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Message: MAG Comments on Fresnillo "Take-Under" Bid
| December 4, 2008 |
| MAG Comments on Fresnillo "Take-Under" Bid |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 4, 2008) - MAG Silver Corp. (TSX:MAG)(NYSE-A:MVG) ("MAG") is responding to certain comments made during the Fresnillo analyst call held yesterday to discuss Fresnillo plc's announcement of its intention to acquire all of the outstanding shares of MAG not presently held by Fresnillo and its affiliates for US$4.54 per share. There were a number of potentially misleading statements by Fresnillo on its conference call, including the inaccurate suggestion that there was extensive pre-bid contact between MAG and Fresnillo about the bid at technical meetings and joint venture company board meetings. In fact, there has never been a board meeting of the joint venture company and the discussion at technical meetings was restricted to operational matters. In addition, MAG wishes to clarify that there have never been any offers, discussions or negotiations of any nature between MAG and Fresnillo or between their respective representatives and agents about any acquisition of MAG by Fresnillo. Dan MacInnis, CEO of MAG, commented, "This may be the first time in history that a hostile bidder has announced a bid at a price lower than the closing market price of the target's shares on the trading day prior to announcement. Analysts and a number of shareholders are now calling this a "take-under" offer. We are a little mystified by Fresnillo's actions, but our Board understands its fiduciary and other obligations and will respond more formally in due course. In the meantime, our shareholders have no need to do anything to respond to the Fresnillo announcement." About MAG Silver Corp. (www.magsilver.com) MAG is focused on district scale projects located within the Mexican Silver Belt. Our mission is to become one of the premier companies in the Silver Mining Industry. MAG and its partner Fresnillo plc are delineating a significant new silver vein discovery on the Juanicipio Joint Venture in Zacatecas State, Mexico. MAG has also identified a new silver, lead and zinc discovery at its 100% owned Cinco de Mayo property. MAG is based in Vancouver, British Columbia, Canada. Its common shares trade on the TSX under the symbol MAG and on NYSE-A under the symbol MVG. On behalf of the Board of MAG SILVER CORP. Dan MacInnis, CEO & Director |
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