US Gold: Der nächste Coup
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morseb: US Gold: Der nächste Coup
Er gilt schon jetzt als Legende im Goldsektor: der Goldcorp-Gründer Rob McEwen. Aus einer kleinen und unrentablen kanadischen Goldminengesellschaft machte er einen der größten Goldproduzenten der Welt. Aus Goldcorp ist er mittlerweile ausgestiegen, er hat
aber vor, das Kunststück von damals noch einmal zu wiederholen. [...]
US Gold verfügt über hervorragende Liegenschaften. Die Erfolgsstory hat aber gerade erst begonnen. Kann McEwen tatsächlich sein Ziel verwirklichen, das Unternehmen in den S&P 500 zu bringen, dürften dem Anleger goldene Zeiten bevorstehen.
Quelle: Der Aktionär, US Gold (WKN: 871371) als Titelstory in Ausgabe 41/2010
hoomer: ... und dann noch diese Goldpreisentwicklung
Die Rekordjagd bei Gold geht weiter. Auf Euro-Basis markierte das Edelmetall bereits neue Allzeithochs, auf US-Dollarbasis hat man sich diesen zumindest dicht angenähert. Es ist unserer Einschätzung nach nur eine Frage der Zeit, bis Gold auch in US-Dollar auf neuen Hochs notiert.
Mit der jüngsten Entwicklung des Goldpreises fühlen wir uns einmal mehr in unserer grundsätzlich optimistischen Haltung in Bezug auf das Edelmetall bestätigt. Und wieder einmal war es richtig, auf die sich bietenden Chancen zu verweisen, als Gold sich in einer Schwächephase befand. Was sich in den letzten Handelstagen darüber hinaus mehr und mehr herauszukristallisieren scheint, ist, dass sich unser Sommerfahrplan zu bestätigen scheint… „Gold und Silber - Bringt der Sommer eine Neubewertung?“ vom 18.06.. Darin hieß es u.a.: „Gold, welches ja im Allgemeinen in den Sommermonaten ohne größere Inspiration seitwärts tendiert, sehen wir angesichts der aktuellen Schuldenproblematik (das betrifft ja nicht nur den Euroraum) sogar vor einer Sommerrally stehen.“
hoomer: Jetzt mehr denn je
Zu Anfang des Jahrtausends, als der Goldpreis mal mehr mal weniger deutlich über der Marke von 200 USD je Unze dahin vegetierte, war es nicht unüblich, dass die angeseheneren Goldaktien mit Kurs-Gewinn-Verhältnissen von 30 oder mehr gehandelt wurden.
Doch während der Goldpreis seit dem Jahr 2000 erheblich gestiegen ist, ist es den Goldaktien nicht gar so gut ergangen. Denn während der Goldpreis von seinem Tief bei 252,80 USD pro Unze im Juli 1999 einen Sprung von rund 636% auf das gestrige Hoch von 1.607,01 USD hinlegte, stiegen die Goldaktien – gemessen am Philadelphia Gold and Silver Index - von 67,3 Punkten Anfang 2000 auf 216,95 Punkte am vergangenen Freitag – ein Zuwachs von „nur“ 322%.
hoomer: neue Bohrergebnisse
"El Gallo Infill Drill Results & High Grade Mineralization Discovered South of Resource
TORONTO, ONTARIO (August 11, 2011) US GOLD CORPORATION (NYSE: UXG) (TSX: UXG) is pleased to announce assay results from several different areas at the El Gallo Project, located in Sinaloa State, Mexico, including: 1) infill drilling to the east, 2) an emerging high-grade zone to the southwest and 3) the Gold Zone.
El Gallo Infill Drill Results
Recent drilling at El Gallo has been focused on the eastern limits of the deposit (Fig. 2). The objective was to increase the confidence associated with the inferred mineralization, which is expected to upgrade this portion of the resource to the measured and indicated categories and help establish a reserve for preparation of the ongoing feasibility study.
Four holes, shown in the table below, were drilled inside the proposed pit design. Holes GAX-349 and GAX-351 successfully confirmed the presence of the inferred mineralization and help demonstrate the impressive grades and thicknesses associated with the Main Zone.
hoomer: und es geht weiter!!
TORONTO, ONTARIO--(Marketwire - Aug. 31, 2011) - US GOLD CORPORATION (NYSE:UXG)(TSX:UXG) is pleased to announce that the Company has approved Phase 1 development of its El Gallo project in Sinaloa, Mexico, with mining expected to commence mid-2012. Phase 1 will focus on the permitted satellite gold deposits at the project and is expected to produce 30,000 ounces of gold per year after initial ramp up. This decision is expected to generate cash flows approximately two years earlier than originally planned at a minimal capital cost and will help fund Phase 2, which is forecasted to produce an additional 5 million ounces of silver per year, beginning in 2014.
Benefits of Fast Tracking Production:
Earlier production and cash flow starting in 2012
Phase 1 cash flow to be used to fund additional growth
Helps build an operating team in Mexico earlier
Phase 1 is expected to be easily funded from US Gold's current treasury
Phase 1 is presently permitted for production and all surface agreements are in place. Historical production from this area totaled 70,000 ounces of gold between 2002-2005. With present gold prices US Gold believes fast tracking the development of El Gallo represents an attractive investment opportunity.
Gratulatione: die nächste us gold ?
hoomer: neue Bohrergebnisse!!
"Palmarito Expansion Drilling Continues to Return Good Results Starting at Surface - Growing Open Pit Potential
237.6 gpt Silver over 12.2 m
263.2 gpt Silver over 6.5 m
TORONTO, ONTARIO (September 8, 2011) US GOLD CORPORATION (NYSE: UXG) (TSX: UXG) is pleased to announce exploration results from its Palmarito deposit, part of the El Gallo complex in Sinaloa State, Mexico, where Phase 1 mining is planned for mid-2012. Drill results continue to show excellent potential for open pit resource growth, in addition to higher silver grades.
Near surface mineralization continues to expand in size and importance:
- 237.6 gpt silver over 12.2 m, including 891.0 gpt silver over 2.0 m – from surface
- 263.2 gpt silver over 6.5 m, including 500.0 gpt silver over 1.0 m – from surface
Drilling extends mineralization at depth, encountering the highest grades to date at Palmarito:
- 5,870.0 gpt silver over 0.4 m
Drilling to increase the confidence associated with the mineralization and upgrade inferred resources to the measured and indicated categories continues to meet expectations:
- 523.1 gpt silver over 2.9 m
- 123.0 gpt silver over 7.0 m
- 102.0 gpt silver over 18.3 m
- 130.0 gpt silver over 12.0 m
Testing historic reverse circulation holes with core drilling continues to return better silver grades, indicating an opportunity to add ounces in previously defined areas:
- 87.4 gpt silver over 17.0 m (Grade increased by 77% over same thickness)
hoomer: Fusion zu McEwen Mining
Oder resultiert dieser lediglich aus der Goldpreisentwicklun?
Bin mir nicht ganz im Klaren, was die Fusion für Auswirkungen auf den Kurs hat.
"US Gold Corp. und Minera Andes Inc. vereinbaren Fusion zu McEwen Mining
US Gold Corporation und Minera Andes Inc. gaben gestern bekannt, dass man eine Fusionsvereinbarung eingegangen sei. Durch den Zusammenschluss könnte ein mittelgroßer Silberproduzent mit geringen Kosten entstehen. Wie bereits im Juni angedeutet worden war, wird das fusionierte Unternehmen den Namen McEwen Mining tragen.
Gemäß Vereinbarung erhalten die Aktionäre von Minera Andes pro Minera-Aktie 0,45 einer Stammaktie eines Tochterunternehmens von US Gold, diese Stammaktien können gegen Stammaktien von US Gold eingetauscht werden.
hoomer: interessantes Photo update
hoomer: weiteres Photo update
hoomer: mal wieder eine erfreuliche News!!
"US Gold Corporation: El Gallo Drilling Intersects Impressive Silver Mineralization
TORONTO, ONTARIO--(Marketwire - Oct. 25, 2011) - US GOLD CORPORATION (NYSE:UXG)(TSX:UXG) is pleased to announce new drill results from the El Gallo Complex, in Sinaloa State, Mexico. Drill results contained in this news release were completed in order to increase the size of the silver and gold resources at El Gallo. Highlights include: 309.7 grams per tonne (gpt) silver over 10.3 meters (m), 727.7 gpt silver, 5.0 gpt gold over 2.7 m, 130.9 gpt silver over 19.0 m and 461.7 gpt silver over 11.3 m, with the last intersection occurring 20 m below the proposed pit bottom.
"Since making the El Gallo discovery in 2009, we have completed an aggressive exploration program of 165,000 meters of core drilling and we still have not found the limits of the system. Impressive intersections of near surface silver mineralization continue to be encountered. In addition, I believe the proposed merger with Minera Andes will create an attractive, high growth, low cost mid-tier silver producer. The fundamentals look exceptionally bright for the company, despite the current share price decline," stated Rob McEwen, Chairman and CEO.
hoomer: es kommt wieder etwas Schwung rein
"El Gallo Complex Drilling Continues to Intersect Exciting Near Surface Silver Mineralization at Palmarito Plus Core Twinning Delivers +49% Increase in Silver Grade
TORONTO, ONTARIO (November 2, 2011) US GOLD CORPORATION (NYSE-TSX: UXG) is pleased to announce results from 1) exploration drilling and 2) core twinning at Palmarito, part of the El Gallo Complex in Sinaloa, Mexico. Exploration drilling continues to intersect exciting mineralization, designed to expand the open pit resource. Highlights include: 140.0 grams per tonne (gpt) silver over 14.0 meters (m), 180.7 gpt silver over 8.7 m and 384.2 gpt silver over 4.7 m. Results start from surface.
In addition, 39 of 61 historical reverse circulation holes have been twinned with core. Results to date show that the grade-weighted average has been increased to 157 gpt silver from 106 gpt silver (+49%) (Table 2).
hoomer: Baumaschinen fahren auf
hoomer: neuerliches Development update
"El Gallo Complex Development Photo Update
November 18, 2011"
hoomer: Good News!!
Toronto, Ontario (November 28, 2011) - US GOLD CORPORATION (NYSE.AMEX: UXG - TSX: UXG) is pleased to announce results of a Preliminary Feasibility Study (“PFS”) for its 100% owned Gold Bar Project in Nevada. The PFS was prepared by SRK Consulting (U.S.) Inc. (“SRK”) of Reno, Nevada, in accordance with the requirements of Canadian National Instrument 43-101 “Standards of Disclosure for Mineral Projects” (“NI 43-101”).
Highlights of the Pre-feasibility Study
(All amounts in US dollars)
Average annual production of approximately 51,000 ounces of gold over an 8-year mine life (total 410,400 ounces), at a cash cost of $665 per ounce (oz).
Open-pit mine with conventional oxide heap leach processing. Projected gold recovery of 82% after primary crushing to 5 centimeters (2 inches) and a 90-day leach cycle.
After-tax Net Present Value (NPV) of $36.4 million at $1,200 per oz gold and 8% discount rate, giving an Internal Rate of Return (IRR) of 29%. Based on today’s spot gold price ($1,700 per oz) the after-tax NPV and IRR increase to $109.1 million and 61% respectively.
Estimated initial capital expenditures of $55.8 million and sustaining capital of $38.5 million, for total life-of-mine (LoM) capital expenditures of $94.3 million. Pay-back period of 2.6 years at $1,200 per oz gold, or 1.4 years based on the spot gold price ($1,700 per oz).
Heron: positive Studie
hoomer: Arbeiten schreiten voran
hoomer: Letter to Shareholders
You will shortly receive in the mail a massive document: information circular/proxy statement along with a request for your vote to approve the combination of US Gold and Minera Andes. My name is Rob McEwen and I am the largest shareholder, Chairman and CEO of both companies. I own approximately 20% of the outstanding shares of US Gold and 30% of the outstanding shares of Minera Andes. In June 2011, I proposed this combination to the Boards of both companies based upon my belief that the combined company would be significantly stronger and better positioned to grow and prosper.
I do not take a salary from either company. I bought all of my shares. The cost of my investment is over $110 million and it is split approximately 45% US Gold and 55% Minera Andes. How will I make money? The same way as you, which is through a higher share price!
I am very sorry to say that since June the price performance of our shares and much of the junior gold market has been simply awful and financially painful for all of us! However, once you have approved the combination on January 19th I believe we will see the value of our shares begin to improve for the following reasons:
hoomer: Construction & Exploration Update
TORONTO, ONTARIO (January 4, 2012) US GOLD CORPORATION (NYSE: UXG) (TSX: UXG) is pleased to provide a construction and exploration update for its El Gallo Complex in Sinaloa, Mexico. Key developments for Phase 1 construction and exploration results include:
Construction of Phase 1 remains on time and budget and is scheduled to be completed by mid-2012. Phase 1 production is expected to average 30,000 ounces of gold per year. Phase 2, for which a feasibility study is being completed, is expected to contribute an additional 5 million ounces of silver and 5,000-10,000 ounces of gold per year.
The mining fleet for Phase 1 has arrived and pre-stripping of the open pit mine began on December 9th and will continue during the first half of the year. Stockpiling of ore is expected to begin in the coming weeks. Ore is expected to be delivered to the heap leach pad by mid-2012.
Engineering for the crushing, process plant and heap leach facilities has been completed. Pre-existing equipment has been disassembled and removed from site. The new crushing and process plant is expected to be completed by May-2012. (A photo library showing bi-weekly progress can be viewed by clicking here).
New drill results from the San Dimas discovery (first announced October 27, 2011) include: 1.15 gpt gold, 31.9 gpt silver over 27.3 m and 2.02 gpt gold, 43.5 gpt silver over 14.5 m.
Palmarito expansion drilling continues to intersect good grades starting from or near-surface: 125.9 gpt silver over 25.0 m, 258.8 gpt silver over 4.7 m and 107.6 gpt silver over 14.1 m.
hoomer: Photo Update
January 6, 2012
hoomer: was zum Deal mit Mirena Andes Inc.
TORONTO, ONTARIO – January 13, 2012: US Gold Corporation (“US Gold”), in light of the proposed business combination between US Gold and Minera Andes Inc., wishes to respond and comment on the news release of TNR Gold Corp. (January 12, 2012) proposing a settlement for an amount of US$125 million of the litigation surrounding certain portions of Minera Andes’ Los Azules Copper Project. Reference is also made to Minera Andes’ news release this morning outlining the consideration by its board of directors and special committee of this offer, and the determination to reject the offer as being unreasonable.
Given the potential value of the Los Azules properties compared to the overall value of Minera Andes and given the potential value of the claims made by the plaintiffs in this litigation, the Special Committee of independent directors of US Gold undertook significant due diligence of the Los Azules litigation in considering whether to recommend the business combination to the Board. Furthermore, the Special Committee's independent financial advisor considered the risk associated with the litigation and factored it into its valuation model. The Special Committee is of the view, after having consulted with its independent financial advisor, that this settlement offer does not change its previous analysis or recommendation. The Board of US Gold encourages all shareholders to read in detail the disclosure about the litigation surrounding Minera Andes’ Los Azules project as set out in US Gold’s proxy statement dated December 13, 2011.
hoomer: !! US Gold ein Kauf !!
Für den Titel von US Gold sei es kürzlich bis in die Nähe seines 52-Wochentiefs bei 4,49 Dollar abwärts gegangen. Seit einigen Tagen steige die Aktie aber wieder. So plane Vorstandschef Rob McEwen eine Fusion mit Minera Andes (ISIN CA6029101012 / WKN 900181).
Rob McEwen habe bereits den Goldkonzern Goldcorp (ISIN CA3809564097 / WKN 890493) erfolgreich aufgebaut und wolle nun mit US Gold diese Erfolgsgeschichte wiederholen. Bereits diese Woche solle die Fusion vollzogen werden, auch wenn noch einige Hürden zu nehmen seien. Das verschmelzte Unternehmen solle dann unter dem Namen McEwen Mining firmieren. Dieses wäre schuldenfrei und würde einen positiven Cashflow generieren. Die Silberbestände betrügen dann 156 Mio. Unzen, die Goldvorräte 6,5 Mio. Unzen und die Kupferbestände 12,5 Mrd. Pfund. Rob McEwen wäre an McEwen Mining mit 25% beteiligt und die Marktkapitalisierung betrüge mehr als 1 Mrd. Dollar.
hoomer: Shareholders Vote to Approve Business Combination
"January 20, 2012
US Gold and Minera Andes Shareholders Vote to Approve Business Combination
TORONTO, ONTARIO--(Marketwire - Jan. 20, 2012) - US Gold Corporation ("US Gold") (NYSE:UXG)(TSX:UXG) and Minera Andes Inc. ("Minera Andes") (TSX:MAI)(OTCBB:MNEAF) are pleased to announce that at each of their respective meetings on January 19, 2012, shareholders voted in favour of the proposed business combination between US Gold and Minera Andes, pursuant to which US Gold will acquire Minera Andes and be renamed McEwen Mining Inc. ("McEwen Mining").
At the special meeting of Minera Andes Shareholders, shares representing 66% of the issued and outstanding shares of Minera Andes were voted either in person or by proxy. The special resolution pertaining to the business combination was approved by over 89% of the votes cast by all Minera Andes shareholders, and as required by applicable securities law, a majority of the votes cast by minority shareholders.
At the special meeting of US Gold Shareholders, shares representing 64% of the issued and outstanding shares of US Gold were voted either in person or by proxy. Each of the proposals pertaining to the business combination were approved by over 94% of the votes cast by all US Gold shareholders and, where required by applicable securities law, a majority of the votes cast by minority shareholder.
"I am thrilled that the proposed merger was overwhelmingly favoured by shareholders of Minera Andes and US Gold! This brings us one step closer to qualifying for the S&P 500. We look forward to future growth and prosperity this combination creates." said Rob McEwen, CEO and largest shareholder of US Gold and Minera Andes.
The closing of the transaction is conditional on receipt of a final order from the Court of Queen's Bench of Alberta, which is expected shortly. Assuming receipt of the final order, it is anticipated that the transaction will become effective on or about January 24, 2012, and shares of McEwen Mining be expected to commence trading on the Toronto Stock Exchange ("TSX") and the New York Stock Exchange ("NYSE") under the symbol "MUX" on or about January 27, 2012 concurrently with the commencement of trading on the TSX of the exchangeable shares of McEwen Mining - Minera Andes Acquisition Corp. to be received by Minera Andes shareholders under the symbol "MAQ". Upon closing of the transaction, McEwen Mining will have an aggregate of 267,084,203 shares of common stock outstanding and issuable upon the exchange of exchangeable shares.
Shareholders are advised that detailed reports on voting will be made available shortly under each of the companies' profiles on SEDAR (www.sedar.com) and EDGAR (www.sec.gov).
ABOUT US GOLD (www.usgold.com) AND MINERA ANDES (www.minandes.com)
US Gold and Minera Andes entered into a definitive arrangement agreement on September 22, 2011, wherein each Minera Andes shareholder would receive 0.45 of an exchangeable share (each such share being exchangeable into a US Gold share on a one-for-one basis) for every one (1) Minera Andes share held. US Gold's objective is to qualify for inclusion in the S&P 500 by 2015. US Gold explores for gold and silver in the Americas and is advancing its El Gallo Project in Mexico and its Gold Bar Project in Nevada towards production. US Gold's shares are listed on the NYSE and the TSX under the symbol UXG, trading 2.9 million shares daily during the past twelve months. US Gold's shares are included in S&P/TSX and Russell indices and Van Eck's Junior Gold Miners ETF. Rob McEwen, Chairman and CEO, owns 20% of the shares of US Gold. Minera Andes is an exploration company exploring for gold, silver and copper in Argentina with three significant assets: One, a 49% interest in Minera Santa Cruz SA, owner of the San Jose Mine that is located near Goldcorp's Cerro Negro project; Two, 100% ownership of the Los Azules copper deposit; Three, 100% ownership of a large portfolio of exploration properties in Santa Cruz province, Argentina, including properties bordering the Cerro Negro project. Minera Andes had $45 million USD in cash as at September 30, 2011 with no bank debt. Rob McEwen, Chairman and CEO, owns 30% of the shares of Minera Andes.
Forward Looking and Cautionary Statements
This press release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information express, as at the date of this press release, the companies' estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, the completion of the proposed business combination between Minera Andes and US Gold, risks related to business integration as a result of a successful business combination, factors associated with fluctuations in the market price of precious metals, mining industry risks, risks associated with foreign operations, risks related to litigation including specifically but not limited to Minera Andes' Los Azules property which if resolved adversely to Minera Andes (or the combined company, as the case may be) would materially affect Minera Andes' (or the combined company, as the case may be) ability to develop the Los Azules project, property title, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. Neither US Gold nor Minera Andes undertakes any obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See US Gold's Annual Report on Form 10-K for the fiscal year ended December 31, 2010 and other filings with the Securities and Exchange Commission, under the caption "Risk Factors" for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding US Gold. See Minera Andes' Annual Information Form, filed on SEDAR (www.sedar.com), and its Form 40F, available on EDGAR (www.sec.gov), for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding Minera Andes. All forward-looking statements and information made in this news release are qualified by this cautionary statement.
The TSX and NYSE have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management of US Gold and Minera Andes.
hoomer: und noch ein Photo update
January 20, 2012
hoomer: langsam aber sicher
"Minera Andes Announces Receipt of Final Court Order in Respect of Proposed Business Combination With US Gold
TORONTO, ONTARIO (January 20, 2012) - US Gold Corporation ("US Gold") (NYSE:UXG – TSX: UXG) and Minera Andes Inc. ("Minera Andes") (TSX: MAI - OTCBB: MNEAF) are pleased to announce that Minera Andes has been granted the final court order from the Court of Queen's Bench of Alberta approving the plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement"), pursuant to which US Gold will acquire Minera Andes and be renamed McEwen Mining Inc. ("McEwen Mining").
Pursuant to the Arrangement, each Minera Andes shareholder will receive 0.45 of an exchangeable share (an Exchangeable Share) in the capital of McEwen Mining – Minera Andes Acquisition Corp. (Exchangeco), a subsidiary of US Gold for every one (1) Minera Andes share held. Each Exchangeable Share will be exchangeable for US Gold Shares on a one-for-one basis at the option of the holder and in certain other circumstances. The Exchangeable Shares will also have voting rights, dividend entitlements and other attributes corresponding to the US Gold Shares. Each US Gold shareholder will continue to hold their existing US Gold shares in the renamed McEwen Mining. The Arrangement was overwhelmingly approved by the shareholders of US Gold and Minera Andes at their respective special meetings of shareholders held on January 19, 2012.
hoomer: Business Combination Completed
TORONTO, ONTARIO--(Marketwire - Jan. 24, 2012) - McEwen Mining Inc. ("McEwen Mining") is pleased to announce that the previously announced business combination (the "Combination"), pursuant to which US Gold Corporation acquired Minera Andes Inc. and was renamed McEwen Mining, has been successfully completed and closed today. The Combination was carried out by way of a plan of arrangement under the Business Corporations Act (Alberta), which was approved by the shareholders of both US Gold and Minera Andes on January 19, 2012 and the Court of Queen's Bench of Alberta on January 20, 2012.
Shares of McEwen Mining will commence trading on the NYSE and the TSX, subject to final exchange approvals, under the symbol "MUX" on Friday January 27, 2012. Holders of Minera Andes shares will receive 0.45 of an exchangeable share of McEwen Mining - Minera Andes Acquisition Corp. for each one (1) Minera Andes share held. These exchangeable shares of McEwen Mining - Minera Andes Acquisition Corp., will also start trading on the TSX on January 27, 2012 under the symbol "MAQ". The exchangeable shares of McEwen Mining - Minera Andes Acquisition Corp. are convertible on a one-for-one basis at any time into shares of McEwen Mining. McEwen Mining will have an aggregate of 267,084,203 shares of common stock outstanding and issuable upon the exchange of exchangeable shares.