Millions in Gold Stolen From Canadian Mine in Mexico

Armed robbers made off with 7,000 ounces of gold worth $8.5 million at current prices from Canadian firm McEwen Mining's mine in Sinaloa, Mexico, the company said.

"The crime is being vigorously investigated by the Mexican authorities," McEwen Mining said in a statement late Tuesday.

The loot -- gold-bearing concentrate -- weighed approximately 900 kilograms (almost 2,000 pounds).

An official from Sinaloa said that the theft had likely been planned with help from an employee or former employee.

"Someone who knew the inner workings must be involved," said state official Gerardo Vargas at a news conference.

The Toronto-based company added that its insurance would cover part of the loss from its El Gallo 1 mine, but not all of it. The mine is located at the base of the Sierra Madre mountain range.
McEwen Mining is led by Rob McEwen who previously steered Vancouver's Goldcorp to become the world's fourth-largest gold-miner.