<SEC-DOCUMENT>0001104659-14-083195.txt : 20141125
<SEC-HEADER>0001104659-14-083195.hdr.sgml : 20141125
<ACCEPTANCE-DATETIME>20141125120656
ACCESSION NUMBER:		0001104659-14-083195
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20141121
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20141125
DATE AS OF CHANGE:		20141125

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			McEwen Mining Inc.
		CENTRAL INDEX KEY:			0000314203
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				840796160
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33190
		FILM NUMBER:		141248555

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 2800
		STREET 2:		150 KING STREET WEST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5H 1J9
		BUSINESS PHONE:		647-258-0395

	MAIL ADDRESS:	
		STREET 1:		SUITE 2800
		STREET 2:		150 KING STREET WEST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5H 1J9

	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>8-K
<SEQUENCE>1
<FILENAME>a14-25121_18k.htm
<DESCRIPTION>8-K
<TEXT>


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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Pursuant to Section&nbsp;13 or 15(d)&nbsp;of the Securities Exchange Act of 1934</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (Date of earliest event reported):&#160; <b>November&nbsp;21, 2014</b></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">McEWEN MINING INC.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as specified in its charter)</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">001-33190</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">84-0796160</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other jurisdiction of<br>   incorporation or organization)</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number)</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identification No.)</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">150 King Street West, Suite&nbsp;2800</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Toronto, Ontario, Canada M5H 1J9</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive offices) (Zip Code)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone number including area code:&#160; <b>(866) 441-0690</b></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 7.01</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Regulation FD Disclosure.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On November&nbsp;21, 2014, McEwen Mining Inc. (the &#147;Company&#148;) held a conference call for the Company&#146;s shareholders.&#160; A transcript of the conference call is attached to this report as Exhibit&nbsp;99.1.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information furnished under this Item 7.01, including the exhibits, shall not be deemed &#147;filed&#148; for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by reference to such filing.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.01</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Financial Statements and Exhibits.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Exhibits. The following exhibit is furnished with this report:</font></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Transcript of shareholder discussion conference call dated November&nbsp;21, 2014</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-indent:-1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Cautionary Statement</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With the exception of historical matters, the matters discussed during the conference call include forward-looking statements within the meaning of applicable securities laws that involve risks and uncertainties that could cause actual results to differ materially from projections or estimates contained therein. Such forward-looking statements include, among others, statements regarding future exploration, development, and production activities. Factors that could cause actual results to differ materially from projections or estimates include, among others, metal prices, economic and market conditions, operating costs, receipt of permits, receipt of working capital, state of the capital markets and future drilling results, as well as other factors described in our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2013, and other filings with the United States Securities and Exchange Commission (&#147;SEC&#148;). Most of these factors are beyond the Company&#146;s ability to predict or control. The Company disclaims any obligation to update any forward-looking statement made in the press release, whether as a result of new information, future events, or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2<a name="PB_2_025024_7056"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURE</font></u></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of Section&nbsp;13 or 15(d)&nbsp;of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">McEWEN   MINING INC.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:   November&nbsp;25, 2014</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   <i>Perry Y. Ing</i></font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Perry   Y. Ing, Vice President<br>   and Chief Financial Officer</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3<a name="PB_3_025122_5335"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;Index</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following is a list of the Exhibits furnished herewith.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description   of Exhibit</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transcript   of shareholder discussion conference call dated November&nbsp;21, 2014.</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4<a name="PB_4_025212_5796"></a></font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.1</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MARKETWIRED</font></p>
<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Moderator: Rob McEwen</font></p>
<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11-21-14/2:00 p .m. ET</font></p>
<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Confirmation # 37560340</font></p>
<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MARKETWIRED</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Moderator:&nbsp;&nbsp;Rob McEwen</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">November&nbsp;21, 2014</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2:00&nbsp;p.m. ET</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operator:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Good   afternoon, ladies and gentlemen, and welcome to the McEwen Mining Shareholder   Discussion conference call. I would now like to turn the meeting over to   Mr.&nbsp;Rob McEwen, chief owner. Please go ahead, Mr.&nbsp;McEwen.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rob   McEwen:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thank   you, Operator. Good afternoon, ladies and gentlemen. Or good morning in other   parts of the country. I&#146;d like to thank you for joining us, give you &#151; I   wanted to give you a little bit of history. When we had our conference call a   week or so ago, our quarterly call, there seemed to be an appetite for   further discussion and comment about the gold market, about the company, and   we thought it would be very opportune to ask &#151; provide a venue for   shareholders to ask more questions than came out in the conference call.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">And   so we&#146;ve allocated about an hour-and-a-half today to field questions. And we   put a bulletin board up where you could put sticky notes, basically, with   questions and there was a very large response to that, which I thank you very   much for. It covers a fairly large range of topics.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">And   we&#146;re going to approach it. We&#146;ve taken those questions and compressed them a   bit, and we&#146;ll have a number of members of management speaking to these   questions. We&#146;re going to start off with Perry Ing, our CFO, and he&#146;s going   to talk about MUX and the gold price and how it might affect the industry, our   own particular costs, talking also about our shares and financing. Nathan   Stubina will be talking about our production, what we&#146;re doing to deal with   this lower price environment. Andrew Elinesky will be talking about</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1<a name="PB_1_021517_7056"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina,   Los Azules, San Jose, and looking largely at Los Azules and seeing what we   might be able to do with that. Is that a source of liquidity?</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Move   on &#151; here are some M&amp;A questions that were posed. Craig Stanley will be   dealing with that. He&#146;s head of corporate development. We&#146;ll move along to   strategy, which I&#146;ll cover off. I&#146;m going to come back to Perry, talking   about the central bank and some of their activities, and then we&#146;re going to   move onto price manipulation or possible manipulation in ETF trading,   physical gold, and U.S. currencies.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">And   after we&#146;ve gone through all of those, if we haven&#146;t answered your questions,   we invite you to pose additional questions that we&#146;ll cover off.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I   hope I didn&#146;t run too fast through that for you. But I&#146;ll start with &#151; by   asking Perry to speak about a number of the topics raised relating to our   company and the gold price. Perry?</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Perry   Ing:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thank   you, Rob. Yes, as Rob has stated, we received a number of questions from investors   about how we are handling the current decline in the gold price and what   we&#146;re seeing around the industry and how we would handle,&nbsp;I guess,   subsequent declines in gold price, should they occur.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">So   turning to that, let&#146;s start with our own operations. We&#146;ve certainly taken   actions that will respond to the lower gold price environment by adjusting   our mine (find) in Mexico to focus on mining of profitable ounces while   retaining the optionality to increase production in response to a rebound in   prices.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As   you&#146;ll note in our press release on November&nbsp;10th, we&#146;ve provided cash   cost guidance for 2015 of $750 per ounce and an all-in sustaining cost of   $1,050 per ounce on a production profile of 145,000 ounces for next year.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Out   of our mine in Mexico, we reduced our initial production guidance to 50,000   ounces from the original forecast of 75,000 ounces in order to bring our   projected costs down to $550 for cash costs and $750 for all-in sustaining   costs.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We   believe that these costs are achievable with this new plan, along with   decreases in input costs that we are seeing across industry and with cost   saving initiatives that are currently underway, which Nathan Stubina will be   talking about. So hopefully we can even exceed some of these targets, should   we be able to execute on our strategy.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Should   prices rebound to higher levels, we can then review our production targets   and adjust accordingly. While we can&#146;t flip a switch and increase production   overnight, we do have a number of factors working in our favor, such as the   use of contract miners who can more easily increase or decrease mining and   (haul) capacity than we could on our own, as well as our crusher and plant   expansion to 4,500 tons per day being completed.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As   well, our gold deposits in Mexico are spread over multiple pits which allow   for greater flexibility in terms of where and how much we mine. Meanwhile, in   Argentina, our joint venture partners Hochschild are also working hard to   bring down costs at the San Jose mine. Our initial cost guidance for next   year is a cash cost of $750 per ounce and an all-in sustaining cost of $1,050   per ounce.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">So   at current metal prices, we do not expect to receive significant dividends   from San Jose next year, but you certainly see a lot of leverage to gold and   silver prices, should they rebound.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based   on this production profile, we should be able to generate positive cash flows   from our operation. How low could the gold price go that we could withstand?   That&#146;s certainly a difficult question to answer, since it would depend on how   input costs in our industry react accordingly, as well as foreign exchange   rates in the country is where we operate.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certainly,   in Argentina, inflation and cost pressures can continue to be significant.   Looking at the industry as a whole, should prices fall below $1,000 per   ounce, it would certainly be a very, very challenging environment for the   majority of producers as a whole.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Right   now, you&#146;re seeing average cash costs in the industry in the $600 to $800   range and all-in sustaining cost out of $1,000, so even at current prices,</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3<a name="PB_3_021716_5796"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">there&#146;s   very little margin, and should the prices fall further, then you&#146;ll obviously   see some contraction in the industry as higher cost operations would need to   shut down.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Now,   we did have some questions asking, you know, in terms of the big picture,   gold industry, what production could look like, according to a graph put out   by the CPM Group, we are expected to see production scheduled to increase   still for next year to a global total of about 95 million ounces. Obviously,   with gold price coming down, you&#146;ll probably see that coming in a little bit   less, as the higher price operations shut down.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">And   then going beyond 2015, you&#146;re already seeing significant declines after that   as 2015 looks at the peak production year as grades decline at some of the   bigger operations.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">So   then looking at our costs, we certainly also had some questions about how the   decrease in energy costs could potentially affect our operations with global   oil prices having declined from the $100 range down to the $75 range that it   currently sits now.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For   us, fuel costs at our operation in Mexico, direct costs are about 4 percent   of overall &#151; of our direct costs. However, when you include the fuel   components that we paid to our mining contractor, you&#146;re probably looking at   a total cost component of about 20 percent. However, gas and diesel is a   regulated industry in Mexico, so while gas prices are slightly cheaper than   in the United States, diesel prices are roughly market prices. And our   current expectation is that scheduled price increases that we&#146;ve seen in   Mexico will continue absent, you know, a very large drop in oil prices, given   that oil is just one of the components of gas and diesel costs. So,   unfortunately, despite that decrease in oil price, we do not expect to see   significant savings over the next year.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Turning   to &#151; we&#146;ve also had some questions about some of our other costs, what the   major components are. Obviously, you know, contract mining services   constitute a large percentage of our costs, just over 50 percent. Salaries   for our personnel, roughly 7 percent. Consumables and reagents,</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4<a name="PB_4_021810_2897"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">approximately   18 percent. And explosives, approximately 7 percent. So that will give you an   idea of kind of the major cost categories that we&#146;re looking at, at our   operations.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We&#146;ve   also had some questions about whether we&#146;ll need to issue more shares to   raise capital. Again, that&#146;s more of a strategic decision. We certainly   believe that we can withstand the current environment without issuing shares,   but certainly there may be opportunities where issuing shares may be   advantageous in M&amp;A or other situations, should we feel that provides a   best return to shareholders.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">So   with that,&nbsp;I&#146;ll turn the presentation over to Nathan Stubina.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nathan   Stubina:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Yes.   Can you hear me?</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Perry   Ing:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loud   and clear.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nathan   Stubina:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OK,   great. I&#146;m phoning in from Mexico, so I&#146;m hoping the line is clear. Just some   comments on production now. Things are going full-speed ahead. We&#146;re trying   everything we can to make the guidance by the end of the year, and things are   going very well. We&#146;re crushing 6,000 to 8,000 tons a day. The grade of gold   in the crushed product, it keeps going up, and the gold going to the ADR   plant is now showing through. So we still have several more ports to go by   the end of the year and we&#146;re doing everything we can to get us to that   37,000 level that our guidance showed.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On   the cost site, there are things we can do. For example, one of our major   consumables is cyanide. We&#146;re going &#151; as people probably know, a few years   ago, cyanide was in tremendous demand and the price kept going up. Now with   the decline in the price of gold and other metals, the cyanide price has been   coming down, and we&#146;ve approached several people and are getting better   pricing, which will show up almost immediately there, and we&#146;re doing that to   a few of our major consumables.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There   were some questions that were sent in concerning security. And I can tell you   that the &#151; the El Gallo mine is up to industry standards, with the</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5<a name="PB_5_021848_3020"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">internal   security and, you know, guards around the place, so everything is &#151; you know,   as one would expect from a gold mine.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our   ore doesn&#146;t really have a lot of visible gold or nuggets. In fact, there was   no visible gold or nuggets. That&#146;s not something that people can come in and   go in our pits and look for gold. It&#146;s not like other operations around the   world. It&#146;s very dilute there. So the only &#151; you know, there&#146;s no need for   people to go in there and nobody has ever breached the security there.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">So   just to conclude, you know, we&#146;re doing we can, and with the mine plan of   50,000 for next year, everything is shaping up at the end of this year   that&#146;ll, you know, give us a good springboard into next year. The grades are   going up. The pressure is working fine. The plan&#146;s working fine. The mine is   producing, so we&#146;re in very good shape for the end of this year going into   2015.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thank   you.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Andrew   Elinesky:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I   believe I&#146;m next. It&#146;s Andrew Elinesky. I&#146;m in charge of our assets in   Argentina. And as you would expect, there was a number of queries with   regards to the state of Argentina, and in particular Los Azules, our large   copper deposit in the Andes Mountains.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I&#146;ll   provide a basic update on what&#146;s going on in Argentina, not particular to our   assets, but just the general environment. There&#146;s an election obviously   coming up in a year from now, which means the country is in a bit of a   holding pattern. People are waiting to see who the players will be for the   upcoming election. And as such, it becomes &#151; it becomes quite quiet from the   perspective of decision-making.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There&#146;s   been obviously a lot going on with the bondholder situation. But obviously,   Argentina has enough foreign reserves right now to continue on without   accessing international debt markets, and as such, they&#146;re continuing their   hard line with those holdouts and continue to fight it in courts, or as the   case may be, not fight it in the courts and walk away.</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6<a name="PB_6_021937_7748"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One   shareholder question said, you know, what&#146;s the good, the bad and the ugly   for Argentina? And that might be a most direct way of, you know, summarizing   what&#146;s happening there. And I&#146;ll start with the ugly. There is a continued   perception of higher risk in Argentina. Political risk, obviously, is the   first and foremost thought that generally comes into people&#146;s minds when they   think of Argentina. I have a bit of a more positive spin on it, having worked   there, because actually it&#146;s a perception of high risk.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There   are some elements there that are obviously quite risky, and the Argentinean   government sometimes makes decisions that don&#146;t come across very favorably at   all. And I&#146;m referring, obviously, to the re-nationalization of YPF and some   other quick knee-jerk reactions, such as the removal of the mining industry&#146;s   preferential treatment on their export revenue repatriation. Sometimes   there&#146;s not a lot of dialogue on those items, and they kind of come out of   left field for investors &#151; the investor &#151; investment community, and obviously   that &#151; the lack of dialogue and unexpectedness is very difficult to react to   and to incorporate into anybody&#146;s models.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">However,   it is a perception of high risk. And perhaps I&#146;ll touch on the good bits in a   bit on how that &#151; it is a perception, maybe. From a bad perspective,   Argentina still has a number of difficult economic conditions, such as   inflation being a primary one, as well as the artificial valuation or   propping up of their peso.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Obviously,   that has the expected negative knock-on effect, such as making, you know,   labor costs and supply costs higher than they should be. And also some   negative knock-on effects, such as actions by unions, because obviously the   unions and labors are looking out for themselves in terms of trying to make   themselves whole against enacting against inflation, which is running   rampant, and despite what the government may say is, you know, running in the   mid-20 percent.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Now,   from a good perspective, what a lot of people forget about Argentina is it&#146;s   a very mature and established country, a long &#151; a long history there of, you   know, political, legal and economic infrastructure. While mining is a   relatively young industry for the country, they are very familiar with oil   and</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7<a name="PB_7_022013_141"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">they   have seen the benefits of an extractive industry and what it can provide to a   country, in terms of revenues be direct or indirect.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">They   have made a concerted effort in the last 20 years to make mining a pillar of   their economy, and obviously a country such as themselves so heavily reliant   on export revenues to bring &#151; to bring cash into the country, they understand   the importance that mining can bring and play in their economy.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mining   being a relatively young industry, as well, means there&#146;s still highly   prospective areas within the country, and mining, as we said, is young and   there&#146;s a lot of advantages there and a lot of untapped potential.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Now,   particular to our case, there&#146;s been a lot of questions about Los Azules. And   for a bit of background, for those who may not be familiar with it, we   obviously ran through a public sales process in an attempt to monetize Los   Azules&#146; copper deposit. We ran that back in 2013. And we decided to cut that   process short, one reason being there was an apparent need for the money,   because we&#146;re looking at other ways to develop El Gallo, our silver project   in Mexico, as well as the, you know, lack of interest, as well, on the   project and in terms of a suitable sale price.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I   think a lot of people have asked, you know, the value that we attribute to   that. We have &#151; we have carried a book value of just over $300 million in our   books. And as such, you know, we feel that the street would then value that   at a discount, save 20 percent to 30 percent of that net asset value. And   that&#146;s been fairly consistent (inaudible) last couple years after &#151; has   probably been a discount after things kicked off in Argentina a couple years   ago. And in the meantime, copper has remained relatively stable compared to   the price of gold and silver, so we feel that the carrying value of Los   Azules is, you know, been fairly constant for us the last couple of years.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There&#146;s   been some other questions with regards to would we sell it for less than what   we wanted. You know, do assets such as this get nationalized, et cetera? And   to answer those questions,&nbsp;I would say &#151; one from a nationalization   perspective, as I touched on earlier, money is a young industry in Argentina,   and while the government has re-nationalized YPF, they haven&#146;t</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">nationalized   any other assets, and I really don&#146;t see the Argentine government dipping   their fingers into mining assets at this point.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">They   have such a lack of experience in operating mines that it&#146;s just not on their   radar,&nbsp;I believe. And with regards to, you know, Los Azules and selling   that project, obviously, you know, we continue to look at ways which we can   capitalize on that asset. However, we&#146;re going to do whatever we think is   best for the long-term value of our shareholders, and, you know, if we need   to continue to sit on the asset or continue to make it more attractive to   potential investors, then that&#146;s what we&#146;re going to continue to do.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I   believe that&#146;s all there is for Argentina at this point, so I&#146;ll pass the   conversation over to Craig Stanley.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Craig   Stanley:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thanks,   Andrew. So it&#146;s Craig Stanley here. I&#146;m vice president of corporate   development for the company. We continue to receive lots of questions in   regards to, is McEwen Mining exploring opportunities for mergers,   acquisitions, or sale of the company? I can tell you, we&#146;re not looking to   sell the company right now. We continue to look at lots of M&amp;A   opportunities. I hope you can appreciate that in this market, there are lots   of companies and assets for sale.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One   issue that we continue to face in this endeavor is that a lot of these   projects either cannot make money at current metal prices or they might be   encumbered by metal streams or high royalty payments. Nevertheless, the   search continues both on producing mines and exploration assets.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In   regards to our recent investment in visible gold, we did receive a question   here whether that&#146;s to be the start of a buyout or a merger with the company.   At present, it&#146;s just &#151; it&#146;s an investment where we think we can make money.   It&#146;s an interesting exploration company that was presented to Rob in the   company. Visible is an early-stage exploration play focused in Quebec,   following &#151; it&#146;s a news story in that it&#146;s following newly constructed road   that&#146;s being built through the heart of Quebec, thereby exposing new areas of   exploration within the province.</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9<a name="PB_9_022121_8146"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rob   had a lot of positive experiences running a similar type of fund when he was   at Goldcorp, and so we&#146;re hoping to &#151; you know, produce the similar types of   returns here to help offset our G&amp;A and perhaps have a total of the new   companies where maybe an acquisition could be possible further down the road.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We   also did receive a question here in regards to visible gold whether, you   know, can we create a new type of vehicle for investors to invest alongside   the company, perhaps, you know, a new class of shares or something like that?   It&#146;s an interesting thought. We are actually looking into this at present,   but for right now, the best exposure would be through investment in McEwen   Mining itself.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With   that,&nbsp;I&#146;m going to pass it over to Rob to talk about our strategy.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rob   McEwen:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thank   you, Craig.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Regarding   McEwen Mining strategy, there were a number of questions. The first one dealt   with, are we still looking to get into the S&amp;P 500? And the answer is   absolutely yes. That remains a firm goal. You might want to know why.   Currently there is only one gold stock in the S&amp;P 500, that being Newmont   Mining, and there are very few companies in the precious metals space that   can even qualify for the S&amp;P 500. You have to start by being an American   company, and you have to have a market capitalization in excess of $5   billion, which is a little bigger than we are right now, but it&#146;s always good   to have large goals and aim for them.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In   order to get there, we would have to have some strong organic growth, which   we believe we have, in addition to doing some M&amp;A work, bolting on   another company, or two, to us. And the question is, is it possible &#151; there&#146;s   a question to become a Goldcorp, well, if we got into the &#151; another Goldcorp,   if we got into the S&amp;P 500, we&#146;d be well on our way to becoming another   company similar to that.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There   was a question whether I would maintain my share position over the next 12   months. And I have no plans to sell my stock. I&#146;m more inclined to be a buyer   at this juncture than a seller, because I believe gold is &#151; always</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">believed gold is money and that it&#146;s going to become more valuable as we go forward in time.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Question about a buyback.&#160; There are no plans for a buyback right now, and that&#146;s driven largely by the fact &#151; by the size of our Treasury.&#160; We believe we might say, well, you bought some junior mining company, exploration company, but you didn&#146;t do a buyback.&#160; I think we can make money in the space.&#160; I think we&#146;re at or near the bottom of the gold market right now.&#160; If there&#146;s any downside, it&#146;s probably another 10 percent, but that&#146;s it.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">And many companies are selling well below where they should be and have large room on the upside.&#160; And so rather than consuming a Treasury that is not that large,&nbsp;I&#146;d like to add to that Treasury first and possibly a later date think about a buyback.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There was a question about a reverse split.&#160; There are no plans for a reverse split.&#160; We have good trading liquidity, better than a lot of our peers.&#160; And I&#146;ve often seen reverse splits &#151; if they&#146;re not accompanied by good news or some sort of corporate development, positive corporate development, a reverse split often leads to a much lower share price.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There&#146;s &#151; next question dealt &#151; well, there were several questions, numerous questions that dealt with what about, you know, lower price environments?&#160; Say if the silver price stayed below $25 for the next three to five years or if there was a correction in the gold price, taking it down to $950 or even as low as $700 an ounce, and wondering what our strategy would be.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Well,&nbsp;I&#146;ll go down to $700 an ounce, would we survive?&#160; We would, but we wouldn&#146;t be producing any metal.&#160; We would probably &#151; and $700 gold, we and the rest of the industry would be probably closing 90 percent of the gold mines in the world and silver mines.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">So you have some demand after that.&#160; I have a large investment in the company.&#160; My cost base, as many of you know, is $125 million.&#160; That&#146;s my cost base.&#160; I&#146;ve paid cash for that.&#160; I didn&#146;t get it for free, and it doesn&#146;t reflect the market value.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">So my interest is to protect my investment and your investment and grow it, not just sit on it.&#160; So if we saw lower prices we would move to reduce our expenses, but I can tell you, with those types of prices down &#151; not so much the silver price, but if a gold price got down to as low as $700, which I can&#146;t conceive of happening, but if it did, we would be a name &#151; we would be a company, but we wouldn&#146;t be a producer, unless we found some very good ways of reducing our costs, which we are looking at right now.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There was another question, would we be &#151; do we have any plans to merge with Lexam VG at the moment?&#160; And I can say, no, we do not have any plans to do so.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I would now like to turn the question-and-answer session over to Perry, who&#146;s going to talk about central bank dealings, and then I&#146;ll come back to you about price manipulation and fixing of such.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Perry Ing:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Sure, thanks, Rob.&#160; Yes, we have a couple questions about whether we could comment on the central banks around the world and the current demand for gold, as well as whether it&#146;s possible that they might be selling gold that we don&#146;t have.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certainly, we can only point to basically the official statistics in terms of what we know, you know, based on research by the World Gold Council, you know, currently, the main buyers of gold in terms of the central banks are mostly Russia and some of the former Soviet republics.&#160; They&#146;re currently the only major buyers in terms of the central banks right now of any real importance.&#160; Their purchases are currently about 400 tons per year combined, so annual supply-demand is roughly 4,000 tons per year.&#160; So it makes up roughly 10 percent of the market currently.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We do note that, you know, the third central bank gold agreement, the CBGA, expired this year recently and we&#146;re now into the fourth agreement.&#160; Under the agreement, certain central banks, primarily the European Central Bank, were limited to total sales of 2,000 tons of gold reserves over a five-year period.&#160; Well, actually, combined, they only actually sold 207 tons, so barely 10 percent of what was allowed.&#160; You&#146;re seeing a lot of noise right now in</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Switzerland, where there&#146;s an upcoming referendum on whether their central banks should increase the percentage of gold and other official reserves by a significant amount, so we&#146;ll see the outcome of that at the end of the month.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">China also remains a large question mark, since they don&#146;t publish regularly what their official gold reserves are.&#160; There&#146;s speculation that a lot of the domestic gold production in China goes to their central bank, given that their current holdings are relatively low compared to some of the Western countries.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">But they haven&#146;t released anything official since I believe 2009, when they published, they had just over 1,000 tons of reserves.&#160; And just to (inaudible) perspective, in terms of the ETF market, in 2013, out of GLD and some of the gold ETFs, you had almost 1,000 tons liquidated there alone in one year.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">So could some other banks be selling gold that they don&#146;t own?&#160; Certainly, you know, that&#146;s not something I have insight on, whether there&#146;s anything going on behind the scenes.&#160; I can only really point to what&#146;s published in the official statistics, so I&#146;ll turn it back to Rob.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rob McEwen:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Thank you, Perry.&#160; OK, price-fixing, manipulation, and other elements related to gold.&#160; There was a question regarding the London metal exchange, price-fixing, the procedural progress, next steps, indicated actions, and responsibility in the future.</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I don&#146;t have a lot of comments on that.&#160; It&#146;s in the hands of the regulators.&#160; There seems to be a bit of a witch hunt going on, and probably justifiably so, to find out, you know, how the banks have manipulated the interest rates, LIBOR, and they&#146;re fixing metal prices to support currencies.&#160; And it is in the hands of the regulators, and they seem to be influenced by the government to some degree.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I can say,&nbsp;I &#151; before this came up a number of years ago,&nbsp;I had the &#151; I&#146;ll call it the privilege of sitting in the chairman&#146;s chair of the gold fix, which was done several times a day in the offices of Rothschild&#146;s, and it was rather interesting to see that there were four other dealers in the rooms and they all sat at little desks and they had small flags on the desks, and when there was a balance of</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">orders between buy and sell, the flags went up and that determined the fix.&#160; And this happened several times a day every week.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Where we go from here, we have many markets in the world, and who&#146;s going to be &#151; have the responsibility for setting the gold price or assume that responsibility is an excellent question, and I think it&#146;s up for speculation.&#160; I could think of a couple of parties that might want to do it.&#160; Dubai has always wanted to be the center of gold trading.&#160; The Shanghai Gold Exchange is also vying for that.&#160; And (these other) international there may be some American or European parties that want to do that, as well.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We&#146;ll have to see how that comes out, but it&#146;s &#151; we are &#151; we have moved into a 24/7 type of environment for London fixing and perhaps the two &#151; the PM &#151; AM and PM fixes (and close) was a little too &#151; too antiquated for today&#146;s fast-moving markets.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There was a question about, could we mine the Comex?&#160; And that&#146;s basically, could you take better than holding back gold production, you&#146;d go into the markets and use cash to buy futures and take delivery of the gold on the Comex and make it a little more difficult for people to basically drop price.&#160; I think it&#146;s a wonderful concept.&#160; We just need producers with a lot of discretionary cash on their balance sheet, and in the current price environment, there&#146;s not a lot of that around.&#160; I think all the companies need a stronger Treasury to execute that scenario.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There was also a question relating to a quote by a former assistant secretary of the Treasury that says the central banks were manipulating the gold market and I do believe &#151; I don&#146;t think the central banks &#151; well, they probably are manipulating it, but they all have a mandate to manage their currencies, so they&#146;re operating with tools and legislation that allows them to adjust the price of various commodities and other financial instruments in a manner that they feel is best suited to preserve their currencies.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">So I don&#146;t think it&#146;s going to stop.&#160; Is the legal &#151; they seem to have the mandate to do it, so it&#146;s probably not illegal.&#160; Is it unethical?&#160; Probably, but,</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">again, they have the mandate.&#160; Can they keep doing it forever?&#160; If you look to economic history, they can keep it going for a while, but forever, never.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">And coincident with that question was, why hold gold stocks?&#160; Well,&nbsp;I think the last couple of days will give you an illustration why you might want to hold stock.&#160; They are more heavily oversold than gold and have some very powerful, upward moves when they&#146;re coming off the bottom.&#160; You have to be very nimble right now to take advantage of those moves, because they seem to be very short, but I think what we&#146;re seeing here is the beginning &#151; the starting of a recovery in this market.&#160; And it&#146;ll occur over the next 6 to 12 months, but I think you&#146;re going to see strong moves in the gold stocks, interrupted by some downward moves, but the trend is going to be going higher.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There was a question about ETFs.&#160; And the ETFs, a lot of the gold that they held has been sold, gone into refineries, has been melted down and minted and moved into convenient-sized bars that are in demand in Asia.&#160; There&#146;s been a huge amount of gold that&#146;s moved in that direction.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, you&#146;re seeing central banks &#151; Turkey, Russia, China &#151; buying gold.&#160; And the question, why were the ETFs so quick to sell?&#160; I think a lot of the buyers of the gold ETFs were new to the gold space, didn&#146;t have the knowledge or the desire to invest in gold stocks, but they wanted exposure to gold and they jumped into gold, and when gold stopped going in the direction they were hoping for, they sold it.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">And they&#146;ll come back in.&#160; I believe the ETF market has significantly expanded the future market for gold shares.&#160; But that will come with time.&#160; And I do think &#151; as I said earlier,&nbsp;I think we&#146;re near or at the bottom.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There was price, about the gold-fixing, the central banks.&#160; It&#146;s been &#151; is it possible for central banks, they could have funded the bearish trend?&#160; I&#146;d say absolutely, as I mentioned earlier on, about the manipulation being within their mandate to protect their currencies.&#160; But it&#146;s short term and will not last indefinitely.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to physical gold, there is a question about the Swiss gold initiative.&#160; I find it a very interesting initiative.&#160; Earlier on,&nbsp;I mentioned &#151; and there&#146;s a number of central banks that are buying gold, because they&#146;re uncomfortable holding dollars.&#160; But the Swiss initiative is led by citizens, and it&#146;s one of the first manifestations in the world of the citizens saying they don&#146;t like what their government is doing debasing their currency, and they want to put rules&nbsp;and regulations on their politicians that say you cannot be &#151; you cannot wantonly go out and debase our currency.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I think it&#146;s a very positive step.&#160; Will it succeed?&#160; There are a lot of parties that don&#146;t want it to succeed, principally the government, and there&#146;s a fear that if it does succeed, it will strengthen the value of the currency and that would have an adverse impact on export revenues and tourism in Switzerland.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I&#146;m not sure it would happen immediately.&#160; It would certainly make the Swiss franc a more attractive asset.&#160; But maybe it would also serve &#151; it would encourage citizens around the world to sort of pound on the door of their governments and say, &#147;Wake up, you&#146;re stealing from our citizens by debasing the currency.&#148;&#160; And we need that type of talk to wake up our politicians.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The relationship between physical and paper markets, there is a very big disconnect.&#160; The paper seems to far exceed the physical demand and the physical product.&#160; And this just seems to be one of the examples.&#160; If you look at the broad market, there are more derivative products today than there probably are listed companies on the New York Stock Exchange.&#160; So we&#146;ve been able to take a good asset and then create paper to represent it, but multiply it many times and distort the system.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One day, when &#151; it&#146;s something like a game of musical chairs, when the music stops, there&#146;s not enough chairs for everybody to sit on.&#160; And I think the derivative market is very much that way.&#160; There was a question about the supply of gold, will we see a shortage in 2015, and how will it have an impact on prices?&#160; We are going to see a reduced amount of gold coming to the market as a result of these lower metal prices.&#160; Most mining companies are mining their higher-grade reserves and reducing the mining of more marginal assets.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16<a name="PB_16_021933_7056"></a></font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">They&#146;ve also deferred, postponed or canceled projects, and there are mines being closed.&#160; So we should see a reduction in supply in 2015 and for the next several years forward, and there will appear a gap in this supply.&#160; And if that&#146;s hit with increased demand, you will have a very positive &#151; that will have a very positive impact on the price of gold.</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There was another question relating to the ideas presented by (Jim Odus) in a &#151; where he was talking about physical solutions to paper problems.&#160; So if anyone wants to look at that paper, we&#146;ll throw that website on our &#151; on our website, that link, and you can look at it.&#160; He proposed that mining companies withhold gold, pay dividends in gold, and be more transparent in their information.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">While I was running Goldcorp, we did &#151; I guess we were the first company to withhold gold and we held quite a bit of gold.&#160; We did it at a time when we had &#151; our largest expense was our corporate taxes, and we had a very low cost of production.&#160; So we could easily withhold gold from production and fund our operations.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not many companies are in that position today, given the low prices of gold.&#160; There are a few companies that initiated dividends in physical.&#160; There is some logistical issues there, but it shouldn&#146;t discourage people.&#160; One could pay with a derivative, like an ETF, or there are some means of paying dividends.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">But, again, you have to have the cash flow and earnings to be in a position to pay the dividends.&#160; And, again, as much as I&#146;d love to embrace that right now, we&#146;re not in a position to pay a dividend.&#160; And in terms of sharing information,&nbsp;I think the industry would serve itself very well by being as transparent as possible and sharing as much information as possible with their shareholders, and we hope that this session and the ones we hold in the future will achieve that or serve that purpose for all of our shareholders.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In terms of currencies, there&#146;s a question about &#151; is it a disconnect between the price of gold and the value of other currencies?&#160; It&#146;s much the same as, you know, what do you expect the price of gold to be in the future and the manipulation of gold by central bankers.&#160; As I said earlier, history does not</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">indicate that central bankers can maintain control forever, and then when they lose control, there is a very big change in the value of precious metals.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">And unfortunately, it&#146;s not a very good event for most people in society.&#160; Our governments have pursued a course of debasing the currency, and they&#146;re making it increasingly difficult for citizens everywhere to save money.&#160; There&#146;s no incentive to save, because interest rates are zero.&#160; There&#146;s a lot of incentive to borrow, because interest rates are zero.&#160; And consumption is way up there.&#160; We&#146;re losing the values that provides a solid base of society.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Zero interest rate has created a misallocation of assets.&#160; It&#146;s encouraged speculation and all of those observations are well documented in previous periods of inflation.&#160; Anyone who thinks we don&#146;t have inflation today is sorely misguided because everything at the high end of the market is going through the &#151; going through the roof in terms of price escalation.</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">And this gets into the next question that dealt with the U.S. debt, and it&#146;s not just the United States that&#146;s been producing a lot of debt, issuing lots of debt.&#160; It&#146;s been the European Union and other corners of the world that have been employing debt.&#160; And the real concern is when interest rates start moving up, how do you service that debt?</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">And that&#146;s when the bubble that we&#146;ve seen in the financial markets starts becoming an issue.&#160; So I don&#146;t want to be a Cassandra, but I do think that we&#146;re going to see much higher gold prices, and when you think back to the &#145;70s, the price of gold started off at about $40 an ounce.&#160; It went up to $200.&#160; Gold was made legal once again in America, beginning of 1974.&#160; Gold went down to $96 an ounce, came back to $200 an ounce in &#145;78.&#160; In &#145;79, it went from $400 an ounce to $850 an ounce within the space of four months.&#160; And the gold stocks hit their highs nine months after gold hit its high, so there are lags out there, but that&#146;s when the bubble started bursting.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">So at this point,&nbsp;I know we haven&#146;t done justice to all the questions.&#160; We&#146;d hoped to &#151; we&#146;ve condensed them a bit.&#160; But I&#146;d now like to &#151; I&#146;d like to start off by saying thank you once again for all your questions and your comments.&#160; They&#146;re very helpful.&#160; And I&#146;d like to open the floor for questions for those</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">people that didn&#146;t get their questions answered.&#160; And, Operator, please ask for questions.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operator:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Certainly.&#160; We would now like to open the session for questions.&#160; If anyone would like to ask a question or has a comment, press star, one on your telephone keypad.&#160; As well, please be courteous of other call participants and keep your questions and comments limited to two to three minutes.&#160; We&#146;ll pause for just a moment to compile the Q&amp;A roster.</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Again, if you wish to ask a question, please press star, one on your telephone keypad.&#160; Your first question or comment comes from the line of (Edmond Hann) with (Sell Side Investors).&#160; Your line is open.</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Edmond Hann):</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Yes, my question is based on insider purchases of a stock.&#160; I&#146;ve been a long-time and my associates have been long-time holders of the stock through thick and thin, and at present it&#146;s rather thin, as we know.&#160; And there has been insider selling.&#160; And as an investor,&nbsp;I would rather not have seen that, and even though it was a small percentage of the holdings, there still was insider sales by important directors in the corporation.&#160; I&#146;d like Rob to comment on that.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rob McEwen:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Thank you for your question, (Edmond).&#160; Yes, there were some sales by insiders.&#160; Some were &#151; their options were expiring and they needed to &#151; it&#146;s recorded as a sale when they exercise, but they continue to hold.&#160; There was another director that sold.&#160; He had some cash requirements.&#160; But there&#146;s been very little selling along there.</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, like yourself, am not a big fan of seeing people sell.&#160; But there sometimes are circumstances when other investments may be going the other way that they need liquidity.&#160; Hope that answers your question.</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Edmond Hann):</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Yes, thank you, Rob.</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rob McEwen:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Thank you very much.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19<a name="PB_19_022014_2897"></a></font></p>
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<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operator:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Again, if you wish to ask a question, please press star, one on your telephone keypad.&#160; Your next question comes from the line of (Jeffrey Dermis) &#151; sorry &#151; as a private investor.&#160; Your line is open.</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Jeffrey Dermis):</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Yes, Rob,&nbsp;I&#146;m very pleased with this week&#146;s activity in the MUX.&#160; It&#146;s been higher than most of them, AU and AAU.&#160; It&#146;s done a great &#151; it&#146;s had a great spurt.&#160; And (Elliott Wave) likes gold very much now, too.</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">So I just want to say hi to you and I think you&#146;re doing a great job.&#160; Thank you.&#160; You remember me, (Jeffrey Dermis), our trip to South Africa?</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rob McEwen:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Yes.&#160; Yes.</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Jeffrey Dermis):</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Yes, hi.</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rob McEwen:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Thank you, (Jeffrey).&#160; Like you,&nbsp;I&#146;m encouraged by the movement we&#146;ve had in the last week or so, and partially can be accounted for.&#160; If you look at &#151; it has to do with our beta or volatility of the stock.&#160; If you look at all the precious metal companies with a market cap of greater than $500 million, we have the second-highest beta, and that&#146;s achieved without any debt.&#160; Normally beta &#151; high beta is accompanied by high debt.&#160; So we move, unfortunately, in both directions.&#160; It suggests that we can go up and down, but in a strong market, the beta would suggest we will have strong moves, better than the (fraud) gold index.</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">But good to hear from you, (Jeffrey).</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Jeffrey Dermis):</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Thank you, Bob.</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rob McEwen:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Thank you.</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operator:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Again, if you wish to ask a question or if you have a comment, please press star, one on your telephone keypad.</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rob McEwen:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">That was 1980.</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operator:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">There are no further questions at this time.&#160; I&#146;ll turn the call back over to the presenters.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20<a name="PB_20_022035_3020"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rob McEwen:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Thank you very much, Operator.&#160; On behalf of management of McEwen Mining,&nbsp;I&#146;d like to thank everyone for their questions and thoughtfulness.&#160; And we plan to do this on a regular basis following our quarterly reports, but as separate ones, so we can have opportunity to share discussions where we&#146;re going and any question &#151; answer any question that you may have of how we&#146;re getting there and what is on our minds.&#160; So we&#146;d like to wish the gold market keeps going higher, that we all see a better price, and our time is coming.&#160; Thank you very much.&#160; God bless.</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operator:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">This concludes today&#146;s &#151; this concludes today&#146;s conference call.&#160; You may now disconnect.</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">END</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21<a name="PB_21_022052_7748"></a></font></p>
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