Reforms introduced by the Argentine government to encourage mining investment by eliminating taxes on exported mineral concentrates prompted McEwen Mining (TSX: MUX; NYSE: MUX) to revise a 2013 preliminary economic assessment of the Los Azules project.
The PEA includes an updated resource estimate that incorporates results from the company’s 2016-2017 drill program for the 100% owned project in the Cordilleran region of Argentina’s San Juan province near the border with Chile.
Los Azules – described by McEwen Mining as one of the world’s largest undeveloped high grade open pit copper projects — contains 10.2 billion lb. of copper in the indicated resource category (962 million tonnes grading 0.48% copper, 0.06 g/t gold, 0.003% molybdenum and 1.8 g/t silver) and another 19.3 billion lb. of inferred copper (2.67 billion tonnes grading 0.33% copper, 0.04 g/t gold, 0.003% moly and 1.6 g/t silver).
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