC and incorporated by reference as an exhibit to the registration statement of which this prospectus is a part. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I> Subscription Receipts  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may issue subscription receipts that may be exchanged for debt securities (which may be guaranteed by one or more of our
Co-Registrants), common stock, debt warrants or warrants, which may be offered separately or together with any other securities offered by means of this prospectus, as the case may be, all
as set forth in the prospectus supplement relating to the particular issue of subscription receipts. Each series of subscription receipts will be issued under a separate subscription receipts
agreement or indenture to be entered into between the Company and a transfer agent, as subscription receipts agent, all as set forth in the prospectus supplement relating to the particular issue of
subscription receipts. The subscription receipts agent will act solely as an agent of the Company in connection with the certificates relating to the subscription receipts of such series and will not
assume any obligation or relationship of agency or trust for or with any holders of subscription receipts certificates or beneficial owners of subscription receipts. The subscription receipts
agreement or indenture and the subscription receipts certificates relating to each series of subscription receipts will be filed with the SEC and incorporated by reference as an exhibit to the
registration statement of which this prospectus is a part. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
applicable prospectus supplement will describe the terms of the subscription receipts to be issued, including the following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the number of subscription receipts; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the price at which the subscription receipts will be offered; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the procedures for the exchange of the subscription receipts into debt securities, shares of common stock, debt warrants
or warrants. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the number of debt securities, shares of common stock, debt warrants or warrants that may be exchanged upon exercise of
each subscription receipt; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the designation and terms of any other securities with which the subscription receipts will be offered, if any, and the
number of subscription receipts that will be offered with each security; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>terms applicable to the gross proceeds from the sale of the subscription receipts plus any interest earned thereon; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a discussion of material federal income tax considerations; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any other material terms of such subscription receipts, including terms, procedures and limitations relating to the
distribution, exchange and exercise of such subscription receipts. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg72502_book-entry_securities"> </A>
<A NAME="toc_dg72502_1"> </A>
<BR></FONT><FONT SIZE=2><B>  BOOK-ENTRY SECURITIES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The securities offered by means of this prospectus may be issued in whole or in part in book-entry form, which means that
beneficial owners of the securities will
not receive certificates, notes representing the debt securities, guarantees of the Co-Registrants, warrants, subscription rights or subscription receipts representing their ownership
interests in the securities, except in the event the book-entry system for the securities is discontinued. Securities issued in book-entry form will be evidenced by one or more
global securities that will be deposited with, or on behalf of, a depositary identified in the applicable prospectus supplement relating to the securities. Unless and until it is exchanged in whole or
in part for the individual securities represented thereby, a global security may not be transferred except as a whole by the depository for the global security to a nominee of such depository or by a
nominee of such depository to such depository or another nominee of such depository or by the depository or any nominee of such depository to a successor depository or a nominee of such successor.
Global securities may be issued in either registered or bearer form and in either temporary or permanent form. The specific terms of the depositary arrangement with respect to a class or series of
securities that differ from the terms described here will be described in the applicable prospectus supplement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise indicated in the applicable prospectus supplement, the Company anticipates that the following provisions will apply to depository arrangements. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the issuance of a global security, the depository for the global security or its nominee will credit on its book-entry registration and transfer system the respective
principal amounts of the individual securities represented by such global security to the accounts of persons that have accounts with such depository, who are called "participants." Such accounts
shall be designated by the underwriters, dealers or agents with respect to the securities or by the Company if the securities are offered and sold directly by the Company. Ownership of beneficial
interests in a global security will be limited to the depository's participants or persons that may hold interests through such participants. Ownership of beneficial interests in the global security
will be shown on, and the transfer of that ownership will be effected only through, records maintained by the applicable depository or its nominee (with respect to beneficial interests of
participants) and records of the participants (with respect to beneficial interests of persons who hold through participants). The laws of some states require that certain purchasers of securities
take physical delivery of such securities in definitive form. Such limits and laws may impair the ability to own, pledge or transfer beneficial interest in a global security. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So
long as the depository for a global security or its nominee is the registered owner of such global security, such depository or nominee, as the case may be, will be considered the
sole owner or holder of the securities represented by such global security for all purposes under the indenture or other instrument defining the rights of a holder of the securities. Except as
provided below or in the applicable prospectus supplement, owners of beneficial interest in a global security will not be entitled to have any of the individual securities of the series represented by
such global security registered in their names, will not receive or be entitled to receive physical delivery of any such securities in definitive form and will not be considered the owners or holders
thereof under the indenture or other instrument defining the rights of the holders of the securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments
of amounts payable with respect to individual securities represented by a global security registered in the name of a depository or its nominee will be made to the depository or
its nominee, as the case may be, as the registered owner of the global security representing such securities. None of the Company, its officers and directors or any trustee, paying agent or security
registrar for an individual series of securities will have any responsibility or liability for any aspect of the records relating to or
payments made on account of beneficial ownership interests in the global security for such securities or for maintaining, supervising or reviewing any records relating to such beneficial ownership
interests. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>29</FONT></P>

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NAME="page_di72502_1_30"> </A>


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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company expects that the depository for a series of securities offered by means of this prospectus or its nominee, upon receipt of any payment of principal, premium, interest,
dividend or other amount in respect of a permanent global security representing any of such securities, will immediately credit its participants' accounts with payments in amounts proportionate to
their respective beneficial interests in the principal amount of such global security for such securities as shown on the records of such depository or its nominee. The Company also expects that
payments by participants to owners of beneficial interests in such global security held through such participants will be governed by standing instructions and customary practices, as is the case with
securities held for the account of customers in bearer form or registered in "street name." Such payments will be the responsibility of such participants. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a depository for a series of securities at any time is unwilling, unable or ineligible to continue as depository and a successor depository is not appointed by the Company within
90&nbsp;days, the Company will issue individual securities of such series in exchange for the global security representing such series of securities. In addition, the Company, at any time and in its
sole discretion, but subject to any limitations described in the applicable prospectus supplement relating to such securities, may determine not to have any securities of such series represented by
one or more global securities and, in such event, will issue individual securities of such series in exchange for the global security or securities representing such series of securities. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="di72502_plan_of_distribution"> </A>
<A NAME="toc_di72502_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PLAN OF DISTRIBUTION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may sell securities offered by means of this prospectus in and outside the United States (1)&nbsp;to or through
underwriters or dealers, (2)&nbsp;directly to purchasers, (3)&nbsp;through agents, (4)&nbsp;in a rights offering, (5)&nbsp;as a dividend or distribution to our existing shareholders or other
securityholders, (6)&nbsp;through a combination of any of these methods or (7)&nbsp;through any other method permitted by applicable law and described in a prospectus supplement. The prospectus
supplement relating to the offered securities will set forth the terms of the offering, including:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the name or names of any underwriters, dealers or agents; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the purchase price of the offered securities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any over-allotment options under which underwriters may purchase additional securities from us; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any public offering price; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the net proceeds to us; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any delayed delivery arrangements; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any underwriting discounts, commissions and other items constituting underwriters' compensation; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any discounts, concessions or other items allowed or reallowed or paid to dealers or agents; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any commissions paid to agents; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any securities exchanges on which the offered securities may be listed. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may use one or more underwriters in the sale of the offered securities, in which case the offered securities will be acquired by the underwriter or underwriters for their own account
and may be resold from time to time in one or more transactions either:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>at a fixed price or prices, which may be changed; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>at market prices prevailing at the time of sale; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>at prices related to such prevailing market prices; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>at negotiated prices. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may directly solicit offers to purchase our securities and may sell such securities directly to institutional investors or others, who may be deemed to be underwriters within
the meaning of the Securities Act with respect to any resale thereof. The Company will describe the terms of direct sales in the prospectus supplement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agents
designated by the Company may solicit offers to purchase the securities from time to time. The prospectus supplement will name any such agent involved in the offer or sale of the
securities and will set forth any commissions payable by us to such agent. Unless otherwise indicated in such prospectus supplement, any such agent will be acting on a reasonable best efforts basis
for the period of its appointment. Any such agent may be deemed to be an underwriter of the securities so offered and sold. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company utilizes an underwriter in the sale of the securities offered by this prospectus, the Company will execute an underwriting agreement with the underwriter or underwriters
at the time of sale. We will provide the name of any underwriter in the prospectus supplement that the underwriter will use to make resales of the securities to the public. In connection with a sale
of securities offered by means of this prospectus, underwriters may be deemed to have received compensation from the Company in the form of underwriting discounts or commissions and may also receive
commissions from purchasers of securities for whom they may act as agent. Underwriters may sell securities offered by means of this prospectus to or through dealers, and such dealers may receive
compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from the purchasers for whom they may act as agent. Any underwriting compensation paid by the
Company to underwriters or agents in connection with the offering of securities offered by means of this prospectus, and any discounts, concessions or commissions allowed by underwriters to
participating dealers, will be set forth in the applicable prospectus supplement. Underwriters, dealers and agents participating in the distribution of the offered securities may be deemed to be
underwriters, and any discounts or commissions received by them and any profit realized by them upon the resale of the offered securities may be deemed to be underwriting discounts and commissions,
under the Securities Act. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwriters,
dealers and agents may be entitled, under agreements that may be entered into with the Company, to indemnification against certain civil liabilities, including liabilities
under the Securities Act, or to any contribution with respect to payments which they may be required to make in respect thereof and may engage in transactions with, or perform services for, us in the
ordinary course of business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company uses delayed delivery contracts, the Company will, directly or through agents, underwriters or dealers, disclose that it is using them in the prospectus supplement and
state when it will demand payment and delivery of the securities under the delayed delivery contracts. The Company may further agree to adjustments before a public offering to the underwriters'
purchase price for the securities based on changes in the market value of the securities. The prospectus supplement relating to any such public offering will contain information on the number of
securities to be sold, the manner of sale or other distribution, and other material facts relating to the public offering. These delayed delivery contracts will be subject only to the conditions that
the Company sets forth in the prospectus supplement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
facilitate the offering of securities, certain persons participating in the offering may engage in transactions that stabilize, maintain or otherwise affect the price of the
securities. This may include over-allotments or short sales of the securities, which involve the sale by persons participating in the offering of more securities than the Company sold to
them. In these circumstances, these persons would cover such over-allotments or short positions by exercising their over-allotment option, if any, or making purchases in the
open market. In addition, these persons may stabilize or maintain the price of the securities by bidding for or purchasing
securities in the open market or by imposing penalty bids, whereby selling concessions allowed to dealers participating in the offering may be reclaimed if </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>securities
sold by them are repurchased in connection with stabilization transactions. The effect of these transactions may be to stabilize or maintain the market price of the securities at a level
above that which might otherwise prevail in the open market. These transactions may be discontinued at any time. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Company may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated
transactions. If the applicable prospectus supplement so indicates, in connection with those derivatives, the third parties may sell securities covered by this prospectus and the applicable prospectus
supplement, including in short sale transactions. If so, the third party may use securities pledged by us or borrowed from us or others to settle those sales or to close out any related open
borrowings of stock, and may use securities received from us in settlement of those derivatives to close out any related open borrowings of stock. The third party in such sale transactions will be an
underwriter and will be identified in the applicable prospectus supplement. In addition, the Company may otherwise loan or pledge securities to a financial institution or other third party that in
turn may sell the securities short using this prospectus and an applicable prospectus supplement. Such financial institution or other third party may transfer its economic short position to investors
in our securities or in connection with a concurrent offering of other securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than the common stock, all securities offered by this prospectus will be a new issue of securities with no established trading market. Any underwriter to whom securities are sold
by us for public offering and sale may make a market in such securities, but such underwriters may not be obligated to do so and may discontinue any market making at any time without notice. The
securities may or may not be listed on a national securities exchange or a foreign securities exchange, except for the common stock which is currently listed and traded on the New York Stock Exchange
and the Toronto Stock Exchange. Any common stock sold by this prospectus will be listed for trading on the New York Stock Exchange subject to official notice of issuance. The Company cannot give you
any assurance as to the liquidity of the trading markets for any securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agents,
underwriters and dealers may be customers of, engage in transactions with, or perform services for, us and our subsidiaries in the ordinary course of business. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="di72502_description_of_capital_stock"> </A>
<A NAME="toc_di72502_2"> </A>
<BR></FONT><FONT SIZE=2><B>  DESCRIPTION OF CAPITAL STOCK    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our authorized capital consists of 500,000,000 shares of common stock, no par value, and two shares of preferred stock, no par value.
As of June&nbsp;13, 2012, there were a total of 182,223,025 shares of our common stock issued and outstanding and one share of preferred stock designated as Series&nbsp;B Special Voting Preferred
Stock (the "Series&nbsp;B Preferred Share") that is issued and outstanding, with the other undesignated and not issued nor outstanding. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following discussion summarizes the rights and privileges of our outstanding capital stock and certain securities that may be convertible into our capital stock and is qualified by
reference to the relevant provisions of the laws of the State of Colorado and our Amended and Restated Articles of Incorporation (our "Articles of Incorporation") and Bylaws which have been filed with
the SEC and are incorporated by reference into the registration statement of which this prospectus is a part. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Common Stock  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of our common stock are entitled to one vote for each share held of record on all matters submitted to a vote of the
shareholders, including the election of directors. Cumulative voting for directors is not permitted. Subject to preferences that may be applicable to any then outstanding preferred stock, holders of
common stock are entitled to receive ratably those dividends, if any, as may be declared by our board of directors out of legally available funds. Upon our liquidation, dissolution or winding up, the
holders of common stock will be entitled to share ratably in the net assets legally available for distribution to shareholders after the payment of all of our debts and other liabilities of our
Company, subject to the prior rights of any preferred stock then outstanding. Holders of common </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>32</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>stock
have no preemptive or conversion rights or other subscription rights and there are no redemption or sinking funds provisions applicable to the common stock. Our Articles of Incorporation and our
Bylaws do not include any provision that would delay, defer or prevent a change in control of our Company. However, pursuant to the laws of the State of Colorado, certain significant transactions
would require the affirmative vote of a majority of the shares eligible to vote at a meeting of shareholders which requirement could result in delays to or greater cost associated with a change in
control of McEwen Mining. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Preferred Stock  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of the two shares of preferred stock authorized under our Articles of Incorporation, one share is designated as the Series&nbsp;B
Preferred Share, which is issued and outstanding, and the other share of preferred stock, which was previously issued and outstanding and designated as the Series&nbsp;A Preferred Share (the
"Series&nbsp;A Preferred Share"), which is undesignated and not issued nor outstanding. Other than the one share of undesignated preferred stock, our Articles of Incorporation do not include
authorization for any other undesignated class or "blank check" preferred stock, and any issuance of preferred stock would require shareholder approval. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Series&nbsp;B Special Voting Preferred Stock  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Series&nbsp;B Preferred Share was issued in connection with the acquisition of Minera Andes in January 2012 to facilitate the
issuance of the exchangeable shares (the "2012 Exchangeable Shares") of our indirect wholly-owned subsidiary, McEwen Mining&#151;Minera Andes Acquisition Corp. ("Canadian Exchange&nbsp;Co.").
The Series&nbsp;B Preferred Share is held by a trustee under a voting and exchange trust agreement and will be outstanding so long as any of the 2012 Exchangeable Shares are outstanding, excluding
any such shares owned by McEwen Mining or its subsidiaries. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Series&nbsp;B Preferred Share entitles the holder thereof to an aggregate number of votes on all matters submitted to the vote of the holders of shares of our common stock equal to
the number of 2012 Exchangeable Shares issued and outstanding from time to time and which are not owned by McEwen Mining or its subsidiaries. As of June&nbsp;13, 2012, the Series&nbsp;B Preferred
Share was entitled to 85,921,359 votes, based upon 85,921,359 2012 Exchangeable Shares outstanding on such date, which are not owned by McEwen Mining or its subsidiaries. Except as otherwise provided
herein or by law, the holder of the Series&nbsp;B Preferred Share and the holders of our common stock vote together as one class on all matters submitted to the vote of the holders of shares of our
common stock. The holder of the Series&nbsp;B Preferred Share has no special voting rights, and its consent is not required, except to the extent it is entitled to vote with the holders of shares of
our common stock, for taking any corporate action. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
such time as (a)&nbsp;the Series&nbsp;B Preferred Share entitles its holder to a number of votes equal to zero because there are no 2012 Exchangeable Shares issued and outstanding
that are not owned by McEwen Mining and its subsidiaries, and (b)&nbsp;there is no share of stock, debt, option or other agreement, obligation or commitment of Canadian Exchange&nbsp;Co. which
could by its terms require Canadian Exchange&nbsp;Co. to issue any 2012 Exchangeable Shares to any person other than us, then the Series&nbsp;B Preferred Share will thereupon be retired and
cancelled promptly thereafter. Such Series&nbsp;B Preferred Share will upon its cancellation, and upon the taking of any action required by applicable law, become
an authorized but unissued share of preferred stock and may be reissued as part of a new series of preferred stock to be created by resolution or resolutions of our board of directors, subject to the
conditions and restrictions on issuance under applicable law or set forth in our Articles of Incorporation or our Bylaws. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Series&nbsp;B Preferred Share should be purchased or otherwise acquired by us in any manner whatsoever, then such Series&nbsp;B Preferred Share will be retired and cancelled
promptly after the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>33</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>acquisition
thereof. Such share will upon its cancellation, and upon the taking of any action required by applicable law, become an authorized but unissued share of preferred stock and may be reissued
as part of a new series of preferred stock to be created by resolution or resolutions of our board of directors, subject to the conditions and restrictions on issuance under applicable law or set
forth in our Articles of Incorporation or our Bylaws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
holder of the Series&nbsp;B Preferred Share is not entitled to receive any portion of any dividend or distribution at any time. The Series&nbsp;B Preferred Share is not
redeemable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
any liquidation, dissolution or winding up of McEwen Mining, the holder of the Series&nbsp;B Preferred Share will not be entitled to any portion of any related distribution. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B> 2012 Exchangeable Shares  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 2012 Exchangeable Shares were issued by our subsidiary, Canadian Exchange&nbsp;Co., in connection with the acquisition of Minera
Andes. As of June&nbsp;13, 2012, there were approximately 85,921,359 2012 Exchangeable Shares outstanding that were not held by McEwen Mining or its subsidiaries. The 2012 Exchangeable Shares are
exchangeable on a one-for-one basis at any time at the option of the holder of the 2012 Exchangeable Shares into shares of McEwen Mining common stock. The following is a
summary description of the material provisions of the rights, privileges, restrictions and conditions attaching to the 2012 Exchangeable Shares. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I> Retraction of Exchangeable Shares by Holders  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to applicable law and the due exercise by either us or our direct wholly-owned subsidiary, McEwen Mining (Alberta)&nbsp;ULC
("Callco"), of our or its retraction call right, holders of the 2012 Exchangeable Shares are entitled at any time to retract (i.e.,&nbsp;to require Canadian Exchange&nbsp;Co. to redeem) any or all
exchangeable shares held by them and to receive in exchange for each 2012 Exchangeable Share, one share of common stock of McEwen Mining, plus the dividend amount, which is equal to any cash dividends
declared and payable but not yet paid on the 2012 Exchangeable Shares, any dividends declared and payable or paid on shares of our common stock that have not yet been declared or paid on the 2012
Exchangeable Shares and an amount representing the value of any non-cash dividends declared and payable but not yet paid on the 2012 Exchangeable Shares, if any. Holders of 2012
Exchangeable Shares may effect a retraction by presenting to Canadian Exchange&nbsp;Co. or its transfer agent the certificate(s) representing the 2012 Exchangeable Shares the holder desires to be
redeemed by Canadian Exchange&nbsp;Co. or the equivalent thereof, if any, together with such other documents and instruments as may be required under the </FONT><FONT SIZE=2><I>Business
Corporations Act</I></FONT><FONT SIZE=2> (Alberta), the Articles of Incorporation of Canadian Exchange&nbsp;Co. or by its transfer agent, and a duly executed retraction request specifying that the
holder desires to have the number of retracted shares specified therein redeemed by Canadian Exchange&nbsp;Co. A holder of retracted shares may withdraw its retraction request, by written notice to
Canadian Exchange&nbsp;Co., before the close of business on the business day immediately preceding the retraction date, in which case the retraction request will be null and void and the revocable
offer constituted by the retraction request will be deemed to have been revoked. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
receipt by Canadian Exchange&nbsp;Co. or its transfer agent of a retraction request and certificate(s) representing the 2012 Exchangeable Shares to be redeemed or the equivalent
thereof, if any, Canadian Exchange&nbsp;Co. will immediately provide notice of such request to us and Callco. Instead of Canadian Exchange&nbsp;Co. redeeming the retracted shares, and provided
that the retraction request is not revoked by the holder of 2012 Exchangeable Shares, we will have the right to purchase, and to the extent the right is not exercised by us, Callco will have the right
to purchase, all but not less than all of the shares covered by the retraction request, which we refer to as our retraction call right. See the section entitled "&#151;Retraction Call Right"
below. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>34</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
as a result of solvency requirement provisions or other provisions of applicable law, Canadian Exchange&nbsp;Co. is not permitted to redeem all 2012 Exchangeable Shares tendered by
a retracting holder and neither we nor Callco has exercised its retraction call right, Canadian Exchange&nbsp;Co. will redeem up to the maximum permissible number of 2012 Exchangeable Shares
tendered by the holder. We or Callco will be required to purchase any 2012 Exchangeable Shares not redeemed by Canadian Exchange&nbsp;Co. in exchange for shares of McEwen Mining common stock on the
retraction date under the optional exchange right described below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> Distribution on Liquidation of Canadian Exchange&nbsp;Co.  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to applicable law and the exercise by either us or Callco of our or its liquidation call right, in the event of the
liquidation, dissolution or winding up of Canadian Exchange&nbsp;Co. or any other distribution of its assets among its shareholders for the purpose of winding up its affairs, holders of 2012
Exchangeable Shares shall be entitled to receive from the assets of Canadian Exchange&nbsp;Co. a liquidation payment that will be satisfied by the issuance of one share of our common stock plus the
dividend amount, if any, for each outstanding 2012 Exchangeable Share. This liquidation amount will be paid to the holders of 2012 Exchangeable Shares before any distribution of assets of Canadian
Exchange&nbsp;Co. is made to the holders of the common shares or any other shares of Canadian Exchange&nbsp;Co. ranking junior to the 2012 Exchangeable Shares and is subject to the exercise by us
or Callco of our or its liquidation call right described in the section entitled "&#151;Liquidation Call Right" below. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I> Automatic Exchange Upon Liquidation of McEwen Mining  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of McEwen Mining's liquidation, dissolution or winding up or any other distribution of its assets for the purposes of
winding up its affairs, all of the then outstanding 2012 Exchangeable Shares will be automatically exchanged for shares of McEwen Mining common stock. To effect an automatic exchange, McEwen Mining
will purchase all of the 2012 Exchangeable Shares from the holders on the last business day prior to the effective date of a liquidation. The purchase price payable for each 2012 Exchangeable Share
purchased in a liquidation of McEwen Mining will be satisfied by the issuance of one share of McEwen Mining common stock plus the dividend amount, if any. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I> Redemption of Exchangeable Shares by Canadian Exchange&nbsp;Co.  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to applicable law and the due exercise by either us or Callco of our or its redemption call right, Canadian Exchange&nbsp;Co.
will, on the redemption date, redeem all of the then outstanding 2012 Exchangeable Shares for a purchase price equal to one share of McEwen Mining's common stock for each outstanding 2012 Exchangeable
Share plus the dividend amount, if any. The redemption date for the 2012 Exchangeable Shares will be the date, if any, established by the board of directors of Canadian Exchange&nbsp;Co. for the
redemption by Canadian Exchange&nbsp;Co. of all but not less than all of the outstanding 2012 Exchangeable Shares, which date will be no earlier than January&nbsp;24, 2022, being the tenth
anniversary of the effective date of the acquisition of Minera Andes, unless one of the conditions described in the paragraphs below is met. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to applicable law, and provided that neither we nor Callco have exercised the redemption call right, Canadian Exchange&nbsp;Co. will redeem all of the outstanding 2012
Exchangeable Shares upon at least 30&nbsp;days prior notice to the holders of the 2012 Exchangeable Shares. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
board of directors of Canadian Exchange&nbsp;Co. may accelerate the redemption date in the event that:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>fewer than 5% of the total number of 2012 Exchangeable Shares issued in connection with the acquisition of Minera Andes
(other than 2012 Exchangeable Shares held by us or our </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>35</FONT></P>

<HR NOSHADE>
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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>subsidiaries
and subject to necessary adjustments to the number of shares to reflect permitted changes to 2012 Exchangeable Shares) are outstanding; </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>(i) any person, firm or corporation acquires directly or indirectly any voting security of McEwen Mining and immediately
after such acquisition, the acquirer has voting securities representing more than 50% of the total voting power of all the then outstanding voting securities of McEwen Mining on a fully-diluted basis;
(ii)&nbsp;the shareholders of McEwen Mining approve a merger, consolidation, recapitalization or reorganization of McEwen Mining, other than any such transaction which would result in the holders of
outstanding voting securities of McEwen Mining immediately prior to such transaction having more than 50% of the total voting power represented by the voting securities of the surviving entity
outstanding immediately after such transaction; (iii)&nbsp;the shareholders of McEwen Mining approve a liquidation of McEwen Mining; or (iv)&nbsp;McEwen Mining sells or disposes of all or
substantially all of its assets, and, in each case, the board of directors of Canadian Exchange&nbsp;Co. determines that it is not reasonably practicable to substantially replicate the terms and
conditions of the 2012 Exchangeable Shares in connection with such transaction and that the redemption of all but not less than all of the outstanding 2012 Exchangeable Shares is necessary to enable
the completion of such transaction; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the holders of 2012 Exchangeable Shares are entitled to vote as shareholders of Canadian Exchange&nbsp;Co. on a certain
matter, except with respect to the right to vote on general business matters presented at any annual meeting of Canadian Exchange&nbsp;Co. (including the election of one of the directors of Canadian
Exchange&nbsp;Co.) and except with respect to the right to vote on any change to the rights of the holders of 2012 Exchangeable Shares where the approval of such change would be required to maintain
the equivalence of the 2012 Exchangeable Shares with the shares of McEwen Mining common stock, and to the extent that the board of directors of Canadian Exchange&nbsp;Co. has determined that it is
not reasonably practicable to accomplish the business purpose intended by the matter on which the shareholders are entitled to vote, which business purpose must be bona fide and not for the primary
purpose of causing the redemption date acceleration, in a commercially reasonable manner that does not result in such a vote; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the holders of 2012 Exchangeable Shares are entitled to vote as shareholders of Canadian Exchange&nbsp;Co. on a proposed
change to the rights of the holders of 2012 Exchangeable Shares where the approval of such change would be required to maintain the equivalence of the 2012 Exchangeable Shares with the shares of
McEwen Mining common stock and the holders of 2012 Exchangeable Shares fail to take the necessary action at a meeting or other vote of the holders of 2012 Exchangeable Shares, to approve or
disapprove, as applicable, the matter. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><I> Purchase for Cancellation  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to applicable law and the Articles of Incorporation of Canadian Exchange&nbsp;Co., Canadian Exchange&nbsp;Co. may at any
time purchase for cancellation all or any part of the outstanding 2012 Exchangeable Shares by private agreement with any holder of such 2012 Exchangeable Shares or by tender to all holders of record
of the 2012 Exchangeable Shares or through the facilities of any stock exchange on which the 2012 Exchangeable Shares are listed or quoted at any price per share together with the dividend amount for
which the record date has occurred prior to the date of purchase. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> Call Rights  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As further described below, we and Callco have certain overriding rights to acquire 2012 Exchangeable Shares from the holders thereof.
In each case, we have the initial call right and to the extent we do not exercise our right, Callco may exercise its right. A holder of 2012 Exchangeable Shares will be subject to different Canadian
federal income tax consequences depending upon whether </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>36</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>the
call rights are exercised and by which entity and whether the relevant 2012 Exchangeable Shares are redeemed by Canadian Exchange&nbsp;Co. if the call rights are not exercised. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> Change of Law Call Right  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of we and Callco has an overriding change of law call right to purchase (or to cause Callco to purchase) from all but not less
than all of the holders of 2012 Exchangeable Shares (other than McEwen Mining and its subsidiaries) all but not less than all of the 2012 Exchangeable Shares held by each such holder in the event of
any amendment to the </FONT><FONT SIZE=2><I>Income Tax Act</I></FONT><FONT SIZE=2> (Canada) and other applicable provincial income tax laws that permits holders of 2012 Exchangeable Shares who
(a)&nbsp;are resident in Canada, (b)&nbsp;hold their 2012 Exchangeable Shares as capital property, and (c)&nbsp;deal at arm's length with us or Canadian Exchange&nbsp;Co., to exchange their
2012 Exchangeable Shares without requiring such holders to recognize any gain or loss or any actual or deemed dividend in respect of such exchange for the purposes of the </FONT> <FONT SIZE=2><I>Income Tax Act</I></FONT><FONT SIZE=2> (Canada) or
applicable provincial income tax laws. The purchase price under the change of law call right is satisfied by delivering to
the holder of 2012 Exchangeable Shares one share of our common stock of McEwen Mining for each 2012 Exchangeable Share purchased plus the dividend amount, if any. In the event of the exercise of the
change of law call right by us or Callco, as the case may be, each holder of 2012 Exchangeable Shares shall be obligated to sell all the 2012 Exchangeable Shares held by such holder to us or Callco,
as the case may be, on the change of law call date upon payment by us to such holder of the purchase price for each such 2012 Exchangeable Share. To exercise the change of law call right, we or Callco
must notify the transfer agent of our or its intention to exercise such right at least 45&nbsp;days before the date on which we or Callco intend to acquire the 2012 Exchangeable Shares. The transfer
agent will notify the holders of 2012 Exchangeable Shares as to whether we or Callco have exercised the change of law call right forthwith after receiving notice from us or Callco. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, neither we nor Callco shall be entitled to exercise the change of law call right if more than 5% of the 2012 Exchangeable Shares are held by U.S.
residents. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> Retraction Call Right  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the share provisions, each of we and Callco has an overriding retraction call right to acquire all but not less than all of the
2012 Exchangeable Shares that a holder
of 2012 Exchangeable Shares requests Canadian Exchange&nbsp;Co. to redeem on the retraction date. Callco is only entitled to exercise its retraction call right with respect to those holders of 2012
Exchangeable Shares, if any, for which we have not exercised our retraction call right. The purchase price under the retraction call right is satisfied by delivering to the holder of 2012 Exchangeable
Shares one share of our common stock for each 2012 Exchangeable Share purchased plus the dividend amount, if any. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the time of a retraction request by a holder of 2012 Exchangeable Shares, Canadian Exchange Co. will immediately notify us and Callco and either we or Callco must then advise Canadian
Exchange&nbsp;Co. within five business days if we choose to exercise the retraction call right. If we or Callco do not advise Canadian Exchange&nbsp;Co. within the five-business day
period, Canadian Exchange&nbsp;Co. will notify the holder as soon as possible thereafter that neither of us will exercise the retraction call right. Unless the holder revokes his or her retraction
request, on the retraction date the 2012 Exchangeable Shares that the holder has requested Canadian Exchange&nbsp;Co. to redeem will be acquired by us or Callco (assuming either we or Callco
exercise the retraction call right) or redeemed by Canadian Exchange&nbsp;Co., as the case may be, in each case for the retraction call purchase price as described in the preceding paragraph. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>37</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><I> Liquidation Call Right  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the share provisions, each of we and Callco have an overriding liquidation call right, in the event of and notwithstanding a
proposed liquidation, dissolution or winding up of Canadian Exchange&nbsp;Co., to acquire all but not less than all of the 2012 Exchangeable Shares then outstanding (other than 2012 Exchangeable
Shares held by McEwen Mining or our subsidiaries). Callco is only entitled to exercise its liquidation call right with respect to those holders of 2012 Exchangeable Shares, if any, for which we have
not exercised our liquidation call right. The purchase price under the liquidation call right is satisfied by delivering to the holder of 2012 Exchangeable Shares one share of our common stock for
each 2012 Exchangeable Share purchased plus the dividend amount, if any. Upon the exercise by us or Callco of the liquidation call right, the holders will be obligated to transfer their 2012
Exchangeable Shares to us or Callco, as the case may be, for the purchase price described above. The acquisition by us or Callco of all of the outstanding 2012 Exchangeable Shares upon the exercise of
the liquidation call right will occur on the effective date of the voluntary or involuntary liquidation, dissolution or winding up of Canadian Exchange&nbsp;Co. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
exercise the liquidation call right, we or Callco must notify Canadian Exchange&nbsp;Co.'s transfer agent in writing, as agent for the holders of the 2012 Exchangeable Shares, the
trustee and Canadian Exchange&nbsp;Co. of our or Callco's intention to exercise this right at least 30&nbsp;days before the liquidation date in the case of a voluntary liquidation, dissolution or
winding up of Canadian Exchange&nbsp;Co. and at least five business days before the liquidation date in the case of an involuntary liquidation, dissolution or winding up of Canadian
Exchange&nbsp;Co. The transfer agent will notify the holders of 2012 Exchangeable Shares as to whether or not we or Callco have exercised the liquidation call right after the earlier of
(a)&nbsp;the date notice of exercise has been provided to the transfer agent and (b)&nbsp;the expiry of the date by which the same may be exercised by us or Callco. If we or Callco exercise the
liquidation call right on the liquidation date, we or Callco will purchase and the holders will sell all of the 2012 Exchangeable Shares for an amount equal to the liquidation call exercise price as
described in the preceding paragraph. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> Redemption Call Right  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the share provisions, we and Callco have an overriding redemption call right, notwithstanding any proposed redemption of the 2012
Exchangeable Shares by Canadian Exchange&nbsp;Co., to acquire all but not less than all of the 2012 Exchangeable Shares then outstanding (other than 2012 Exchangeable Shares held by us or our
subsidiaries). Callco is only entitled to exercise its redemption call right with respect to those holders of 2012 Exchangeable Shares, if any, for which we have not exercised our redemption call
right. The purchase price under the redemption call right will be satisfied by delivering to the holder one share of McEwen Mining common stock plus the dividend amount, if any. In the event of the
exercise of the redemption call right by us or Callco, as the case may be, each holder of 2012 Exchangeable Shares will be obligated to sell all their 2012 Exchangeable Shares to us or Callco, as the
case may be, on the redemption date upon payment by us or Callco, as the case may be, to such holder of the purchase price for such 2012 Exchangeable Shares. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
exercise the redemption call right, we or Callco must notify Canadian Exchange&nbsp;Co.'s transfer agent in writing, as agent for the holders of the 2012 Exchangeable Shares, and
Canadian Exchange&nbsp;Co. of our or Callco's intention to exercise this right at least 30&nbsp;days before the redemption date (other than in the case of an accelerated redemption date described
above, in which case we or Callco, as the case may be, must notify the transfer agent and Canadian Exchange&nbsp;Co. on or before the redemption date). The transfer agent will notify the holders of
2012 Exchangeable Shares as to whether or not we or Callco exercised the redemption call right after the earlier of (a)&nbsp;the date notice of exercise has been provided to the transfer agent and
(b)&nbsp;the expiry of the date by which the same may be exercised by us or Callco. If we or Callco exercise the redemption call right on the redemption date, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>38</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>we
or Callco will purchase and the holders will sell all of the 2012 Exchangeable Shares for an amount equal to the redemption call purchase price as described in the preceding paragraph. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> Effect of Call Rights Exercise  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If McEwen Mining or Callco exercises one or more of its call rights, shares of our common stock will be directly issued to holders of
2012 Exchangeable Shares and we or Callco, as the case may be, will become the holder of the 2012 Exchangeable Shares. We or Callco will not be entitled to exercise any voting rights attached to the
2012 Exchangeable Shares that are acquired
from the holders. If we or Callco decline to exercise the call rights when applicable, we will be required, under a support agreement, to issue shares of our common stock to the holders of 2012
Exchangeable Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> Voting Rights  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of directors of Canadian Exchange&nbsp;Co. is fixed at three and the rights attaching to the 2012 Exchangeable Shares
entitle holders of 2012 Exchangeable Shares a limited right to vote on the election or appointment of one director but such holders have no rights to vote on the election of the remaining two
directors. In addition, the holders of the exchangeable shares are entitled to receive notice of any meeting of the shareholders of Canadian Exchange&nbsp;Co. and to attend and vote thereat, except
those meetings where only holders of a specified class or particular series of shares are entitled to vote, and each holder of 2012 Exchangeable Shares is entitled to one vote per 2012 Exchangeable
Share in person or by proxy. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> Ranking  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of 2012 Exchangeable Shares are entitled to a preference over holders of any common shares of Canadian Exchange&nbsp;Co. and
any other shares ranking junior to the 2012 Exchangeable Shares with respect to the payment of dividends and the distribution of assets in the event of the liquidation, dissolution or winding up of
Canadian Exchange&nbsp;Co., whether voluntary or involuntary, or any other distribution of the assets of Canadian Exchange&nbsp;Co. among its shareholders for the purpose of winding up its
affairs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> Dividends  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of 2012 Exchangeable Shares are entitled to receive dividends equivalent to the dividends, if any, paid from time to time by us
on shares of our common stock. The declaration date, record date and payment date for dividends on the 2012 Exchangeable Shares must be the same as that for any corresponding dividends on shares of
our common stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> Amendment and Approval  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights, privileges, restrictions and conditions attaching to the 2012 Exchangeable Shares may be added to, changed or removed only
with the approval of the holders of the 2012 Exchangeable Shares. Any approval required to be given by the holders of the 2012 Exchangeable Shares to add to, change or remove any right, privilege,
restriction or condition attaching to the 2012 Exchangeable Shares or any other matter requiring the approval or consent of the holders of the 2012 Exchangeable Shares as a separate class (other than
the election of a single director) shall be deemed to have been sufficiently given if it has been given in accordance with applicable law, subject to a minimum requirement that such approval be
evidenced by a resolution passed by not less than 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the votes cast on such resolution, excluding 2012 Exchangeable Shares beneficially owned by us or any of our subsidiaries, at
a meeting of holders of 2012 Exchangeable Shares duly called and held at which the holders of at least 10% of the outstanding 2012 Exchangeable Shares at that time are present or represented by proxy. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>39</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=95,EFW="2211578",CP="MCEWEN MINING INC",DN="1",CHK=998147,FOLIO='39',FILE='DISK133:[12ZCZ2.12ZCZ72502]DK72502A.;4',USER='CHE105322',CD='25-OCT-2012;10:52' -->
<A NAME="page_dk72502_1_40"> </A>


<P style="font-family:times;"><FONT SIZE=2><B> Previously Issued Series&nbsp;A Special Voting Preferred Stock and 2007 Exchangeable Shares  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Series&nbsp;A Preferred Share was issued in connection with the acquisition of White Knight Resources&nbsp;Ltd., Nevada Pacific
Gold&nbsp;Ltd. and Tone Resources Limited in 2007 to facilitate the issuance of exchangeable shares ("2007 Exchangeable Shares") of our wholly-owned indirect subsidiary, US Gold Canadian Acquisition
Corporation ("2007 Acquisition&nbsp;Co."). The 2007 Exchangeable Shares were exchangeable on a one-for-one basis into shares of our common stock. On March&nbsp;26, 2012, we
announced that the board of directors of 2007 Acquisition&nbsp;Co. established a redemption date of May&nbsp;30, 2012 for all of the then outstanding 2007 Exchangeable Shares and that US Gold
Alberta&nbsp;ULC, our wholly-owned indirect subsidiary ("Alberta&nbsp;ULC") elected to exercise its overriding redemption call right to acquire all of the then outstanding 2007 Exchangeable Shares
(other than the 2007 Exchangeable Shares held by McEwen Mining and its subsidiaries) on May&nbsp;29, 2012. In accordance with the Articles of Incorporation of 2007 Acquisition&nbsp;Co., after
May&nbsp;29, 2012, all holders of 2007 Exchangeable Shares have no further rights as holders thereof other than the right to receive shares of our common stock. As of May&nbsp;29, 2012, there were
2,494,849 2007 Exchangeable Shares not held by McEwen Mining and its subsidiaries for which our shares of common stock had not yet been exchanged. In accordance with our Articles of Incorporation, as
a result of there not being any outstanding 2007 Exchangeable Shares nor shares of stock, debt, options or other agreements, obligations or commitments of 2007 Acquisition&nbsp;Co. which could by
its terms require 2007 Acquisition&nbsp;Co. to issue 2007 Exchangeable Shares to any person, the
Series&nbsp;A Preferred Share was retired and cancelled and became an authorized but unissued share of preferred stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Transfer Agents  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computershare Investor Services&nbsp;Inc. is the transfer agent for our common stock. The principal office of Computershare is
located at 250 Royall Street, Canton, MA, 02021 and its telephone number is (303)&nbsp;262-0600. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computershare
Investor Services&nbsp;Inc. is the transfer agent for the 2012 Exchangeable Shares. Its principal office is located at 100 University Avenue,
9<SUP>th</SUP>&nbsp;Floor, North Tower, Toronto, Ontario M5J&nbsp;2Y1 and its telephone number is (514)&nbsp;982-7555. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dk72502_where_to_find_additional_information"> </A>
<A NAME="toc_dk72502_1"> </A>
<BR></FONT><FONT SIZE=2><B>  <A NAME="Where2"></A>WHERE TO FIND ADDITIONAL INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We file annual, quarterly and current reports, proxy statements and other information with the SEC. You may read and copy materials we
have filed with the SEC at the SEC's public reference room at 100&nbsp;F Street, N.E., Washington, DC 20549. Please call the SEC at 1-800-SEC-0330 for further
information on the operation of its public reference room. Our SEC filings also are available to the public on the SEC's Internet site at www.sec.gov. In addition, we maintain an Internet website that
contains information about us, including our SEC filings, at www.mcewenmining.com. The information contained on our website does not constitute a part of this prospectus. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dk72502_incorporation_of_certain_information_by_reference"> </A>
<A NAME="toc_dk72502_2"> </A>
<BR></FONT><FONT SIZE=2><B>  INCORPORATION OF CERTAIN INFORMATION BY REFERENCE    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC allows us to "incorporate by reference" in this prospectus certain information we file with the SEC, which means that we may
disclose important information in this prospectus by referring you to the document that contains the information. The information incorporated by reference is considered to be a part of this
prospectus, and the information we file later with the SEC will automatically update and supersede the information filed earlier. We incorporate by reference the documents listed below and any filings
we make with the SEC under Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act after the initial filing of the registration statement
that contains this prospectus and until the offering of the securities covered by this prospectus is completed; provided, however, that </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>40</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dk72502_1_41"> </A>

<P style="font-family:times;"><FONT SIZE=2>we
are not incorporating by reference any additional documents or information furnished and not filed with the SEC:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2011 filed with the SEC on
March&nbsp;12, 2012 and Form&nbsp;10-K/A filed with the SEC on June&nbsp;18, 2012; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Our Quarterly Reports on Form&nbsp;10-Q for the quarterly period ended March&nbsp;31, 2012 filed with the
SEC on May&nbsp;9, 2012; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Our Current Reports on Form&nbsp;8-K or Form&nbsp;8-K/A filed with the SEC on March&nbsp;12,
2012, April&nbsp;4, 2012, April&nbsp;18, 2012, April&nbsp;24, 2012 and May&nbsp;9, 2012. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may obtain copies of any of these filings by contacting us at the address and telephone number indicated below or by contacting the SEC as described above. You may request a copy of
these filings, and any exhibits we have specifically incorporated by reference as an exhibit in this prospectus, at no cost, by writing or telephoning to: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>McEwen
Mining&nbsp;Inc.<BR>
181 Bay Street, Bay Wellington Tower, Suite&nbsp;4750<BR>
P.O.&nbsp;Box&nbsp;792<BR>
Toronto, ON<BR>
Canada M5J&nbsp;2T3<BR>
Attn: Investor Relations<BR>
(866)-441-0690 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Readers
should rely only on the information provided or incorporated by reference in this prospectus or in any applicable supplement to this prospectus. Readers should not assume that
the information in this prospectus, any post-effective amendment and any applicable supplement is accurate as of any date other than the date on the front cover of the document. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dk72502_experts"> </A>
<A NAME="toc_dk72502_3"> </A>
<BR></FONT><FONT SIZE=2><B>  <A NAME="Experts2"></A>EXPERTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our consolidated financial statements as of December&nbsp;31, 2011 and for each of the years in the three-year period
ended December&nbsp;31, 2011, and management's assessment of the effectiveness of internal control over financial reporting as of December&nbsp;31, 2011 have been incorporated by reference in this
prospectus in reliance upon the reports of KPMG&nbsp;LLP, Toronto, Canada, independent registered public accounting firm, which have been incorporated by reference herein upon the authority of said
firm as experts in accounting and auditing. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dk72502_legal_matters"> </A>
<A NAME="toc_dk72502_4"> </A>
<BR></FONT><FONT SIZE=2><B>  LEGAL MATTERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with particular offerings of securities in the future, the legal validity of the securities will be passed upon for us by
underwriters, dealers or agents, and counsel named in the applicable prospectus supplement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>41</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
