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McEwen Mining to issue US$50M of debt to help build Gold Bar

McEwen Mining Inc. plans to issue up to US$50 million in senior secured notes to help fund the construction of its Gold Bar mine in Nevada. The proposed three-year notes will bear interest at a rate of 9.75% per annum.

In a May 25 release, McEwen Mining said controlling shareholder and Chairman Rob McEwen and a third party may each buy half of the debt, with negotiations ongoing.

A recent feasibility study on Gold Bar forecast an internal rate of return of 23% and a net present value of US$54 million, discounted at 5%. The mining scenario is built around a seven-year mine life, total production of 397,700 ounces of gold and initial CapEx of US$80.8 million.