mike jones mentions mag in interview

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aitakahashi

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mike jones mentions mag in interview

posted on Apr 24, 2009 07:48AM

a brief metion of mag silver by one of the members of the board who was being interviewed about platinum metals group:

Q: Tell us a little about silver and MAG Silver Corp. [TSX:MAG] (NYSE:MVG).

Jones: It is a great precious and industrial metal but platinum is better. Right now, MAG Silver (MVG in USA), which I helped to start, is in a takeover tussle with Mexico’s largest silver producer, Fresnillo PLC [LSE:FRES] trying to buy it. I am on the board of MAG. Fresnillo owns 20 percent and wants the other 80 percent for roughly $180 million. Whether this is undervaluing MAG or not remains to be seen, but this is a case in point for Mexico, which is a great place to mine silver. MAG comes along. The Fresnillo region has been mined for 450 years and MAG comes in with a little exploration and wham, a little technology, and MAG finds a resource with a grade thickness that is simply astonishing. Plus, the peso, Mexican peso, is cheap right now.