XNYS:MUX McEwen Mining Inc Insider Activity 4 Filing - 2/1/2012

Effective Date 2/1/2012

XNYS:MUX (McEwen Mining Inc): Fair Value Estimate
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XNYS:MUX (McEwen Mining Inc): Consider Buying
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XNYS:MUX (McEwen Mining Inc): Consider Selling
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XNYS:MUX (McEwen Mining Inc): Fair Value Uncertainty
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XNYS:MUX (McEwen Mining Inc): Economic Moat
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XNYS:MUX (McEwen Mining Inc): Stewardship
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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
AMBROSE ALLEN V
  2. Issuer Name and Ticker or Trading Symbol
McEwen Mining Inc. [MUX]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
401 W. CHARLTON AVE
3. Date of Earliest Transaction (Month/Day/Year)
02/01/2012
(Street)

SPOKANE, WA 99208
4. If Amendment, Date Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 02/01/2012   M   634,500 A $3.35 634,500 D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Exchangeable Shares (1) 02/01/2012   S     3,950   (1)   (2) Common Stock 3,950 $5.73 267,040 D  
Exchangeable Shares (1) 02/01/2012   S     1,200   (1)   (2) Common Stock 1,200 $5.71 265,840 D  
Exchangeable Shares (1) 02/01/2012   S     14,300   (1)   (2) Common Stock 14,300 $5.72 251,540 D  
Exchangeable Shares (1) 02/01/2012   S     10,000   (1)   (2) Common Stock 10,000 $5.68 241,540 D  
Exchangeable Shares (1) 02/01/2012   S     43,800   (1)   (2) Common Stock 43,800 $5.7 197,740 D  
Stock Option-Right to Buy (3) 02/01/2012   M     634,500 12/27/2006 02/09/2012 Common Stock 634,500 $ 0 0 D  
Exchangeable shares (1) 02/02/2012   S     27,000   (1)   (2) Common stock 27,000 $5.6 170,740 D  
Exchangeable shares (1) 02/02/2012   S     1,300   (1)   (2) Common stock 1,300 $5.61 169,440 D  
Exchangeable shares (1) 02/02/2012   S     3,700   (1)   (2) Common stock 3,700 $5.62 165,740 D  
Exchangeable shares (1) 02/02/2012   S     4,800   (1)   (2) Common stock 4,800 $5.63 160,940 D  
Exchangeable shares (1) 02/02/2012   S     30,000   (1)   (2) Common stock 30,000 $5.64 130,940 D  
Exchangeable shares (1) 02/02/2012   S     1,600   (1)   (2) Common stock 1,600 $5.65 129,340 D  
Exchangeable shares (1) 02/02/2012   S     71,200   (1)   (2) Common stock 71,200 $5.66 58,140 D  
Exchangeable shares (1) 02/02/2012   S     57   (1)   (2) Common stock 57 $5.77 58,083 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
AMBROSE ALLEN V
401 W. CHARLTON AVE
SPOKANE, WA 99208
  X      

Signatures

 /s/ Allen V. Ambrose   02/03/2012
** Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The exchangeable shares are convertible into common stock of McEwen Mining Inc. (the "Company") on a one-for-one basis at any time.
(2) Exchangeable Shares may be converted into Common Stock (i) upon certain changes in Canadian tax law, (ii) upon a liquidation, dissolution or winding up of McEwen Mining-Minera Andes Acquisition Corp. ("Exchangeco"), or (iii) upon a liquidation of the Company. Exchangeco may accelerate redemption in the event that: (A) fewer than 5% of the Exchangeable Shares are outstanding; (B)(1) the Company undergoes a change of control or a change of control is approved, (2) the shareholders of the Company approve a liquidation of the Company or (3) the Company disposes of substantially all of its assets and it is not reasonably practicable to substantially replicate the Exchangeable Shares; or (C) certain voting events are proposed that affect the substantial equivalence of Exchangeable Shares and Common Stock.
(3) The option may be exercised at the price of $1.51 CAD per 0.45 shares of common stock or $3.35 CAD per share.

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XNYS:MUX McEwen Mining Inc Insider Activity 4 Filling

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XNYS:MUX McEwen Mining Inc Insider Activity 4 Filing - 2/1/2012
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