Home | Corporate | News | Current Projects | Investors | Contact Us

News Releases

Wed Oct 15, 2008
MAG Silver Reports Drilling Results from the Valdecañas Vein
Vancouver, B.C...MAG Silver Corp. (TSX: MAG) (AMEX: MVG) ("MAG") reports on behalf of Minera Juanicipio SA (a joint venture between Fresnillo plc (56%) and MAG (44%)) new assay results from drilling along the Valdecañas Vein. The results confirm the anticipated decrease of high grade silver with depth and add intercepts in areas beyond the published resource limits. Drilling continues with four drills currently operating.

Ongoing drilling is focused on defining the Valdecañas Vein on a 100 by 100 metre grid, with the goal of moving as much as possible of the recently reported inferred resource (see press release of June 18, 2008) to an indicated resource by year end. The operator has confirmed that drilling of the Juanicipio Vein (parallel to and one kilometre south of the Valdecañas Vein) is scheduled to resume early in November.

Holes HE and HF cut a pair of high-grade silver and gold vein splays above the main Valdecañas Vein in an area that shows both structural complexity and multiple veins with distinctly different gold and silver values (see press releases dated June 19, July 16, and July 28, 2008).

The upper vein in Hole HE assayed greater than 10,000 grams per tonne (g/t) (291 ounces per ton (opt)) silver, 9.69 g/t gold, 0.13% lead and 0.23% zinc over 0.21 metres (true width). The lower vein reported 624 g/t (18.2 opt) silver, 0.27 g/t gold, 1.69% lead and 0.33% zinc over 1.40 metres (true width). High grades were also cut in Hole HF. These holes lie outside the published resource model and may be high level intercepts of a separate vein stage. Drilling below Hole HE is required to test this possibility.

Holes JE, OG, QG and SE were targeted to define the lower limit of the precious metals mineralized zone. As expected,
these four holes returned the high base metal and lower precious metal values that characterize the "roots" of this style of vein:

• Hole JE intersected the Valdecañas Vein deep on section "J". The vein reported 243 g/t (7.1 opt) silver and 2.74 g/t gold with 2.41% lead and 5.44% zinc over a true width of 5.44 metres. This includes a hangingwall zone that runs 204 g/t (5.9 opt) silver and 5.7 g/t gold over 0.68 metres (true width).
• Hole OG is the deepest intercept of the Valdecañas Vein on section "O" (200 metres beneath OE2) and reports 142 g/t (4.2 opt) silver, 1.29 g/t gold, 0.90% lead and 2.70% zinc over 4.40 metres (true width).
• Hole QG intersected the Valdecañas Vein deep on section "Q" and reports 86 g/t (2.5 opt) silver, 0.15 g/t gold, 2.72% lead and 3.81% zinc over 1.88 metres (true width).
• Hole SE is the deepest intercept of the Valdecañas Vein on section "S" and reports 124 g/t (3.6 opt) silver, 0.89 g/t gold, 0.64% lead and 3.06% zinc over 2.01 metres (true width).

Hole OE2 intersected a pinched down vein segment with low values over 1.81 metres (true width).

Hole #	From	To	Width	Silver	Silver	Gold	Lead	Zinc	True
Valdecañas			metres	g/t	opt	g/t	%	%	Width
JI-08-HE	774.85	778.20	3.35	145	4.2	1.63	0.92	3.68	3.15
Upper Hanging Wall	677.45	678.05	0.60	>10,000	291	9.69	0.13	0.23	0.21
Lower Hanging Wall	683.50	685.10	1.60	624	18.2	0.27	1.69	0.33	1.40
JI-08-HF	778.50	780.50	2.00	58	1.7	0.35	0.31	1.63	1.53
Upper Hanging Wall	681.90	682.65	0.75	3750	109.6	0.20	3.95	3.87	0.27
Lower Hanging Wall	689.90	690.75	0.85	555	16.2	0.28	0.45	6.85	0.75
JI-08-JE	881.05	887.05	8.00	243	7.10	2.74	2.41	5.44	5.44
Including	881.05	882.05	1.00	204	5.9	5.7	2.63	3.09	0.68
JI-08-OE2	743.1	745.1	2.00	NSV					1.81
JI-08-OG	866.20	871.95	5.75	142	4.2	1.29	0.90	2.7	4.40
Footwall Vein	930.90	932.45	1.55	17	0.5	2.39	0.21	1.02	1.19
JI-08-QG	637.60	639.9	2.30	86	2.5	0.15	2.72	3.81	1.88
JI-08-SE	842.60	845.05	2.45	124	3.6	0.89	0.64	3.06	2.01

(See longitudinal section attached and www.magsilver.com for diagrams).

The results reported above are part of a 28,000 metre drill program being carried out on the Juanicipio property in 2008.