Welcome To The Mag Silver HUB On AGORACOM

A project so robust that we can mess up and still make a lot of money

Reply New Message

Prev Message Back To Forum Threaded View Next Message

aitakahashi

Rank: President [?]

Points: 19858 [?]

Votes: 154 Score: 4.1 [?]

Your Vote:

Please Log In to Vote

Did you know? You can earn activity points by filling your profile with information about yourself (what city you live in, your favorite team, blogs etc.)

mag corporate update

posted on Dec 17, 2008 06:18AM

mag's latest release indicates it will spend $17 million to drill in 2009. even better news is at the bottom, where the independent committee will work up a valuation for mag, and fresnillo gets to pay for it.

Dec 17, 2008 09:00 ET

MAG Silver Provides Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 17, 2008) - MAG Silver Corp. (TSX:MAG)(NYSE-A:MVG) ("MAG") provides the following as an update to recent company activities.

MAG has approved an exploration budget of approximately CDN$17.0M for 2009. These monies are earmarked for the drilling of almost 30,000 metres on five MAG-owned properties in Mexico. Diamond drilling is expected to continue on the "Jose Manto" at Cinco de Mayo where MAG is outlining a new and potentially significant sulphide silver/lead/zinc carbonate replacement discovery. Drilling is also planned to commence in early 2009 at Sierra Ramirez/El Pavo, Lagartos SE and Salemex. Drilling at Juanicipio is expected to continue at roughly the same level as this year (25,000 metres). Relying on the same experienced team that discovered the Juanicipio Vein, MAG will aggressively continue to pursue high priority targets.

Presently MAG has two drills operating at Cinco de Mayo and one drill at each of Lagartos SE and Lorena. At Juanicipio, four drills in total are operating. Two drills are operating on the Valdecanas Vein completing the 100 metre by 100 metre grid pattern and two drills are operating on the Juanicipio Vein, located one kilometre south of the Valdecanas Vein. These holes are testing for deeper intersections on the western extension of the earlier high grade intercepts.

To the end of November approximately CDN$55.0M remains in the treasury.

Separately, MAG has informed Fresnillo plc that, without prejudice to any of MAG's rights and interests, MAG has created an independent committee that is proceeding to identify and retain an independent valuator to prepare a valuation of MAG as required under applicable securities legislation. Under these rules, the valuation will be prepared at Fresnillo's cost. MAG continues to evaluate a number of strategic alternatives and no action is required by shareholders at this time.