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| . + Signature of Owner and U.S. Person for Tax Certification Holder ID COY Class Rights Cert # Signature of Co-Owner (if more than one registered holder listed) Date (mm/dd/yyyy) 01J2JE + X R T 2 Rights Qty Issued RIGHTS CERTIFICATE TO SUBSCRIBE FOR SHARES OF MCEWEN MINING INC. COMMON STOCK FOR HOLDERS OF RECORD OF COMMON STOCK AT 5:00 P.M., NEW YORK CITY TIME, ON NOVEMBER 8, 2012. EXERCISABLE ON OR BEFORE 5:00 P.M., NEW YORK CITY TIME, ON DECEMBER 4, 2012. McEwen Mining Inc. As the registered owner of the McEwen Mining Inc. Rights Certificate below, you are entitled to subscribe for the number of shares of common stock, no par value per share (the “Common Stock”), of McEwen Mining Inc., a Colorado corporation (the “Company”), shown below. Every ten (10) transferable subscription rights (each a “Subscription Right”) held by a holder entitles the holder to subscribe for and purchase one (1) whole share of Common Stock (the “Basic Subscription Privilege”) at a subscription price per share of US$2.25 (the “Subscription Price”) pursuant to the rights offering (the “Rights Offering”). If any shares of Common Stock available for purchase in the Rights Offering are not purchased by the holders of Subscription Rights (each a “Rightsholder”) pursuant to the exercise of their Basic Subscription Privilege (the “Excess Shares”), any Rightsholder fully exercising its Basic Subscription Privilege hereunder may subscribe for a number of Excess Shares pursuant to the terms and conditions of the Rights Offering, subject to proration (the “Over-Subscription Privilege”) as described in the Company's Prospectus Supplement, dated October 31, 2012 (as amended, the “Prospectus Supplement”), to the Company's Registration Statement on Form S-3, dated June 18, 2012 and declared effective on August 3, 2012. FOR A MORE COMPLETE DESCRIPTION OF THE TERMS AND CONDITIONS OF THE RIGHTS OFFERING, PLEASE REFER TO THE PROSPECTUS SUPPLEMENT, WHICH IS INCORPORATED HEREIN BY REFERENCE. COPIES OF THE PROSPECTUS SUPPLEMENT ARE AVAILABLE UPON REQUEST FROM THE SUBSCRIPTION AGENT, COMPUTERSHARE TRUST COMPANY, N.A. AT (888)-497-9677 and (212) 440-9800. EXERCISABLE ON OR BEFORE 5:00 P.M., NEW YORK CITY TIME, ON DECEMBER 4, 2012 (Complete appropriate section on reverse side of this form.) The Company is conducting a Rights Offering, which entitles holders of record of Common Stock at 5:00 p.m., New York City time, on November 8, 2012 (the “Record Date”) to receive one (1) Subscription Right for each share of Common Stock held by such holder as of the Record Date. Every ten (10) Subscription Rights held by a Rightsholder entitles such Rightsholder to subscribe for and purchase one (1) whole share of Common Stock pursuant to the Rightsholder's Basic Subscription Privilege and, if the Rightsholder's Basic Subscription Privilege is fully exercised, to subscribe for additional shares of Common Stock pursuant to the Rightsholder's Over-Subscription Privilege. If the aggregate Subscription Price delivered or transmitted by the Rightsholder with the McEwen Mining Inc. Rights Certificate exceeds the aggregate Subscription Price for all shares for which the Rightsholder would be entitled to subscribe pursuant to the Rightsholder's Basic Subscription Privilege and no direction is given as to the excess, such Rightsholder will be deemed to have subscribed for a number of Excess Shares equal to the maximum whole number of Excess Shares that could be purchased with such excess Subscription Price. Shares of Common Stock purchased pursuant to the Rights Offering will be issued by Computershare Trust Company, N.A., the subscription agent (the “Subscription Agent”), as soon as practicable following 5:00 pm., New York City time, on December 4, 2012. No fractional shares of Common Stock or cash in lieu thereof will be issued or paid. Fractional shares of Common Stock will be rounded down to the nearest whole share of Common Stock. Set forth below is the number of Subscription Rights evidenced by this McEwen Mining Inc. Rights Certificate that the Rightsholder is entitled to exercise pursuant to such Rightsholder's Basic Subscription Privilege. This McEwen Mining Inc. Rights Certificate is transferable, and may be combined or divided (but only into McEwen Mining Inc. Rights Certificates evidencing full rights) at the office of the Subscription Agent. Rightsholders should be aware that if they choose to exercise, assign, transfer or sell only part of their Subscription Rights, they may not receive a new McEwen Mining Inc. Rights Certificate in sufficient time to exercise, assign, transfer or sell the remaining Subscription Rights evidenced thereby. 250 Royall Street, Suite V Canton MA 02021 Information Agent: Georgeson Telephone 1 888 497 9677 1 212 440 9800 MCEWEN MINING INC. RIGHTS CERTIFICATE 000.000000 1 2 3 4 5 6 7 8 12345678 Subscription Rights 123456789 BBX 12345678901234 12345678901234 Account: Subscription Rights: MR A SAMPLE DESIGNATION (IF ANY) ADD 1 ADD 2 ADD 3 ADD 4 ADD 5 ADD 6 C 1234567890 J N T C O Y C 1 2 3 4 5 6 . 7 8 C L S |