In the early morning hours of April 7, thieves over-powered security guards at McEwen Mining’s El Gallo 1 mine in Sinaloa, Mexico. They stole an estimated 900 kg of concentrate containing approximately 7,000 oz of gold from the mine’s refinery.

The crime is being vigorously investigated by the Mexican authorities. The company maintains insurance against these types of incidents and is working closely with its insurance carrier to determine the extent of available coverage. However, the company’s policy will not be sufficient to cover the entire expected loss. No employees were seriously injured and there was no material damage to any of the Company’s facilities. Mining and processing activities have not been impacted and continue uninterrupted.