TORONTO, Aug. 04, 2016 (GLOBE NEWSWIRE) — McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) is pleased to announce consolidated quarterly production of 39,555 gold equivalent ounces(1), which accounts for 27,888 ounces gold and 875,006 ounces silver. The Company reported net income of $8.4 million(2) and $21.3 million as well as earnings from mining operations of $19.3 million(3) and $38.8 million(3) for the three and six months ended June 30, 2016, respectively.
The Company generated $4.8 million and $19.5 million of net cash flow from operations for the three and six months ended June 30, 2016 respectively. During the quarter we purchased a royalty on our El Gallo property for $5.3 million which reduced our cash flow but increased our future leverage to higher gold and silver prices.