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MEXICO CITY(Scrap Monster): A positive feasibility study for its 100% owned El Gallo Phase II in Sinaloa, Mexico has been reported by Canada-based McEwen Mining.

In compliance with requirements set by Canadian National Instrument 43-101 'Standards of Disclosure for Mineral Projects, the feasibility study was prepared by M3 Engineering, Independent Mining Consultants and SRK Consulting together.

The annual production  is expected to be 5.2 million oz of silver and 6,100oz of gold every year for the first six years. Cash costs for the company is estimated at $9.86 for a silver oz according to the report.

The Phase II FS supported the company's goal of producing an additional 5 million oz of silver a year from the El Gallo Complex.

These can be contained as we source good used equipment (not permitted in the Feasibility Study) like El Gallo Phase I and  further build our operating team, which would allow us to manage more of the project internally, despite seeing capital costs creep, says McEwen Mining Chief Owner Rob McEwen.

The company will be looking to convert areas of "inferred" resources into proven and probable reserves in order to further enhance the project over the next  6-9 months.