McEwen Mining Inc. (TSX:MUX,NYSE:MUX) announced an updated NI 43-101 resource estimate for its Mexico-based El Gallo 2 project, noting that its measured and indicated silver and gold resources increased by 20 and 215 percent, respectively. That means they now sit at 63.9 million ounces of silver and 201,750 ounces of gold.

According to the press release, full highlights include:

Measured and Indicated silver and gold resources grew by 20% and 215% respectively, to 63.9 million ounces silver and 201,750 ounces gold (34.3 million tonnes at 58.0 gpt silver and 0.18 gpt gold). Measured and Indicated Resources on a gold equivalent* (AuEqv) basis totaled 1.4 million ounces (34.3 million tonnes at 1.30 gpt AuEqv). The average gold equivalent grade decreased by 8%.
Measured and Indicated resources for El Gallo 1 and 2 on a gold equivalent basis now total 2.1 million ounces (48.2 million tonnes at 1.37 gpt AuEqv).
The Inferred Resource equals 14.5 million ounces silver and 66,550 ounces gold (8.5 million tonnes at 52.7 gpt silver and 0.24 gpt gold). Inferred Resources on a gold equivalent basis equal 345,042 ounces (8.6 million tonnes at 1.26 gpt AuEqv).
* Gold equivalent calculated by converting silver into gold using a 52:1 exchange ratio. This ratio was established on January 30, 2013 and was used to budget the company’s 2013 gold equivalent production. The silver/gold ratio does not take into account metallurgical recoveries.

Click here to read the full McEwen Mining Inc. (TSX:MUX,NYSE:MUX) press release.