McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) reports an updated resource estimate for the Froome Deposit and highly encouraging exploration results from its ongoing $15 million exploration program at the Black Fox Complex near Timmins, Ontario, Canada.

Highlights include:

• Froome Footwall: Drilling intersected 53.93 g/t gold over 8.29 m including 322.86 g/t gold over 1.34 m, along the footwall structure located approximately 150 m North of the main Froome deposit.
   
• Froome Resource: Indicated resource estimate increased by 14% to 181,000 gold ounces at a grade of 5.09 g/t.
   
• Pike River: Shallow high-grade intersection of 35.04 g/t gold over 3.30 m core length (CL) along the same 7 km long structural belt that hosts the Froome deposit and Gibson mineralization.
   
• Grey Fox: Multiple shallow intersections including 13.41 g/t gold over 2.82 m including 27.70 g/t gold over 0.94 m, and 5.79 g/t gold over 1.99 m including 9.71 g/t gold over 0.93 m from a mineralized cross-structure located in the hanging wall of the 147 Zone, which has a current Indicated resource of 264,000 gold ounces at a grade of 7.49 g/t.
   
• Black Fox Mine: 35.08 g/t gold over 1.69 m intersected on the depth extension of the mine. An underground exploration drift is under development and additional drilling will begin in mid-September.

Froome Footwall

Surface drilling at Froome during Q3 has been focused on two targets: 1) evaluating the down-plunge extension of the Froome Deposit, and 2) assessing the potential of the mineralized footwall, which returned 53.93 g/t gold over 8.29 m including 322.86 g/t gold over 1.34 m. The current interpretation suggests that this new occurrence extends the complex, braided ‘belt’ of elevated gold mineralization (running parallel to Froome) by approximately 350 m strike length to the East.

The addition of these new drill intersections within the Froome Footwall could provide an economic enhancement to the proposed underground development planned to commence later in September. Definition drilling to further evaluate the footwall target is ongoing.

Significant Froome Footwall drill intersections include:

Pike River Target

The Pike River Target Area, located between the Froome Deposit to the northwest and Gibson Deposit to the southwest, is underlain by the Gibson-Kelore Fault zone. These mineralized intercepts indicate the high potential for a new discovery within this underexplored segment of the Gibson-Kelore Fault Zone.

Significant Pike River drill intersections include:

Grey Fox – 147 Zone Hanging Wall Target

Previous exploration activities at Grey Fox focused on east dipping oreshoots. A 3,000 m drill program traced a mineralized cross-structure at a different orientation over a strike length of 140 m, and from the surface to a depth of 125 m. These results indicate that the mineralized cross-structure is continuous and traceable, and provides a framework for adding resource ounces at Grey Fox.

Significant Grey Fox drill intersections include:

Black Fox Underground

One underground drill rig has been testing the down-plunge extension of the Deep Central Zone (see Figure 1). Drilling intersected multi-phase quartz-carbonated veining, which returned an intercept of 35.08 g/t gold over 1.69 m including 55.10 g/t gold over 1.01 m. This represents the deepest high-grade intercept at the mine, and supports the belief that mineralization extends deeper down plunge. Drilling will resume in mid-September from better positions in the newly constructed drilling bays on the 810 m level.

Significant DCZ drilling highlights include:

Froome Resource Estimate

The tables below summarize the current and previous Froome resource estimates. The differences are primarily attributable to additional drilling. Similar modeling parameters were used in both estimates.

Mineral Resource Statement, Froome Project, SRK Consulting (Canada) Inc., August 31, 2018

Previous Mineral Resource Statement, Froome Project, SRK Consulting (Canada) Inc., March 30, 2018 (Obsolete)

Figure 1 – Black Fox Exploration Drilling (Click to download .PDF):

http://mcewenmining.com/files/doc_news/archive/20180906_bf/black_fox_figure_1_sept_6_2018.pdf

Tables – All Drilling (Click to download .XLS):

http://mcewenmining.com/files/doc_news/archive/20180906_bf/black_fox_results_table_sept_6_2018.xlsx

ABOUT MCEWEN MINING

McEwen has the goal to qualify for inclusion in the S&P 500 Index by creating a profitable gold and silver producer focused in the Americas. McEwen’s principal assets consist of: the San José mine in Santa Cruz, Argentina (49% interest); the Black Fox mine in Timmins, Canada; the El Gallo Fenix project in Mexico; the Gold Bar mine in Nevada, currently under construction; and the large Los Azules copper project in Argentina, advancing towards development.

McEwen has a total of 337 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 24% of McEwen.