that project is the only joint venture, but right now that's where all of the value is. like the rest of the silver companies, the market isn't giving mag any respect. it's similar to the old aru days when the entire market cap was based on fruta del norte. it didn't matter how many other concessions there were, the market didn't give any value to the land package.

mag may have a lot of early stage projects that have a lot of blue sky, but you'd never know it from the stock price. they basically stole cinco de mayo (in a legal and ethical way, of course) but until they prove up the resource it just isn't being reflected in the share price.

but mag has lots of cash, and if they have the geology right, and the veins widen out as they expect, this company will do very well. i especially liked the way they commented on fresnillo's ownership of nearly 20% of mag. they have a very un-aurelian way of looking at their partner/part-owner, and if fresnillo attempts a takeover, i don't think it will be very friendly this time.