Short Interest Update on McEwen Mining (MUX)

McEwen Mining (MUX) : The traders have covered their outstanding shorts in McEwen Mining (MUX) to the tune of -247,175 shares, a change of -1.2%. As on Jul 29, 2016, the outstanding shorts on the stock were 19,931,014 shares, however, by August 15, 2016, the shorts had reduced to 19,683,839 shares. The covering shows that the traders dont believe that a large downside exists in the stock from current levels. The open short positions equal 9.8% of the free float of the stock. It takes 7 days to cover the outstanding short positions. The stock has an average daily volume of 2,957,710 shares. The short interest information was released on Wednesday Aug 24th after the market close.

McEwen Mining (NYSE:MUX): The stock opened at $4.22 on Wednesday but the bulls could not build on the opening and the stock topped out at $4.24 for the day. The stock traded down to $3.64 during the day, due to lack of any buying support eventually closed down at $3.72 with a loss of -13.89% for the day. The stock had closed at $4.32 on the previous day. The total traded volume was 6,750,098 shares.


In a related news, The Securities and Exchange Commission has divulged in a Form 4 filing that the Officer (President) of McEwen Mining Inc., Sutherland Colin had purchased shares worth of $53,839 in a transaction dated on June 28, 2016. A total of 15,166 shares were purchased at a price of $3.55 per share. The information is based on open market trades at the market prices.Option exercises are not covered.

McEwen Mining Inc. is a mining and minerals exploration company. The Company is focused on precious and base metals in Argentina, Mexico and the United States. Its operating segments include Argentina, Mexico and the United States. It has a land position consisting of mining claims, leases of mining claims or concessions of around 814 square miles in Argentina, 697 square miles in Mexico and 241 square miles in Nevada. It holds around 49% interest in Minera Santa Cruz S.A. (MSC), owner and operator of the producing San Jose mine in Santa Cruz, Argentina, which is controlled by the majority owner of the joint venture, Hochschild Mining plc (Hochschild). It also owns the El Gallo 1 gold mine in Sinaloa, Mexico. In addition to its operating properties, it also holds interests in numerous exploration stage properties and projects in Argentina, Mexico and the United States, including the Gold Bar (Gold Bar) and Los Azules (Los Azules) projects.

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