McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to report new high-grade drill results from Grey Fox, which is part of the Black Fox Complex, located in the prolific Timmins gold district, Canada (see Figure 1).

“Our exploration at Grey Fox has focused on drilling mineralized cross structures that were not previously well understood or drill tested. We have been successful in identifying more of these structures and we believe that they represent a good opportunity to increase the current gold resource of 567 Koz at 7.1 g/t Au. A new resource update for Grey Fox will be published later this month,” said Sylvain Guerard, SVP Exploration.

The Grey Fox Area is comprised of four deposits: 147, 147NE, Contact and South, and two neighbouring targets; Whiskey Jack and Gibson (see Figure 2).

Drill results in this news release highlight the growth potential associated with northwest dipping mineralized structures. During 2019, targeting these structures led to the discovery of the 147NE deposit in the central part of the Grey Fox area. Multiple new intersections such as the extensions of the 147 and South zones strongly suggest the presence of similar important mineralized structures.

South zone drilling targeted structures similar to the 147NE zone. Significant intersections were returned, such as 13.6 g/t Au over 12.2 m, 29.1 g/t Au over 4.1 m, and 4.9 g/t Au over 18.2 m.

Table 1 – Highlights of Drill Results from the South Zone:

147NE zone outcrops at surface and extends along a strike length of 1,000 feet (300 m) and to a depth of 1,150 ft (350 m). New drilling highlights include: 12.4 g/t Au over 5.1 m, 13.0 g/t Au over 3.2 m, and 159.3 g/t Au over 1.6 m.

Table 2 – Highlights of Drill Results from the 147NE Zone:

147 zone also outcrops at surface making it, and the 147NE zone, potentially suitable for open pit mining. Drill hole assays from this target returned narrow high-grade intersections including: 120.5 g/t Au over 0.9 m (from just 7.9 m down hole), 56.3 g/t Au over 0.9 m and 27.8 g/t Au over 1.7 m.

Table 3 – Highlights of Drilling Results from the 147 Zone:

Complete assay results from the latest drilling on the Grey Fox zones:

http://mcewenmining.com/files/doc_news/archive/2020/20200200_greyfox/Feb2020_Grey_Fox_composites_cog1_V3.xlsx

Figure 1 – Black Fox Property – Plan View:

https://www.mcewenmining.com/files/doc_news/archive/2020/20200200_greyfox/Figure_1_BF_Property.pdf

Figure 2 – Grey Fox Area Mineralization & Drill Hole Location – Plan View:

https://www.mcewenmining.com/files/doc_news/archive/2020/20200200_greyfox/Figure_2_Grey_Fox_Area.pdf

For a glossary of technical terms and their definitions, please consult our mining glossary:

https://www.mcewenmining.com/investor-relations/glossary/default.aspx

ABOUT MCEWEN MINING

McEwen Mining is a diversified gold and silver producer and explorer with operating mines in Nevada, Canada, Mexico and Argentina. It also owns a large copper deposit in Argentina. McEwen’s goal is to create a profitable gold and silver producer focused in the Americas.

McEwen has approximately 400 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 20% of the shares.

QUALIFIED PERSON

Technical information pertaining to geology and exploration contained in this news release has been prepared under the supervision of Ken Tylee, P.Geo. Mr. Tylee is a “qualified person” within the meaning of NI 43-101.