MUX: McEwen Mining

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Rob McEwen: $5,000 Gold Still A Reality, In the Meantime Invest Wisely!

Summary
•What will a future look like with $5,000 gold?

•Why Rob decided to focus his entrepreneurial attention on mining?
•Is McEwen Mining on the right course going forward?
•How a new regime has changed mining in Argentina and could this lead to the story of 2016?
•Why mining on the whole is a poorly managed industry?


Rob McEwen founded the largest gold company in the world by market cap - Goldcorp (NYSE:GG). Today, Rob is Chairman and CEO of McEwen Mining (NYSE:MUX), a company in which he owns 25%. He has weathered many cycles in mining and created tremendous shareholder value during bear markets and bull markets. So what does he see in store today?

Firstly, Rob explains that investors, fixated on the US dollar price of gold, are missing the big picture. Gold is performing well against almost all other currencies and gold companies are beginning to generate stronger profits. All the ingredients are in place for the next stage of the bull market to begin!

Case and point is McEwen mining, which has increased production, instated a dividend, and paid off all its debts. Rob is aiming to achieve inclusion in the S&P 500 in the coming years, a lofty goal that has only been achieved by two miners today - Newmont and Freeport.

There are still exciting discoveries to be made, along with enormous gains, which can empower one to do great good in the world.

Palisade Radio Host, Collin Kettell: Welcome to another episode of Palisade Radio. This is your host, Collin Kettell. On the line with us today is Rob McEwen. He is the founder and former CEO of the world's largest gold producer by market cap and that is Goldcorp, of course. But Rob is now the current CEO and Chairman of McEwen Mining. Rob, welcome to the show.

Chairman and CEO of McEwen Mining Inc., Rob McEwen: Thank you, Collin, pleased to be on it.

CK: You know mining is arguably the worst business in the world. That is a quote from my friend, Doug Casey. It is a harsh statement, but there is some truth to be found there. Mining has not advanced significantly from a technological standpoint in the past couple decades. Political disruptions are always looming. You have the cyclical nature of the commodities which means constant ups and downs and then there is the environmental impact. But, obviously, there must be positive aspects of mining, and you have seen a lot of success in the sector. I want to start out by asking you, Rob, why have you dedicated your entrepreneurial endeavors towards mining?


RM: Well, I have a strong affinity for gold. I think it is money so I focused most of my attention on gold mining. There is some silver now but it is a precious metal as well. I think that the governments around the world, from time to time, are very abusive of their money supply and irresponsible with the amount of debt, and that individuals need to take steps to protect themselves against the actions of the government. Sometimes the governments get carried away with their zeal to make everybody happy and debase the currency and I think we happen to be in one of those times.

I also grew up in the investment industry. I spent eighteen years of my life in the investment industry, around gold bullion, gold mining shares. I met a number of promoters and a few of them did really well. One fellow in particular made a discovery and then lost it. He made a fortune, lost it; another discovery, another fortune, lost it. Third time, third discovery he kept his fortune. It demonstrated to me that all the big deposits in the world, all the exciting discoveries in the world have not been made and that is going to continue. It is an area when the gold market or the precious metals market is running, you have enormous gains that can be realized there.

It is also an industry, as you said, and quoting Doug Casey, that is a poorly managed business. Coming from the investment industry, I felt I had a different perspective than a lot of the people in the industry. I did not grow up with the same assumptions that became fundamental to my thinking about the industry so I was able to challenge them. I was able to import technologies and attitudes from other industries and put it into an old industry that is in great need of other perspectives. When you can do that you can ask questions that are difficult for people in the business to ask because it is not something they think about because of the fundamental unquestioned assumptions that lie in the industry.

I think it is possible to gain great financial rewards and with those rewards you can do a lot of good things with society and hopefully make the world better as a result of the gains you make in this industry. It is an industry where the probability of finding a new discovery is very, very low, but the possibility exists, and that is what is exciting about the industry. You can innovate, you can grow, and you can ride on the jet stream.


CK: Well that is exciting and it is a very true point. I want to ask you about the cycle that we are in today. You have been through at least a few of these ups and down cycles, and by some measures the one that we are in today in terms of the mining stocks has gone on longer and has gone down further arguably than any of the ones in the recent past. How much of the slump today is due to just normal commodity cycles of up and down, and is there anything that you can point to the blame for why we are in the situation that we are in?

RM: The slump is not that much longer. If you look back to the '70s, 1970 gold was $40 an ounce. It ran up to $200 an ounce so a five-fold increase by the beginning of '74 when it became legal for Americans to own gold again. Two years later it was just below $100, around $96, and then in '78 it got back up to $200. There was a four-year period where gold was down and then recovering. There were some pretty big losses there, losses of value, a lot of people discouraged by the performance of the industry. We saw it again, in '99, 2001 where gold was down at $250 an ounce.

When I look at the industry it is cyclical. Investors have to keep that in mind that there will be a time it is going to go the other way, and that is just the nature of the beast. But I would say right now the state of the market is determined by the US dollar price of gold. Everybody seems to be fixated on the dollar price of gold and they are saying, "Alright, gold is off 45% from its high. The big gold stocks, the leaders are down even further. Their balance sheets are encumbered by heavy debt load. Their income statements are being reduced in size by hedging, by selling metal streams, by selling royalties, and just the low price of metal." People are saying, "I do not want to be here."

But if you look at gold in other currencies it is going up. In some currencies, in the Canadian dollar, in the Australian dollar it is 25% off its old high. If you would look at gold in Russian rubles or in Brazilian real it is at all time high. It is higher than what it was back in Sept 2011 when it was US $1,900, but in their local currency it is much higher. If you go back, again, to the '70s, the late '70s, in Sept. 1979 gold was $400 an ounce and then by January of '80, three, four months later, it was up to $800 an ounce. During that period the gold shares did not run as much as gold. In fact it took until Sept of '80 before the gold shares hit their high. But gold in January was $800 and then it fell off to $650, and what the market was not appreciating was Sept of '79 at $400 and Sept '80 it is $650. Gold is up more than 50% and you started seeing couple of quarters linked together of increasing cash flow and higher earnings, and that is when the market started buying.


Today we have a very similar situation happening in that Canadian, South African, and Australian gold stocks are all starting to generate healthy cash flow and, in a number of cases, increasing earnings. Well, they are starting to get earnings and they are improving. These stocks are starting to move as a result of their local expenses are in their domestic currency, but the revenues are in dollar terms and the revenue lines have been opening up for them and they are making money. You are starting to see some interesting moves in the stock. I mean if you look at the 52-week lows and the current price of, say, the Dow, it is +5%. If you look at gold it is +7%. If you look at the GDXJ, the index for junior gold, it is up 12%, and the GDX, the senior gold stocks, they are up 13%, so better than twice what the Dow has done, low to current in the last 52 weeks. If you look at Barrick, which has gotten all sorts of terrible press, since October it is up 62%. Our own stock, we got beaten up badly, but since July of last year to now we are up over 80%.

This is a sector that a lot of people have gotten out of their portfolio. It is under owned. It is unloved, and yet it is starting to generate some very interesting gains and as more of those accumulate I think you will see more people coming into the market.

CK: I have heard a couple main themes in the last six months, the first one you just touched on with the Canadian and Australian dollars being relatively low against the US dollar. The other one has been the steep decline in oil prices. Rob, since you are the CEO and you are leading an actual mining company that sees the input cost of oil going into your production cost, I want to ask you how much of a significant factor you think that that actually place if that is going to help in the turnaround of these mining shares moving up?

RM: Collin, it depends on the type of mine and where they are located. For open pit operations fuel cost will be a definite consideration, an improvement in the economics; underground, it is to a much lesser degree. Then in certain countries, we operate in Mexico and Argentina. They subsidize our fuel cost so we do not have as much of a benefit as other countries where there is no subsidy by the government, but it had a definite improvement. If you would look at Australia, Canada, South Africa with their own subsidies, the impact of the fuel cost would be greater, a greater positive for those companies.


CK: Thank you for that Rob. On to McEwen Mining, I want to talk about some of the results which you just released last week. Reported record production for 2015 was 22% increase year over year which is fantastic. As far as I know you have over $30 million in cash and cash equivalents with no debt. I see you have really not only done a great job in this environment, but you built an even stronger company as a result of this bear market and very well-positioned to come out of it. What can you tell us about what is going on at McEwen Mining?

RM: Thank you for those comments. Well, as you stated 2015 was a good year for us despite our share performance. Production went up, cost went down, and we were generating cash flow in all quarters. Treasury increased so much so that we are able to declare a dividend or capital distribution and do some share repurchase. I think what it is largely about is having financial discipline in place so that you are not jumping whenever someone comes along and says, "Here is some money that you are not diluting your shareholders."

A large part of that comes from my own holdings in the company. I own 25% of the company and my cost of those shares is $127 million. When I wake up each morning I am thinking not about how big the company needs to be, but how do we grow it in such a way that we increase the value behind every share and that is reflected in a higher share price?

I think companies like Remarco would be the classic case of what not to do. In their case they fought really hard to get a permit and they got their permit, unfortunately, at the bottom of the gold market, and they still wanted to build their mine. They rushed out and raised $300 million and diluted their shareholders by 80%. I do not think that is the way to build a mining company, and if one was a large shareholder in a company you definitely would not have done that. The gold is not going to go away and you can build up when the metal price is better and you can see strong returns for your shareholders.


We have not sold royalties or metal streams and we do not hedge. To me that is taking it all off the top line and in depressed metal prices it just further shrinks the margins so that when you look at the performance of companies that were the royalty companies and the metal streaming companies as opposed to the producers they gave away their margins and you can see the outperformance by the royalty companies and the metal streamers very clearly, and that is the price. People say, "Well, I will raise my money that way and it will be non-dilutive to my shareholders." And that is true. But what they do not say is that it is giving up the profits that the shareholders were expecting to see.

To me it is like payday loans or a convenience store where you pay a premium for that convenience, you pay a premium for that money in this market. We have not done that and we will not do that because of the shareholders.

CK: Rob, one other event that has been going on is the New York Stock Exchange and I am reading this from a press release back in November stipulating that the average closing price of a listed company stock be above $1 per share. Of course, a couple months ago, McEwen Mining was struggling with keeping the dollar per share. But that may not be an issue anymore; you are well above the $1.20 a share. I do not know if you passed the required 30-consecutive trading days to maintain the NYSC listing, but what can you tell investors about that process?

RM: Yes, we received a notice back in July that we have fallen below the $1 level and if you are down for more than an average of 30 days. You take an average of 30 days your closing price below a dollar. They measure it at every month end. There will be this Friday. It will come up for review by the New York Stock Exchange and barring any major reversal in the gold price and the share price between now and Friday. I have my fingers crossed and my toes crossed. I think we have put that behind us or will have put it behind us by the close on Friday. They measure every month at every month end. I am hopeful, very hopeful it will not be an issue come close on Friday.


CK: Great! Thank you for that. Well, I want to ask you about the future looking out over the next few years. We just discussed that you have built a company that has lasted through a bottom and a bottom can only last so long. You have made predictions in the past for gold to hit $5,000 an ounce or above which is not an outlandish thing to predict considering it almost hit $2,000 already. What would the mining sector look like when gold is at $5,000 an ounce?

RM: Well, there will probably be a few more smiles in the industry. What will it look like? Well, I think right now we are going through a phase where there will be further consolidation. The seniors going into this are right now shedding assets. They are trying to pay down their debts. I think there will be new leaders out there and they will come from the ranks of the intermediates. There will be new names that will be leading the market ahead. They will have more aggressive management. They will probably see more ownership in the companies and they will be a little bit more careful at least in the next three, five years about how they build their projects, where they build their projects, and how much capital they need to build them. I would expect there should be a good margin in the business and we will be one of the better performing sectors in the market three, four years out.

CK: Okay. In terms of McEwen Mining, what does the next few years look like? I knew that you guys just brought on a new president a few weeks ago which is Colin Sutherland. He is going to be helping you with leadership moving forward and planning for hopefully better market conditions. But you did this with Goldcorp. You merged several companies together and you just made a Goliath of a mining company. I would assume that you are trying to replicate that success through McEwen Mining. What are your plans to do so?

RM: Our goal is to qualify for the S&P 500. You might wonder why? What drives me there are a couple of reasons. One there is a lot of money invested in the S&P 500 stocks. Index funds invested directly in the S&P had assets under management of more than $1.7 trillion, so a very large pool of money and there is only one gold stock in there and that is Newmont.


We have a gold and copper company, Freeport, but that is it in terms of the space of companies in that mining companies, precious metal companies in there, and 99.9% of all the precious metal companies in the world are non-American companies. In order get into this index you have to be an American company. McEwen mining is a Colorado incorporated company so we meet that fundamental test. We need a much larger market cap than what we have today. But I think over the next five years we can grow considerably. We are expanding what we do domestically and organically, but we will have to do one or two M&A transactions to get up to that size. Getting into the S&P 500 provides you a better shareholder base, a larger, more stable shareholder base, and a lower cost to capital, so it gives you competitive edge over all the other producers out there.

As I said this is an opportune time to be looking for opportunities to combine with other companies. It is much more inexpensive than it was three, four years ago, and that is the attraction. But first it was putting our company on a very solid basis where you are not pressured by debt. You have not given away revenue through metal streaming and royalties, and you are building cash. We are on the right foot going forward right now. That is where we are, achieve our goal and not build the comp any for the sake of size; build it for the sake of the underlying value per share and the share price.

I do not take a salary. I do not get a bonus. I do not have any options. I have not taken a salary or gotten a bonus for ten years. I am going to make my money exactly the same way my shareholders make money and that is through a higher share price.

CK: Well, that is certainly not an easy combination to find in the mining sector today. Before we end I just want to ask one last question pertaining to Argentina where, of course, McEwen has production and assets. The regime just changed down there and things have already been changing quite a bit. There has been an inflationary currency crisis down there the last few years. The new government, I believe, just let the exchange rate float. They are saying they are pro-business. Are you having or seeing any effects for McEwen from this new regime at this point?


RM: Yes we are. We have a mine in Argentina, our San José Mine. We own 49% and our partner, 51% partner, Hochschild Mining, operates it. The change in the currency and the removal of an export tax on doré gold which is the bar we pour at the mine will have an immediate impact on the cash flow and earnings of that operation. They have removed a lot of the restrictions on taking money out. We were never really subject to that. But they are moving quickly. They are very pro-business, very pro-mining. I think anyone with assets in Argentina are going to see those assets revalued by the marketplace as time goes by. I think a big hurdle for the country will be negotiating with their creditors in New York and getting that behind them and opening the capital markets to the country.

None of the ministers that have been appointed by the new government are career politicians. They are all people who came out of the business world and they are looking at their country and they want it to move forward. Out are the days where a very populous government spends to buy votes. I think Argentina is going to be the turnaround story of 2016 for the mining community.

CK: Alright, well, Rob, it has really been a pleasure having you on. I know you are a busy man and you have a busy schedule so thank you for cutting out the half hour to talk to our audience and share your story on McEwen Mining. I would give your coordinates and information, but everybody knows McEwen Mining and they know Rob McEwen so they know where to find you. Thanks so much for coming on, Rob.

RM: Colllin, it has been a pleasure. Thank you for your interest.

Rob has been associated with the mining industry for 29 years. His career began in the investment industry, and then in 1990 he stepped into the mining sector. Rob is the founder of Goldcorp Inc., where he took the company from a market capitalization of $50 million to over $10 billion. Rob is currently the Chairman, CEO and largest shareholder of McEwen Mining Inc. and Chairman of Lexam VG Gold Inc., exploring for gold, silver, copper, in Canada, USA, Mexico and Argentina.

MUX Rob McEwen doesn't like mining types with no skin in the game VIDEO  here

HIGH HOPES

Chief owner, president and CEO of McEwen Mining, Robert McEwen has set a strategic goal for McEwen Mining to get into the S&P 500 Index to gain a competitive advantage, as there is currently only one gold company in the index. “The S&P 500 is a very exclusive group of companies and most companies in the precious metals industry can never get in, even if they meet the high financial requirements for admission. Since a fundamental requirement is to be an American company, that precludes more than 99% of the industry. However, McEwen Mining can because it is a Colorado-incorporated company,” he boasted. Of course, being included in the S&P 500 would provide the miner with exposure to a significant pool of capital (more than $1.7-trillion is invested by index funds in S&P stocks), a more stable shareholder base, lower cost of capital, and exposure to the world’s most active market for precious metal companies...

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When central banks and politicians “manage” global currencies, we can expect:
•Exponentially increasing debt and currency devaluations
•Massive inflations and deflationary crashes.
•Transfer of wealth from the many to the few.
•Derivatives exceeding $1,000 Trillion and eventually a crash.
•A mathematically inevitable financial collapse.
•Monetary and fiscal madness.
•Booms and busts.
•Much higher gold and silver prices.
It has happened before and it will happen again

MUX: over $2 MUX stock is eligible for margin (maintenance requirement: 75%)

MUX McEwen Mining Reports Q1 Production Results, Royalty Acquisition

TORONTO, April 19, 2016 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) is pleased to announce production highlights of the first quarter 2016 and one acquisition.
Highlights
•Total production in Q1 was 37,958 gold equivalent ounces(1), a 14% increase over Q1 2015.
•Increased production guidance for 2016 to 144,000 gold equivalent ounces.
•Acquired the Net Smelter Return (NSR) royalty on our El Gallo Mine and El Gallo Silver deposit.
•Strong balance sheet: $43 million(2) in liquid assets and no debt!

El Gallo Mine, Mexico – A Record Quarter
In Q1 the mine produced 20,101 gold equivalent ounces, compared to 15,391 gold equivalent ounces during same period in 2015. Production in Q1 set a new quarterly record as a result of processing higher grade ore stockpiled in the previous quarter. Production in subsequent quarters is expected to be lower as the influence of higher grade ore diminishes during the year. Full year guidance for El Gallo in 2016 is now increased to 55,000 gold equivalent ounces. The 2016 exploration budget for Mexico is $4 million.

Today we acquired the existing tiered NSR royalty (the “Royalty”) on the El Gallo Mine, currently paying 3.5% of gross revenue less allowable deductions. The purchase price consisted of a $5.25 million payment on closing and a conditional deferred payment of $1 million to be made on June 30, 2018. The Royalty ceased being payable at the end of February 2016. This transaction will enhance the future profitability of the El Gallo Mine and removes a royalty burden on existing and potentially new deposits inside the Royalty’s area of influence, including the El Gallo Silver deposit.

San José Mine, Argentina (49%)(3)
Our attributable production from San José in Q1 was 8,960 gold ounces and 667,319 silver ounces, for a total of 17,857 gold equivalent ounces. Compared to Q1 2015, gold and silver production was down 5% and up 4% respectively. Q1 production is typically lower than other quarters due to mill shutdown and maintenance over the holidays.
Full year production guidance for San José in 2016 is 45,000 gold ounces and 3.3 million silver ounces, for a total of 89,000 gold equivalent ounces attributable to us. The 2016 exploration budget is $4.5 million.

Nevada Exploration
Exploration drilling is planned to begin on the newly acquired Afgan-Kobeh property in mid-May. The primary objective of this drilling is to expand the size of the existing resource.

Financial Results
Operating costs for the quarter ended March 31st, 2016 will be released with our Quarterly Financial Statements in early May.

ABOUT MCEWEN MINING (www.mcewenmining.com)

McEwen Mining’s goal is to qualify for inclusion in the S&P 500 Index by creating a high growth, profitable gold and silver producer focused in the Americas and Europe. McEwen Mining's principal assets consist of the San José Mine in Santa Cruz, Argentina (49% interest), the El Gallo Mine and El Gallo Silver project in Sinaloa, Mexico, the Gold Bar project in Nevada, USA, and the Los Azules copper project in San Juan, Argentina.
McEwen Mining has total of 298 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 25% of the Company.

Footnotes:
(1) 'Gold Equivalent Ounces' are calculated based on a 75:1 silver to gold ratio.
(2) Figures updated as of April 18, 2016. Includes cash, cash equivalents and precious metals at market. Net of royalty and property acquisitions mentioned herein.
(3) The San José Mine is owned by Minera Santa Cruz S.A., which is a joint venture 49% owned by McEwen Mining Inc. and 51% owned and operated by Hochschild Mining plc.

RELIABILITY OF INFORMATION REGARDING THE SAN JOSÉ MINE
Minera Santa Cruz S.A. (“MSC”), the owner of the San José Mine, is responsible for and has supplied to the Company all reported results from the San José Mine. McEwen Mining's joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates other than MSC do not accept responsibility for the use of project data or the adequacy or accuracy of this release.

TECHNICAL INFORMATION
The technical contents of this news release has been reviewed and approved by Nathan M. Stubina, Ph.D., P.Eng., FCIM, Managing Director and a Qualified Person as defined by Canadian Securities Administrator National Instrument 43-101 "Standards of Disclosure for Mineral Projects".

Consolidated net income was $13.0 million or $0.04 per share for Q1, compared to a net income of $6.0 million or $0.02 per share for Q1 2015. Quarterly gold equivalent production has increased year-over-year by 14%. Production in Q1 totaled 37,958 gold equivalent ounces, which includes 17,857 gold equivalent ounces attributable to us from our 49% interest in the San Jos Mine, and 20,101 gold equivalent ounces from the El Gallo Mine. The El Gallo Mine in Mexico had an outstanding quarter, producing at total cash costs and all-in sustaining costs per gold equivalent ounce of $432 and $532, respectively. The San Jos Mine in Argentina also performed well, and as a result we received a dividend of $2.6 million from MSC in the quarter, compared to a $0.5 million dividend received during all of 2015.

MUX McEwen Mining Q1 2016 Operating & Financial Results 05/05/2016

TORONTO, May 05, 2016 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) is pleased to announce consolidated quarterly production of 37,958 gold equivalent ounces(1) and earnings from mining operations of $19.5 million(2)(3) for the three months ended March 31, 2016 (“Q1”). The El Gallo Mine in Mexico had an outstanding quarter, producing at total cash costs and all-in sustaining costs (“AISC”) per gold equivalent ounce of $432 and $532, respectively. The San José Mine in Argentina also performed well, and as a result we received a dividend of $2.6 million from MSC(4) in the quarter, compared to a $0.5 million dividend received during all of 2015.
We generated $14.7 million in free cash flow in the quarter, and ended the quarter with liquid assets(3) of $43.5 million and no debt. On May 2, 2016 we had liquid assets of $46 million and no debt.

Operating & Financial Highlights

Production Costs
Consolidated total cash costs, all-in sustaining costs (AISC) and all-in costs per gold equivalent ounce sold in Q1 were $615, $814 and $903, respectively. At the El Gallo Mine total cash costs and AISC were $432 and $532 per gold equivalent ounce, respectively; and at the San José Mine total cash costs and AISC were $762 and $936 per gold equivalent ounce, respectively. The year-over-year decrease in total cash costs per gold equivalent ounce sold is mainly due to a higher average gold grade processed at the El Gallo Mine, and devaluation in both the Argentinean and Mexican Pesos in the quarter.
Production
Quarterly gold equivalent production has increased year-over-year by 14%. Production in Q1 totaled 37,958 gold equivalent ounces, which includes 17,857 gold equivalent ounces attributable to us from our 49%(4) interest in the San José Mine, and 20,101 gold equivalent ounces from the El Gallo Mine.
Ounces Sold
Sales totaled 40,578 gold equivalent ounces in Q1, which includes 22,477 gold equivalent ounces attributable to us from the San José Mine, and 18,101 gold equivalent ounces from the El Gallo Mine.

Earnings from Mining Operations
Earnings from mining operations was $19.5 million or $0.07 per share for Q1, compared to earnings of $17.2 million or $0.06 per share for Q1 2015.
Cash Flow
Net cash provided by operations was $14.7 million or $0.05 per share for Q1, compared to net cash flow generated of $5.6 million or $0.02 per share in Q1 2015.
Net Income
Consolidated net income was $13.0 million or $0.04 per share for Q1, compared to a net income of $6.0 million or $0.02 per share for Q1 2015.

Average Realized Prices
The average realized prices of gold and silver sold during Q1 were $1,205 and $15.29 per ounce, respectively. Average realized prices are presented net of adjustments of provisionally priced sales of concentrates from the San José Mine.
Production and Cost Guidance
We increased our 2016 production guidance during the quarter to 99,500 gold ounces and 3.3 million silver ounces, or 144,000 gold equivalent ounces, at total cash costs and AISC of $780 and $935 per gold equivalent ounce, respectively.

Treasury
We ended Q1 with $43.5 million in liquid assets and no debt. As of May 2, 2016 we had liquid assets of $46 million.

Return of Capital & Eligible Dividend
We paid the second semi-annual return of capital installment of $0.005 per share on February 12, 2016, for an aggregate total of $1.5 million. For shareowners in the US & Canada, return of capital is generally not taxed, however we advise you to obtain advice from a tax professional familiar with your specific situation. Owners of the exchangeable shares of our publicly traded Canadian subsidiary McEwen Mining - Minera Andes Acquisition Corp. (“MAQ”) received an eligible dividend of $0.005 per share with the same payment date. The eligible dividend does not qualify for the same beneficial tax treatment discussed above and we recommend that holders of MAQ shares vote for the proposed amendment to the article of incorporation at the MAQ Annual Meeting, as discussed below.

Exchangeable Shares
At our upcoming Annual Meeting on May 31, 2016, owners of MAQ exchangeable shares are being asked to vote for an amendment to the articles of incorporation allowing for the immediate redemption of all exchangeable shares. If approved, MAQ shares will be redeemed for MUX common shares. This will save administrative costs and simplify our capital structure. For more information on the proposed amendment refer to pages 10-19 of the proxy circular dated April 20, 2016 available at:
sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00032768

El Gallo Mine, Mexico (100%)

In Q1 the mine produced 20,101 gold equivalent ounces, compared to 15,391 gold equivalent ounces during same period in 2015. Production in Q1 set a new quarterly record as a result of processing higher grade ore stockpiled in the previous quarter. Production in subsequent quarters is expected to be lower as the influence of higher grade ore diminishes and production transitions to lower grade resources. Full year production guidance for El Gallo in 2016 is now increased to 55,000 gold equivalent ounces.

For 2016, we have budgeted $3.3 million for sustaining costs and capital expenditures, and $2.6 million for exploration activities. During Q1 we spent $1.1 million, primarily on the heap leach pad expansion expected to be completed early in Q2, and $0.8 million in exploration activities.

On April 19, 2016, we acquired the existing tiered NSR royalty (the “Royalty”) on the El Gallo Mine, which was paying 3.5% of gross revenue less allowable deductions. The purchase price consisted of a $5.25 million payment on closing and a conditional deferred payment of $1.0 million to be made on June 30, 2018. The Royalty ceased being payable at the end of March 2016. In 2015 the Royalty added approximately $44 per gold equivalent ounce sold to our cash cost. The transaction enhances the future profitability of the El Gallo Mine and removes a royalty burden on existing and potentially new deposits inside the Royalty’s area of influence, including the El Gallo Silver deposit.

On May 2, 2016, we announced the purchase of mineral properties located approximately 6 miles (10 km) from the El Gallo Mine for $250,000, plus a 2% NSR royalty retained by the seller. We believe there are attractive exploration targets on these properties, and we will be commencing exploration here immediately.

San José Mine, Argentina (49%)

Our attributable production from San José in Q1 was 8,960 gold ounces and 667,319 silver ounces, for a total of 17,857 gold equivalent ounces. Compared to Q1 2015, gold production was down 5% and silver production was up 4%. Q1 production is typically lower than other quarters due to mill shutdown and maintenance over the holidays.

Tax reforms and other macroeconomic developments in Argentina have significantly improved the cash flows at San José. As a consequence we received $2.6 million in dividends from MSC(4) in Q1, and expect to receive additional dividends throughout the year.

The 2016 exploration budget for drilling on targets near the mine is $4.5 million. This is the first time in several years that a significant budget has been allocated to exploration with the goal of defining new economic deposits on the San José property.

Gold Bar Advanced-stage Project(5), Nevada, U.S. (100%)

For 2016, we have budget approximately $8.3 million for our Nevada properties. The budget for Gold Bar development is $3.5 million, of which $0.6 million was spent in Q1. The exploration budget is $1.6 million for a total of 16,000 ft. (4,900 m) of drilling. Exploration drilling on two Nevada projects begins this month, including on the new Afgan project acquired in January.

We continue to advance the permitting process for construction and production at Gold Bar. Formal notice from the Bureau of Land Management states our Record of Decision (ROD) for the Gold Bar Environmental Impact Statement (EIS) is expected in January, 2017. The Company expects that all other applicable State and local permits will also be acquired within this timeframe. Once the ROD and permits are received, the Company can begin mine construction, which is expected to take approximately 10-12 months to complete.

El Gallo Silver Advanced-stage Project(5), Mexico (100%)

Work with our engineering consultants on revised development plans and trade-off studies for El Gallo Silver is ongoing. We intend to present our results this summer and produce a new feasibility study when prevailing silver prices justify development.

Los Azules Exploration Project, Argentina (100%)

For 2016, we have budgeted $1.0 million for Los Azules to advance the project with baseline environmental studies, optimization studies, and geological work. Planning for the next field season in Q1 2017 is also in progress.
Q1 2016 Conference Call Details

May 4, 2016 16:06:22 GMT -5 Entendance said:

McEWEN MINING Q1 2016 FINANCIAL RESULTS CONFERENCE CALL
TORONTO, May 4, 2016 - McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to announce that senior management will be hosting a conference call to discuss our Q1 2016 financial results and project developments on Thursday, May 5th, 2016 at 11:00 am ET.

WEBCAST:
www.gowebcasting.com/lobby/7548

MUX McEwen Mining - Minera Andes Acquisition Corp. Announces Special Resolution at Annual Meeting

McEwen Mining – Minera Andes Acquisition Corp. (TSX:MAQ) (OTC:MCEEF) announces that owners of the Corporation’s shares (“Exchangeable Shares”) will be asked to approve a special resolution to amend the Articles of Incorporation at the Annual and Special Meeting. If approved, the special resolution would result in all outstanding Exchangeable Shares becoming common shares of McEwen Mining Inc.
The reasons owners of Exchangeable Shares should consider approving the proposed special resolution are:
•Reduce our corporate expenses and listing fees associated with the current share structure;
•Superior trading liquidity of common shares that are traded on the NYSE and TSX; and
•Owners of Exchangeable Shares receive eligible dividends, while owners of common shares receive return of capital. Return of capital is generally not taxed1 in the US & Canada.
McEwen Mining – Minera Andes Acquisition Corp. has retained the services of D.F. King to assist in the solicitation of proxies in connection with the Annual and Special Meeting.
The Annual and Special Meeting will be held on May 31, 2016 from 4:00 PM Eastern Time, at 150 King Street West, 16th Floor, Toronto, Ontario, in the Conservatory Room.
The full information on the resolutions for the annual meeting was supplied in the Information Circular that was mailed to shareholders on April 20, 2016 and is available on SEDAR (www.sedar.com) and at www.envisionreports.com/MAQ2016. It is important that shareholders understand the implications of this transaction as described in the Information Circular and that they consult their own legal, financial and tax advisors to determine the tax consequences of an exchange in their individual circumstances.
The proxy deposit date for the annual meeting is May 27, 2016. If you are holding Exchangeable Shares as of the record date, the management would like to encourage you to consider voting for this year’s resolutions. If you have any questions or if you need assistance in casting your vote, please contact our Investor Relations department at 647-258-0395, toll free 866-441-0690 or email at info@mcewenmining.com.
As of the record date of April 11, 2016, over 114 million Exchangeable Shares have been converted to common shares of McEwen Mining, representing 84.4% of the issued McEwen Mining – Minera Andes Acquisition Corp. shares. Management would like to thank all their shareholders who participated to the effort of converting their shares.
1 We advise you to obtain advice from a tax professional familiar with your specific situation.
The TSX has 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 McEwen Mining – Minera Andes Acquisition Corp.
Mihaela Iancu
Investor Relations
Tell: 647-258-0395 ext 320
Toll Free: 1-866-441-0690
info@mcewenmining.com
www.mcewenmining.com

 

150 King Street West
Suite 2800, P.O. Box 24
Toronto, Ontario, Canada
M5H 1J9

Rob McEwen has possibly the best reputation for success and rewarding shareholders in the industry. He is extremely ethical and only benefits if shareholders benefit. For example, he pays himself no salary, he issues himself no bonuses, no options, and no rewards. He only gains if the stock price rises. Now, that is very rare in this world.

MUX McEwen Mining Appoints Donald Brown as Sr. Vice President, Projects

TORONTO, Aug. 22, 2016 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) is pleased to announce that Mr. Donald Brown will join the Company on August 29, 2016 as our Senior Vice President of Projects. Mr. Brown has a proven track record of delivering superior results and will lead the advancement and future development of our portfolio of global assets including the Los Azules copper project in Argentina and the El Gallo Silver project in Mexico, as well as assisting our current team with the ongoing development of the Gold Bar project in Nevada.
Mr. Brown is a seasoned mining professional having previously held roles as Vice President of Projects for Glencore and Construction Manager for Bechtel Mines and Metals. He has worked on many large scale mining projects in all stages of feasibility, development and operations such as Antamina, Las Bambas and Antapaccay in Peru, and El Pachon in Argentina. Mr. Brown holds a Masters of Science in Rock Mechanics and Mining Engineering from Newcastle University, he is a Chartered Professional Engineer (Australia) and also a Registered Mine Manager (Australia).
“We are very pleased to welcome Donald to our team. He comes with considerable experience in large and complex precious and base metal projects internationally, which I believe will better position us to grow organically from the development of our extensive portfolio of assets," said Rob McEwen, Chairman and Chief Owner.

About McEwen Mining www.mcewenmining.com

McEwen Mining’s goal is to qualify for inclusion in the S&P 500 Index by creating a high growth, profitable gold and silver producer focused in the Americas and Europe. McEwen Mining's principal assets consist of the San José Mine in Santa Cruz, Argentina (49% interest), the El Gallo Mine and El Gallo Silver project in Sinaloa, Mexico, the Gold Bar project in Nevada, USA, and the Los Azules copper project in San Juan, Argentina.

McEwen Mining has a total of 299 million shares outstanding and 305 million fully diluted. Rob McEwen, Chairman and Chief Owner, owns 25% of the Company.

McEwen Mining Backs FY16 Production Guidance Of 144,000 Gold Equivalent Ounces MUX

McEwen Mining 3Q Total Production 36,496 Gold Equivalent Ounces MUX

McEwen Mining reports Q3 total production was 36,496 gold equivalent ounces using a gold to silver ratio of 75:1, on target to achieve 2016 guidance of 144Kgold equivalent ounces Briefing.com

MUX McEwen Mining Reports Q3 Production, Mexico Exploration Drill Results

McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) is pleased to announce that total production for the third quarter (“Q3”) was 36,496 gold equivalent ounces using a gold to silver ratio of 75:1, or 24,281 gold ounces and 916,168 silver ounces. Production is on target to achieve our 2016 guidance of 144,000 gold equivalent ounces, or 99,500 gold ounces and 3,337,000 silver ounces...

More here

•McEwen Mining (NYSE:MUX): Q3 EPS of $0.01
•Revenue of $13.43M (-40.3% Y/Y)

MUX McEwen Mining Third Quarter Report 2016

TORONTO, Nov. 03, 2016  McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) is pleased to announce consolidated quarterly production of 36,496 gold equivalent ounces(1), comprised of 24,281 ounces gold and 916,168 ounces silver. For the three and nine months ended September 30, 2016, the Company reported net income of $4.2 million(2) or $0.01 per share and $25.5 million or $0.09 per share, respectively. Earnings from mining operations(3) were $18.9 million and $57.7 million over the same periods. Net income for the three months ended September 30, 2015 was $2.6 million or $0.01 per share and net loss for the nine months ended September 30, 2015 was $5.5 million, or $0.02 per share.

For the three and nine months ended September 30, 2016, the Company generated $4.9 million and $24.4 million of net cash flow from operations, respectively. We ended the third quarter of 2016 with liquid assets(3) of $62.5 million composed of cash of $38.8 million, precious metals of $16.6 million and marketable securities of $7.1 million. The Company has no debt, and has not done any financings, sold any metal streams, royalties, or hedges against precious metals. As at October 31, 2016 we had liquid assets of $60.3 million.

Our 2016 production guidance remains 99,500 gold ounces and 3.3 million silver ounces, or approximately 144,000 gold equivalent ounces. However, we are reducing our original guidance for total cash costs and all-in sustaining costs (“AISC”) from $780 and $935 per gold equivalent ounce, respectively, to $700 and $860. This is attributable to the reduced cost levels at the El Gallo Mine in the first nine months, which we expect to continue for the rest of this year.

In addition, the Company announces the promotion of Xavier Ochoa from Chief Operating Officer to President and Chief Operating Officer, effective immediately. Simultaneously, the Company announces the departure of its former President, Colin Sutherland.
Operating & Financial Highlights

Production
Production in Q3 totaled 36,496 gold equivalent ounces, which includes 11,849 gold equivalent ounces from the El Gallo Mine, and 12,527 gold ounces and 909,017 silver ounces attributable to us from our 49%(4) interest in the San José Mine. Year to date production totaled 114,009 gold equivalent ounces, which includes 47,590 gold equivalent ounces from the El Gallo Mine, and 33,839 gold ounces and 2,443,527 silver ounces attributable from the San Jose Mine.

Production Costs
Consolidated total cash costs, all-in sustaining costs (AISC) and all-in costs per gold equivalent ounce in Q3 were $677, $884 and $1,023, respectively. At the El Gallo Mine total cash costs and AISC were $598 and $680 per gold equivalent ounce, respectively. At the San José Mine total cash costs and AISC were $707 and $850 per gold equivalent ounce, respectively.

Ounces Sold
Sales in Q3 totaled 35,879 gold equivalent ounces, including 22,976 gold ounces and 967,778 silver ounces. Year to date sales totaled 110,830 gold equivalent ounces, comprised of 75,677 gold ounces and 2,636,594 silver ounces.

Earnings from Mining Operations
Earnings from mining operations were $18.9 million or $0.06 per share for Q3, compared to earnings of $13.4 million or $0.05 per share for the three months ended September 30, 2015 (“Q3 2015”). For the nine months ended September 30, 2016 earnings from mining operations were $57.7 million or $0.19 per share compared to $44 million or $0.15 per share for the nine months ended September 30, 2015.

Cash Flow
Net cash provided by operations was $4.9 million or $0.02 per share for Q3, compared to $10.7 million or $0.04 per share in Q3 2015. For the nine month ended September 30, 2016, net cash provided by operations was $24.4 million or $0.08 per share compared to $16.6 million or $0.06 per share for the prior year comparable period.

Net Income (Loss)
Consolidated net income was $4.2 million or $0.01 per share for Q3, compared to $2.6 million or $0.01 per share in Q3 2015. For the nine months ended September 30, 2016, net income was $25.5 million or $0.09 per share compared to a loss of $5.5 million or a loss of $0.02 per share in the prior year comparable period. The improved earnings are a result of an increase in net income from our investment in Minera Santa Cruz (“MSC”), partially offset by a small increase in all-in sustaining costs at the El Gallo Mine compared to Q3 2015. Furthermore, in 2015 the Company recognized impairment charges.

Average Realized Prices
The average realized prices of gold and silver sold during Q3 were $1,328 and $20.13 per ounce, respectively. On a year to date basis, average realized prices of gold and silver sold were $1,262 and $17.95, respectively.

Treasury
We ended the third quarter of 2016 with liquid assets of $62.5 million composed of cash of $38.8 million, precious metals of $16.6 million and marketable securities of $7.1 million. The Company has no debt, and has not done any financings, sold any metal streams, royalties, or hedges against precious metals. As at October 31, 2016 we had liquid assets of $60.3 million.

Return of Capital (Yield)

We paid the semi-annual return of capital installment of a ½ cent per share, which was distributed to shareholders of record on August 29, 2016. Based on our share price yesterday our yield is 0.3% per share.

Redemption of Exchangeable Shares

At its Annual Meeting held on June 6, 2016, shareholders of McEwen Mining – Minera Andes Acquisition Corp. voted to allow the early redemption of Exchangeable Shares. On August 22, 2016 each remaining Exchangeable Share was redeemed for one common share of McEwen Mining Inc. Now there is only one class of shares outstanding, common shares and as at yesterday there are 300 million outstanding.

El Gallo Mine, Mexico (100%)

The El Gallo Mine produced 11,849 gold equivalent ounces in Q3 2016, in line with our guidance, compared to 19,558 gold equivalent ounces during the same period in 2015. Production in Q3 was lower than the prior quarter due to lower grade material, as we previously forecasted (1.4 gpt in Q3 2016 vs. 2.3 gpt in Q2 2016). This decrease in average grade is the result of moving from the higher grade Samaniego pit to the lower grade Lupita pit. Our full year guidance for El Gallo remains 55,000 gold equivalent ounces. A total of 47,590 gold equivalent ounces have been produced in the nine months ended September 30, 2016.

For 2016, we have budgeted $4.0 million for sustaining costs and capital expenditures, and $3.0 million for exploration activities. During Q3 we spent $1.1 million at the El Gallo Mine, which mostly related to the replacement of the excess pond liner and other pond and site improvements, and $0.9 million in exploration activities both of which aligned with our full year plans.

San José Mine, Argentina (49%)

Our attributable production from San José in Q3 was 12,527 gold ounces and 909,017 silver ounces, for a total of 24,647 gold equivalent ounces. Compared to Q3 2015, gold and silver production increased by 3% and 4% respectively. Tax reforms, including the elimination of export tax on doré and concentrate, and other macroeconomic developments in Argentina, as well as the devaluation of the Argentinean Peso, have resulted in a significant improvement in operations and cash flows at San José in 2016. As a result, we received $7.9 million in dividends from MSC(4) in Q3. We have received $13.3 million in dividends year-to-date against an original dividend forecast of $7.5 million for 2016, and, in comparison, the Company received $0.5 million in dividends for all of 2015. The Company expects to receive additional dividends throughout the year provided gold and silver prices remain at current or higher levels.

The 2016 exploration budget remains at the increased level of $6.5 million. This is the first time in several years that a significant budget has been allocated to exploration.

Gold Bar Advanced-Stage Project(5), Nevada, U.S. (100%)

As outlined in our Feasibility Study dated September 19, 2015, the upside case for Gold Bar at $1,300/oz gold provides improved economics over the original base case of $1,150/oz.

The Company estimates that we will receive a permitting decision from the Bureau of Land Management during the third quarter of 2017. This final permit, if received, will allow us to begin construction of the mine, which we estimate will take 12 months. Production is estimated to begin the following year in 2018. For 2016, we have budgeted approximately $3.5 million to be spent towards advancing the project closer to the production stage, of which $1.9 million has been spent during the nine-month period ended September 30, 2016. Mine permitting and engineering activities continue to advance at Gold Bar.

El Gallo Silver Advanced-stage Project(5), Mexico (100%)

During the third quarter we continued to analyze development plans for the El Gallo Silver project.

Los Azules Exploration Project, Argentina (100%)

The Company is nearing completion of an updated Preliminary Economic Assessment (“PEA”) for Los Azules. We believe the recent policy shifts in Argentina such as the elimination of export taxes, the devaluation of the peso and the lifting of certain import restrictions on equipment will improve the economics of Los Azules over the previously published PEA completed in 2013. For 2016, we have increased our budget from $0.9 million to $3.4 million reflecting our recently increased levels of study to advance the project. The Company anticipates that the increased budget levels will continue into 2017 as it prepares to commence a drill program early next year, contingent upon weather conditions as the winter season normally ends during the fourth quarter of the calendar year. More here

Nov 3, 2016 5:47:12 GMT -5 Entendance said:

MUX McEwen Mining Q3 2016 Operating & Financial Results

McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) is pleased to announce that senior management will be hosting a conference call to discuss our Q3 2016 financial results and project developments on Thursday, November 3rd, 2016 at 11:00 am ET. For dial-in, webcast and replay details see below:
McEwen Mining will be hosting a conference call to discuss the Q3 2016 results
and project developments on: DATE Thursday November 3rd, 2016 at 11:00 am ET

WEBCAST:
www.gowebcasting.com/lobby/8247

 
TELEPHONE:
Participant Dial-in numbers: (877) 291-4570 (North America) / (647) 788-4919 (International)
Conference ID: 9405095

REPLAY:
Dial-in numbers: (800) 585-8367 (North America) / (416) 621-4642 (International)
Conference ID: 9405095
03/11/2016 14:00 ET - 10/11/2016 23:59 ET

MUX McEwen Gives His Gold Outlook In This No-holds-barred Interview

MUX: The Best Gold Stocks of 2016

MUX McEwen Mining goes ex-dividend today •McEwen Mining (NYSE:MUX) had declared C$0.005/share semi-annual dividend, in line with previous. •Payable Feb. 14; for shareholders of record Feb. 3; ex-div Feb. 1.

•CEO knows how to make money for shareholders.

•Currencies are being devalued across the globe.

•San Jose mine spins off $13 million in dividends.


Rob McEwen is not your typical CEO. After a highly successful tenure as founder of Goldcorp (NYSE:GG), he launched McEwen mining (NYSE:MUX) and is banking on a robust stock price move, since he commands a paltry salary of only $1 per year.

Mr. McEwen wants his management decisions to align with his stockholders as he owns a substantial 25% of McEwen stock. With 300 million shares outstanding and the stock trading just shy of $4.00 per share, this is a $1.23 billion company.

Argentina has dramatically improved the financial fortunes of the company's 49% owned San Jose mine, by cutting onerous taxes that had driven miners out of their country. 51% owner Hochschild mining has delivered $13 million in dividends to McEwen Mining- through the first 3 quarters of 2016, with expectations of more to come. Hochschild has been cutting mining costs and the lifting of capital controls by Argentina President Macri has allowed the free market to properly devalue the peso currency. Mining costs have plunged alongside the weaker peso and new investment and exploration should lead to an expansion of gold and silver production.

The great Fidelity Magellan Fund Manager Peter Lynch stated that small company stocks make big price moves and large companies tend to make smaller moves. This fact is very applicable to the mining industry for those small companies that have strong balance sheets. McEwen Mining holds $62 million in cash, precious metals, and liquid securities and 0 debt through September 2016.

The 100% owned El Gallo mine in Mexico is also seeing a sharp decline of all in cash costs to $680 per ounce of gold equivalent (gold and silver converted to gold). The Mexican peso has devalued sharply and mining production costs have fallen accordingly. Gold price is hovering around $1,200 per ounce, but McEwen sees a potential high price of $5,000 in the next few years. Silver price has risen from an average of $14.86 in early 2016 to $17.50 per ounce amid continued reports of strong physical demand from both investors and industry.


McEwen is looking to propel the company into the S&P 500 stock index, through additional acquisitions or mergers. The deal has to be "good" for his stockholders as he is the largest one. One of the requirements of the S&P 500 is that the company must be based in the United States, and McEwen Mining was incorporated in Colorado. There is only one miner currently listed in the index, so the next miner to join-will experience some heavy share purchases and the stock price will jump higher.

Fiat paper money currency continues to be devalued as the central banks seem to believe that printing more paper currency will remedy weak economic conditions. There are huge debt problems in the United States and China, and paper currency inflation is only creating havoc across economic markets everywhere. India has confiscated paper money and China continues to attempt to control capital outflow. Venezuela is experiencing crippling inflation of 122% in 2015 and 546% in 2016 (CIA report) and the United States is vastly understating inflation when it excludes the crushing rise in healthcare costs from the failed Affordable Care Act. As citizens experience loss of paper currency purchasing power, they will continue to purchase hard assets, including silver and gold. China and Russia central banks continue to purchase gold, possibly as a prelude to backing a more stable currency. Noted silver metal analyst Ted Butler reports that JP Morgan has accumulated 80 million ounces of silver in their COMEX warehouse.

The reported manipulation of silver prices by Deutsche Bank among many others has set up a bullish scenario for miners who maintained their fiscal discipline during the period of price suppression. The suppressed price has shut down mining production because its arbitrary price was pushed below the cost of producing the precious metal. The stronger surviving miners such as McEwen, are now in a position to capitalize on these rebounding gold and silver prices. New miners will try to move in to production mode, but it takes time to do so. Rising demand and limited supply creates rising profits.


McEwen mining has not hedged any of its gold, silver, nor copper production and therefore will make large moves in the direction of precious metal prices. The company is funding capital expenditures from cash flow and those huge dividends from San Jose mine do not show in the quarterly earnings figure. This accounting method seems to vastly understate the rising value of this miner. $13 million dividend is a large figure that cannot be ignored. There are more of these dividends that will arrive in 2017 if gold and silver prices continue to move higher.

Tim Paul here