MAG Silver Corp. releases assay results from Cinco de Mayo drilling
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 20, 2009) - MAG Silver Corp. (TSX:MAG)(NYSE Alternext US:MVG) ("MAG") is pleased to announce assay results from the ongoing drill program on its 100% owned Cinco de Mayo property in northern Chihuahua State, Mexico. Drilling is establishing the district-scale extent and zoning of silver, lead and zinc mineralization in the "Jose Manto". The drill program is also designed to search and test for the systems source. Results announced here add some of the higher grade and thicker intercepts drilled to date: Hole 84 cut a 2.72 metre zone grading 462 grams per tonne (g/t) (13.5 ounces per ton (opt)) silver, 10.06% lead and 13.62% zinc within an overall 12.37 metre thick mineralized zone. Drilling continues to demonstrate that the "Jose Manto" is part of a large Carbonate Replacement Deposit (CRD) system. Drilling is continuing with 3 drills as part of a board approved 2009 exploration budget of $4.0 million (out of an overall $17 million dollar budget for 2009) for the Cinco de Mayo project.
Assays are reported in the table below for 10 of 11 diamond drill holes (74 to 84). These holes were designed to define the limits of the Jose Manto, within its 1,000 metre long central portion, (see map below). Nine (9) of the holes were targeted on and encountered mineralization in the Jose Manto and its extensions (Holes 74 to 77 and 79 to 84). The remaining two (2) holes were drilled on other geological/geophysical targets. Assays are pending for Hole 83, which was drilled 4 kilometres to the west of the Jose Manto on a strong magnetic geophysical anomaly.
"Cinco continues to grow in size and complexity; both hallmarks of major CRD systems," said Dan MacInnis, MAG Silver President. "We are starting to better understand and target the strong structural controls on the high grade mineralization and follow these structures or ore fluid channelways back to source."
---------------------------------------------------------------------------Hole From: To: Interval Silver Silver Lead Zinc GoldID metres metres metres g/t Opt % % g/t---------------------------------------------------------------------------CM08-74 386.53 388.00 1.47 108 3.1 1.92 10.65 0.03---------------------------------------------------------------------------CM08-75 337.73 338.41 0.68 459 13.3 15.90 11.85 0.09---------------------------------------------------------------------------CM08-76 327.55 328.73 1.18 35 1.0 1.32 0.45 0.01--------------------------------------------------------------------------- 371.88 372.13 0.25 361 10.5 12.65 18.10 0.09---------------------------------------------------------------------------CM08-77 493.28 509.28 16.00 21 0.6 0.51 3.03 0.04---------------------------------------------------------------------------Including 497.68 498.85 1.17 20 0.6 0.63 6.52 0.07--------------------------------------------------------------------------- 506.40 508.50 2.10 52 1.5 1.19 9.81 0.07--------------------------------------------------------------------------- 523.30 530.61 7.31 35 1.0 0.52 2.15 0.06---------------------------------------------------------------------------Including 526.41 528.34 1.93 106 3.1 1.49 5.51 0.08---------------------------------------------------------------------------CM08-78 NSV ---------------------------------------------------------------------------CM08-79 465.40 472.26 6.86 86 2.5 1.93 2.86 0.07---------------------------------------------------------------------------Including 465.40 465.58 0.18 1,835 53.5 20.10 6.29 0.45--------------------------------------------------------------------------- 488.77 489.62 0.85 218 6.4 4.40 7.22 0.19---------------------------------------------------------------------------CM08-80 499.75 500.92 1.17 7 0.2 0.13 1.15 0.01---------------------------------------------------------------------------CM08-81 737.15 739.60 2.45 48 1.4 0.25 2.06 0.08--------------------------------------------------------------------------- 751.20 754.62 3.42 71 2.1 0.17 1.41 0.03---------------------------------------------------------------------------CM08-82 NSV ---------------------------------------------------------------------------CM08-83 Assays Pending ---------------------------------------------------------------------------CM08-84 484.87 497.24 12.37 125 3.6 2.30 4.95 0.03---------------------------------------------------------------------------Including 484.87 487.59 2.72 462 13.5 10.06 13.62 0.02--------------------------------------------------------------------------- 603.82 609.25 5.43 74 2.2 0.90 5.23 0.06---------------------------------------------------------------------------Including 603.82 606.00 2.18 158 4.6 1.89 10.94 0.14---------------------------------------------------------------------------(i) nsv equals no significant values.
Cinco de Mayo Exploration
MAG's exploration has defined major NW and NE structural and stratigraphic controls on silver-lead-zinc (gold) sulphide mineralization and our ability to test the system with large drilling step outs is testimony to the widespread nature and potential size of this carbonate replacement (CRD) system. Recent drilling results reveal coherent zoning developed for over 2 kilometres along the principal northwest Jose Manto structural corridor: from massive silver-lead-zinc sulphide mantos to silver-gold-lead-zinc mineralized tungsten (scheelite) bearing skarn. The strongest skarn is associated with felsite dikes that show distinctive brecciation, silicification and sericitization and are overall very similar to mineralization-related felsites in major CRDs throughout the region. Mineralization also appears to thicken along this trend, as does the number of individual mantos and the number of carbonate units that are mineralized. This zoning is precisely what is predicted by MAG's CRD exploration model and provides strong exploration vectoring. MAG's focus remains to determine the overall extent of the CRD system, so on-going exploration will attempt to track this zoning towards the system source with a combination of drilling and geophysics.
The skarn and felsite intercepts appear to cluster around the intersection of the northwest structural corridor with the strong northeast-trending Leones Fault that cuts across the limestones of the Sierra Santa Lucia to the southwest. The Leones Fault is locally marked by strong marble and other high-temperature alteration styles indicating gradually increasing proximity to an intrusive heat source. Drilling is currently underway on both ends of this structure: on the east side to determine the geometry of the felsite dikes and associated mineralization and alteration, and on the west side of the range to determine if the large magnetic anomaly shown on Mexican government regional geophysical maps marks a major magmatic center.
Quality Assurance and Control: The Company has in place a quality control program to ensure best practices in sampling and analysis. Samples were collected by employees of consulting firm Minera Cascabel S.A. de C.V. on behalf of MAG Silver Corp. The surface rock samples are shipped directly in security sealed bags to ALS-Chemex Laboratories preparation facilities in Hermosillo, Sonora or Chihuahua City (Certification ISO 9001). Sample pulps are shipped from there to ALS-Chemex Laboratories in North Vancouver, Canada for analysis. All samples were assayed for gold by standard fire assay-ICP finish with a 50 gram charge. Gold values in excess of 3.00 g/t were re-analyzed by fire assay with gravimetric finish for greater accuracy. Silver, zinc, copper and lead values in excess of 100 ppm, 1%, 1% and 1% respectively are also repeated by fire assay.
Qualified Person: Dr. Peter Megaw, Ph.D., C.P.G., has acted as the qualified person as defined in National Instrument 43-101 for this disclosure and supervised the preparation of the technical information in this release. Dr. Megaw has a Ph.D. in geology and more than 20 years of relevant experience focussed on silver and gold mineralization, and exploration and drilling in Mexico. He is a certified Professional Geologist (CPG 10227) by the American Institute of Professional Geologists and an Arizona registered geologist (ARG 21613). Dr. Megaw is not independent as he is a Director and Shareholder of MAG and is the vendor of this project, whereby he may receive additional shares. Dr. Megaw is satisfied that the results are verified based on an inspection of the core, a review of the sampling procedures, the credentials of the professionals completing the work and the visual nature of the silver and base metal sulphides within a district where he is familiar with the style and continuity of mineralization.
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. The joint venture has outlined an initial inferred resource estimate of 237.8 million ounces of silver (see press release dated June 18, 2008). MAG's 44% interest equates to 104.5 million ounces of silver. In addition to the silver resource the estimate also reports a total inferred resource of 480,000 ounces of gold and almost 1 billion pounds of combined lead and zinc (457,700 tonnes). (Investors should refer to the June 18, 2008 press release for disclaimer information regarding resources). Fresnillo plc has made an unsolicited bid for all of the outstanding shares of MAG Silver. 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 the NYSE Alternext US (formerly AMEX) under the symbol MVG.
On behalf of the Board of MAG SILVER CORP.
Dan MacInnis, President and CEO
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts are forward looking statements, including statements that address future mineral production, reserve potential, exploration drilling, exploitation activities and events or developments. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, changes in commodities prices, changes in mineral production performance, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions, political risk, currency risk and capital cost inflation. In addition, forward-looking statements are subject to various risks, including that data is incomplete and considerable additional work will be required to complete further evaluation, including but not limited to drilling, engineering and socio-economic studies and investment. The reader is referred to the Company's filings with the SEC and Canadian securities regulators for disclosure regarding these and other risk factors. There is no certainty that any forward looking statement will come to pass and investors should not place undue reliance upon forward-looking statements.
Cautionary Note to U.S. Investors: The U.S. Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as "Inferred resources," that the SEC guidelines prohibit U.S. registered companies from including in their filings with the SEC.
Please Note:
Investors are urged to consider closely the disclosures in MAG's annual and quarterly reports and other public filings, accessible through the Internet at www.sedar.com and www.sec.gov/edgar/searchedgar/companysearch.html.
Neither the Toronto Stock Exchange nor the New York Stock Exchange Alternext US LLC has reviewed or accepted responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
For more information, please contact
MAG Silver Corp.
Gordon Neal
VP Corp. Development
(604) 630-1399 or Toll Free: 1-866-630-1399
(604) 484-4710 (FAX)
Email: info@magsilver.com
Website: www.magsilver.com Click here to see all recent news from this company Privacy Statement Terms of Service Sitemap © 2009 Marketwire, Incorporated. All rights reserved.
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MAG Silver Corp.'s Cinco de Mayo assay results focus on some of the higher grade and thicker intercepts drilled to date.
Showing posts with label MAG Silver. Show all posts
Showing posts with label MAG Silver. Show all posts
Tuesday, January 20, 2009
Thursday, December 18, 2008
MAG Silver Provides Corporate Update
VANCOUVER, BRITISH COLUMBIA - 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.
Qualified Person: Dan MacInnis, P.Geo., has acted as the qualified person as defined in National Instrument 43-101 for this disclosure and supervised and verified the preparation of the technical information in this release. Mr. MacInnis is not independent as he is the President, CEO and a director of MAG Silver Corp.
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 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, President and CEO
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts are forward looking statements, including statements that address future mineral production, reserve potential, exploration drilling, exploitation activities and events or developments. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, changes in commodities prices, changes in mineral production performance, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions, political risk, currency risk and capital cost inflation. In addition, forward-looking statements are subject to various risks, including that data is incomplete and considerable additional work will be required to complete further evaluation, including but not limited to drilling, engineering and socio-economic studies and investment. The reader is referred to the Company's filings with the SEC and Canadian securities regulators for disclosure regarding these and other risk factors. There is no certainty that any forward looking statement will come to pass and investors should not place undue reliance upon forward-looking statements.
Cautionary Note to U.S. Investors: The U.S. Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as "Inferred resources", that the SEC guidelines prohibit U.S. registered companies from including in their filings with the SEC.
Please Note: Investors are urged to consider closely the disclosures in MAG's annual and quarterly reports and other public filings, accessible through the Internet at www.sedar.com and www.sec.gov/edgar/searchedgar/companysearch.html.
Neither the Toronto Stock Exchange nor the American Stock Exchange has reviewed or accepted responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
Contacts:
MAG Silver Corp.
Gordon Neal
VP Corp. Development
(604) 630-1399 or Toll Free: 1-866-630-1399
(604) 484-4710 (FAX)
Email: info@magsilver.com
Website: www.magsilver.com
© MarketWire 2008
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.
Qualified Person: Dan MacInnis, P.Geo., has acted as the qualified person as defined in National Instrument 43-101 for this disclosure and supervised and verified the preparation of the technical information in this release. Mr. MacInnis is not independent as he is the President, CEO and a director of MAG Silver Corp.
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 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, President and CEO
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts are forward looking statements, including statements that address future mineral production, reserve potential, exploration drilling, exploitation activities and events or developments. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, changes in commodities prices, changes in mineral production performance, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions, political risk, currency risk and capital cost inflation. In addition, forward-looking statements are subject to various risks, including that data is incomplete and considerable additional work will be required to complete further evaluation, including but not limited to drilling, engineering and socio-economic studies and investment. The reader is referred to the Company's filings with the SEC and Canadian securities regulators for disclosure regarding these and other risk factors. There is no certainty that any forward looking statement will come to pass and investors should not place undue reliance upon forward-looking statements.
Cautionary Note to U.S. Investors: The U.S. Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as "Inferred resources", that the SEC guidelines prohibit U.S. registered companies from including in their filings with the SEC.
Please Note: Investors are urged to consider closely the disclosures in MAG's annual and quarterly reports and other public filings, accessible through the Internet at www.sedar.com and www.sec.gov/edgar/searchedgar/companysearch.html.
Neither the Toronto Stock Exchange nor the American Stock Exchange has reviewed or accepted responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
Contacts:
MAG Silver Corp.
Gordon Neal
VP Corp. Development
(604) 630-1399 or Toll Free: 1-866-630-1399
(604) 484-4710 (FAX)
Email: info@magsilver.com
Website: www.magsilver.com
© MarketWire 2008
Wednesday, December 10, 2008
MAG Silver Intersects More High Grade Silver/Lead/Zinc Mineralization at Cinco de Mayo
487 g/t (14.2 opt) silver, 8.97% lead and 16.45% zinc over 5.57 metres 236.6 g/t (6.9 opt) silver, 1.19 g/t gold, 2.23% lead and 13.35% zinc over 2.52 metres
VANCOUVER, BRITISH COLUMBIA, Dec 10, 2008 (MARKET WIRE via COMTEX) -- MAG Silver Corp. (CA:MAG) (NYSE-A: MVG) ("MAG") is pleased to announce assay and geological results from the ongoing drill program on its 100% owned Cinco de Mayo property in northern Chihuahua State, Mexico. Drilling is focused on establishing the district-scale extent, zoning and geological controls on mineralization in what is emerging as a large Carbonate Replacement system. Results from this announcement, combined with earlier drilling (Holes 22 through 54: see press releases dated May 12, 2008, July 8, 2008 and September 18, 2008), continue to demonstrate the expected transition from the massive sulphides of the Jose Manto to higher temperature silver-lead-zinc (gold) mineralization and alteration styles leading towards the system's source. This latest drilling significantly expands the areal extent of mineralization and includes several of the thickest mineralized intercepts to date at Cinco de Mayo.
Assays are reported in the table below for 23 diamond drill holes (CDM08-55 to CDM08-77). Seventeen (17) of these holes were targeted on and encountered mineralization in the Jose Manto and its extensions (Holes 08-55 to 58, 08-61 to 64, 08-66, 08-68, 08-70 and 08-72 to 77). The remaining six (6) holes targeted various gravity and induced potential and resistivity (IP/Res) geophysical targets with some success.
"We are very impressed with how the Cinco Project continues to unfold," said Dan MacInnis, President of MAG Silver. "We have hit good silver, lead and zinc grades in over 60 holes drilled along more than 2 kilometres of strike length in what is emerging as a classic example of the deposit type. Our exploration vectoring is working, with increasing gold grades suggesting we are successfully moving towards the center of the system."
The holes reported below were drilled primarily in the area within 1,500 metres of the main portion of the Jose Manto discovery zone (to view map please click here. http://media3.marketwire.com/docs/mag1210.jpg).
Diagrams can be found on the website www.magsilver.com.
Highlights and Discussion:
Hole 08-64 drilled on the Jose Manto, reports an excellent combination of width and grade returning 5.57 metres of 487 grams per tonne (g/t) (14.2 ounces per ton (opt)) silver, 8.97% lead and 16.45% zinc. This included an intermediate intercept of 0.68 metres of 1,065 g/t (31.1 opt) silver, 22.20% lead and 8.98% zinc.
Hole 08-66 was drilled 500 metres to the east of the discovery zone and had two significant intersections. The upper intercept lies within the Benavides Formation, which overlies the Finlay Formation, the principal limestone host for manto mineralization. This upper intersect reports 218 g/t (6.4 opt) silver, 4.44% lead and 5.45% zinc over 3.70 metres. The lower intercept occurs within the Finlay Formation and corresponds laterally to the Jose Manto. Results were 112 g/t (3.3 opt) silver, 3.66% lead, 9.94% zinc, and 0.72 g/t gold over 2.4 metres. This hole expands the silver/lead/zinc mineralization substantially to the east and opens up a new horizon of potential within the Benavides Formation. This requires further follow up.
Hole 08-70 returned the best thickness to date located almost 500 metres to the southwest of the discovery zone. This intercept returned three thick intersections (15.55, 7.19 and 6.92 metres) of significant mineralization between 420.85 to 465.00 metres (see table) that combine for a cumulative total of 29.66 metres (over total of 44.15 metres), which on a weighted average basis reports as 57 g/t (1.7 opt) silver, 1.20% lead and 3.95% zinc. The upper 15.5 metre intercept grades 56 g/t (1.7 opt) silver, 1.50% lead and 4.35% zinc, including a 0.84 metre zone grading 350 g/t (10.2 opt) silver, 11.45% lead and 13.10% zinc. The increased thickness in this area may be related to proximity to the northeast trending Leones Fault, which is being tested as a feeder.
Hole 08-56 collared 800 metres to the east of the discovery zone, also cut multiple mantos of which the best returned 115 g/t (3.4 opt) silver, 2.54% lead and 1.16% zinc over 3.99 metres. A higher grade section within returned 406 g/t (11.8 opt) silver, 9.40% lead and 3.9% zinc over 0.99 metres. The lower manto lies deeper in the Finlay formation and cut a 2.52 metre section that carried 236.6 g/t (6.9 opt) silver, 2.23% lead, 13.35% zinc, and 1.19 g/t gold, including a 0.88 metre zone grading 555 g/t (16.2 opt) silver, 5.71% lead, 10.30% zinc and 3.35 g/t gold.
Holes 08-56, 66, 73, 76 and 77, as well as Holes 08-44 and 48 reported previously, were drilled along the intersection between the northeast-trending Leones Fault and the complex northwest-trending fault that controls the northeastern flank of the Jose Manto. These holes encountered several features indicative of a nearer source environment including: 1) Significant amounts of garnet-pyroxene skarn that locally carries scheelite (reflected by tungsten assays from 0.03-0.14% W); 2) Gold values in the 1 to 3 g/t range; and 3) distinctive felsite dikes with mineralized and silicified marginal breccias and sericite alteration. The skarn, mineralization and felsites appear to "flare" to the southwest along the Leones Fault and drilling is currently focused on tracing these features in that direction.
-----------------------------------------------------------------------
---
Hole From: To: Interval Silver Silver Lead Zinc Gold
ID metres metres metres g/t opt % % g/t
--------------------------------------------------------------------------
CM08-55 493.28 495.54 2.26 111.9 3.3 1.68 7.19 0.39
--------------------------------------------------------------------------
Including 494.90 495.54 0.64 247.0 7.2 4.13 10.20 0.48
--------------------------------------------------------------------------
CM08-56 452.80 454.57 1.77 107.8 3.1 2.28 2.22 0.05
--------------------------------------------------------------------------
505.37 507.49 2.12 31.5 0.9 0.47 12.88 0.05
--------------------------------------------------------------------------
510.64 516.91 6.27 41.4 1.2 0.81 7.02 0.02
--------------------------------------------------------------------------
668.24 672.23 3.99 115.6 3.4 2.54 1.16 0.32
--------------------------------------------------------------------------
Including 668.24 669.23 0.99 406.0 11.8 9.40 3.90 1.15
--------------------------------------------------------------------------
771.86 781.00 9.14 11.8 0.3 0.03 6.82 0.02
--------------------------------------------------------------------------
807.36 809.88 2.52 236.6 6.9 2.23 13.35 1.19
--------------------------------------------------------------------------
Including 809.00 809.88 0.88 555.0 16.2 5.71 10.30 3.35
--------------------------------------------------------------------------
814.34 818.80 4.46 55.3 1.6 1.81 2.75 0.01
--------------------------------------------------------------------------
Including 814.34 816.70 2.36 97.2 2.8 3.41 3.22 0.02
--------------------------------------------------------------------------
CM08-57 344.08 345.88 1.80 165.0 4.8 3.07 6.92 0.11
--------------------------------------------------------------------------
350.25 351.05 0.80 97.0 2.8 4.44 18.00 0.01
--------------------------------------------------------------------------
CM08-58 318.04 319.30 1.26 50.4 1.5 2.94 3.32 0.01
--------------------------------------------------------------------------
348.97 350.61 1.64 63.4 1.8 2.61 2.44 0.01
--------------------------------------------------------------------------
Including 348.97 349.33 0.36 119.0 3.5 4.53 4.28 0.01
--------------------------------------------------------------------------
355.44 356.50 1.06 78.6 2.3 1.35 2.49 0.02
--------------------------------------------------------------------------
CM08-59 No Significant Intercepts
--------------------------------------------------------------------------
CM08-60 No Significant Intercepts
--------------------------------------------------------------------------
CM08-61 370.15 371.20 1.05 206.0 6.0 9.46 7.15 0.03
--------------------------------------------------------------------------
382.10 384.70 2.60 12.9 0.4 0.07 0.59 0.01
--------------------------------------------------------------------------
CM08-62 456.59 457.04 0.45 486.0 14.2 10.85 15.20 0.05
--------------------------------------------------------------------------
513.19 513.80 0.61 113.9 3.3 2.57 1.62 0.02
--------------------------------------------------------------------------
520.44 521.49 1.05 266.7 7.8 6.67 4.52 0.04
--------------------------------------------------------------------------
Including 521.03 521.49 0.46 586.0 17.1 14.50 6.78 0.05
--------------------------------------------------------------------------
CM08-63 488.98 489.28 0.30 228.0 6.6 4.57 5.94 0.16
--------------------------------------------------------------------------
CM08-64A 459.87 465.44 5.57 487.7 14.2 8.97 16.45 0.23
--------------------------------------------------------------------------
Including 459.87 460.87 1.00 820.0 23.9 16.55 22.20 0.52
--------------------------------------------------------------------------including 463.70 465.44 1.74 673.3 19.6 10.73 15.69 0.05
--------------------------------------------------------------------------
Including 463.70 464.38 0.68 1,065.0 31.1 22.20 8.98 0.08
--------------------------------------------------------------------------
470.25 472.76 2.51 81.8 2.4 2.22 6.50 0.01
--------------------------------------------------------------------------
537.91 539.58 1.67 361.0 10.5 9.22 7.87 0.04
--------------------------------------------------------------------------
Including 538.84 539.58 0.74 606.0 17.7 16.45 12.30 0.06
--------------------------------------------------------------------------
CM08-65 No Significant Intercepts
--------------------------------------------------------------------------
CM08-66 365.35 369.05 3.70 218.2 6.4 4.44 5.45 0.13
--------------------------------------------------------------------------
Including 366.36 367.76 1.40 475.0 13.9 9.59 12.05 0.27
--------------------------------------------------------------------------
577.30 579.70 2.40 112.0 3.3 3.66 9.94 0.72
--------------------------------------------------------------------------
Including 577.30 577.80 0.50 103.0 3.0 3.33 17.00 1.07
--------------------------------------------------------------------------
Including 578.13 579.12 0.99 171.0 5.0 5.26 11.20 0.92
--------------------------------------------------------------------------
645.02 646.75 1.73 36.7 1.1 0.09 14.79 0.03
--------------------------------------------------------------------------
CM08-67 No Significant Intercepts
--------------------------------------------------------------------------
CM08-68 No Significant Intercepts
--------------------------------------------------------------------------
CM08-69 No Significant Intercepts
--------------------------------------------------------------------------
CM08-70 420.85 436.40 15.55 56.6 1.7 1.50 4.35 0.08
--------------------------------------------------------------------------
Including 421.24 422.08 0.84 350.0 10.2 11.45 13.10 0.13
--------------------------------------------------------------------------
444.14 451.33 7.19 55.6 1.6 1.05 3.98 0.04
--------------------------------------------------------------------------
Including 446.91 448.20 1.29 105.0 3.1 1.59 4.24 0.08
--------------------------------------------------------------------------
458.10 465.02 6.92 62.6 1.8 0.67 3.02 0.06
--------------------------------------------------------------------------
Including 461.67 462.85 1.18 137.0 4.0 1.59 8.82 0.08
--------------------------------------------------------------------------
CM08-71 No Significant Intercepts
--------------------------------------------------------------------------
CM08-72 356.34 362.71 6.37 106.3 3.1 3.72 3.59 0.01
--------------------------------------------------------------------------
Including 356.34 358.56 2.22 275.5 8.0 9.49 9.20 0.01
--------------------------------------------------------------------------
CM08-73 393.89 395.34 1.45 26.0 0.8 4.61 3.58 0.40
--------------------------------------------------------------------------
632.13 632.45 0.32 183.0 5.3 5.29 7.27 0.04
--------------------------------------------------------------------------
683.37 684.40 1.03 41.1 1.2 1.6 1.54 1.38
--------------------------------------------------------------------------
CM08-74 386.53 388.00 1.47 108.0 3.1 1.92 10.65 0.03
--------------------------------------------------------------------------
CM08-75 337.73 338.41 0.68 459.0 13.4 15.9 11.85 0.09
--------------------------------------------------------------------------
CM08-76 371.88 372.13 0.25 361.0 10.5 12.65 18.1 0.09
--------------------------------------------------------------------------
CM08-77 493.28 509.28 16.00 20.9 0.6 0.51 3.03 0.04
--------------------------------------------------------------------------
Including 493.28 500.97 7.69 14.6 0.4 0.31 2.75 0.05
--------------------------------------------------------------------------
Inlcuding 506.40 508.50 2.10 52.0 1.5 1.19 9.81 0.07
--------------------------------------------------------------------------
526.41 528.34 1.93 106.3 3.1 1.49 5.51 0.08
--------------------------------------------------------------------------
603.13 603.29 0.16 150.0 4.4 4.34 7.37 0.07
--------------------------------------------------------------------------
About Cinco de Mayo
Cinco de Mayo is a 15,000 hectare property straddling the same regionally-mappable structure that contains the largest Carbonate Replacement Deposits (CRDs) in Chihuahua. Exploration is guided by MAG's CRD exploration model and an airborne magnetic survey that revealed a number of prominent linear anomalies and prominent magnetic lows that are being systematically drilled. The zoned mineralization encountered to date lies along a very strong northwest-trending magnetic anomaly that runs over 3,000 metres from the discovery zone to the southeast to previously reported sulphide intercepts and historic workings (see press release of February 19, 2007). This trend is intersected by northeast trending structures that traverse the range, carry high-temperature alteration and point towards a large regional magnetic anomaly that underlies extensive jasperoids. The drill program will continue to systematically offset the manto style mineralization intersected in previous drilling while simultaneously testing the regional magnetic anomaly and numerous other geophysical anomalies developed by MAG elsewhere in the district.
This early stage property is held 100% by MAG and is one of six other district scale projects operated by MAG.
Cinco de Mayo Exploration
MAG's exploration has defined major NW and NE structural and stratigraphic controls on silver-lead-zinc (gold) sulphide mineralization and our ability to test the system with large drilling step outs is testimony to the widespread nature and potential size of this carbonate replacement (CRD) system. Recent drilling results reveal coherent zoning developed for over 2 kilometres along the principal northwest Jose Manto structural corridor: from massive silver-lead-zinc sulphide mantos to silver-gold-lead-zinc mineralized tungsten (scheelite) bearing skarn. The strongest skarn is associated with felsite dikes that show distinctive brecciation, silicification and sericitization and are overall very similar to mineralization-related felsites in major CRDs throughout the region. Mineralization also appears to thicken along this trend, as does the number of individual mantos and the number of carbonate units that are mineralized. This zoning is precisely what is predicted by MAG's CRD exploration model and provides strong exploration vectoring. MAG's focus remains to determine the overall extent of the CRD system, so on-going exploration will attempt to track this zoning towards the system source with a combination of drilling and geophysics.
The skarn and felsite intercepts appear to cluster around the intersection of the northwest structural corridor with the strong northeast-trending Leones Fault that cuts across the limestones of the Sierra Santa Lucia to the southwest. The Leones Fault is locally marked by strong marble and other high-temperature alteration styles indicating gradually increasing proximity to an intrusive heat source. Drilling is currently underway on both ends of this structure. On the east side to determine the geometry of the felsite dikes and associated mineralization and alteration, and on the west side of the range to determine if the large magnetic anomaly shown on Mexican government regional geophysical maps marks a major magmatic center.
Quality Assurance and Control: The Company has in place a quality control program to ensure best practices in sampling and analysis. Samples were collected by employees of consulting firm Minera Cascabel S.A. de C.V. on behalf of MAG Silver Corp. The surface rock samples are shipped directly in security sealed bags to ALS-Chemex Laboratories preparation facilities in Hermosillo, Sonora or Chihuahua City (Certification ISO 9001). Sample pulps are shipped from there to ALS-Chemex Laboratories in North Vancouver, Canada for analysis. All samples were assayed for gold by standard fire assay-ICP finish with a 50 gram charge. Gold values in excess of 3.00 g/t were re-analyzed by fire assay with gravimetric finish for greater accuracy. Silver, zinc, copper and lead values in excess of 100 ppm, 1%, 1% and 1% respectively are also repeated by fire assay.
Qualified Person: Dr. Peter Megaw, Ph.D., C.P.G., has acted as the qualified person as defined in National Instrument 43-101 for this disclosure and supervised the preparation of the technical information in this release. Dr. Megaw has a Ph.D. in geology and more than 20 years of relevant experience focussed on silver and gold mineralization, and exploration and drilling in Mexico. He is a certified Professional Geologist (CPG 10227) by the American Institute of Professional Geologists and an Arizona registered geologist (ARG 21613). Dr. Megaw is not independent as he is a Director and Shareholder of MAG and is the vendor of this project, whereby he may receive additional shares. Dr. Megaw is satisfied that the results are verified based on an inspection of the core, a review of the sampling procedures, the credentials of the professionals completing the work and the visual nature of the silver and base metal sulphides within a district where he is familiar with the style and continuity of mineralization. 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 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, President and CEO
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts that address future mineral production, reserve potential, exploration drilling, exploitation activities and events or developments that MAG expects, are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include changes in commodities prices, changes in mineral production performance, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
Please Note: Investors are urged to consider closely the disclosures in MAG's annual and quarterly reports and other public filings, accessible through the Internet at www.sedar.com and http://www.sec.gov/edgar/searchedgar/companysearch.html.
Neither the Toronto Stock Exchange nor the American Stock Exchange has reviewed or accepted responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
Contacts:
MAG Silver Corp.
Gordon Neal
VP Corp. Development
(604) 630-1399 or Toll Free: 1-866-630-1399
(604) 484-4710 (FAX)
Email: info@magsilver.com
Website: www.magsilver.com
SOURCE: MAG Silver Corp.
mailto:info@magsilver.com
http://www.magsilver.com
Copyright 2008 Market Wire, All rights reserved
VANCOUVER, BRITISH COLUMBIA, Dec 10, 2008 (MARKET WIRE via COMTEX) -- MAG Silver Corp. (CA:MAG) (NYSE-A: MVG) ("MAG") is pleased to announce assay and geological results from the ongoing drill program on its 100% owned Cinco de Mayo property in northern Chihuahua State, Mexico. Drilling is focused on establishing the district-scale extent, zoning and geological controls on mineralization in what is emerging as a large Carbonate Replacement system. Results from this announcement, combined with earlier drilling (Holes 22 through 54: see press releases dated May 12, 2008, July 8, 2008 and September 18, 2008), continue to demonstrate the expected transition from the massive sulphides of the Jose Manto to higher temperature silver-lead-zinc (gold) mineralization and alteration styles leading towards the system's source. This latest drilling significantly expands the areal extent of mineralization and includes several of the thickest mineralized intercepts to date at Cinco de Mayo.
Assays are reported in the table below for 23 diamond drill holes (CDM08-55 to CDM08-77). Seventeen (17) of these holes were targeted on and encountered mineralization in the Jose Manto and its extensions (Holes 08-55 to 58, 08-61 to 64, 08-66, 08-68, 08-70 and 08-72 to 77). The remaining six (6) holes targeted various gravity and induced potential and resistivity (IP/Res) geophysical targets with some success.
"We are very impressed with how the Cinco Project continues to unfold," said Dan MacInnis, President of MAG Silver. "We have hit good silver, lead and zinc grades in over 60 holes drilled along more than 2 kilometres of strike length in what is emerging as a classic example of the deposit type. Our exploration vectoring is working, with increasing gold grades suggesting we are successfully moving towards the center of the system."
The holes reported below were drilled primarily in the area within 1,500 metres of the main portion of the Jose Manto discovery zone (to view map please click here. http://media3.marketwire.com/docs/mag1210.jpg).
Diagrams can be found on the website www.magsilver.com.
Highlights and Discussion:
Hole 08-64 drilled on the Jose Manto, reports an excellent combination of width and grade returning 5.57 metres of 487 grams per tonne (g/t) (14.2 ounces per ton (opt)) silver, 8.97% lead and 16.45% zinc. This included an intermediate intercept of 0.68 metres of 1,065 g/t (31.1 opt) silver, 22.20% lead and 8.98% zinc.
Hole 08-66 was drilled 500 metres to the east of the discovery zone and had two significant intersections. The upper intercept lies within the Benavides Formation, which overlies the Finlay Formation, the principal limestone host for manto mineralization. This upper intersect reports 218 g/t (6.4 opt) silver, 4.44% lead and 5.45% zinc over 3.70 metres. The lower intercept occurs within the Finlay Formation and corresponds laterally to the Jose Manto. Results were 112 g/t (3.3 opt) silver, 3.66% lead, 9.94% zinc, and 0.72 g/t gold over 2.4 metres. This hole expands the silver/lead/zinc mineralization substantially to the east and opens up a new horizon of potential within the Benavides Formation. This requires further follow up.
Hole 08-70 returned the best thickness to date located almost 500 metres to the southwest of the discovery zone. This intercept returned three thick intersections (15.55, 7.19 and 6.92 metres) of significant mineralization between 420.85 to 465.00 metres (see table) that combine for a cumulative total of 29.66 metres (over total of 44.15 metres), which on a weighted average basis reports as 57 g/t (1.7 opt) silver, 1.20% lead and 3.95% zinc. The upper 15.5 metre intercept grades 56 g/t (1.7 opt) silver, 1.50% lead and 4.35% zinc, including a 0.84 metre zone grading 350 g/t (10.2 opt) silver, 11.45% lead and 13.10% zinc. The increased thickness in this area may be related to proximity to the northeast trending Leones Fault, which is being tested as a feeder.
Hole 08-56 collared 800 metres to the east of the discovery zone, also cut multiple mantos of which the best returned 115 g/t (3.4 opt) silver, 2.54% lead and 1.16% zinc over 3.99 metres. A higher grade section within returned 406 g/t (11.8 opt) silver, 9.40% lead and 3.9% zinc over 0.99 metres. The lower manto lies deeper in the Finlay formation and cut a 2.52 metre section that carried 236.6 g/t (6.9 opt) silver, 2.23% lead, 13.35% zinc, and 1.19 g/t gold, including a 0.88 metre zone grading 555 g/t (16.2 opt) silver, 5.71% lead, 10.30% zinc and 3.35 g/t gold.
Holes 08-56, 66, 73, 76 and 77, as well as Holes 08-44 and 48 reported previously, were drilled along the intersection between the northeast-trending Leones Fault and the complex northwest-trending fault that controls the northeastern flank of the Jose Manto. These holes encountered several features indicative of a nearer source environment including: 1) Significant amounts of garnet-pyroxene skarn that locally carries scheelite (reflected by tungsten assays from 0.03-0.14% W); 2) Gold values in the 1 to 3 g/t range; and 3) distinctive felsite dikes with mineralized and silicified marginal breccias and sericite alteration. The skarn, mineralization and felsites appear to "flare" to the southwest along the Leones Fault and drilling is currently focused on tracing these features in that direction.
-----------------------------------------------------------------------
---
Hole From: To: Interval Silver Silver Lead Zinc Gold
ID metres metres metres g/t opt % % g/t
--------------------------------------------------------------------------
CM08-55 493.28 495.54 2.26 111.9 3.3 1.68 7.19 0.39
--------------------------------------------------------------------------
Including 494.90 495.54 0.64 247.0 7.2 4.13 10.20 0.48
--------------------------------------------------------------------------
CM08-56 452.80 454.57 1.77 107.8 3.1 2.28 2.22 0.05
--------------------------------------------------------------------------
505.37 507.49 2.12 31.5 0.9 0.47 12.88 0.05
--------------------------------------------------------------------------
510.64 516.91 6.27 41.4 1.2 0.81 7.02 0.02
--------------------------------------------------------------------------
668.24 672.23 3.99 115.6 3.4 2.54 1.16 0.32
--------------------------------------------------------------------------
Including 668.24 669.23 0.99 406.0 11.8 9.40 3.90 1.15
--------------------------------------------------------------------------
771.86 781.00 9.14 11.8 0.3 0.03 6.82 0.02
--------------------------------------------------------------------------
807.36 809.88 2.52 236.6 6.9 2.23 13.35 1.19
--------------------------------------------------------------------------
Including 809.00 809.88 0.88 555.0 16.2 5.71 10.30 3.35
--------------------------------------------------------------------------
814.34 818.80 4.46 55.3 1.6 1.81 2.75 0.01
--------------------------------------------------------------------------
Including 814.34 816.70 2.36 97.2 2.8 3.41 3.22 0.02
--------------------------------------------------------------------------
CM08-57 344.08 345.88 1.80 165.0 4.8 3.07 6.92 0.11
--------------------------------------------------------------------------
350.25 351.05 0.80 97.0 2.8 4.44 18.00 0.01
--------------------------------------------------------------------------
CM08-58 318.04 319.30 1.26 50.4 1.5 2.94 3.32 0.01
--------------------------------------------------------------------------
348.97 350.61 1.64 63.4 1.8 2.61 2.44 0.01
--------------------------------------------------------------------------
Including 348.97 349.33 0.36 119.0 3.5 4.53 4.28 0.01
--------------------------------------------------------------------------
355.44 356.50 1.06 78.6 2.3 1.35 2.49 0.02
--------------------------------------------------------------------------
CM08-59 No Significant Intercepts
--------------------------------------------------------------------------
CM08-60 No Significant Intercepts
--------------------------------------------------------------------------
CM08-61 370.15 371.20 1.05 206.0 6.0 9.46 7.15 0.03
--------------------------------------------------------------------------
382.10 384.70 2.60 12.9 0.4 0.07 0.59 0.01
--------------------------------------------------------------------------
CM08-62 456.59 457.04 0.45 486.0 14.2 10.85 15.20 0.05
--------------------------------------------------------------------------
513.19 513.80 0.61 113.9 3.3 2.57 1.62 0.02
--------------------------------------------------------------------------
520.44 521.49 1.05 266.7 7.8 6.67 4.52 0.04
--------------------------------------------------------------------------
Including 521.03 521.49 0.46 586.0 17.1 14.50 6.78 0.05
--------------------------------------------------------------------------
CM08-63 488.98 489.28 0.30 228.0 6.6 4.57 5.94 0.16
--------------------------------------------------------------------------
CM08-64A 459.87 465.44 5.57 487.7 14.2 8.97 16.45 0.23
--------------------------------------------------------------------------
Including 459.87 460.87 1.00 820.0 23.9 16.55 22.20 0.52
--------------------------------------------------------------------------including 463.70 465.44 1.74 673.3 19.6 10.73 15.69 0.05
--------------------------------------------------------------------------
Including 463.70 464.38 0.68 1,065.0 31.1 22.20 8.98 0.08
--------------------------------------------------------------------------
470.25 472.76 2.51 81.8 2.4 2.22 6.50 0.01
--------------------------------------------------------------------------
537.91 539.58 1.67 361.0 10.5 9.22 7.87 0.04
--------------------------------------------------------------------------
Including 538.84 539.58 0.74 606.0 17.7 16.45 12.30 0.06
--------------------------------------------------------------------------
CM08-65 No Significant Intercepts
--------------------------------------------------------------------------
CM08-66 365.35 369.05 3.70 218.2 6.4 4.44 5.45 0.13
--------------------------------------------------------------------------
Including 366.36 367.76 1.40 475.0 13.9 9.59 12.05 0.27
--------------------------------------------------------------------------
577.30 579.70 2.40 112.0 3.3 3.66 9.94 0.72
--------------------------------------------------------------------------
Including 577.30 577.80 0.50 103.0 3.0 3.33 17.00 1.07
--------------------------------------------------------------------------
Including 578.13 579.12 0.99 171.0 5.0 5.26 11.20 0.92
--------------------------------------------------------------------------
645.02 646.75 1.73 36.7 1.1 0.09 14.79 0.03
--------------------------------------------------------------------------
CM08-67 No Significant Intercepts
--------------------------------------------------------------------------
CM08-68 No Significant Intercepts
--------------------------------------------------------------------------
CM08-69 No Significant Intercepts
--------------------------------------------------------------------------
CM08-70 420.85 436.40 15.55 56.6 1.7 1.50 4.35 0.08
--------------------------------------------------------------------------
Including 421.24 422.08 0.84 350.0 10.2 11.45 13.10 0.13
--------------------------------------------------------------------------
444.14 451.33 7.19 55.6 1.6 1.05 3.98 0.04
--------------------------------------------------------------------------
Including 446.91 448.20 1.29 105.0 3.1 1.59 4.24 0.08
--------------------------------------------------------------------------
458.10 465.02 6.92 62.6 1.8 0.67 3.02 0.06
--------------------------------------------------------------------------
Including 461.67 462.85 1.18 137.0 4.0 1.59 8.82 0.08
--------------------------------------------------------------------------
CM08-71 No Significant Intercepts
--------------------------------------------------------------------------
CM08-72 356.34 362.71 6.37 106.3 3.1 3.72 3.59 0.01
--------------------------------------------------------------------------
Including 356.34 358.56 2.22 275.5 8.0 9.49 9.20 0.01
--------------------------------------------------------------------------
CM08-73 393.89 395.34 1.45 26.0 0.8 4.61 3.58 0.40
--------------------------------------------------------------------------
632.13 632.45 0.32 183.0 5.3 5.29 7.27 0.04
--------------------------------------------------------------------------
683.37 684.40 1.03 41.1 1.2 1.6 1.54 1.38
--------------------------------------------------------------------------
CM08-74 386.53 388.00 1.47 108.0 3.1 1.92 10.65 0.03
--------------------------------------------------------------------------
CM08-75 337.73 338.41 0.68 459.0 13.4 15.9 11.85 0.09
--------------------------------------------------------------------------
CM08-76 371.88 372.13 0.25 361.0 10.5 12.65 18.1 0.09
--------------------------------------------------------------------------
CM08-77 493.28 509.28 16.00 20.9 0.6 0.51 3.03 0.04
--------------------------------------------------------------------------
Including 493.28 500.97 7.69 14.6 0.4 0.31 2.75 0.05
--------------------------------------------------------------------------
Inlcuding 506.40 508.50 2.10 52.0 1.5 1.19 9.81 0.07
--------------------------------------------------------------------------
526.41 528.34 1.93 106.3 3.1 1.49 5.51 0.08
--------------------------------------------------------------------------
603.13 603.29 0.16 150.0 4.4 4.34 7.37 0.07
--------------------------------------------------------------------------
About Cinco de Mayo
Cinco de Mayo is a 15,000 hectare property straddling the same regionally-mappable structure that contains the largest Carbonate Replacement Deposits (CRDs) in Chihuahua. Exploration is guided by MAG's CRD exploration model and an airborne magnetic survey that revealed a number of prominent linear anomalies and prominent magnetic lows that are being systematically drilled. The zoned mineralization encountered to date lies along a very strong northwest-trending magnetic anomaly that runs over 3,000 metres from the discovery zone to the southeast to previously reported sulphide intercepts and historic workings (see press release of February 19, 2007). This trend is intersected by northeast trending structures that traverse the range, carry high-temperature alteration and point towards a large regional magnetic anomaly that underlies extensive jasperoids. The drill program will continue to systematically offset the manto style mineralization intersected in previous drilling while simultaneously testing the regional magnetic anomaly and numerous other geophysical anomalies developed by MAG elsewhere in the district.
This early stage property is held 100% by MAG and is one of six other district scale projects operated by MAG.
Cinco de Mayo Exploration
MAG's exploration has defined major NW and NE structural and stratigraphic controls on silver-lead-zinc (gold) sulphide mineralization and our ability to test the system with large drilling step outs is testimony to the widespread nature and potential size of this carbonate replacement (CRD) system. Recent drilling results reveal coherent zoning developed for over 2 kilometres along the principal northwest Jose Manto structural corridor: from massive silver-lead-zinc sulphide mantos to silver-gold-lead-zinc mineralized tungsten (scheelite) bearing skarn. The strongest skarn is associated with felsite dikes that show distinctive brecciation, silicification and sericitization and are overall very similar to mineralization-related felsites in major CRDs throughout the region. Mineralization also appears to thicken along this trend, as does the number of individual mantos and the number of carbonate units that are mineralized. This zoning is precisely what is predicted by MAG's CRD exploration model and provides strong exploration vectoring. MAG's focus remains to determine the overall extent of the CRD system, so on-going exploration will attempt to track this zoning towards the system source with a combination of drilling and geophysics.
The skarn and felsite intercepts appear to cluster around the intersection of the northwest structural corridor with the strong northeast-trending Leones Fault that cuts across the limestones of the Sierra Santa Lucia to the southwest. The Leones Fault is locally marked by strong marble and other high-temperature alteration styles indicating gradually increasing proximity to an intrusive heat source. Drilling is currently underway on both ends of this structure. On the east side to determine the geometry of the felsite dikes and associated mineralization and alteration, and on the west side of the range to determine if the large magnetic anomaly shown on Mexican government regional geophysical maps marks a major magmatic center.
Quality Assurance and Control: The Company has in place a quality control program to ensure best practices in sampling and analysis. Samples were collected by employees of consulting firm Minera Cascabel S.A. de C.V. on behalf of MAG Silver Corp. The surface rock samples are shipped directly in security sealed bags to ALS-Chemex Laboratories preparation facilities in Hermosillo, Sonora or Chihuahua City (Certification ISO 9001). Sample pulps are shipped from there to ALS-Chemex Laboratories in North Vancouver, Canada for analysis. All samples were assayed for gold by standard fire assay-ICP finish with a 50 gram charge. Gold values in excess of 3.00 g/t were re-analyzed by fire assay with gravimetric finish for greater accuracy. Silver, zinc, copper and lead values in excess of 100 ppm, 1%, 1% and 1% respectively are also repeated by fire assay.
Qualified Person: Dr. Peter Megaw, Ph.D., C.P.G., has acted as the qualified person as defined in National Instrument 43-101 for this disclosure and supervised the preparation of the technical information in this release. Dr. Megaw has a Ph.D. in geology and more than 20 years of relevant experience focussed on silver and gold mineralization, and exploration and drilling in Mexico. He is a certified Professional Geologist (CPG 10227) by the American Institute of Professional Geologists and an Arizona registered geologist (ARG 21613). Dr. Megaw is not independent as he is a Director and Shareholder of MAG and is the vendor of this project, whereby he may receive additional shares. Dr. Megaw is satisfied that the results are verified based on an inspection of the core, a review of the sampling procedures, the credentials of the professionals completing the work and the visual nature of the silver and base metal sulphides within a district where he is familiar with the style and continuity of mineralization. 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 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, President and CEO
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts that address future mineral production, reserve potential, exploration drilling, exploitation activities and events or developments that MAG expects, are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include changes in commodities prices, changes in mineral production performance, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
Please Note: Investors are urged to consider closely the disclosures in MAG's annual and quarterly reports and other public filings, accessible through the Internet at www.sedar.com and http://www.sec.gov/edgar/searchedgar/companysearch.html.
Neither the Toronto Stock Exchange nor the American Stock Exchange has reviewed or accepted responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
Contacts:
MAG Silver Corp.
Gordon Neal
VP Corp. Development
(604) 630-1399 or Toll Free: 1-866-630-1399
(604) 484-4710 (FAX)
Email: info@magsilver.com
Website: www.magsilver.com
SOURCE: MAG Silver Corp.
mailto:info@magsilver.com
http://www.magsilver.com
Copyright 2008 Market Wire, All rights reserved
Wednesday, October 15, 2008
MAG Silver Establishes Special Committee of the Board of Directors and Advises Shareholders of Certain Facts
VANCOUVER, BRITISH COLUMBIA, Oct 15, 2008 (MARKET WIRE via COMTEX) -- MAG Silver (TSX: MAG)(NYSE-A: MVG) ("MAG" or the "Company") has formed a Special Committee of the Board of Directors to look at strategic alternatives for the Company. This is in response to Fresnillo plc's acquisition of 9,746,193 of the issued and outstanding shares of the Company representing a 19.83% interest (see Table "A" below).
Fresnillo is the Company's joint venture partner in, and operator of, MAG's core asset, 44% of the Minera Juanicipio Joint Venture.
The Committee has engaged Macquarie Capital Markets Canada Ltd. to act as its financial advisor and Davies Ward Phillips & Vineberg LLP to act as its legal advisor.
On August 3, 2007 the Company adopted a shareholders' rights plan to prevent creeping acquisitions of control and ensure that shareholders are treated fairly in a change of control situation. The rights plan will be triggered if Fresnillo acquires 20% or more of the Company's shares other than pursuant to an offer made to all of the Company's shareholders that otherwise complies with the permitted bid provisions of the rights plan. Please see MAG's Notice dated December 19, 2007 and the Company's Management Information Circular dated December 17, 2007 for more details on the Shareholder Rights Plan. Both are available at www.sedar.com.
In light of the recent purchases by Fresnillo of MAG shares the Company would like to draw attention to certain information that now appears increasingly relevant to MAG shareholders:
1) Drilling is ongoing at the Valdecanas Vein on the Juanicipio Property with 4 drill rigs, funded by MAG and Fresnillo. A number of holes completed have not been released at this time and assays are outstanding.
2) Fresnillo has reported extensions of the Valdecanas Vein east and west of the joint venture ground (August 19, 2008, Fresnillo six month report). A projection of the Valdecanas Vein further to the west suggests it may trend back onto joint venture ground. The joint holdings have not been extensively tested in the area of this projection.
3) Fresnillo completed an initial public offering in Europe in the Spring of 2008. In its prospectus for that offering, which was embargoed by Fresnillo from distribution in North American Jurisdictions (see the Fresnillo website), Fresnillo's qualified person reported resources for the Valdecanas Vein calculated as at December, 2007, (disclosed by MAG in compliance with Canadian Securities NI 43-101 in July, 2008). The Fresnillo qualified person then goes on to state that; "recent drilling results at Valdecanas has (sic) intersected significant gold and silver mineralization across substantial widths outside the present resource outline" and that "there is a strong likelihood that the current drilling programme will expand the size of the Valdecanas deposit".
4) Fresnillo has reported that it is preparing an updated resource calculation on Valdecanas which is due for publication in late 2008. However, MAG has not been privy to the geo-statistical model or ongoing work on this updated resource calculation.
5) In the Fresnillo prospectus, the Valdecanas Vein and the Juanicipio Property are included in what Fresnillo describes as the "Fresnillo II Project". The following are excerpts from that prospectus:
- "The Fresnillo Group has established plans for and has already made significant investment in the development of a further underground mine adjacent to the existing Fresnillo mine. Fresnillo II is planned to be of approximately equivalent size to the existing Fresnillo Mine".
- "The Saucito and Jarillias veins will be exploited first followed by the Valdecanas Vein.....The conceptual mine plan includes indicated and inferred resources and the resources include 100 % of the Valdecanas resources (of which Fresnillo owns 56%)". (i)
(i)(Fresnillo specifically noted that this is a conceptual plan only, being based on inferred resources).
6) Fresnillo has unilaterally initiated an excavation to the east of the Juanicipio Property boundary which appears to be headed directly toward the Valdecanas Vein on the Juanicipio Property.
The format and schedule for production and the conceptual mine plan described in Fresnillo's prospectus were not provided to, settled with, or approved by MAG. In fact, no development plans of any nature for the Valdecanas Vein have been the subject of a joint venture budget, bankable feasibility study or production decision as required by the shareholders agreement between MAG and Fresnillo. The shareholders agreement requires approval, by a 60% vote, of any major budget, any feasibility study and any production decision for the Juanicipio Property. MAG holds 44% of the voting shares of Minera Juanicipio S.A. de C.V., the joint venture company holding the Juanicipio Property.
MAG has been unsuccessful in establishing a date on which Fresnillo personnel will make themselves available for the initial board meeting of Minera Juanicipio S.A. de C.V. MAG will make every effort to have that meeting held and also to obtain, and then provide to its shareholders, all further information in possession of Fresnillo but not yet provided to MAG regarding or affecting the Juanicipio Property.
Table "A" - Summarized from Fresnillo plc's October 7, 2008 Schedule 13D filed with the U.S. Securities and Exchange Commission:
------------------------------------------------------
MAG Shares Price Date Purchaser
------------------------------------------------------
621,577 $0.97 Apr 21, 2005 Minas Penoles
------------------------------------------------------
245,716 $2.35 Feb 24, 2006 IPSA
------------------------------------------------------
150,000 $8.10 Feb 13, 2007 Minas Penoles
------------------------------------------------------
275,200 $14.35 Jul 23, 2007 Minas Penoles
------------------------------------------------------
100,000 $12.00 Aug 27, 2007 Minas Penoles
------------------------------------------------------
100,000 $14.35 Oct 16, 2007 Minas Penoles
------------------------------------------------------
185,600 $14.10 Mar 07, 2008 Minas Penoles
------------------------------------------------------
450,200 $4.82 Sep 18, 2008 Fresnillo
------------------------------------------------------
105,300 $4.77 Sep 19, 2008 Fresnillo
------------------------------------------------------
5,000,000 $5.31 Sep 22, 2008 Fresnillo
------------------------------------------------------
2,512,600 $5.00 Oct 7, 2008 Fresnillo
------------------------------------------------------
9,746,193
------------------------------------------------------
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 is based in Vancouver, British Columbia, Canada. Its common shares trade on the TSX under the symbol MAG and on the NYSE Alternext US under the symbol MVG.
On behalf of the Board of MAG SILVER CORP.
Dan MacInnis, President and CEO
Forward Looking Statements
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995 and forward looking information under the provisions of Canadian provincial securities laws. All statements in this release, other than statements of historical facts that address future mineral production, reserve potential, inferred resources in exploration drilling, exploitation activities and events or developments that MAG expects, are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include changes in commodities prices, changes in mineral production performance, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
MAG does not intend, and does not assume any obligation, to update these forward-looking statements and information, except as required by law. Accordingly, readers are advised not to place undue reliance on forward-looking statements.
Cautionary Note Regarding Excerpts from Fresnillo's Filings
This press release contains excepts from, and references information in, Fresnillo's prospectus and other filings which are qualified in their entirety by the more detailed information contained in Fresnillo's prospectus and other filings in the United Kingdom. Readers are encouraged to consult such filings which are available from the websites of Industrias Penoles, S.A.B. de C.V ( http://www.penoles.com.mx/penoles/ingles/index.php) and Fresnillo plc ( http://www.fresnilloplc.com/index.html). While MAG has no reason to believe that such information is inaccurate or incomplete, MAG does not assume any responsibility for the accuracy or completeness of such information. Notes To Investors Regarding The Use Of Resources
Cautionary Note To Investors Concerning Estimates Of Measured And Indicated Resources.
This press release may use the terms, or refer to, "measured resources" and "indicated resources". We advise investors that while those terms are recognized and required by Canadian regulations, the SEC does not recognize them. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves.
Cautionary Note To Investors Concerning Estimates Of Inferred Resources.
This press release may use the term "inferred resources" or refer to resources which are "inferred resources" under Canadian securities regulations. We advise investors that while this term is recognized and required by Canadian regulations, the SEC does not recognize it. "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.
Please Note: Investors are urged to consider closely the disclosures in MAG's annual and quarterly reports and other public filings, accessible through the Internet at www.sedar.com and www.sec.gov/edgar/searchedgar/companysearch.html.
Neither the TSX nor the American Stock Exchange Alternext U.S. LLC has reviewed or accepted responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
Contacts:
MAG Silver Corp.
Gordon Neal
VP Corp. Development
(604) 630-1399 or Toll Free: 1-866-630-1399
(604) 484-4710 (FAX)
Email: info@magsilver.com
Website: Mag Silver
SOURCE: MAG Silver Corp.
mailto:info@magsilver.com
Mag Silver
Copyright 2008 Market Wire, All rights reserved.
Fresnillo is the Company's joint venture partner in, and operator of, MAG's core asset, 44% of the Minera Juanicipio Joint Venture.
The Committee has engaged Macquarie Capital Markets Canada Ltd. to act as its financial advisor and Davies Ward Phillips & Vineberg LLP to act as its legal advisor.
On August 3, 2007 the Company adopted a shareholders' rights plan to prevent creeping acquisitions of control and ensure that shareholders are treated fairly in a change of control situation. The rights plan will be triggered if Fresnillo acquires 20% or more of the Company's shares other than pursuant to an offer made to all of the Company's shareholders that otherwise complies with the permitted bid provisions of the rights plan. Please see MAG's Notice dated December 19, 2007 and the Company's Management Information Circular dated December 17, 2007 for more details on the Shareholder Rights Plan. Both are available at www.sedar.com.
In light of the recent purchases by Fresnillo of MAG shares the Company would like to draw attention to certain information that now appears increasingly relevant to MAG shareholders:
1) Drilling is ongoing at the Valdecanas Vein on the Juanicipio Property with 4 drill rigs, funded by MAG and Fresnillo. A number of holes completed have not been released at this time and assays are outstanding.
2) Fresnillo has reported extensions of the Valdecanas Vein east and west of the joint venture ground (August 19, 2008, Fresnillo six month report). A projection of the Valdecanas Vein further to the west suggests it may trend back onto joint venture ground. The joint holdings have not been extensively tested in the area of this projection.
3) Fresnillo completed an initial public offering in Europe in the Spring of 2008. In its prospectus for that offering, which was embargoed by Fresnillo from distribution in North American Jurisdictions (see the Fresnillo website), Fresnillo's qualified person reported resources for the Valdecanas Vein calculated as at December, 2007, (disclosed by MAG in compliance with Canadian Securities NI 43-101 in July, 2008). The Fresnillo qualified person then goes on to state that; "recent drilling results at Valdecanas has (sic) intersected significant gold and silver mineralization across substantial widths outside the present resource outline" and that "there is a strong likelihood that the current drilling programme will expand the size of the Valdecanas deposit".
4) Fresnillo has reported that it is preparing an updated resource calculation on Valdecanas which is due for publication in late 2008. However, MAG has not been privy to the geo-statistical model or ongoing work on this updated resource calculation.
5) In the Fresnillo prospectus, the Valdecanas Vein and the Juanicipio Property are included in what Fresnillo describes as the "Fresnillo II Project". The following are excerpts from that prospectus:
- "The Fresnillo Group has established plans for and has already made significant investment in the development of a further underground mine adjacent to the existing Fresnillo mine. Fresnillo II is planned to be of approximately equivalent size to the existing Fresnillo Mine".
- "The Saucito and Jarillias veins will be exploited first followed by the Valdecanas Vein.....The conceptual mine plan includes indicated and inferred resources and the resources include 100 % of the Valdecanas resources (of which Fresnillo owns 56%)". (i)
(i)(Fresnillo specifically noted that this is a conceptual plan only, being based on inferred resources).
6) Fresnillo has unilaterally initiated an excavation to the east of the Juanicipio Property boundary which appears to be headed directly toward the Valdecanas Vein on the Juanicipio Property.
The format and schedule for production and the conceptual mine plan described in Fresnillo's prospectus were not provided to, settled with, or approved by MAG. In fact, no development plans of any nature for the Valdecanas Vein have been the subject of a joint venture budget, bankable feasibility study or production decision as required by the shareholders agreement between MAG and Fresnillo. The shareholders agreement requires approval, by a 60% vote, of any major budget, any feasibility study and any production decision for the Juanicipio Property. MAG holds 44% of the voting shares of Minera Juanicipio S.A. de C.V., the joint venture company holding the Juanicipio Property.
MAG has been unsuccessful in establishing a date on which Fresnillo personnel will make themselves available for the initial board meeting of Minera Juanicipio S.A. de C.V. MAG will make every effort to have that meeting held and also to obtain, and then provide to its shareholders, all further information in possession of Fresnillo but not yet provided to MAG regarding or affecting the Juanicipio Property.
Table "A" - Summarized from Fresnillo plc's October 7, 2008 Schedule 13D filed with the U.S. Securities and Exchange Commission:
------------------------------------------------------
MAG Shares Price Date Purchaser
------------------------------------------------------
621,577 $0.97 Apr 21, 2005 Minas Penoles
------------------------------------------------------
245,716 $2.35 Feb 24, 2006 IPSA
------------------------------------------------------
150,000 $8.10 Feb 13, 2007 Minas Penoles
------------------------------------------------------
275,200 $14.35 Jul 23, 2007 Minas Penoles
------------------------------------------------------
100,000 $12.00 Aug 27, 2007 Minas Penoles
------------------------------------------------------
100,000 $14.35 Oct 16, 2007 Minas Penoles
------------------------------------------------------
185,600 $14.10 Mar 07, 2008 Minas Penoles
------------------------------------------------------
450,200 $4.82 Sep 18, 2008 Fresnillo
------------------------------------------------------
105,300 $4.77 Sep 19, 2008 Fresnillo
------------------------------------------------------
5,000,000 $5.31 Sep 22, 2008 Fresnillo
------------------------------------------------------
2,512,600 $5.00 Oct 7, 2008 Fresnillo
------------------------------------------------------
9,746,193
------------------------------------------------------
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 is based in Vancouver, British Columbia, Canada. Its common shares trade on the TSX under the symbol MAG and on the NYSE Alternext US under the symbol MVG.
On behalf of the Board of MAG SILVER CORP.
Dan MacInnis, President and CEO
Forward Looking Statements
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995 and forward looking information under the provisions of Canadian provincial securities laws. All statements in this release, other than statements of historical facts that address future mineral production, reserve potential, inferred resources in exploration drilling, exploitation activities and events or developments that MAG expects, are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include changes in commodities prices, changes in mineral production performance, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
MAG does not intend, and does not assume any obligation, to update these forward-looking statements and information, except as required by law. Accordingly, readers are advised not to place undue reliance on forward-looking statements.
Cautionary Note Regarding Excerpts from Fresnillo's Filings
This press release contains excepts from, and references information in, Fresnillo's prospectus and other filings which are qualified in their entirety by the more detailed information contained in Fresnillo's prospectus and other filings in the United Kingdom. Readers are encouraged to consult such filings which are available from the websites of Industrias Penoles, S.A.B. de C.V ( http://www.penoles.com.mx/penoles/ingles/index.php) and Fresnillo plc ( http://www.fresnilloplc.com/index.html). While MAG has no reason to believe that such information is inaccurate or incomplete, MAG does not assume any responsibility for the accuracy or completeness of such information. Notes To Investors Regarding The Use Of Resources
Cautionary Note To Investors Concerning Estimates Of Measured And Indicated Resources.
This press release may use the terms, or refer to, "measured resources" and "indicated resources". We advise investors that while those terms are recognized and required by Canadian regulations, the SEC does not recognize them. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves.
Cautionary Note To Investors Concerning Estimates Of Inferred Resources.
This press release may use the term "inferred resources" or refer to resources which are "inferred resources" under Canadian securities regulations. We advise investors that while this term is recognized and required by Canadian regulations, the SEC does not recognize it. "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.
Please Note: Investors are urged to consider closely the disclosures in MAG's annual and quarterly reports and other public filings, accessible through the Internet at www.sedar.com and www.sec.gov/edgar/searchedgar/companysearch.html.
Neither the TSX nor the American Stock Exchange Alternext U.S. LLC has reviewed or accepted responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
Contacts:
MAG Silver Corp.
Gordon Neal
VP Corp. Development
(604) 630-1399 or Toll Free: 1-866-630-1399
(604) 484-4710 (FAX)
Email: info@magsilver.com
Website: Mag Silver
SOURCE: MAG Silver Corp.
mailto:info@magsilver.com
Mag Silver
Copyright 2008 Market Wire, All rights reserved.
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