+0.10 +4.48% Volume: 2,947,828 January 23, 2018

+0.12 +4.33% Volume: 385,505 January 23, 2018
+2.04 +0.15% Volume: January 23, 2018
-0.04 -0.26% Volume: 35 January 22, 2018
+0.01 +0.33% Volume: 240 January 22, 2018

Gold Bar

About Gold Bar

Located in Eureka County, Central Nevada

The Gold Bar project and future mine is located within the Battle Mountain-Eureka-Cortez gold trend of Eureka County, Central Nevada. The property has seen historic mining from 1990 to 1994 by Atlas Precious Metals Inc. The nearest mine is Waterton Global’s Ruby Hill Mine at approximately 25 miles to the Southeast. Starting from 50 miles North and Northwest of Gold Bar is the Barrick Nevada operation, with a 2017 cumulative production of  2.3 million ounces of gold from its Cortez and Goldstrike mines.

About Diagram About Diagram
Gold pille



611,000 OZ


111,000 OZ


The Gold Bar Project is located on patented lands and public lands managed by the Bureau of Land Management (BLM) Battle Mountain Field Office. 

During 2015 work at the Project included an infill drill program of 13,300 ft (4,000 m), designed to increase the resource confidence level, consequently driving stronger mine economics for the mineral resource estimate and feasibility study released in 2015.

The scope of the feasibility study for Gold Bar is a conventional open pit mine with oxide gold heap leach recovery circuit. Key estimates include initial capital of $60 million; after-tax internal rate of return of 20% at $1,150/oz gold and of 36% at $1,300/oz gold; an average annual production of 65,000 ounces gold; and an estimated cash cost of $728 per ounce. The complete report was filed on December 4, 2015 on the Company's profile on SEDAR and can also be accessed here.

In January 2016 McEwen Mining acquired Gold Bar South, a property consisting of 109 mining claims located approximately 3 miles (5 km) from the Gold Bar Project, hosting a near surface, oxide gold resource and with immediate exploration potential laterally and at depth, based on several historical higher-grade drill intersections. Gold Bar South is to become a satellite resource that will contribute to future Gold Bar production.


The BLM and the Nevada Division of Environmental Protection are the primary regulatory agencies responsible for ensuring environmental protection at the Gold Bar Project. Further to the completion of the Plan of Operations submitted by McEwen Mining to the BLM, an Environmental Impact Statement (EIS) was determined necessary to fulfill the requirements under the National Environmental Protection Act (NEPA).

Since 2013 McEwen Mining has been through an ongoing pursuit to build Gold Bar. During this time, the Company has overcome many challenges involved in bringing a new mining project to fruition. A signed Record of Decision (ROD) on the Final Environmental Impact Statement was published by BLM in November 2017 and marked the completion of the NEPA process for the project.

Gold Bar is the first new gold mine in Nevada to gain permit approval in several years. 

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In 2015 McEwen Mining completed an updated Feasibility Study for the Gold Bar Project (the report was filed on SEDAR on December 4, 2015 and is also available for download here).
The scope of the study is a conventional owner operated open pit mine with run-of-mine oxide heap leach processing, occurring in four open pits, Gold Pick, Gold Ridge and two pits at Cabin Creek. The mine will utilize conventional truck and shovel methods to deliver oxide ore to a heap leach facility. Gold recovery of 78% is projected utilizing an Absorbtion-Desorbtion-Recovery carbon plant producing gold doré product.

Capex $60 million
Pay-back period 3 years @ $1,150/oz gold, 2 years @ $1,300/oz gold
After-tax IRR 20% @ $1,150/oz gold, 36% @ $1,300/oz gold
Mine Life Production 13 million tons @ 1.1 gpt diluted grade for 325,000 oz gold
Production Rate 8,050 tons of ore per day
Production Profile 65,000 oz gold/ year
Cash Cost $728/oz
NPV $30 million
Updated in-pit resource estimate 611,000 oz M&I and 111,000 oz Inferred
($1,150 / oz gold)
($1,300 / oz gold)
IRR (%) 20 36
NPV @ 5% Discount ($ millions) 30 67
Average Annual Cash Flow ($ millions) 22.5 31.5
Average Operating Margin Per Ounce ($) 395 537
Payback Period (years) 3 2

The Feasibility Study's base case uses a gold price of $1,150 per ounce and generates an after-tax net present value (NPV5%) of $30 million, an IRR of 20%, and an average after-tax cash flow from operations of $22.5 million per year of operation.

Feasibility Study results are disclosed on an after-tax basis, taking into consideration all internal tax attributes available to the Company at the time of the filing of this study. Given the size of the internal tax attributes, pre-tax results are not significantly different from after-tax results.

Gold Bar Mine Construction Update

Construction of the mine has begun immediately following the receipt of the ROD on November 7, 2017. The mild winter conditions allowed us to accelerate our construction schedule. Construction activities by the end of 2017 include:

1. Mobilized all major site contractors by November 8th, 2017;
2. Site clearance and initial preparation for 2018 civil work largely complete;
3. Installed temporary offices, communications equipment, water and power;
4. Began installation of mine water supply system; and
5. Mine development underway at Cabin Creek pit, which is planned as initial source of production.

Gold Bar is anticipated to reach commercial production by the first quarter of 2019.