McEwen Mining Inc. is extremely disappointed to report an armed robbery occurred today at our El Gallo 1 mine in Sinaloa, Mexico.

Based on today's prices the the heist is worth over $8 million. The Toronto-based company said it maintains insurance against these types of incidents and is working closely with its insurance carrier to determine the extent of available coverage, but its policy will not be sufficient to cover the entire expected loss.

No employees were seriously injured and there was no material damage to any of the facilities at the mine. Mining and processing activities have not been impacted and continue uninterrupted said McEwen. The Mexican authorities are investigating the incident "vigorously" says the company.

Read More: www.mining.com/robbers-grab-gold-worth-20m-mexico-mine/