12/29/2008 2:17 AM ET

Fresnillo Plc (FRES.L: News ) announced that Fresbal Investments Ltd., a subsidiary of Fresnillo, has received formal notification from MAG Silver Corp. (MAG.TO,MVG: News ).

The notification stated that MAG Silver's Independent Committee of the Board has selected TD Securities as the independent valuator, pursuant to applicable Canadian law, of MAG Silver's assets, following Fresbal's expression of intent to make a formal offer to MAG Silver shareholders for all the outstanding common shares of MAG Silver not owned by Fresnillo.

Furthermore, MAG Silver's Independent Committee of the Board has appointed Scott Wilson Roscoe Postle Associates Inc. to assist TD Securities in technical aspects of the valuation.

It is intended that the valuation process will commence with a technicians' visit to the joint venture site during the first week in January 2009.

by RTT Staff Writer

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